investments – portfolio theory asset pricing v 1



Gerd Gutermuth Grundlegende theoretische Konzepte des modernen Portfoliomanagements und ihre Umsetzung in der Investmentfondspraxis Gerd Gutermuth Grundlegende theoretische Konzepte des modernen Portfoliomanagements und ihre Umsetzung in der Investmentfondspraxis Новинка

Gerd Gutermuth Grundlegende theoretische Konzepte des modernen Portfoliomanagements und ihre Umsetzung in der Investmentfondspraxis

Inhaltsangabe:Inhaltsverzeichnis:Inhaltsverzeichnis:InhaltsverzeichnisIIAbbildungs- und TabellenverzeichnisVAbkürzungsverzeichnisVI1.Einleitung12.Theoretische Grundlagen des Portfoliomanagements22.1Das Portfolio-Selection-Modell von Markowitz32.1.1Voraussetzungen des Portfolio-Selection-Modells32.1.2Das Erwartungwert-Varianz-Prinzip52.1.3Effiziente Portfolios72.1.4Probleme des Portfolio-Selection-Modells92.2Das Index-Modell von Sharpe102.2.1Das Ein-Index-Modell112.2.2Das Multi-Index-Modell142.3Das Capital Asset Pricing Model (CAPM)162.3.1Voraussetzungen des Capital Asset Pricing Model172.3.2Die Kapitalmarktlinie182.3.3Die Wertpapierlinie202.4Die Arbitrage Pricing Theory (APT)222.4.1Voraussetzungen der Arbitrage Pricing Theory und Unterschiede zum Capital Asset Pricing Model232.4.2Die APT-Formel und ihre Anwendbarkeit243.Die Umsetzung der in der Portfoliotheorie gewonnenen Erkenntnisse im Rahmen des Asset Allocation Prozesses263.1Erläuterung des Begriffs Asset Allocation263.2Managementmethoden im Asset Allocation Prozeß273.2.1Passives Management283.2.2Aktives Management293.2.2.1Stockpicking als Sonderform des aktiven Managements303.3Der Asset Allocation Prozeß Top-Down-Ansatz303.3.1Strategische Asset Allocation313.3.2Taktische Asset Allocation323.3.2.1Diversifikation nach Marktsektoren323.3.2.2Titel- bzw. Emittentendiversifikation333.4Performance, ein wichtiger Faktor zur Beurteilung der Anlageentscheidung343.4.1Der Ertrag353.4.2Das Risiko373.4.3Die Korrelation383.5Die Perform...
Torben Lauer Improving Private Portfolios with Alternative Investments. How Small Investors can benefit from Alternative Investments Torben Lauer Improving Private Portfolios with Alternative Investments. How Small Investors can benefit from Alternative Investments Новинка

Torben Lauer Improving Private Portfolios with Alternative Investments. How Small Investors can benefit from Alternative Investments

From a theoretical perspective, alternative investments should be used within every portfolio to increase diversification. The theory goes for institutional and for private investors. For small investors, however, some alternative assets are not accessible.The goal of this study is to evaluate how alternative investments have performed compared to common assets. Some of the available alternative investment possibilities are already in use for many private investors. It is positive that investors buy assets that are not listed on their brokerage account. However, to have efficient portfolios, the asset allocation can be further optimized with respect to Markowitz's modern portfolio theory. The market for alternative investments is small and lacks liquidity. Therefore, the author evaluates their usefulness in terms of accessibility and availability.The findings of this study propose that alternative investments can help to increase portfolio diversification. A portfolio comprised only of alternative investments cannot outperform a traditional one. A combination of alternative assets and traditional assets, however, can outperform the broadly used combinations of equity and debt.
Ibrahim Mbithi Portfolio Asset Allocation. Exploring the Case for Continued Reliance on Financial Economic Models by Asset Managers Ibrahim Mbithi Portfolio Asset Allocation. Exploring the Case for Continued Reliance on Financial Economic Models by Asset Managers Новинка

Ibrahim Mbithi Portfolio Asset Allocation. Exploring the Case for Continued Reliance on Financial Economic Models by Asset Managers

Master's Thesis from the year 2009 in the subject Business economics - Investment and Finance, Schiller International University , language: English, abstract: In this paper, I address the theme of asset allocation in a pension fund portfolio using passive index funds and exchange-traded funds (ETFs). To illustrate this, I have createdfive model portfolios according to CAPM (Capital Asset Pricing Model) and MPT (Modern Portfolio Theory) models. My results are interesting because one of the fiveportfolios comes on top of the rest as a suitable portfolio for the pension fund. Since many investors are not experts, they usually leave the responsibility of managing theirasset portfolios to asset managers. And in order to attract as many investors as possible to their boutiques, asset managers will harp on about their superior portfolio returns thatbeat the market. To beat the market they incur transaction costs which lower returns for investors. Most investors have come to acknowledge that capital markets are efficientthus the idea about beating them is a false proposition. In the face of this reality, asset managers and investors have turned to passive investment strategies. I conclude thatsuperior asset allocation and passive index investing through exchange-traded funds form a unique set of tools for pension fund investment managers.
Hauke Hansen CAPEX Excellence. Optimizing Fixed Asset Investments Hauke Hansen CAPEX Excellence. Optimizing Fixed Asset Investments Новинка

Hauke Hansen CAPEX Excellence. Optimizing Fixed Asset Investments

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Much of current management literature focuses on a limited set of 'classical' value levers, such as cost reduction, sales optimization or mergers & acquisitions, thus neglecting another core value lever: capital investments. That capital investments receive such limited attention is all the more surprising when one considers how vitally important they are to the economy as a whole as well as individual businesses. There is significant value-creation potential in optimizing capital investments. Investments not only determine the asset structure of a venture. They also enable the introduction of new products structural cost reductions. The book focuses on core questions to be answered in the critical design and realization phase of new investments: Right positioning – does the competitive situation allow the investment to be successful Right technology – how to optimize timing and risks of technology innovations Right timing – how to cope with economic cycles Right size – how to identify the optimum size of an asset Right location – how to find the best location for an asset Right design – how to make investments lean and flexible Right financing – how to structure the investment financing The book features an introductory section that provides an overview of investments across the globe, across industries and across time provides practical advice on how to allocate capital to several projects within a company’s investment portfolio. Optimising Fixed Asset Investment is illustrated with real world examples from a range of industries. This book is essential reading for managers faced with challenges of making individual or portfolio capital investment decisions and who are responsible for managing these capital assets over their entire asset lifecycle. The ideas put forward within the book will help to sharpen the focus of management on the impact capital investments have on the well-being and growth of their companies. Optimizing Fixed Asset Investments is a strategic manual for everyone involved or interested in large fixed-capital investments.
E. Stavetski J. Managing Hedge Fund Managers. Quantitative and Qualitative Performance Measures E. Stavetski J. Managing Hedge Fund Managers. Quantitative and Qualitative Performance Measures Новинка

E. Stavetski J. Managing Hedge Fund Managers. Quantitative and Qualitative Performance Measures

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Invaluable insight into measuring the performance of today's hedge fund manager More and more institutional funds and high-net-worth assets are finding their way to hedge funds. This book provides the quantitative and qualitative measures and analysis that investment managers, investment advisors, and fund of fund managers need to allocate and monitor their client's assets properly. It addresses important topics such as Modern Portfolio Theory (MPT) and Post Modern Portfolio Theory (PMPT), choosing managers, watching performance, and researching alternate asset classes. Author Edward Stavetski also includes an appendix showing detailed case studies of hedge funds, and gives readers a road map to monitor their investments. Edward J. Stavetski (Wayne, PA) is Director of Investment Oversight for Wilmington Family Office, serving ultra high-net-worth families in strategic asset allocation, traditional and alternative investment manager selection, and oversight.
Elaine Henry Equity Asset Valuation Elaine Henry Equity Asset Valuation Новинка

Elaine Henry Equity Asset Valuation

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Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
Bertram K. C. Chan Applied Probabilistic Calculus for Financial Engineering. An Introduction Using R Bertram K. C. Chan Applied Probabilistic Calculus for Financial Engineering. An Introduction Using R Новинка

Bertram K. C. Chan Applied Probabilistic Calculus for Financial Engineering. An Introduction Using R

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Illustrates how R may be used successfully to solve problems in quantitative finance Applied Probabilistic Calculus for Financial Engineering: An Introduction Using R provides R recipes for asset allocation and portfolio optimization problems. It begins by introducing all the necessary probabilistic and statistical foundations, before moving on to topics related to asset allocation and portfolio optimization with R codes illustrated for various examples. This clear and concise book covers financial engineering, using R in data analysis, and univariate, bivariate, and multivariate data analysis. It examines probabilistic calculus for modeling financial engineering—walking the reader through building an effective financial model from the Geometric Brownian Motion (GBM) Model via probabilistic calculus, while also covering Ito Calculus. Classical mathematical models in financial engineering and modern portfolio theory are discussed—along with the Two Mutual Fund Theorem and The Sharpe Ratio. The book also looks at R as a calculator and using R in data analysis in financial engineering. Additionally, it covers asset allocation using R, financial risk modeling and portfolio optimization using R, global and local optimal values, locating functional maxima and minima, and portfolio optimization by performance analytics in CRAN. Covers optimization methodologies in probabilistic calculus for financial engineering Answers the question: What does a «Random Walk» Financial Theory look like? Covers the GBM Model and the Random Walk Model Examines modern theories of portfolio optimization, including The Markowitz Model of Modern Portfolio Theory (MPT), The Black-Litterman Model, and The Black-Scholes Option Pricing Model Applied Probabilistic Calculus for Financial Engineering: An Introduction Using R s an ideal reference for professionals and students in economics, econometrics, and finance, as well as for financial investment quants and financial engineers.
Alexandra Elisabeth Janovsky Asset Allocation, Performance Measurement and Downside Risk Alexandra Elisabeth Janovsky Asset Allocation, Performance Measurement and Downside Risk Новинка

Alexandra Elisabeth Janovsky Asset Allocation, Performance Measurement and Downside Risk

Inhaltsangabe:Abstract: Investors should not and in fact do not hold a single asset, they hold groups or portfolios of assets. An important aspect in portfolio theory is that the risk of a portfolio is more complex than the risk of its components. It depends on how much the assets represented in the portfolio move together, that is, on the correlation between the single assets. In portfolio theory, there are several definitions of risk: First of all, the Capital Asset Pricing Model (CAPM) relies on the beta factor of an asset relative to the market as a measure for the asset’s risk. On the other hand, also downside risk can be used in order to determine a portfolio’s risk. The kind of risk in question is market risk, which is the risk of losses arising from adverse movements in market prices or rates. Market risk can be subdivided into interest rate risk, equity price risk, exchange rate risk and commodity price risk. For many investment decisions, there is a minimum return that has to be reached in order to meet different criteria. Returns above this minimum acceptable return ensure that these goals are reached and thus are not considered risky. Standard deviation captures the risk associated with achieving the mean, while downside risk assumes that only those returns that fall below the minimal acceptable return incur risk. One has to distinguish between good and bad volatility. Good volatility is dispersion above the minimal acceptable return, the farther above the minimal...
Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers. Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers. Новинка

Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers.

