How did a world-famous dancer with no knowledge of the stock market, or of finance in general, make 2 million dollars in the stock market in 18 months starting with only $10,000? Darvas is legendary, and with good reason. Find out why.

This survey of portfolio theory, from its modern origins through more sophisticated, "postmodern" incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the deficiencies of modern portfolio theory, contemporary finance continues to rest on mean-variance optimization and the two-moment capital asset pricing model. The term postmodern portfolio theory captures many of the advances in financial learning since the original articulation of modern portfolio theory. A comprehensive approach to financial risk management must address all aspects of portfolio theory, from the beautiful symmetries of modern portfolio theory to the disturbing behavioral insights and the vastly expanded mathematical arsenal of the postmodern critique. Mastery of postmodern portfolio theory's quantitative tools and behavioral insights holds the key to the efficient frontier of risk management.

This book analyzes the post-subprime crisis world from the global, Asian and Chinese perspectives. It dispels some of the myths about the crisis's effects on Asia and China; and exposes the ugly truth of bailout policies and their distortion and hindering of the world's economic rebalancing effort in the post-subprime era.

Financial markets are growing in complexity, and there is an increased risk that investors are led to investment products and strategies they do not fully understand. The crisis-ridden decade of the 2000s is a stark reminder of how poorly managed finances can wreak havoc on household finances. Traditional finance assumes that all investors are risk-averse and require a risk premium from investing in risky assets such as stocks. However, recent developments in behavioural finance show that many individual investors often adopt strategies that lead to serious investment missteps, including over-investing in lottery-type stocks and securities. Lottery-type securities in fact attract investors who may be risk-seeking or are strongly influenced by cognitive biases ranging from overconfidence to being over-optimistic about future investment returns, especially during periods of high sentiment. Drawing on existing and new research, The Lottery Mindset summarizes the behavioural motivations and detrimental impact of investment strategies which are popular with individual investors. Wai-Mun Fong provides insight and guidance on behavioural biases, and successful investment. By both reviewing and contributing to exiting literature on this topic, this book will be of use to academics and general readers alike.

There is a prevailing view among researchers and practitioners that abnormal risk-adjusted returns are an anomaly of financial market inefficiency. This outlook is misleading, since such returns only shed light on the imperfect models commonly used to measure and benchmark investment performance. In particular, using static asset pricing models to judge the performance of a dynamic investment strategy leads to flawed inferences when predicting market indicators. Market Timing and Moving Averages investigates the performance of moving average price indicators as a tactical asset allocation strategy. Glabadanidis provides a rationale for analyzing and testing the market timing and predictive power of any indicator based on past average prices and trading volume. He argues that certain trading strategies are best implemented as a dynamic asset allocation without selling short, in turn achieving the effect of an imperfect at-the-money protective put option. This work contains an empirical analysis of the performance of various versions of trading strategies based on simple moving averages.

In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

As financial markets expand globally in response to economic and technological developments of the twenty-first century, our understanding and expectations of the people involved in these markets also change. Unmasking Financial Psychopaths suggests that an increasing number of financiers labeled "financial psychopaths" are not truly psychopathic, but instead are by-products of a rapidly changing personal and professional environment. Advances have been made in identifying psychopaths outside of situations accompanied by physical violence, yet it is still difficult to differentiate psychopaths in cultural settings that have adopted psychopathic behavioral tendencies as the norm. Within the investment sector, a fundamental transformation has occurred: the type of person employed by financial firms and the environment within which finance is conducted have both changed. Society's expectation of financiers adapted to these subtle, behind-the-scenes shifts, resulting the public at large perceiving more individuals in the financial sector as acting in a psychopathic manner. Being able to distinguish the truly psychopathic financier from individuals who conform to behavioral expectations is the first step towards a cultural shift away from accepted psychopathic behaviors in the financial sector.

As an asset manager or pension trustee, you should worry less about the stocks and products you pick for your clients and more about getting your fundamental investment beliefs right.
After a steep decline in the global stock markets and a recovery that is still uncertain, it is simply is not enough to have a good organization, good staff and a well-defined mission. You need to formulate your own set of investment beliefs: a clear view on how you perceive the way capital markets work and how your fund can add value and strive for excellence. Funds which establish and implement a well-defined investment philosophy have been shown to earn consistently better results.
This practical book provides the framework for determining your own investment beliefs and guidance on how to imbed, communicate and monitor them. Its research is based on a survey of the world's leading fund managers, viewed as excellent companies in the asset management industry. The book includes a speed-read summary at the start of each chapter, useful checklists, and case-studies spanning organizations from a variety of different countries and industries. It also provides a timely overview of the major debates in the industry and an introduction to the issues that matter for long-term survival in financial markets
With investment beliefs firmly in place, you will be able to more easily navigate the investment options available, knowing that your choices and decisions are in accordance with your values and objectives. Successful implementation of investment beliefs might well be one of the decisive factors in becoming a winner or loser in the investment management industry in 2020.

