Excess Returns

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Excess Returns

Frederik Vanhaverbeke
Excess Returns Book PDF

Author : Frederik Vanhaverbeke
Publisher : Harriman House Limited
Page : 330 pages
File Size : 40,6 Mb
Release : 2014-06-30
Category : Business & Economics
ISBN : 9780857194114

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Excess Returns by Frederik Vanhaverbeke Pdf

An analysis of the investment approach of the world's top investors, showing how to achieve market-beating returns It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins. Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work. Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more. Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence. The investing essentials covered include: • Finding bargain shares • Making a quantitative and qualitative business analysis • Valuation methods • Investing throughout the business cycle • Timing buy and sell decisions • And much, much more! Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.

Investment Valuation

Aswath Damodaran
Investment Valuation Book PDF

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 1014 pages
File Size : 46,7 Mb
Release : 2002-01-31
Category : Business & Economics
ISBN : 0471414905

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Investment Valuation by Aswath Damodaran Pdf

Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.

Cost of Capital

Shannon P. Pratt,Roger J. Grabowski
Cost of Capital Book PDF

Author : Shannon P. Pratt,Roger J. Grabowski
Publisher : John Wiley & Sons
Page : 794 pages
File Size : 48,5 Mb
Release : 2010-11-04
Category : Business & Economics
ISBN : 9780470886717

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Cost of Capital by Shannon P. Pratt,Roger J. Grabowski Pdf

Praise for Cost of Capital, Fourth Edition "This book is the most incisive and exhaustive treatment of this critical subject to date." —From the Foreword by Stephen P. Lamb, Esq., Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and former vice chancellor, Delaware Court of Chancery "Cost of Capital, Fourth Edition treats both the theory and the practical applications from the view of corporate management and investors. It contains in-depth guidance to assist corporate executives and their staffs in estimating cost of capital like no other book does. This book will serve corporate practitioners as a comprehensive reference book on this challenging topic in these most challenging economic times." —Robert L. Parkinson Jr., Chairman and Chief Executive Office, Baxter International Inc., and former dean, School of Business Administration and Graduate School of Business, Loyola University of Chicago "Shannon Pratt and Roger Grabowski have consolidated information on both the theoretical framework and the practical applications needed by corporate executives and their staffs in estimating cost of capital in these ever-changing economic times. It provides guidance to assist corporate practitioners from the corporate management point of view. For example, the discussions on measuring debt capacity is especially timely in this changing credit market environment. The book serves corporate practitioners as a solid reference." —Franco Baseotto, Executive Vice President, Chief Financial Officer, and Treasurer, Foster Wheeler AG "When computing the cost of capital for a firm, it can be fairly said that for every rule, there are a hundred exceptions. Shannon Pratt and Roger Grabowski should be credited with not only defining the basic rules that govern the computation of the cost of capital, but also a road map to navigate through the hundreds of exceptions. This belongs in every practitioner's collection of must-have valuation books." —Aswath Damodaran, Professor, Stern School of Business, New York University "Pratt and Grabowski have done it again. Just when you thought they couldn't possibly do a better job, they did. Cost of Capital, Fourth Edition is a terrific resource. It is without a doubt the most comprehensive book on this subject today. What really distinguishes this book from other such texts is the fact that it is easy to read—no small feat given the exhaustive and detailed research and complicated subject matter. This book makes you think hard about all the alternative views out there and helps move the valuation profession forward." —James R. Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors; CEO, Valuation Products and Services; Editor in Chief, Financial Valuation and Litigation Expert; and President, Financial Consulting Group "The Fourth Edition of Cost of Capital continues to be a 'one-stop shop' for background and current thinking on the development and uses of rates of return on capital. While it will have an appeal for a wide variety of constituents, it should serve as required reading and as a reference volume for students of finance and practitioners of business valuation. Readers will continue to find the volume to be a solid foundation for continued debate and research on the topic for many years to come." —Anthony V. Aaron, Americas Leader, Quality and Risk Management, Ernst & Young Transaction Advisory Services

Handbook of International Economics

G.M. Grossman,Kenneth Rogoff
Handbook of International Economics Book PDF

Author : G.M. Grossman,Kenneth Rogoff
Publisher : Elsevier
Page : 902 pages
File Size : 42,7 Mb
Release : 1995-12-13
Category : Business & Economics
ISBN : 0444815473