Master's Thesis from the year 2009 in the subject Business economics - Investment and Finance, grade: A (German Grade: 1,0), European Business School - International University Schloß Reichartshausen Oestrich-Winkel (Union Investment Chair of Asset Management), language: English, abstract: The idea of comparing the performance of different risky investments, for example investment funds, on a quantitative basis dates back to the beginnings of the asset management industry and has been an important field of research in finance since then. Performance measures serve as valuable quantitative evidence for the portfolio manager's performance as well as for the evaluation of investment decisions ex post. Based on the idea of the capital asset pricing model proposed by Treynor (1961), Sharpe (1964), and Lintner (1965), Treynor (1965) developed the first quantitative performance measure intended to rate mutual funds, the Treynor Ratio. Since then, a large number of performance measures with very different characteristics have been developed, for example by Sharpe (1966), Jensen (1968), Treynor & Black (1973), Sortino & Price (1994), and Israelsen (2005). In addition to their power of rating investments ex post, their ability to predict future performance has been thoroughly analyzed by Grinblatt & Titman (1992), Brown & Goetzmann (1995), Carhart (1997), and others. Besides academia, the driving force behind the development of more sophisticated performance mea...
Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers. Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers. Новинка

Christoph Schneider How Useful is the Information Ratio to Evaluate the Performance of Portfolio Managers.

The idea of comparing the performance of different risky investments, for example investment funds, on a quantitative basis dates back to the beginnings of the asset management industry and has been an important field of research in finance since then. Performance measures serve as valuable quantitative evidence for the portfolio manager's performance as well as for the evaluation of investment decisions ex post. Based on the idea of the capital asset pricing model proposed by Treynor, Sharpe and Lintner, Treynor developed the first quantitative performance measure intended to rate mutual funds, the Treynor Ratio. Since then, a large number of performance measures with very different characteristics have been developed. In addition to their power of rating investments ex post, their ability to predict future performance has been thoroughly analyzed by Grinblatt & Titman, Brown & Goetzmann, Carhart and others. Besides academia, the driving force behind the development of more sophisticated performance measures has always been the investors. This is understandable, as "the truly poor managers are afraid, the unlucky managers will be unjustly condemned, and the new managers have no track record. Only the skilled (or lucky) managers are enthusiastic".By combining and applying the results of previous research to a new sample of nearly 10,000 mutual funds that invest in different countries and asset classes, this thesis clarifies its central research question: I...
Martin Sachsenmaier Immobilienanlagen in der Asset Allocation Martin Sachsenmaier Immobilienanlagen in der Asset Allocation Новинка

Martin Sachsenmaier Immobilienanlagen in der Asset Allocation

Inhaltsangabe:Einleitung: Im Rahmen des Asset Allocation-Prozesses wird die Aufteilung des Vermögens bestimmt. Investoren mit unterschiedlichen Interessen einerseits sowie einer Vielzahl existierender Anlagemöglichkeiten andererseits lassen die Asset Allocation zu einer anspruchsvollen und umfangreichen Aufgabe werden. Waren in der Vergangenheit v.a. inländische Investments gefragt, gewinnt heute zunehmend die internationale Ebene an Bedeutung. Einen sehr großen Anteil in real existierenden Portfolios stellen hierbei Aktien und Renteninvestments dar. Generell nicht zu unterschätzen sind jedoch die Volumina von Immobilienanlagen im Bereich der Vermögensanlage. Jene werden jedoch oft als historisch gewachsene Investments gesehen. Während bei Aktien- und Renteninvestments bereits seit langem eine portfolioorientierte Sichtweise vorherrscht, werden Immobilienanlagen deshalb zumeist isoliert, d.h. ohne Berücksichtigung möglicher Diversifikationsaspekte verschiedener Immobilienanlageformen untereinander (Single-Asset-Portfolio) bzw. im Verbund mit anderen Asset-Klassen wie Aktien und/oder Renten (Multi-Asset-Klassen-Portfolio) betrachtet. Aus diesem Grunde wird in dieser Arbeit untersucht, welche Immobilienanlagen privaten und institutionellen Investoren zur Verfügung stehen, inwiefern bei portfolioorientierter Betrachtung mittels Immobilienanlagen Diversifikationseffekte zu erzielen sind und wie darauf aufbauend der Asset Allocation Prozeß optimiert werden kann. Jene Themenstellun...
Benjamin Güttler Asset allocation strategies in the current low interest rate environment Benjamin Güttler Asset allocation strategies in the current low interest rate environment Новинка

Benjamin Güttler Asset allocation strategies in the current low interest rate environment

Master's Thesis from the year 2015 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, University of Applied Sciences Osnabrück, language: English, abstract: Institutional investors face serious challenges due to the current low interest rate environment and their payment obligations. Life insurance companies in Germany have invested the majority of their assets in fixed-income securities. Thus, asset managers struggle to earn adequate returns as a consequence of low yields of high-grade sovereign bonds. As a consequence, institutional investors are forced to rethink their asset allocation, which is vital for the investment success. This thesis aims to evaluate asset allocation strategies in the light of the low interest rate environment that enable investors to generate adequate risk-adjusted returns. A sample portfolio is developed that is broadly diversified, has exposure to alternative investments and applies the Risk Parity ap-proach. The performance is evaluated over different evaluation periods on a risk-adjusted basis and in comparison to other asset allocation strategies. As a result, the sample portfolio outper-forms the current asset allocation of German life insurers and naïve diversification. However, portfolios with significant exposure to private equity or stocks outperform the sample portfolio in terms of Sharpe ratio but require a higher risk tolerance. Nevertheless, the sample portfolio achieves a satisfactory...
Paul Kaplan D. Frontiers of Modern Asset Allocation Paul Kaplan D. Frontiers of Modern Asset Allocation Новинка

Paul Kaplan D. Frontiers of Modern Asset Allocation

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Innovative approaches to putting asset allocation into practice Building on more than 15 years of asset-allocation research, Paul D. Kaplan, who led the development of the methodologies behind the Morningstar Rating(TM) and the Morningstar Style Box(TM), tackles key challenges investor professionals face when putting asset-allocation theory into practice. This book addresses common issues such as: How should asset classes be defined? Should equities be divided into asset classes based on investment style, geography, or other factors? Should asset classes be represented by market-cap-weighted indexes or should other principles, such as fundamental weights, be used? How do actively managed funds fit into asset-class mixes? Kaplan also interviews industry luminaries who have greatly influenced the evolution of asset allocation, including Harry Markowitz, Roger Ibbotson, and the late Benoit Mandelbrot. Throughout the book, Kaplan explains allocation theory, creates new strategies, and corrects common misconceptions, offering original insights and analysis. He includes three appendices that put theory into action with technical details for new asset-allocation frameworks, including the next generation of portfolio construction tools, which Kaplan dubs «Markowitz 2.0.»
Christian Szylar Handbook of Market Risk Christian Szylar Handbook of Market Risk Новинка

Christian Szylar Handbook of Market Risk

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A ONE-STOP GUIDE FOR THE THEORIES, APPLICATIONS, AND STATISTICAL METHODOLOGIES OF MARKET RISK Understanding and investigating the impacts of market risk on the financial landscape is crucial in preventing crises. Written by a hedge fund specialist, the Handbook of Market Risk is the comprehensive guide to the subject of market risk. Featuring a format that is accessible and convenient, the handbook employs numerous examples to underscore the application of the material in a real-world setting. The book starts by introducing the various methods to measure market risk while continuing to emphasize stress testing, liquidity, and interest rate implications. Covering topics intrinsic to understanding and applying market risk, the handbook features: An introduction to financial markets The historical perspective from market events and diverse mathematics to the value-at-risk Return and volatility estimates Diversification, portfolio risk, and efficient frontier The Capital Asset Pricing Model and the Arbitrage Pricing Theory The use of a fundamental multi-factors model Financial derivatives instruments Fixed income and interest rate risk Liquidity risk Alternative investments Stress testing and back testing Banks and Basel II/III The Handbook of Market Risk is a must-have resource for financial engineers, quantitative analysts, regulators, risk managers in investments banks, and large-scale consultancy groups advising banks on internal systems. The handbook is also an excellent text for academics teaching postgraduate courses on financial methodology.
Craig Israelsen L. 7Twelve. A Diversified Investment Portfolio with a Plan Craig Israelsen L. 7Twelve. A Diversified Investment Portfolio with a Plan Новинка

Craig Israelsen L. 7Twelve. A Diversified Investment Portfolio with a Plan

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A proven way to put together a portfolio that enhances performance and reduces risk Professor Craig Israelsen of Brigham Young University is an important voice in the area of asset allocation. The reason? He keeps things simple. Now, in 7Twelve, he shows you how to do the same, and demonstrates how his approach to investing can help you grow your money as well as protect it. 7Twelve outlines a multi-asset balanced portfolio that is a logical starting point when assembling a portfolio-either as the blueprint for the entire portfolio or as a significant building block. Page by page, he will show you how to create a balanced portfolio utilizing multiple asset classes to enhance performance and reduce risk. Discusses how the 7Twelve portfolio includes seven core asset classes and utilizes twelve specific mutual funds or exchange traded funds Details the tax efficiency of this specific investment approach Shows you how to use the 7Twelve portfolio as a pre-retirement accumulation portfolio or a post-retirement distribution portfolio If you want to build a well-balanced, multi-asset portfolio, 7Twelve is the book for you.
Michael McMillan Investments Workbook. Principles of Portfolio and Equity Analysis Michael McMillan Investments Workbook. Principles of Portfolio and Equity Analysis Новинка

