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Efficient Asset Management
Using practical examples and illustrations, Richard Michaud provides an update to the practice of optimization of modern investment management.
Finance's Wrong Turns
There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial ma...
Efficient Asset Management
In spite of theoretical benefits, Markowitz mean-variance (MV) optimized portfolios often fail to meet practical investment goals of marketability, usability, and performance, prompting many investors to seek simpler alternatives. Financial experts Richard and Robert Michaud demonstrate that the limitations of MV optimization are not the result of conceptual flaws in Markowitz theory but unrealistic representation of investment information. What is missing is a realistic treatment of estimation error in the optimization and rebalancing process. The text provides a non-technical review of classical Markowitz optimization and traditional objections. The authors demonstrate that in practice the...
Efficient Asset Management:A Practical Guide to Stock Portfolio Optimization and Asset Allocation Includes CD
In spite of theoretical benefits, Markowitz mean-variance (MV) optimized portfolios often fail to meet practical investment goals of marketability, usability, and performance, prompting many investors to seek simpler alternatives. Financial experts Richard and Robert Michaud demonstrate that the limitations of MV optimization are not the result of conceptual flaws in Markowitz theory but unrealistic representation of investment information. What is missing is a realistic treatment of estimation error in the optimization and rebalancing process.The text provides a non-technical review of classical Markowitz optimization and traditional objections. The authors demonstrate that in practice the ...
Modern Real Estate Portfolio Management
Contents include real estate investment strategy, public and private equity, public and private debt, allocation across the real estate asset class, and more.
The A-Star Puzzle (IAU S224)
Explores some of the less well understood physical processes involved in the modeling of stars.
Fundamentals of Investments
This introduction provides a clear framework for understanding and analyzing securities, and covers the major institutional features and theories of investing. While the book presents a thorough discussion of investments, the authors keep the material practical, relevant, and easy to understand. The latest developments in investments are brought to life through the use of tables, graphs, and illustrations that incorporate current market information and academic research. An international content deals directly with international securities and securities markets throughout the book--along with currency management and interest rate parity. Up-to-date "Money Matters" articles reflect the latest real-world developments and are provided throughout each chapter to give readers a sense of how practitioners deal with various investment issues and use techniques. Other coverage includes an array of investment tools--presented through discussions on stocks, bonds, and other securities such as options and futures. A guide to reviewing, forecasting, and monitoring--for individuals preparing to make investments or take the CFA exam.
Real Options in Theory and Practice
Decision-makers in business and economics face a staggering array of problems. For example, managers of growing firms have to decide when to expand their business, governments have to decide whether to undertake large infrastructure investments, and managers of oil firms must decide how rapidly to deplete their reserves. While these problems seem quite diverse, they all share many important features. In each case, the decision-maker must choose when to take a particular action that will be potentially impossible to reverse, and the consequences of taking (or not taking) that action are uncertain. Also, the timing and nature of these actions directly affect the cash flows generated by the ent...
Asteroseismology Across the HR Diagram
We stand at the threshold of an exciting era of Asteroseismology. In a few months' time, the Canadian small-satellite asteroseismology mission MOST will be laun ched. Danish and French missions MONS and COROT should follow, with the ESA mission Eddington following in 2007/8. Helioseismology has proved spec tacularly successful in imaging the internal structure and dynamics of the Sun and probing the physics of the solar interior. Ground-based observations have detected solar-like oscillations on alpha Centauri A and other Sun-like stars, and diagnostics similar to those used in helioseismology are now being used to test and constrain the physics and evolutionary state of these stars. Multi-m...
