Author: Harry M. Markowitz Publisher: McGraw Hill Professional ISBN: 0071817948 Category : Business & Economics Languages : en Pages : 208
Book Description
The Nobel Prize-winning Father of Modern Portfolio Theory re-introduces his theories for the current world of investing Legendary economist Harry M. Markowitz provides the insight and methods you need to build a portfolio that generates strong returns for the long run In Risk-Return Analysis, Markowitz corrects common misunderstandings about Modern Portfolio Theory (MPT) to help advanced financial practitioners dramatically improve their decision making. In this first volume of a groundbreaking four-part series sure to draw the attention of anyone interested in MPT, Markowitz provides the criteria necessary for judging among risk-measures; surveys a half-century of literature (nearly all of which has been ignored by textbooks) on the applicability of MPT; and presents an empirical study of which functions of mean and some risk-measure is best for those who seek to maximize return in the long run. Harry M. Markowitz is a Nobel Laureate and the father of Modern Portfolio Theory.
Author: Harry M. Markowitz Publisher: McGraw Hill Professional ISBN: 0071830103 Category : Business & Economics Languages : en Pages : 400
Book Description
The Nobel Prize-winning Father of Modern Portfolio Theory returns with new insights on his classic work to help you build a lasting portfolio today Contemporary investing as we know it would not exist without these two words: “Portfolio selection.” Though it may not seem revolutionary today, the concept of examining and purchasing many diverse stocks—creating a portfolio—changed the face of finance when Harry M. Markowitz devised the idea in 1952. In the past six decades, Markowitz has risen to international acclaim as the father of Modern Portfolio Theory (MPT), with his evaluation of the impact of asset risk, diversification, and correlation in the risk-return tradeoff. In defending the idea that portfolio risk was essential to strategic asset growth, he showed the world how to invest for the long-run in the face of any economy. In Risk Return Analysis, this groundbreaking four-book series, the legendary economist and Nobel Laureate returns to revisit his masterpiece theory, discuss its developments, and prove its vitality in the ever-changing global economy. Volume 2 picks up where the first volume left off, with Markowitz’s personal reflections and current strategies. In this volume, Markowitz focuses on the relationship between single-period choices—now—and longer run goals. He discusses dynamic systems and models, the asset allocation “glide-path,” inter-generational investment needs, and financial decision support systems. Written with both the academic and the practitioner in mind, this richly illustrated volume provides investors, economists, and financial advisors with a refined look at MPT, highlighting the rational decision-making and probability beliefs that are essential to creating and maintaining a successful portfolio today.
Author: Harry M. Markowitz Publisher: McGraw Hill Professional ISBN: 0071818332 Category : Business & Economics Languages : en Pages : 337
Book Description
The man who created investing as we know it provides critical insights, knowledge, and tools for generating steady profits in today’s economy. When Harry Markowitz introduced the concept of examining and purchasing a range of diverse stocks—in essence, the practice of creating a portfolio—he transformed the world of investing. The idea was novel, even radical, when he presented it in 1952 for his dissertation. Today, it’s second-nature to the majority of investors worldwide. Now, the legendary economist returns with the third volume of his groundbreaking four-volume Risk-Return Analysis series, where he corrects common misperceptions about Modern Portfolio Theory (MPT) and provides critical insight into the practice of MPT over the last 60 years. He guides you through process of making rational decisions in the face of uncertainty—making this a critical guide to investing in today’s economy. From the Laffer Curve to RDM Reasoning to Finite Ordinal Arithmetic to the ideas and concepts of some of history’s most influential thinkers, Markowitz provides a wealth and depth of financial knowledge, wisdom, and insights you would be hard pressed to find elsewhere. This deep dive into the theories and practices of the investing legend is what you need to master strategic portfolio management designed to generate profits in good times and bad.
Author: Harry M. Markowitz Publisher: John Wiley & Sons ISBN: 9781883249755 Category : Business & Economics Languages : en Pages : 404
Book Description
In 1952, Harry Markowitz published "Portfolio Selection," a paper which revolutionized modern investment theory and practice. The paper proposed that, in selecting investments, the investor should consider both expected return and variability of return on the portfolio as a whole. Portfolios that minimized variance for a given expected return were demonstrated to be the most efficient. Markowitz formulated the full solution of the general mean-variance efficient set problem in 1956 and presented it in the appendix to his 1959 book, Portfolio Selection. Though certain special cases of the general model have become widely known, both in academia and among managers of large institutional portfolios, the characteristics of the general solution were not presented in finance books for students at any level. And although the results of the general solution are used in a few advanced portfolio optimization programs, the solution to the general problem should not be seen merely as a computing procedure. It is a body of propositions and formulas concerning the shapes and properties of mean-variance efficient sets with implications for financial theory and practice beyond those of widely known cases. The purpose of the present book, originally published in 1987, is to present a comprehensive and accessible account of the general mean-variance portfolio analysis, and to illustrate its usefulness in the practice of portfolio management and the theory of capital markets. The portfolio selection program in Part IV of the 1987 edition has been updated and contains exercises and solutions.