Michael McMillan Investments Workbook. Principles of Portfolio and Equity Analysis

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Companion workbook to the CFA Institute's Investments: Principles of Portfolio and Equity Analysis Workbook In a world of specialization, no other profession likely requires such broad, yet in-depth knowledge than that of financial analyst. Investments: Principles of Portfolio and Equity Analysis provides the broad-based knowledge professionals and students of the markets need to manage money and maximize return. This companion Workbook, also edited by experts from the CFA Institute, allows busy professionals to gain a stronger understanding of core investment topics. The Workbook Includes learning outcomes, summaries, and problems and solutions sections for each chapter in the main book Blends theory and practice Provides access to the highest quality information on investment analysis and portfolio management With Investments: Analysis and Portfolio Management Workbook, busy professionals can reinforce what they've learned in reading Investments, while doing so at their own pace.
P. Ishwara Portfolio Management P. Ishwara Portfolio Management Новинка

P. Ishwara Portfolio Management

This book on 'Portfolio Management' has been written to provide an insight into the world of investment and portfolio management with practical problems and solutions. This book consists of various portfolio theories and their application. This book explains attributes of investment and steps involved in the investment management. It provides guidance to investors taking long time horizon. It gives insights to the relationship of risk and return and how risk and return is to be measured. The work of the pioneers like Harry Markowitz and William Sharpe have been discussed for making an analysis of the portfolio and to diversify it, to get the maximum return. The Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Model (APT) have been discussed for explaining the pricing of assets. At the end of this book, various models of portfolio performance evaluations have been discussed. This book has been written as a book for investors as well as students of Management, Commerce, Accounting and Finance who would like an exposure to the investment environment in India.
Mark Rubinstein A History of the Theory of Investments. My Annotated Bibliography Mark Rubinstein A History of the Theory of Investments. My Annotated Bibliography Новинка

Mark Rubinstein A History of the Theory of Investments. My Annotated Bibliography

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"This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player." – Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner, Goldman Sachs A History of the Theory of Investments is about ideas – where they come from, how they evolve, and why they are instrumental in preparing the future for new ideas. Author Mark Rubinstein writes history by rewriting history. In unearthing long-forgotten books and journals, he corrects past oversights to assign credit where credit is due and assembles a remarkable history that is unquestionable in its accuracy and unprecedented in its power. Exploring key turning points in the development of investment theory, through the critical prism of award-winning investment theory and asset pricing expert Mark Rubinstein, this groundbreaking resource follows the chronological development of investment theory over centuries, exploring the inner workings of great theoretical breakthroughs while pointing out contributions made by often unsung contributors to some of investment's most influential ideas and models.
Michael McMillan Investments. Principles of Portfolio and Equity Analysis Michael McMillan Investments. Principles of Portfolio and Equity Analysis Новинка

Michael McMillan Investments. Principles of Portfolio and Equity Analysis

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A comprehensive guide to investment analysis and portfolio management by an expert team from the CFA Institute In a world of specialization, no other profession likely requires such broad, yet in-depth knowledge than that of financial analyst. Financial analysts must not only possess a broad understanding of the financial markets-including structure, organization, efficiency, portfolio management, risk and return, and planning and construction-but they must also have a strong sense of how to evaluate industries and companies prior to engaging in an analysis of a specific stock. Investments: Principles of Portfolio and Equity Analysis provides the broad-based knowledge professionals and students of the markets need to manage money and maximize return. The book Details market structure and functions, market anomalies, secondary market basics, and regulation Describes investment assets and asset classes, types of positions and orders, as well as forecasting methodologies Discusses return and risk characteristics, portfolio diversification and management, the basics of both technical analysis and major technical indicators, and much more A companion Workbook, which includes learning outcomes, summary overviews, and problems and solutions sections is available and sold separately Investments provides readers unparalleled access to the best in professional quality information on investment analysis and portfolio management.
Frank Krüsch Die Praxisrelevanz der Modernen Portfolio-Theorien am Beispiel der privaten Vermogensverwaltung der Deutschen Bank AG Frank Krüsch Die Praxisrelevanz der Modernen Portfolio-Theorien am Beispiel der privaten Vermogensverwaltung der Deutschen Bank AG Новинка

Frank Krüsch Die Praxisrelevanz der Modernen Portfolio-Theorien am Beispiel der privaten Vermogensverwaltung der Deutschen Bank AG

Inhaltsangabe:Gang der Untersuchung:Ziel der vorliegenden Diplomarbeit ist es zu analysieren, welche Bedeutung/Relevanz/Implementierbarkeit die sog. Modernen Portfoliotheorien fuer die Praxis des Wertpapiermanagements besitzen.Zunächst werden das Portfolio-Selection-Modell nach Markowitz sowie das Capital Asset Pricing Modell nach Sharpe dargestellt.Im Anschluss wird die Brücke zur Praxis geschlagen. Professionelles Portfoliomanagement gliedert sich in mehrere Prozessstufen. Diese werden kritisch untersucht (Stichworte: aktives versus passives Investment; Benchmark; Performanceevaluation etc.).Die Analyse der Vermögensverwaltung als eine besondere Form des Portfoliomanagements bildet das folgende Kapitel. Die private Vermögensverwaltung der Deutschen Bank AG wird beschrieben, mit persönlichen Ideen aus dem Bereich der derivativen Finanzinstrumente ergänzt und schließlich auf ihre Verbindung zu den Modernen Portfoliotheorien geprüft.Inhaltsverzeichnis:Inhaltsverzeichnis:Inhaltsverzeichnis IAbkürzungsverzeichnisIIISymbolverzeichnisIVAbbildungsverzeichnis V1.Einleitung12.Ausgewählte Moderne Portfolio-Theorien als potentielle Fundamente einer Vermögensverwaltung32.1Das Portfolio-Selection-Modell nach Markowitz32.1.1Die Modellannahmen32.1.2Das optimale Portfolio42.1.3Die Diversifikation72.2Das Capital Asset Pricing Modell (CAPM)72.2.1Die Modellannahmen72.2.2Modelldarstellung73.Das Portfoliomanagement133.1Der Investmentprozeß133.2Die Theorie effizienter Märkte153.3Die Investmentphi...
Frank Fabozzi J. The Theory and Practice of Investment Management. Asset Allocation, Valuation, Portfolio Construction, and Strategies Frank Fabozzi J. The Theory and Practice of Investment Management. Asset Allocation, Valuation, Portfolio Construction, and Strategies Новинка

Frank Fabozzi J. The Theory and Practice of Investment Management. Asset Allocation, Valuation, Portfolio Construction, and Strategies

5968.72 руб. или Купить в рассрочку!
An updated guide to the theory and practice of investment management Many books focus on the theory of investment management and leave the details of the implementation of the theory up to you. This book illustrates how theory is applied in practice while stressing the importance of the portfolio construction process. The Second Edition of The Theory and Practice of Investment Management is the ultimate guide to understanding the various aspects of investment management and investment vehicles. Tying together theoretical advances in investment management with actual practical applications, this book gives you a unique opportunity to use proven investment management techniques to protect and grow a portfolio under many different circumstances. Contains new material on the latest tools and strategies for both equity and fixed income portfolio management Includes key take-aways as well as study questions at the conclusion of each chapter A timely updated guide to an important topic in today's investment world This comprehensive investment management resource combines real-world financial knowledge with investment management theory to provide you with the practical guidance needed to succeed within the investment management arena.
Thomas Meyer Mastering Illiquidity. Risk management for portfolios of limited partnership funds Thomas Meyer Mastering Illiquidity. Risk management for portfolios of limited partnership funds Новинка

Thomas Meyer Mastering Illiquidity. Risk management for portfolios of limited partnership funds

6282.86 руб. или Купить в рассрочку!
Arms investors with powerful new tools for measuring and managing the risks associated with the various illiquid asset classes With risk-free interest rates and risk premiums at record lows, many investors are turning to illiquid assets, such as real estate, private equity, infrastructure and timber, in search of superior returns and greater portfolio diversity. But as many analysts, investors and wealth managers are discovering, such investments bring with them a unique set of risks that cannot be measured by standard asset allocation models. Written by a dream team of globally renowned experts in the field, this book provides a clear, accessible overview of illiquid fund investments, focusing on what the main risks of these asset classes are and how to measure those risks in today's regulatory environment. Provides solutions for institutional investors in need of guidance in today's regulatory environment Offers detailed descriptions of risk measurement in illiquid asset classes, illustrated with real life case studies Helps you to develop reliable risk management tools while complying with the regulations designed to contain the individual and systemic risks arising from illiquid investments Features real-life case studies that capture an array of risk management scenarios you are likely to encounter
Friederike Erhorn Commodities as an Asset Class in Portfolio Management Friederike Erhorn Commodities as an Asset Class in Portfolio Management Новинка

Friederike Erhorn Commodities as an Asset Class in Portfolio Management

Diploma Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Applied Sciences Essen, language: English, abstract: Commodities have become an important tool in portfolio management strategies due to their good performance, the bullish outlook for this asset class over the next decade with commodity prices setting new highs and in contrast, the highly volatile performance of stocks and bonds as well as the major equity crashes in recent years.This book analyses why and which commodities should be added to your portfolio. It gives a thorough introduction and analyses:• Basic concepts of portfolio management and commodities• Different investment exposures to commodities• Return decomposition of commodity futures• Evidence that commodities constitute an asset class• Comparison of the different asset classes regarding risk, return and correlation as well as the performance analysis of the single asset classes with regard to the business cycle and inflation• Efficient frontiers of portfolios with and without commodities over different periods of timeThe key objective of this study is to investigate how commodities as an asset class influence the risk-return-ratio of a traditional portfolio in a passive investment strategy over various periods of time.
S. Promislow David Fundamentals of Actuarial Mathematics S. Promislow David Fundamentals of Actuarial Mathematics Новинка