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Handbook of International Economics by G.M. Grossman,Kenneth Rogoff Pdf

This reference accords recognition to the recent revolution in macroeconomics wrought by imperfect competition. Grossman and Rogoff (Princeton U.) present chapters by two dozen contributors on two prime areas of research interest: international trade theory and policy (e.g. strategic trade patterns and policies, the relationship between trade and technological progress), and open economy macroeconomics and international finance (covering such topics as exchange rates, foreign lending, and policy coordination). The volume commences with Krugman's overview of the positive theory of international trade, and concludes with analyses of sovereign debt. Annotation copyrighted by Book News, Inc., Portland, OR.

Finance

R.A. Jarrow
Finance Book PDF

Author : R.A. Jarrow
Publisher : Elsevier
Page : 1204 pages
File Size : 53,5 Mb
Release : 1995-12-15
Category : Business & Economics
ISBN : 044489084X

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Finance by R.A. Jarrow Pdf

Hardbound. The Handbook of Finance is a primary reference work for financial economics and financial modeling students, faculty and practitioners. The expository treatments are suitable for masters and PhD students, with discussions leading from first principles to current research, with reference to important research works in the area. The Handbook is intended to be a synopsis of the current state of various aspects of the theory of financial economics and its application to important financial problems. The coverage consists of thirty-three chapters written by leading experts in the field. The contributions are in two broad categories: capital markets and corporate finance.

Asymmetric Dependence in Finance

Jamie Alcock,Stephen Satchell
Asymmetric Dependence in Finance Book PDF

Author : Jamie Alcock,Stephen Satchell
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 52,9 Mb
Release : 2018-02-13
Category : Business & Economics
ISBN : 9781119289029

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Asymmetric Dependence in Finance by Jamie Alcock,Stephen Satchell Pdf

Avoid downturn vulnerability by managing correlation dependency Asymmetric Dependence in Finance examines the risks and benefits of asset correlation, and provides effective strategies for more profitable portfolio management. Beginning with a thorough explanation of the extent and nature of asymmetric dependence in the financial markets, this book delves into the practical measures fund managers and investors can implement to boost fund performance. From managing asymmetric dependence using Copulas, to mitigating asymmetric dependence risk in real estate, credit and CTA markets, the discussion presents a coherent survey of the state-of-the-art tools available for measuring and managing this difficult but critical issue. Many funds suffered significant losses during recent downturns, despite having a seemingly well-diversified portfolio. Empirical evidence shows that the relation between assets is much richer than previously thought, and correlation between returns is dependent on the state of the market; this book explains this asymmetric dependence and provides authoritative guidance on mitigating the risks. Examine an options-based approach to limiting your portfolio's downside risk Manage asymmetric dependence in larger portfolios and alternate asset classes Get up to speed on alternative portfolio performance management methods Improve fund performance by applying appropriate models and quantitative techniques Correlations between assets increase markedly during market downturns, leading to diversification failure at the very moment it is needed most. The 2008 Global Financial Crisis and the 2006 hedge-fund crisis provide vivid examples, and many investors still bear the scars of heavy losses from their well-managed, well-diversified portfolios. Asymmetric Dependence in Finance shows you what went wrong, and how it can be corrected and managed before the next big threat using the latest methods and models from leading research in quantitative finance.

Advances in Investment Analysis and Portfolio Management (New Series) Vol．9

Cheng F. Lee
Advances in Investment Analysis and Portfolio Management New Series Vol 9 Book PDF

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Ainosco Press
Page : 128 pages
File Size : 51,8 Mb
Release : 2019-01-01
Category : Business & Economics
ISBN : 9789864371747

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Advances in Investment Analysis and Portfolio Management (New Series) Vol．9 by Cheng F. Lee Pdf

Advances in Investment Analysis and Portfolio Management (New Series) is an annual publication designed to disseminate developments in the area of investment analysis and portfolio management. The publication is a forum for statistical and quantitative analyses of issues in security analysis, portfolio management, options, futures, and other related issues. The objective is to promote interaction between academic research in finance, economics, and accounting and applied research in the financial community.

