The Liquidity Theory of Asset Prices
"Central bankers worry about asset markets. Do they convey information about the future course of the economy? How does monetary policy affect these markets - if it does? Should monetary policy attempt to prevent or prick bubbles? These are important matters, sometimes neglected by academic economists. This book, written jointly by a practitioner with a good knowledge of economics and an economic historian with a good knowledge of markets, is most useful and important contribution and asset markets. It is a most welcome book." - Geoffrey E. Wood, Professor of Economics, Cass Business School,"Even a beginner could understand this and this is excellent from a treasurer or a CFO's viewpoint since many of them would gain a better understanding of why their company's share price is flagging or performing in the way that it is. As an educational tool it is very impressive. I can see the great potential for this in the marketplace. I wish that I had been armed with this when I first went into the City!" - Michael Shelton - Agar, Director, Lombard Street Associates"Gordon Pepper makes a clear, well argued case for the Liquidity Theory of Asset prices. He provides an interesting and revealing perspective on periods of seemingly irrational behavior in markets. The most important piece of advice I took away with me was 'don't listen to what central bankers say, watch what they do'. I would recommend any experienced fund manager to read this and have their preconceived ideas, about market fundamentals, challenged." - Anja Balfour, Fund Manager, Framlington"I think this book will prove extremely helpful to young professionals setting out on a career in asset management and seeking to educate themselves about the investment world. The book is clearly the outcome of a lifetime of hard intellectual work combined with practical experience of markets. I think it will be most useful to aspiring investment mangers and I only wish it had been available for me 30 years ago." - Richard Burns, Senior Partner, Baillie Gifford