S. Promislow David Fundamentals of Actuarial Mathematics

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Provides a comprehensive coverage of both the deterministic and stochastic models of life contingencies, risk theory, credibility theory, multi-state models, and an introduction to modern mathematical finance. New edition restructures the material to fit into modern computational methods and provides several spreadsheet examples throughout. Covers the syllabus for the Institute of Actuaries subject CT5, Contingencies Includes new chapters covering stochastic investments returns, universal life insurance. Elements of option pricing and the Black-Scholes formula will be introduced.
Matthew Erickson P. Asset Rotation. The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance Matthew Erickson P. Asset Rotation. The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance Новинка

Matthew Erickson P. Asset Rotation. The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance

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An all-weather, tactical approach to asset management utilizing Exchange Traded Funds (ETFs) In Asset Rotation, portfolio management pioneer Matthew P. Erickson demonstrates a time-tested approach to asset management that has worked throughout the history of capital markets, in good times and bad. Providing investors with strong participation in rising markets, but more importantly with a discipline to reduce participation in prolonged declines. Over time this revolutionary approach has yielded superior returns, with significantly reduced levels of risk; providing the engine for true, long-term sustainable growth. The investment world as we know it has changed, and the paradigm has shifted. What has worked in the past may no longer work in the future. No longer may bonds be regarded as a safe haven asset class, as for the first time in generations, investors in fixed income face losses as interest rates rise from historical all-time lows. For those adhering to a conventional Modern Portfolio Theory based investment approach to asset management, what was once regarded as safe and stable, may very well soon become our greatest impediment. Asset Rotation provides investors with a practical solution for today's real world problems. This tactical approach to asset management provides us with concrete proof that there is indeed a better way. We are standing on the precipice of an Investment Renaissance. What was previously impossible, is now possible. Find out how. Presents an easy-to-understand price momentum-based approach to investing Illustrates the benefits of asset rotation Offers a systematic approach for securing a sound financial future Provides further insights as to how to customize your own asset rotation portfolio Matthew Erickson gives investors a hands-on resource for how to navigate an increasingly difficult investment landscape, by providing them with keen insights into the most rapidly growing segment of the investment markets.
Frank Fabozzi J. Quantitative Equity Investing. Techniques and Strategies Frank Fabozzi J. Quantitative Equity Investing. Techniques and Strategies Новинка

Frank Fabozzi J. Quantitative Equity Investing. Techniques and Strategies

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A comprehensive look at the tools and techniques used in quantitative equity management Some books attempt to extend portfolio theory, but the real issue today relates to the practical implementation of the theory introduced by Harry Markowitz and others who followed. The purpose of this book is to close the implementation gap by presenting state-of-the art quantitative techniques and strategies for managing equity portfolios. Throughout these pages, Frank Fabozzi, Sergio Focardi, and Petter Kolm address the essential elements of this discipline, including financial model building, financial engineering, static and dynamic factor models, asset allocation, portfolio models, transaction costs, trading strategies, and much more. They also provide ample illustrations and thorough discussions of implementation issues facing those in the investment management business and include the necessary background material in probability, statistics, and econometrics to make the book self-contained. Written by a solid author team who has extensive financial experience in this area Presents state-of-the art quantitative strategies for managing equity portfolios Focuses on the implementation of quantitative equity asset management Outlines effective analysis, optimization methods, and risk models In today's financial environment, you have to have the skills to analyze, optimize and manage the risk of your quantitative equity investments. This guide offers you the best information available to achieve this goal.
David M. Darst Portfolio Investment Opportunities in India David M. Darst Portfolio Investment Opportunities in India Новинка

David M. Darst Portfolio Investment Opportunities in India

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Investment strategies and knowledge for asset managers investing in India This e-book only investment report will detail India's asset classes, its investment strategies, risks and advantages, and politics and cultural history with an eye toward serving investment advisors and asset managers looking for up-to-date investment knowledge on specific alternative asset classes.
Friedrich Christian Kruse Predictions, Nonlinearities and Portfolio Choice Friedrich Christian Kruse Predictions, Nonlinearities and Portfolio Choice Новинка

Friedrich Christian Kruse Predictions, Nonlinearities and Portfolio Choice

Finance researchers and asset management practitioners put a lot of effort into the question of optimal asset allocation. With this respect, a lot of research has been conducted on portfolio decision making as well as quantitative modeling and prediction models. This study brings together three fields of research, which are usually analyzed in an isolated manner in the literature:- Predictability of asset returns and their covariance matrix- Optimal portfolio decision making- Nonlinear modeling, performed by artificial neural networks, and their impact on predictions as well as optimal portfolio constructionIncluding predictability in asset allocation is the focus of this work and it pays special attention to issues related to nonlinearities. The contribution of this study to the portfolio choice literature is twofold. First, motivated by the evidence of linear predictability, the impact of nonlinear predictions on portfolio performances is analyzed. Predictions are empirically performed for an investor who invests in equities (represented by the DAX index), bonds (represented by the REXP index) and a risk-free rate. Second, a solution to the dynamic programming problem for intertemporal portfolio choice is presented. The method is based on functional approximations of the investor's value function with artificial neural networks. The method is easily capable of handling multiple state variables. Hence, the effect of adding predictive parameters to the state space is the ...
Guojun Gan Measure, Probability, and Mathematical Finance. A Problem-Oriented Approach Guojun Gan Measure, Probability, and Mathematical Finance. A Problem-Oriented Approach Новинка

Guojun Gan Measure, Probability, and Mathematical Finance. A Problem-Oriented Approach

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An introduction to the mathematical theory and financial models developed and used on Wall Street Providing both a theoretical and practical approach to the underlying mathematical theory behind financial models, Measure, Probability, and Mathematical Finance: A Problem-Oriented Approach presents important concepts and results in measure theory, probability theory, stochastic processes, and stochastic calculus. Measure theory is indispensable to the rigorous development of probability theory and is also necessary to properly address martingale measures, the change of numeraire theory, and LIBOR market models. In addition, probability theory is presented to facilitate the development of stochastic processes, including martingales and Brownian motions, while stochastic processes and stochastic calculus are discussed to model asset prices and develop derivative pricing models. The authors promote a problem-solving approach when applying mathematics in real-world situations, and readers are encouraged to address theorems and problems with mathematical rigor. In addition, Measure, Probability, and Mathematical Finance features: A comprehensive list of concepts and theorems from measure theory, probability theory, stochastic processes, and stochastic calculus Over 500 problems with hints and select solutions to reinforce basic concepts and important theorems Classic derivative pricing models in mathematical finance that have been developed and published since the seminal work of Black and Scholes Measure, Probability, and Mathematical Finance: A Problem-Oriented Approach is an ideal textbook for introductory quantitative courses in business, economics, and mathematical finance at the upper-undergraduate and graduate levels. The book is also a useful reference for readers who need to build their mathematical skills in order to better understand the mathematical theory of derivative pricing models.
MRS KIRAN JOTWANI MACRO ECONOMIC ANALYSIS MRS KIRAN JOTWANI MACRO ECONOMIC ANALYSIS Новинка

MRS KIRAN JOTWANI MACRO ECONOMIC ANALYSIS

1 Introduction 2 Money and Value of money 3 Theory of Income And Employment 4 Savings 5 Investments 6 Trade Cycle Bibliography
Holger Wachter Asset Allocation mit Immobilien Holger Wachter Asset Allocation mit Immobilien Новинка

Holger Wachter Asset Allocation mit Immobilien

Inhaltsangabe:Einleitung: Offene Immobilienfonds stehen zunehmend im Wettbewerb mit anderen Institutionellen Investoren um die besten nationalen sowie internationale Immobilieninvestitionen. Die Fonds haben damit die Aufgabe, sich mit strategischen Managementkonzepten von ihren Mitbewerbern abzuheben. In diesem Zusammenhang sollte jedoch die Zeit der isolierten Betrachtung einzelner Immobilienobjekte, und der damit verbundenen fehlenden Steuerung ganzer Immobilienportfolios, vorbei sein. Moderne Finanztheorien zeigen den Erfolg, der sich durch eine sinnvolle Mischung verschiedener Investments bzw. Assets in einem Depot erzielen lässt. Es kommt dabei nicht auf die Auswahl „der“ einzig wahren Anlageform an, sondern auf das Verhältnis von Rendite und Risiko im jeweiligen Depot. Die Umsetzung einer dieser Finanztheorien, das Portfolio-Selection-Modell von Markowitz, wird als Asset Allocation bezeichnet. Durch die Kombination verschiedener „Assets“ wird versucht, eine verbesserte Rendite-Risiko Struktur im Portfolio zu erhalten. Die Asset Allocation findet idealtypisch auf mehreren Ebenen statt. Es wird unterschieden zwischen einer strategischen Ausrichtung, die sich auf eine Diversifizierung der verschiedenen Assetklassen (Aktien, Anleihen, Immobilien) bezieht, und der taktischen Asset Allocation, die eine Streuung innerhalb einer Assetklasse, wie z.B. eines Immobilienportfolios, vorsieht. Aber die finanzmathematischen Verfahren im Asset Allocation Prozess, die im Aktien- und Anl...
Manuel Kürschner Limitations of the Capital Asset Pricing Model (CAPM) Manuel Kürschner Limitations of the Capital Asset Pricing Model (CAPM) Новинка

Manuel Kürschner Limitations of the Capital Asset Pricing Model (CAPM)