Balanced Asset Allocation

Alex Shahidi
Balanced Asset Allocation Book PDF

Author : Alex Shahidi
Publisher : John Wiley & Sons
Page : 224 pages
File Size : 50,9 Mb
Release : 2014-12-09
Category : Business & Economics
ISBN : 9781118712023

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Balanced Asset Allocation by Alex Shahidi Pdf

The conventional portfolio is prone to frequent and potentiallydevastating losses because it is NOT balanced to different economicoutcomes. In contrast, a truly balanced portfolio can helpinvestors reduce risk and more reliably achieve their objectives.This simple fact would surprise most investors, from beginners toprofessionals. Investment consultant Alex Shahidi puts his 15 yearsof experience advising the most sophisticated investors in theworld and managing multi-billion dollar portfolios to work in thisimportant resource for investors. You will better understand whynearly every portfolio is poorly balanced and how to view thecrucial asset allocation decision from a deeper, more thoughtfulperspective. The concepts presented are simple, intuitive and easyto implement for every investor. Author Alex Shahidi will walk youthrough the logic behind the balanced portfolio framework andprovide step-by-step instructions on how to build a truly balancedportfolio. No book has ever been written that discusses assetallocation in this light. Provides insights from a top-ranked investment consultant usingstrategies from the industry’s brightest minds Proposes a balanced asset allocation that can achieve stablereturns through various economic climates Introduces sophisticated concepts in very simple terms For those who want to better manage their investment portfolioand seek a more advanced approach to building a balanced portfolio,Balanced Asset Allocation: How to Profit in Any EconomicClimate provides an in-depth treatment of the topic thatcan be put to use immediately.

Security Market Imperfections in Worldwide Equity Markets

Donald B. Keim,William T. Ziemba
Security Market Imperfections in Worldwide Equity Markets Book PDF

Author : Donald B. Keim,William T. Ziemba
Publisher : Cambridge University Press
Page : 576 pages
File Size : 53,8 Mb
Release : 2000-03-13
Category : Business & Economics
ISBN : 0521571383

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Security Market Imperfections in Worldwide Equity Markets by Donald B. Keim,William T. Ziemba Pdf

The study of security market imperfections, namely the predictability of equity stock returns, is one of the fundamental research areas in financial modelling. These anomalies, which are not consistent with existing theories, concern the relation between stock returns and variables, such as firm size and earnings-to-price ratios, and seasonal effects, such as January and turn-of-the-month. This book provides the most complete and current account of work in the area. Leading academics and investment researchers have combined to produce a comprehensive coverage of the subject, including both cross-sectional and time series analyses, as well as discussing the measurement of risk and prediction models that have been used by institutional investors. The studies cover many worldwide markets including the US, Japan, Asia, and Europe. The book will be invaluable for courses in financial engineering, investment and portfolio management, and as a reference for investment professionals seeking an up-to-date source on return predictability.

Nonparametric Econometric Methods and Application

Thanasis Stengos
Nonparametric Econometric Methods and Application Book PDF

Author : Thanasis Stengos
Publisher : MDPI
Page : 224 pages
File Size : 42,9 Mb
Release : 2019-05-20
Category : Business & Economics
ISBN : 9783038979647

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Nonparametric Econometric Methods and Application by Thanasis Stengos Pdf

The present Special Issue collects a number of new contributions both at the theoretical level and in terms of applications in the areas of nonparametric and semiparametric econometric methods. In particular, this collection of papers that cover areas such as developments in local smoothing techniques, splines, series estimators, and wavelets will add to the existing rich literature on these subjects and enhance our ability to use data to test economic hypotheses in a variety of fields, such as financial economics, microeconomics, macroeconomics, labor economics, and economic growth, to name a few.

Asset Pricing and Portfolio Choice Theory

Kerry E. Back
Asset Pricing and Portfolio Choice Theory Book PDF

Author : Kerry E. Back
Publisher : Oxford University Press
Page : 608 pages
File Size : 42,5 Mb
Release : 2017-01-04
Category : Business & Economics
ISBN : 9780190241155

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Asset Pricing and Portfolio Choice Theory by Kerry E. Back Pdf