Author: William F. Sharpe Publisher: Princeton University Press ISBN: 1400830184 Category : Business & Economics Languages : en Pages : 232
Book Description
In Investors and Markets, Nobel Prize-winning financial economist William Sharpe shows that investment professionals cannot make good portfolio choices unless they understand the determinants of asset prices. But until now asset-price analysis has largely been inaccessible to everyone except PhDs in financial economics. In this book, Sharpe changes that by setting out his state-of-the-art approach to asset pricing in a nonmathematical form that will be comprehensible to a broad range of investment professionals, including investment advisors, money managers, and financial analysts. Bridging the gap between the best financial theory and investment practice, Investors and Markets will help investment professionals make better portfolio choices by being smarter about asset prices. Based on Sharpe's Princeton Lectures in Finance, Investors and Markets presents a method of analyzing asset prices that accounts for the real behavior of investors. Sharpe makes this technique accessible through a new, one-of-a-kind computer program (available for free on his Web site, at http://www.stanford.edu/~wfsharpe/apsim/index.html) that enables users to create virtual markets, setting the starting conditions and then allowing trading until equilibrium is reached and trading stops. Program users can then analyze the final portfolios and asset prices, see expected returns, and measure risk. In addition to popularizing the most sophisticated form of asset-price analysis, Investors and Markets summarizes much of Sharpe's most important previous work and reflects a lifetime of thinking about investing by one of the leading minds in financial economics. Any serious investment professional will benefit from Sharpe's unique insights.
Author: Bertrand K. Hassani Publisher: Springer ISBN: 3319250566 Category : Business & Economics Languages : en Pages : 162
Book Description
This book focuses on identifying and explaining the key determinants of scenario analysis in the context of operational risk, stress testing and systemic risk, as well as management and planning. Each chapter presents alternative solutions to perform reliable scenario analysis. The author also provides technical notes and describes applications and key characteristics for each of the solutions. In addition, the book includes a section to help practitioners interpret the results and adjust them to real-life management activities. Methodologies, including those derived from consensus strategies, extreme value theory, Bayesian networks, Neural networks, Fault Trees, frequentist statistics and data mining are introduced in such a way as to make them understandable to readers without a quantitative background. Particular emphasis is given to the added value of the implementation of these methodologies.
Author: È Orhangazi Publisher: Edward Elgar Publishing ISBN: 1848440162 Category : Business & Economics Languages : en Pages : 177
Book Description
Profound transformations have taken place both in the US and the global economy, most especially in the realm of finance. This title brings together a comprehensive analysis of financialization in the US economy that encompasses historical, theoretical, and empirical sides of the issues.
Author: Paul Roazen Publisher: Jason Aronson ISBN: 9780765700575 Category : Psychology Languages : en Pages : 352
Book Description
This volume consists of 18 contributions from prominent figures in psychoanalysis. In five sections, they examine the social, historical, and intellectual context within which Freud lived and worked, and the scientific, moral, and philosophical implications of his discoveries.
Author: Peter Laurence Publisher: CRC Press ISBN: 135142047X Category : Mathematics Languages : en Pages : 335
Book Description
Quantitative Modeling of Derivative Securities demonstrates how to take the basic ideas of arbitrage theory and apply them - in a very concrete way - to the design and analysis of financial products. Based primarily (but not exclusively) on the analysis of derivatives, the book emphasizes relative-value and hedging ideas applied to different financial instruments. Using a ""financial engineering approach,"" the theory is developed progressively, focusing on specific aspects of pricing and hedging and with problems that the technical analyst or trader has to consider in practice. More than just an introductory text, the reader who has mastered the contents of this one book will have breached the gap separating the novice from the technical and research literature.
Author: Harry M. Markowitz
Author: Harry M. Markowitz
Author: Harry M. Markowitz
Author: Harry Markowitz
Author: Harry M. Markowitz
Author: William F. Sharpe
Author: Bertrand K. Hassani
Author: È Orhangazi
Author: Paul Roazen
Author: Peter Laurence