Research Paper (undergraduate) from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cooperative Education, 31 entries in the bibliography, language: English, abstract: The objective of this paper is to give an overview of the most important movements of the complex area of asset pricing. This will be tried by logically structuring and building up the topic from its origins, the Capital Asset Pricing Model, and then over its main points of critique, in order to arrive at the different options developed by financial science that try to resolve those problematic aspects.Due to the complexity of this subject and the limited scope of this paper, obviously it will not be possible to discuss each model or movement in depth. Coherently, the aim is to point out the main thoughts of each aspect discussed. For further information, especially concerning the deeper mathematical backgrounds and derivations of the models, the author would like to refer the reader to the books mentioned in this paper. Many of those works, finance journal publications and the literature on asset pricing in general, set their focus on different parts of this paper, which again underlines the complexity in terms of scientific scope and intellectual and mathematical intricacy of this topic.
Adam Butler Adaptive Asset Allocation. Dynamic Global Portfolios to Profit in Good Times - and Bad Adam Butler Adaptive Asset Allocation. Dynamic Global Portfolios to Profit in Good Times - and Bad Новинка

Adam Butler Adaptive Asset Allocation. Dynamic Global Portfolios to Profit in Good Times - and Bad

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Build an agile, responsive portfolio with a new approach to global asset allocation Adaptive Asset Allocation is a no-nonsense how-to guide for dynamic portfolio management. Written by the team behind Gestaltu.com, this book walks you through a uniquely objective and unbiased investment philosophy and provides clear guidelines for execution. From foundational concepts and timing to forecasting and portfolio optimization, this book shares insightful perspective on portfolio adaptation that can improve any investment strategy. Accessible explanations of both classical and contemporary research support the methodologies presented, bolstered by the authors' own capstone case study showing the direct impact of this approach on the individual investor. Financial advisors are competing in an increasingly commoditized environment, with the added burden of two substantial bear markets in the last 15 years. This book presents a framework that addresses the major challenges both advisors and investors face, emphasizing the importance of an agile, globally-diversified portfolio. Drill down to the most important concepts in wealth management Optimize portfolio performance with careful timing of savings and withdrawals Forecast returns 80% more accurately than assuming long-term averages Adopt an investment framework for stability, growth, and maximum income An optimized portfolio must be structured in a way that allows quick response to changes in asset class risks and relationships, and the flexibility to continually adapt to market changes. To execute such an ambitious strategy, it is essential to have a strong grasp of foundational wealth management concepts, a reliable system of forecasting, and a clear understanding of the merits of individual investment methods. Adaptive Asset Allocation provides critical background information alongside a streamlined framework for improving portfolio performance.
Donald S. Rimai Patent Engineering. A Guide to Building a Valuable Patent Portfolio and Controlling the Marketplace Donald S. Rimai Patent Engineering. A Guide to Building a Valuable Patent Portfolio and Controlling the Marketplace Новинка

Donald S. Rimai Patent Engineering. A Guide to Building a Valuable Patent Portfolio and Controlling the Marketplace

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Patents are a vital asset in the modern business world. They allow patent holders to introduce new products in to a market while deterring other market players from simply copying innovative features without making comparable investments in research and development. In years past, a few patents may have provided adequate protection. That is no longer the case. In today's world, it is critical that innovative companies protect the features of their products that give them a competitive advantage with a family or portfolio of patents that are strategically generated to protect the market position of the patent holder. A patent portfolio that deters competitors from introducing competitive products in a timely manner can be worth billions of dollars. Anything less than this is an expensive and possibly fatal distraction. This book provides a strategic framework for cost efficient engineering of patent portfolios that protect your investments in research and development and that extend the market advantages that these investments provide.
Malawi Ngwira Public Sector Property Asset Management Malawi Ngwira Public Sector Property Asset Management Новинка

Malawi Ngwira Public Sector Property Asset Management

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In many public sector organisations, there has been little or no adoption of a proactive asset management strategy. Where an extensive property portfolio exists, this can result in poor overall utilisation of the portfolio, exemplified by excessive vacant property or properties not being put to best use. In such situations there is a risk that the building stock deteriorates more rapidly than expected, leading to expensive maintenance and repair charges. Lack of a proactive asset management strategy will impact on the services delivered by such organisations. Public Sector Property Asset Management covers all aspects of asset management in the public sector, including the overall concept, the development of asset management strategies and the implementation of asset management practices. It evaluates asset management strategies, processes and practices to show how effective management of property assets support business activities or service delivery functions. The reader will understand the importance of improving decision-making through the recognition of all costs of owning and operating those assets throughout their lifecycle, leading to improved business process activities or service delivery functions which greatly assist in meeting the social and economic objectives of such organisations. Written for all practitioners currently involved in asset management, the book will also be useful in the university environment, to those teaching, researching or learning about asset management in the public sector.
Roland Schröter Varianten des CAPM Roland Schröter Varianten des CAPM Новинка

Roland Schröter Varianten des CAPM

Inhaltsangabe:Problemstellung: Angesichts der zunehmenden Bedeutung der Finanzmärkte und des hohen Innovationstempos wächst die Forderung nach ökonomischen Erklärungsansätzen für die Preisbestimmung auf den Kapitalmärkten. Konkret stellt sich die Frage, welche Renditen für riskante Vermögenstitel, die an einem Kapitalmarkt gehandelt werden, zu erwarten sind und wie sich diese Bewertung erklären läßt. Basierend auf den mittels des Capital Asset Pricing Model gewonnenen Einsichten in die Preisbestimmungsmechanismen an den Finanzmärkten drängt sich weitergehend die Frage auf, ob dieses modelltheoretische Instrumentarium der Vielschichtigkeit realer Finanzmärkte gerecht wird. Unter diesem Gesichtspunkt ist zu klären, ob und inwiefern die unter sehr restriktiven Annahmen postulierten Gleichgewichtsbeziehungen im CAPM auch bei einer Annäherung an die realen Verhältnisse der Kapitalmärkte modelltheoretisch haltbar sind. Dabei ist auch von Interesse, inwiefern eine realitätsnähere Analyse einen zusätzlichen Beitrag, d.h. über den essentiellen Aussagegehalt des CAPM hinaus, zu leisten vermag. Demgemäß wurde der folgende Aufbau gewählt: Gang der Untersuchung: Die beiden Kapitel B und C. bilden die beiden Schwerpunkte dieser Diplomarbeit. Unter Gliederungspunkt B. wird dem Leser die Portfolio Selection Theory (PST) nach Markowitz und Tobin vorgestellt, um darauf aufbauend das Capital Asset Pricing Model (CAPM) darzustellen. Dabei liegt das Hauptaugenmerk auf einer ausführlichen Darstell...
Petr Veverka Pricing of Real Options based on exponential mean reverting processes Petr Veverka Pricing of Real Options based on exponential mean reverting processes Новинка

Petr Veverka Pricing of Real Options based on exponential mean reverting processes

This book deals with deriving pricing rules for Real Options which are based on exponential mean-reverting asset. In particular, we are interested in modelling the possibility of selling a poorly performing asset for a predetermined price L. Firstly, the option is considered to be homogenous in time, i.e. its value is only a function of the asset price, then we comprise the time-dependency and finally, we extend it to the case of stochastic interest rate modeled again by the exponential mean-reverting process. The book assumes some basic knowledge of stochastic analysis, numerical methods and financial mathematics. This book was written as author's MSc thesis at FNSPE at CTU in Prague.
Richard Marston C. Portfolio Design. A Modern Approach to Asset Allocation Richard Marston C. Portfolio Design. A Modern Approach to Asset Allocation Новинка

Richard Marston C. Portfolio Design. A Modern Approach to Asset Allocation

3769.72 руб. или Купить в рассрочку!
Portfolio Design – choosing the right mix of assets appropriate to a particular investor – is the key to successful investing. It can help you accumulate wealth over time, while cushioning the blow of possible economic downturns. But in order to successfully achieve this goal, you need to be familiar with all of the major asset classes that go into modern portfolios and learn how much they add to portfolio diversification. Thoughtful asset allocation provides discipline to the investment process and gives you the best chance of building and safeguarding wealth. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association’s prestigious Matthew R. McArthur Award, will guide you through the major decisions that need to be made when designing a portfolio and will put you in the best position to balance the risk-reward relationship that is part of this endeavor. Portfolio Design is to be read by investment advisors. The book is rich in information about individual asset classes, including both traditional assets like stocks and bonds as well as alternative assets such as hedge funds, private equity, real estate, and commodities. So it should appeal to all sophisticated advisors whether or not they are trying to qualify for one of the major investment designations. In fact, the book is designed to be read by any advisor who is as fascinated as Marston by the investment process.
Noureddine Krichene Islamic Capital Markets. Theory and Practice Noureddine Krichene Islamic Capital Markets. Theory and Practice Новинка

Noureddine Krichene Islamic Capital Markets. Theory and Practice

11874.61 руб. или Купить в рассрочку!
A comprehensive look at the essentials of Islamic capital markets Bringing together theoretical and practical aspects of capital markets, Islamic Capital Markets offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. Also exploring ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of Islamic capital markets, serves as a guide to investing in Islamic assets, and examines risk management and the structure of Islamic financial products. Author and Islamic finance expert Noureddine Krichene examines the development of leading Islamic capital markets, including Malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. Analyzing stock markets, stock valuation, price-earnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital markets, portfolio diversification theory, risk-return trade-off, pricing of assets, cost of capital, derivatives and their role in hedging and speculation, the principle of arbitrage and replication, Islamic structured products, the financing of large projects, and more. Emphasizes both theoretical and practical aspects of capital markets, covering analytical concepts such as the theory of arbitrage, pricing of assets, capital market pricing model, Arrow-Debreu state prices, risk-neutral pricing, derivatives markets, hedging and risk management, and structured products Provides students and practitioners of finance with must-have information about the analytical tools employed in Islamic capital markets Examines all the most recent developments in major Islamic capital markets, including Malaysia Discussing the advantages of Islamic capital markets and the prospects for their development, Islamic Capital Markets gives readers a fundamental grounding in the subject, with an emphasis on financial theory and real world practice.
Sean Simko P. Strategic Fixed Income Investing. An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management Sean Simko P. Strategic Fixed Income Investing. An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management Новинка

Sean Simko P. Strategic Fixed Income Investing. An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management