In the 2nd edition of Asset Pricing and Portfolio Choice Theory, Kerry E. Back offers a concise yet comprehensive introduction to and overview of asset pricing. Intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level with extensive exercises and a solutions manual available for professors, the book is also an essential reference for financial researchers and professionals, as it includes detailed proofs and calculations as section appendices. The first two parts of the book explain portfolio choice and asset pricing theory in single-period, discrete-time, and continuous-time models. For valuation, the focus throughout is on stochastic discount factors and their properties. A section on derivative securities covers the usual derivatives (options, forwards and futures, and term structure models) and also applications of perpetual options to corporate debt, real options, and optimal irreversible investment. A chapter on "explaining puzzles" and the last part of the book provide introductions to a number of additional current topics in asset pricing research, including rare disasters, long-run risks, external and internal habits, asymmetric and incomplete information, heterogeneous beliefs, and non-expected-utility preferences. Each chapter includes a "Notes and References" section providing additional pathways to the literature. Each chapter also includes extensive exercises.

Predictability of the Swiss Stock Market with Respect to Style

Patrick Scheurle
Predictability of the Swiss Stock Market with Respect to Style Book PDF

Author : Patrick Scheurle
Publisher : Springer Science & Business Media
Page : 185 pages
File Size : 52,9 Mb
Release : 2010-07-03
Category : Business & Economics
ISBN : 9783834987297

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Predictability of the Swiss Stock Market with Respect to Style by Patrick Scheurle Pdf

Patrick Scheurle investigates refined market segments such as small value stocks or large growth stocks with respect to return predictability. The empirical research reveals significant positive first-order serial correlation in the returns of large value stocks, large neutral stocks, small neutral stocks, and small growth stocks.

Advances in Investment Analysis and Portfolio Management (New Series) Vol．7

Cheng F. Lee
Advances in Investment Analysis and Portfolio Management New Series Vol 7 Book PDF

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
Page : 128 pages
File Size : 45,6 Mb
Release : 2016-01-01
Category : Business & Economics
ISBN : 9789864370481

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Advances in Investment Analysis and Portfolio Management (New Series) Vol．7 by Cheng F. Lee Pdf

Advances in Investment Analysis and Portfolio Management (New Series) is an annual publication designed to disseminate developments in the area of investment analysis and portfolio management. The publication is a forum for statistical and quantitative analyses of issues in security analysis, portfolio management, options, futures, and other related issues. The objective is to promote interaction between academic research in finance, economics, and accounting and applied research in the financial community.

Equity Valuation

Jan Viebig,Thorsten Poddig,Armin Varmaz
Equity Valuation Book PDF

Author : Jan Viebig,Thorsten Poddig,Armin Varmaz
Publisher : John Wiley & Sons
Page : 438 pages
File Size : 41,8 Mb
Release : 2008-04-30
Category : Business & Economics
ISBN : 9780470758809

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Equity Valuation by Jan Viebig,Thorsten Poddig,Armin Varmaz Pdf

Equity Valuation: Models from the Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms. Editors Jan Viebig and Thorsten Poddig bring together expertise from UBS, Morgan Stanley, DWS Investment GmbH and Credit Suisse, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts: · estimate cash flows · calculate discount rates · adjust for accounting distortions · take uncertainty into consideration Written for investment professionals, corporate managers and anyone interested in developing their understanding of this key area, Equity Valuation: Models from the Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.

Financial Risk Management and Modeling

Constantin Zopounidis,Ramzi Benkraiem,Iordanis Kalaitzoglou
Financial Risk Management and Modeling Book PDF

Author : Constantin Zopounidis,Ramzi Benkraiem,Iordanis Kalaitzoglou
Publisher : Springer Nature
Page : 480 pages
File Size : 47,5 Mb
Release : 2021-09-13
Category : Business & Economics
ISBN : 9783030666910

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Financial Risk Management and Modeling by Constantin Zopounidis,Ramzi Benkraiem,Iordanis Kalaitzoglou Pdf

Risk is the main source of uncertainty for investors, debtholders, corporate managers and other stakeholders. For all these actors, it is vital to focus on identifying and managing risk before making decisions. The success of their businesses depends on the relevance of their decisions and consequently, on their ability to manage and deal with the different types of risk. Accordingly, the main objective of this book is to promote scientific research in the different areas of risk management, aiming at being transversal and dealing with different aspects of risk management related to corporate finance as well as market finance. Thus, this book should provide useful insights for academics as well as professionals to better understand and assess the different types of risk.