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• W2592667737 abstract "Convergence of financial theory and practice heralded by the seminal and fundamental economic research by Arrow and Debreu in the early 1950s has led in the hands of financial engineers to extraordinary financial innovations in the 1970s and beyond. The theoretical ability to price future assets has led to an explosive growth of financial trading, liquidity and the growth of finance and its citadels. Options and credit derivative markets, and securitisation of non or partially-liquid assets have provided extraordinary opportunities to ‘unearth’ frozen assets for trade and profit. The 2007–2009 financial crisis has, however, evoked increased awareness that traditional financial dogma is based on assumptions that have become more difficult to justify. Globalisation, the growth of ‘too big to fail’ (TBTF) companies, insider trading, information and power asymmetries, and the growth of regulation have, among other factors, conspired to render the assumption of complete markets to be unsustainable. Deviant behaviours in financial markets, non-transparency of transactions, complexity and dependence on a global scale have created a fragile and contagious global economy, where systemic risks are no longer an exception but a permanent threat. By the same token, the explosive growth of information and data fuelled by the internet and social media, as well as developments in IT, has created greater dependence of financial systems and institutions on information technology (IT), emphasising information as assets they seek to use for both financial management and competitive advantage. Technology, engineering, and financial trends and developments have combined these factors to yield an extraordinary growth in complexity, regulation and globalisation, providing both new opportunities and risks that undermine the traditional model-based approaches to finance. The purpose of this chapter is to outline a number of factors that underlie the future of finance and undermine finance’s fundamental theories, globalisation and regulation. Specifically, we emphasise a strategic and multi-polar finance, beset by complexity, chaos and countervailing forces that lead to a multi-agent environment, which is computational and financial data-analytics driven rather than based on simple risk models of uncertainty. A number of pricing models based on strategic finance and a micro-macro-matching of economic and financial statistics are summarised and their practical implications are discussed. Topics such as ‘big-data’ finance and multi-agent financial modelling are outlined to provide elements for future theoretical and practical developments to be concordant with a changing economic, financial and technological environment. This chapter is a work in progress, hence its intention is to attract greater attention to some elements (however selective and partial) that could contribute to potential transformations of a financial future." @default.
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• W2592667737 date "2013-01-19" @default.
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• W2592667737 title "Re-engineering risks and the future of finance" @default.
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