5340.43 руб. или Купить в рассрочку!
Build a fixed income portfolio that will weather volatility and instability Designing a fixed income portfolio is an essential skill of any investment manager or advisor. This book outlines the critical components to successfully navigate through stable and turbulent markets, using real-life lessons from a seasoned institutional asset manager. The first section includes commentary on the changing fixed income market and overall economy, while the second section outlines the processes to navigate these ever-evolving markets including portfolio construction, the Federal Reserve, credit analysis and trade execution. Ladder Methodology is highlighted and the book discusses its pros and cons, gives examples of both well-constructed and poorly executed laddered bond portfolios and offers alternatives to traditional asset classes. Benefit from lessons learned, providing real life examples of market scenarios and trades Prepare fixed income portfolios that can weather any storm Written by Sean P. Simko, an expert on fixed income investing, who shares his investing experiences from the past 16 years Outlines the key principles of the Ladder strategy From strategy to execution, Strategic Fixed Income Investing offers the road map to help investment managers prepare portfolios that will insulate investments against adverse market conditions.
Joost Beemer Investing in Renewable Energy and Cleantech. a Finance Perspective Joost Beemer Investing in Renewable Energy and Cleantech. a Finance Perspective Новинка

Joost Beemer Investing in Renewable Energy and Cleantech. a Finance Perspective

This book is based on a study by J. Beemer MSc. providing an introduction and future outlook on renewable energy and cleantech. Using portfolio theory to study the return characteristics of both asset classes. Renewable energy and cleantech, two emerging sectors are analysed extensively for the period 1994 to 2008(ytd) with monthly data and compared with stocks, bonds and alternative asset classes. To study their ability to enhance the performance of an investment portfolio. Both sectors make a valuable contribution to an existing portfolio for investors preferring a portfolio with a higher return than 8.8 percent and who do not mind a standard deviation greater than 4.4 percent. Risk avers investors are better off with a portfolio excluding renewable energy and cleantech, holding only traditional assets. This book makes interesting reading for academics as well as readers with a concern for renewable energy and cleantech.
Herbert Spitzner Portfoliotheorie II. Einfuhrung in das Capital Asset Pricing Model (CAPM) Herbert Spitzner Portfoliotheorie II. Einfuhrung in das Capital Asset Pricing Model (CAPM) Новинка

Herbert Spitzner Portfoliotheorie II. Einfuhrung in das Capital Asset Pricing Model (CAPM)

Studienarbeit aus dem Jahr 2008 im Fachbereich VWL - Finanzwissenschaft, Note: 1.3, Universität Regensburg (VWL), Veranstaltung: Seminar, 21 Quellen im Literaturverzeichnis, Sprache: Deutsch, Abstract: Diese Seminararbeit erklärt das Capital Asset Pricing Model (CAPM), ein Kapitalmarktgleichgewichtsmodell, das von William F. Sharpe (1964), Jan Mossin (1966) und John Lintner (1965), getrennt voneinander, entwickelt wurde. Die Arbeiten von Harry M. Markowitz, der seine Epoche machenden Ergebnisse mit Hilfe des „Portfolio-Selection-Models" verdeutlichte, bilden die theoretische Grundlage des CAPM.Das CAPM bildet - innerhalb seiner Prämissen - eine mathematisch ableitbare Grundlage, die eine gute Approximation der Realität darstellt und einen großen Einfluss auf das praktische Portfoliomanagement der Banken ausübt. Dort findet das CAPM bis heute beispielsweise im Bereich der Performance-Messung / Depotoptimierung eine breite Anwendung. Einen Anwendungsfall aus der Praxis liefert die Werbung der SEB AG - eines führenden nordeuropäischen Finanzkonzerns - welche Neukunden einen kostenlosen Depotcheck mit entsprechenden Optimierungsvorschlägen anbietet: „Wir erstellen für Sie auf Grundlage der modernen Portfolio-Theorie nach Harry M. Markowitz (1990 Nobelpreis) ein individuelles Gutachten Ihres Depots und optimieren es nach Chancen-Risiko- Aspekten. Ziel ist immer eine Steigerung der Rendite bei gleich bleibendem Risiko oder eine gleich bleibende Renditeerwartung bei sinkendem Ri...
Barbara Weber Infrastructure as an Asset Class. Investment Strategies, Project Finance and PPP Barbara Weber Infrastructure as an Asset Class. Investment Strategies, Project Finance and PPP Новинка

Barbara Weber Infrastructure as an Asset Class. Investment Strategies, Project Finance and PPP

5466.09 руб. или Купить в рассрочку!
The market for infrastructure is vast and, contrary to popular belief, the range of potential infrastructure investments is extremely broad. An investor who does not have a sufficient overview and insight into the infrastructure market or an awareness of the suitable investment opportunities and the risks they entail, will find it difficult to select the right investments. This book is a comprehensive guide to the subject, bringing together the topics of infrastructure investments, project finance and public private partnerships (PPPs), equipping investors with the necessary theoretical knowledge and background information as well as practical examples in order to further their understanding of the key aspects of infrastructure investments. It answers questions such as: How is infrastructure defined? Which sectors are classified as infrastructure, how are they categorised, and what are the differences between them? Is infrastructure an asset class in its own right? If so, what are its characteristics? What are the fundamental options for investing in infrastructure? What is a good starting point for institutional investors? How should infrastructure funds be evaluated? What risks do they entail and how can these risks be identified and assessed? How should they be structured in order to best allocate these risks? The book discusses the differing objectives and expectations of the parties involved and the conditions required by public principals and investors in order to enable these groups to overcome the ?language problems? they largely encounter. In addition to background knowledge and information on the latest developments in the individual subject areas, the book also explains the methodology of project finance in detail, both for traditional project finance and in the PPP context, establishing the key differences to other forms of financing, guiding readers through the various phases of project analysis on a step-by-step basis using practical examples. Well structured infrastructure investments can serve to improve the risk-return profile of an investor?s overall portfolio on account of their long term and their low level of correlation with traditional asset classes. This book will assist investors in their understanding of infrastructure investments, leading to a better informed portfolio. «A comprehensive and well-written overview of many relevant topics in the infrastructure sector; a useful guide for everyone involved or interested in the infrastructure area.» Henk Huizing, Head of Infrastructure, PGGM «A comprehensive book that effectively marries the topics of infrastructure investing, project finance and PPPs as well as bridges the gap between the theoretical and the practical – the authors are to be commended on this work.» Marc S. Lipschultz, Global Head of Energy and Infrastructure, Kohlberg Kravis Roberts & Co. «Quite a book and one that should definitely be part of the toolkit of those who are interested in the Infrastructure asset class. Had this comprehensive work been available ten years ago, no doubt, one or two of us certainly would have done things differently. So, let's keep it closely at hand as a guide for the future that helps us deliver even better outcomes for all stakeholders and enables us to further develop the asset class.» Ron Boots, Senior Portfolio Manager – Co head Infrastructure Investments, APG All Pensions Group
Daniel Rappoldt Asset Management Strategies Daniel Rappoldt Asset Management Strategies Новинка

Daniel Rappoldt Asset Management Strategies

Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Nürtingen University (Real Estate Management), 41 entries in the bibliography, language: English, abstract: In our daily life, almost everybody owns a portfolio of assets. This portfolio could contain real assets such as a car, or a house as well as financial assets such as stocks, bonds or real estate. The German real estate market is influenced by the activity of the Anglo-Saxon investors and so the word asset management becomes more and more famous. This paper deals with the important real estate asset management strategies, such as life cycle costs, redevelopment, Markowitz-Theory and diversification and sale and lease-back. They will all be explained and especially the redevelopment supported by some practical examples. Also there is a small overview about what assets could be and how important real estate in this context is.Today the topic asset management and its strategies are very important, because it becomes in the course of the professionalizing of the real estate management a basic instrument.The process of finding the right strategies, like the methods according to McKinsey or the Boston Consulting Group won't be mentioned or explained. Otherwise it would extend the scope of this work.In the last part follows a short summary and a closing conclusion.
Bernhard Pfaff Financial Risk Modelling and Portfolio Optimization with R Bernhard Pfaff Financial Risk Modelling and Portfolio Optimization with R Новинка

Bernhard Pfaff Financial Risk Modelling and Portfolio Optimization with R

Financial Risk Modelling and Portfolio Optimization with R, 2nd Edition Bernhard Pfaff, Invesco Global Asset Allocation, Germany A must have text for risk modelling and portfolio optimization using R. This book introduces the latest techniques advocated for measuring financial market risk and portfolio optimization, and provides a plethora of R code examples that enable the reader to replicate the results featured throughout the book. This edition has been extensively revised to include new topics on risk surfaces and probabilistic utility optimization as well as an extended introduction to R language. Financial Risk Modelling and Portfolio Optimization with R: Demonstrates techniques in modelling financial risks and applying portfolio optimization techniques as well as recent advances in the field. Introduces stylized facts, loss function and risk measures, conditional and unconditional modelling of risk; extreme value theory, generalized hyperbolic distribution, volatility modelling and concepts for capturing dependencies. Explores portfolio risk concepts and optimization with risk constraints. Is accompanied by a supporting website featuring examples and case studies in R. Includes updated list of R packages for enabling the reader to replicate the results in the book. Graduate and postgraduate students in finance, economics, risk management as well as practitioners in finance and portfolio optimization will find this book beneficial. It also serves well as an accompanying text in computer-lab classes and is therefore suitable for self-study.
Mark Anson J.P. Handbook of Alternate Assets Mark Anson J.P. Handbook of Alternate Assets Новинка

Mark Anson J.P. Handbook of Alternate Assets

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The Definitive 4-in-1 Reference Guide to Alternative Assets Many books cover individual alternative asset classes, but none offers a comprehensive examination of the four major classes as presented in the Handbook of Alternative Assets. This complete handbook merges data and strategies scattered in numerous volumes into one handy guide for the serious investor. The four major classes discussed are: * Hedge funds * Commodity and managed futures * Private equity * Credit derivatives Organized by sections-one for each alternative asset class-the Handbook of Alternative Assets demonstrates the benefits and risks of each alternative asset and reveals how these asset classes can be incorporated into a diversified portfolio. Through expert advice, the Handbook of Alternative Assets details each of four major alternative asset classes and breaks down their quantitative statistical value as well. With this comprehensive handbook on your desk, you'll begin to use alternative asset classes to both hedge and expand any portfolio.
Mario Bugler, Mario B. Gler Alternative Investments Zur Optimierung Des Traditionellen Portfolios Anhand Von Hedge Funds Mario Bugler, Mario B. Gler Alternative Investments Zur Optimierung Des Traditionellen Portfolios Anhand Von Hedge Funds Новинка

Mario Bugler, Mario B. Gler Alternative Investments Zur Optimierung Des Traditionellen Portfolios Anhand Von Hedge Funds

Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,8, Duale Hochschule Baden-Württemberg, Villingen-Schwenningen, früher: Berufsakademie Villingen-Schwenningen (Fachrichtung Banken und Bausparkassen), Sprache: Deutsch, Abstract: Die aktuelle Lage an den Finanzmärkten zeigt, dass der Anleger sein Portfolio allein aus traditionellen Anlagen nicht mehr genügend diversifiziert aufbauen kann. Er benötigt alternative Anlagen. Doch wie wirken sich diese alternativen Anlagen im Portfolio überhaupt aus? Sind sie in der Lage die Rendite des Portfolios zu verbessern bzw. das Risiko zu senken?Diese Arbeit hat zum Ziel dem Anleger die verschiedenen Alternative Investments kurz vorzustellen und ihm aufzuzeigen, dass es für ihn Sinn macht Teile seines Vermögens in Alternative Investments zu investieren, um sein Portfolio besser zu diversifizieren. Der Anleger soll erkennen, dass er durch die Beimischung von alternativen Anlagen eine von ihm gewünschte Rendite mit deutlich weniger Risiko erreichen bzw. mit dem gleichen Risiko mehr Rendite erwirtschaften, kann.Dies wird anhand empirischer Untersuchungen bewiesen. Da der Bereich der Alternative Investments sehr umfangreich ist, wird aus Aktualitäts- und Bekanntheitsgründen nur auf die Gruppe der Hedge Funds näher eingegangen. Das erste Kapitel zeigt mit der Problemstellung die Notwendigkeit sich mit Alternative Investments zu beschäftigen und diese im Rahmen der Portfoliozusammenstellung zu berücksichtige...
Damiano Brigo Counterparty Credit Risk, Collateral and Funding. With Pricing Cases For All Asset Classes Damiano Brigo Counterparty Credit Risk, Collateral and Funding. With Pricing Cases For All Asset Classes Новинка

Damiano Brigo Counterparty Credit Risk, Collateral and Funding. With Pricing Cases For All Asset Classes

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The book’s content is focused on rigorous and advanced quantitative methods for the pricing and hedging of counterparty credit and funding risk. The new general theory that is required for this methodology is developed from scratch, leading to a consistent and comprehensive framework for counterparty credit and funding risk, inclusive of collateral, netting rules, possible debit valuation adjustments, re-hypothecation and closeout rules. The book however also looks at quite practical problems, linking particular models to particular ‘concrete’ financial situations across asset classes, including interest rates, FX, commodities, equity, credit itself, and the emerging asset class of longevity. The authors also aim to help quantitative analysts, traders, and anyone else needing to frame and price counterparty credit and funding risk, to develop a ‘feel’ for applying sophisticated mathematics and stochastic calculus to solve practical problems. The main models are illustrated from theoretical formulation to final implementation with calibration to market data, always keeping in mind the concrete questions being dealt with. The authors stress that each model is suited to different situations and products, pointing out that there does not exist a single model which is uniformly better than all the others, although the problems originated by counterparty credit and funding risk point in the direction of global valuation. Finally, proposals for restructuring counterparty credit risk, ranging from contingent credit default swaps to margin lending, are considered.
Mario Cerrato The Mathematics of Derivatives Securities with Applications in MATLAB Mario Cerrato The Mathematics of Derivatives Securities with Applications in MATLAB Новинка

Mario Cerrato The Mathematics of Derivatives Securities with Applications in MATLAB

5654.57 руб. или Купить в рассрочку!
Quantitative Finance is expanding rapidly. One of the aspects of the recent financial crisis is that, given the complexity of financial products, the demand for people with high numeracy skills is likely to grow and this means more recognition will be given to Quantitative Finance in existing and new course structures worldwide. Evidence has suggested that many holders of complex financial securities before the financial crisis did not have in-house experts or rely on a third-party in order to assess the risk exposure of their investments. Therefore, this experience shows the need for better understanding of risk associate with complex financial securities in the future. The Mathematics of Derivative Securities with Applications in MATLAB provides readers with an introduction to probability theory, stochastic calculus and stochastic processes, followed by discussion on the application of that knowledge to solve complex financial problems such as pricing and hedging exotic options, pricing American derivatives, pricing and hedging under stochastic volatility and an introduction to interest rates modelling. The book begins with an overview of MATLAB and the various components that will be used alongside it throughout the textbook. Following this, the first part of the book is an in depth introduction to Probability theory, Stochastic Processes and Ito Calculus and Ito Integral. This is essential to fully understand some of the mathematical concepts used in the following part of the book. The second part focuses on financial engineering and guides the reader through the fundamental theorem of asset pricing using the Black and Scholes Economy and Formula, Options Pricing through European and American style options, summaries of Exotic Options, Stochastic Volatility Models and Interest rate Modelling. Topics covered in this part are explained using MATLAB codes showing how the theoretical models are used practically. Authored from an academic’s perspective, the book discusses complex analytical issues and intricate financial instruments in a way that it is accessible to postgraduate students with or without a previous background in probability theory and finance. It is written to be the ideal primary reference book or a perfect companion to other related works. The book uses clear and detailed mathematical explanation accompanied by examples involving real case scenarios throughout and provides MATLAB codes for a variety of topics.
Daniel Marburger How Strong Is Your Firm's Competitive Advantage, Second Edition Daniel Marburger How Strong Is Your Firm's Competitive Advantage, Second Edition Новинка

Daniel Marburger How Strong Is Your Firm's Competitive Advantage, Second Edition

According to the economic theory of the firm, businesses strive to determine the single price that maximizes profits. In fact, many firms can extract more revenue and increase profits with pricing strategies that are far more innovative than the single-price strategy. However, in the world of pricing, there is no Òone size fits allÓ strategy. Some pricing strategies are better suited to some situations than others. Sam's Club, owned by Walmart Stores, Inc., for example, charge a membership fee for the right to purchase the store's inventory whereas Walmart Supercenters do not. If Suddenlink Communications bundles Internet, cable, and phone service to increase profits, why does it also sell the same items separately? Is it true that passengers seated next to each other on the same flight might pay dramatically different fares? Inside you'll learn how various pricing strategies, including price discrimination, two-part tariffs, bundling, peak-load pricing, and dynamic pricing need specific and necessary ingredients in order to succeed. The authors show you how to use microeconomic theory to determine which pricing strategies will succeed, and under what conditions.
Kerstin Rodewald Portfolio-, Asset- und Property Management Kerstin Rodewald Portfolio-, Asset- und Property Management Новинка

Kerstin Rodewald Portfolio-, Asset- und Property Management

Vor allem in den USA hat der Begriff des Asset Management seit den 1990er Jahren in der Praxis und in der immobilienwirtschaftli-chen Forschung Einzug gehalten. Somit stellt es in Deutschland keine völlig neue Managementdisziplin dar. Die Zunahme von As-set Management-Dienstleistungen ist unter anderem der Aktivität ausländischer Investoren auf dem deutschen Markt zuzuordnen. Während dem Asset Management in der Organisation des Immo-bilienmanagements in den USA eine feste Position mit definierten Aufgaben zugewiesen wird, ist in Deutschland eine derartige Pro-fessionalisierung der Management-Organisation noch nicht festzu-stellen. Das Buch beschreibt detailliert die für kontinentaleuropäische Ver-hältnisse verhältnismäßig neuen Dienstleistungen des Portfolio-, Asset- und Property Managements und zeigt auf, welche Potentia-le sich hier für Dienstleister wie für Anleger bieten. Mit dieser Unter-suchung wird sich der Problematik durch einen umfassenden Ü-berblick über die vorhandenen Interpretationen und Methoden der Disziplinen angenommen. Sie zielt auf eine Abgrenzung von Portfolio-, Asset- und Property Management innerhalb der Organi-sation des Immobilien-Managements ab und ermöglicht dem Le-ser, den heute häufig verwendeten Begriffen konkrete Aufgaben zuzuordnen.
Elaine Henry Equity Asset Valuation Workbook Elaine Henry Equity Asset Valuation Workbook Новинка

Elaine Henry Equity Asset Valuation Workbook

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Your complete guide to equity assets valuation Equity Asset Valuation Workbook, Third Edition was designed as a companion to Equity Asset Valuation, Third Edition, the most comprehensive text on this subject available on the market. This workbook provides key study tools, such as learning outcomes, chapter summaries, practice problems, and detailed solutions, that guide you in your preparation for the third step in the CFA certification program. These features reinforce essential theories and their practical application, and assist you in understanding the core concepts behind these theories, as well as when and how to implement them. Integrating both accounting and finance concepts, the workbook and its companion text offer a collection of valuation models—and challenge you to determine which models are most appropriate for given companies and circumstances. When you make an equity investment, you purchase and hold a share of stock. Through the payment of dividends and capital gains, this investment can result in income that can boost the performance of your portfolio—but determining which investments are going to be profitable and which are best passed over is key to building a successful equity investment strategy. Access targeted features, such as practice problems, chapter summaries, and learning outcomes, that reiterate your newfound knowledge Prepare for the third step in your CFA certification program with confidence Reinforce the ideas presented by the workbook's companion text, sold separately Expand your understanding of equity assets through versatile material that blends theory and practice to provide you with a realistic understanding of the field Equity Asset Valuation Workbook, Third Edition complements the revised Equity Asset Valuation, Third Edition, and guides your study efforts for the third step in the CFA certification program.
Charles Schwab, Jr. Make Money Work For You--Instead of You Working for It. Lessons from a Portfolio Manager Charles Schwab, Jr. Make Money Work For You--Instead of You Working for It. Lessons from a Portfolio Manager Новинка

Charles Schwab, Jr. Make Money Work For You--Instead of You Working for It. Lessons from a Portfolio Manager

1881.09 руб. или Купить в рассрочку!
An invaluable primer to the world of investing Money Lessons from a Money Manager speaks directly to the individual who wants to manage their own investment portfolio just like a professional portfolio manager would. Written by portfolio manager William Thomason, this comprehensive guide provides professional investment advice on how to identify, research and ultimately purchase profitable investments. The book covers such subjects as fundamental analysis, understanding financial statements and financial ratios, when to buy and sell, portfolio construction and various investment strategies that readers can use to manage their own money just like a professional portfolio manager. Easy to read and informative, this book is a valuable resource for readers looking to take their first steps in the world of professional portfolio management for themselves.
Mark Melin H. High-Performance Managed Futures. The New Way to Diversify Your Portfolio Mark Melin H. High-Performance Managed Futures. The New Way to Diversify Your Portfolio Новинка

Mark Melin H. High-Performance Managed Futures. The New Way to Diversify Your Portfolio

2827.29 руб. или Купить в рассрочку!
A provocative and insightful look at using managed futures to diversify investment portfolios Financial advisors have long ignored managed futures. Yet, in the past thirty years, managed futures have significantly outperformed traditional stock and bond investments. In High-Performance Managed Futures: The New Way to Diversity Your Portfolio, author Mark H. Melin advises investors to question the commonly held belief of stocks and bonds, buy and hold. The first book of its kind, Melin advances a Nobel Prize winning investment method that’s been updated for today’s world to describe how managed futures can be used to design portfolios independent of the ups and downs of the stock market. The book: • Details a new path for managing investments that’s not entirely dependent on the economy at large • Describes meaningful asset diversification, while exposing Wall Street myths on the subject Many of today’s investor’s are betrayed by either short-term thinking or the now outdated buy and hold investing philosophy. High-Performance Managed Futures details how to develop a stock market neutral investment portfolio designed for success in the long-term.
Sebastien Bossu An Introduction to Equity Derivatives. Theory and Practice Sebastien Bossu An Introduction to Equity Derivatives. Theory and Practice Новинка

Sebastien Bossu An Introduction to Equity Derivatives. Theory and Practice

4774.97 руб. или Купить в рассрочку!
Everything you need to get a grip on the complex world of derivatives Written by the internationally respected academic/finance professional author team of Sebastien Bossu and Philipe Henrotte, An Introduction to Equity Derivatives is the fully updated and expanded second edition of the popular Finance and Derivatives. It covers all of the fundamentals of quantitative finance clearly and concisely without going into unnecessary technical detail. Designed for both new practitioners and students, it requires no prior background in finance and features twelve chapters of gradually increasing difficulty, beginning with basic principles of interest rate and discounting, and ending with advanced concepts in derivatives, volatility trading, and exotic products. Each chapter includes numerous illustrations and exercises accompanied by the relevant financial theory. Topics covered include present value, arbitrage pricing, portfolio theory, derivates pricing, delta-hedging, the Black-Scholes model, and more. An excellent resource for finance professionals and investors looking to acquire an understanding of financial derivatives theory and practice Completely revised and updated with new chapters, including coverage of cutting-edge concepts in volatility trading and exotic products An accompanying website is available which contains additional resources including powerpoint slides and spreadsheets. Visit www.introeqd.com for details.
Matthias Wos Capital Asset Pricing Modell (CAPM) vs. Arbitrage Pricing Theory (APT). Vergleich von Konzeption und Implikation zweier Modelle zur Renditebestimmung Matthias Wos Capital Asset Pricing Modell (CAPM) vs. Arbitrage Pricing Theory (APT). Vergleich von Konzeption und Implikation zweier Modelle zur Renditebestimmung Новинка

Matthias Wos Capital Asset Pricing Modell (CAPM) vs. Arbitrage Pricing Theory (APT). Vergleich von Konzeption und Implikation zweier Modelle zur Renditebestimmung

Studienarbeit aus dem Jahr 2009 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,7, Universität Duisburg-Essen, Sprache: Deutsch, Abstract: Trotz des intuitiven Ergebnisses des CAPM kam es zu ansteigender Kritik an den zahlreichen unrealistischen Modellannahmen des Gleichgewichtsmodells. Insbesondere die Nicht-Beobachtbarkeit des Marktportfolios und damit einhergehend die fehlende Möglichkeit der empirischen Überprüfbarkeit des CAPM wurden von Roll kritisiert. Dies führte zur Entwicklung einer alternativen Theorie, nämlich der Arbitrage Pricing Theory (APT) von Ross, die mit weniger restriktiven Annahmen auskommt. Vor allem das Wissen um die Zusammensetzung des Marktportfolios wird überflüssig und das Modell zur Renditebestimmung damit deutlich handhabbarer. Ziel dieser Arbeit ist es, die Konzeption und die Implikationen beider Modelle einander vergleichend gegenüber zu stellen. Dabei wird die Frage beantwortet, welches der Modelle sowohl aus theoretischer wie auch praktischer Sicht vor zu ziehen ist. Zu beachten ist außerdem, dass obwohl die Modelle konzeptionell keinerlei Anlageform explizit ausschließen, es sich doch um Kapitalmarktmodelle handelt. Im weiteren Verlauf der Arbeit sind deshalb mit Preisen und Renditen immer diejenigen von Wertpapieranlagen gemeint.Das erste Kapitel beschäftigt sich mit den Annahmen und der darauf fußenden Herleitung des CAPM sowie seinen Implikationen.Im zweiten Kapitel werden dann die Konzeption und die Implikationen des Alternativmo...
Hossein Kazemi Alternative Investments. CAIA Level I Hossein Kazemi Alternative Investments. CAIA Level I Новинка

Hossein Kazemi Alternative Investments. CAIA Level I

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The official CAIA Level 1 curriculum book Alternative Investments: CAIA Level I, 3rd Edition is the curriculum book for the Chartered Alternative Investment Analyst (CAIA) Level I professional examination. Covering the fundamentals of the alternative investment space, this book helps you build a foundation in alternative investment markets. You'll look closely at the different types of hedge fund strategies and the range of statistics used to define investment performance as you gain a deep familiarity with alternative investment terms and develop the computational ability to solve investment problems. From strategy characteristics to portfolio management strategies, this book contains the core material you will need to succeed on the CAIA Level I exam. This updated third edition tracks to the latest version of the exam, and is accompanied by the following ancillaries: a workbook, study guide, learning objectives, and an ethics handbook. Most investment analyst education programs focus primarily on the traditional asset classes, pushing alternative investments to the sidelines. The CAIA designation was developed in response to the tremendous growth of alternative investing, and is the industry's premier educational standard. This book is your official study companion, bringing you fully up to speed on everything you need to know (with the exception of the ethics material covered in a separate handbook). Understand the complexities of each alternative asset class Learn the quantitative techniques professionals use every day Dig into the unique aspects of alternative investments Master the core material covered by the CAIA Level I exam More than 300 financial institutions and hedge funds have committed key executives to the CAIA exam, and this rapidly growing trend speaks to the designation's rising status as a must-have credential for anyone in the alternative investment sphere. Increase your chances of success by getting your information straight from the source in CAIA Level I.

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The market for infrastructure is vast and, contrary to popular belief, the range of potential infrastructure investments is extremely broad. An investor who does not have a sufficient overview and insight into the infrastructure market or an awareness of the suitable investment opportunities and the risks they entail, will find it difficult to select the right investments. This book is a comprehensive guide to the subject, bringing together the topics of infrastructure investments, project finance and public private partnerships (PPPs), equipping investors with the necessary theoretical knowledge and background information as well as practical examples in order to further their understanding of the key aspects of infrastructure investments. It answers questions such as: How is infrastructure defined? Which sectors are classified as infrastructure, how are they categorised, and what are the differences between them? Is infrastructure an asset class in its own right? If so, what are its characteristics? What are the fundamental options for investing in infrastructure? What is a good starting point for institutional investors? How should infrastructure funds be evaluated? What risks do they entail and how can these risks be identified and assessed? How should they be structured in order to best allocate these risks? The book discusses the differing objectives and expectations of the parties involved and the conditions required by public principals and investors in order to enable these groups to overcome the ?language problems? they largely encounter. In addition to background knowledge and information on the latest developments in the individual subject areas, the book also explains the methodology of project finance in detail, both for traditional project finance and in the PPP context, establishing the key differences to other forms of financing, guiding readers through the various phases of project analysis on a step-by-step basis using practical examples. Well structured infrastructure investments can serve to improve the risk-return profile of an investor?s overall portfolio on account of their long term and their low level of correlation with traditional asset classes. This book will assist investors in their understanding of infrastructure investments, leading to a better informed portfolio. «A comprehensive and well-written overview of many relevant topics in the infrastructure sector; a useful guide for everyone involved or interested in the infrastructure area.» Henk Huizing, Head of Infrastructure, PGGM «A comprehensive book that effectively marries the topics of infrastructure investing, project finance and PPPs as well as bridges the gap between the theoretical and the practical – the authors are to be commended on this work.» Marc S. Lipschultz, Global Head of Energy and Infrastructure, Kohlberg Kravis Roberts & Co. «Quite a book and one that should definitely be part of the toolkit of those who are interested in the Infrastructure asset class. Had this comprehensive work been available ten years ago, no doubt, one or two of us certainly would have done things differently. So, let's keep it closely at hand as a guide for the future that helps us deliver even better outcomes for all stakeholders and enables us to further develop the asset class.» Ron Boots, Senior Portfolio Manager – Co head Infrastructure Investments, APG All Pensions Group
Продажа investments – portfolio theory asset pricing v 1 лучших цены всего мира
Посредством этого сайта магазина - каталога товаров мы очень легко осуществляем продажу investments – portfolio theory asset pricing v 1 у одного из интернет-магазинов проверенных фирм. Определитесь с вашими предпочтениями один интернет-магазин, с лучшей ценой продукта. Прочитав рекомендации по продаже investments – portfolio theory asset pricing v 1 легко охарактеризовать производителя как превосходную и доступную фирму.