This book investigates the going-concern principle in the non-financial disclosure by companies in the international scenario proposing concepts and challenges to come. Following the main accounting literature, requirements and regulations, this book proposes the current state of the art in the non-financial disclosure, collecting main mandatory and voluntary frameworks and standards (e.g. European Directive 2014/95/UE on non-financial information, Global Reporting Initiative, International Integrated Reporting Council, Sustainability Accounting Standards Board, Climate Disclosure Standard Board, Carbon Disclosure Project, AA1000). This is a useful proposition for the investigation of the presence versus absence of the going concern in the sustainability and non-financial reports and disclosure by companies. Through a qualitative methodology, this book is intended to show the incidence of the going-concern in the non-financial disclosure and to what content and meaning it is refereed. Several issues and characteristics of information provided to stakeholders are drafted.

Get your slice of the economic pie and then some, in the UK and beyond Investing in shares can help build anyone's financial standing-move over, economic elite! People from all walks of life can easily grow their wealth and secure money for the future. Investing in Shares For Dummies takes a friendly, non-jargony approach for new and not-quite-advanced-yet shareholders. This book walks you through the investment orchard so you can cherry-pick shares that will turn you a tidy profit (mmm, tasty.) You'll also learn to stay calm and ride the unavoidable waves of the markets. Over the long term, you stand to earn greater returns (translation: more money) than if you invested in real estate or bonds alone. And who isn't keen on the idea of more money? This latest edition is up-to-date with the top investing apps, investing with ETFs, thematic investing, trading shares in the US and other nations, and everything else you might be curious about as you start building a rock-solid portfolio. With Investing in Shares For Dummies, you will: Get to know the stock markets to decide if shares investing is right for you Plan your investing strategy and take risks that make sense for your financial situation Research shares before you buy: analyse industries, read stock charts and find company data Make investment decisions that maximise profits, lower costs and minimise your tax bill Investing in Shares For Dummies gives you the sound advice and proven tactics you need to play the markets and watch your profits grow.

In this witty, eye-opening guide, Certified Financial Planner and Chartered Mutual Fund Counselor Rick Johnson shares his no-holds-barred approach to investing. Drawing on more than twenty years of experience in financial services, he shows hard-working Americans how to design successful investment portfolios and build financial strategies that are fully aligned with their personal values and life goals. plenty of practical advice and relevant, real-world techniques and secrets for: them) goals and accounting for future contributions, expenditures, and withdrawal needs

This third volume in the series covers a variety of topics in the field of advances in investment and portfolio management.

Make the most of your investment portfolio with a mix of assets from stocks to real estate to cryptocurrency There's nothing more satisfying than seeing the balance of a financial account grow month over month. But before that can happen, you need to know the best places to invest your money. Who can you trust for solid, reliable investing advice? Investing All-in-One For Dummies offers sound guidance for investors at every level. Whether you're stumped by stocks, baffled by bonds, mystified about mutual funds, or curious about cryptocurrency, this book gives you a solid foundation in those investing concepts and many others. After reading the expert advice and considering your risk tolerance and timeline, you can confidently choose the best investments for your financial goals. Containing advice from 10 different Dummies investing guides, Investing All-in-One For Dummies shows you how to: Set short- and long-term investing goals, invest to minimize your tax hit, and develop an investing strategy using a mix of investment vehicles Decide when to buy, hold, or sell an investment Choose the right mix of stocks, bonds, and mutual funds to create a diversified portfolio Identify real estate investment opportunities and find the capital to make purchases Execute trades through an online broker instead of using a traditional investment firm Evaluate modern investing trends like cryptocurrency and environmental, social, and governance (ESG) investing For anyone who wants to dip their toes into the markets or who tends to leave their investment decisions in the hands of someone else, Investing All-in-One For Dummies is the must-read resource when you're ready to make informed decisions and pick solid investments for your financial future.

In Germany's Economic Renaissance, veteran European correspondent Jack Ewing of The International New York Times explains how a country with some of the highest labor and energy costs in the world beat the odds to become the third-largest exporter of manufactured goods, after China and the United States. Men and women who manage German companies both big and small explain how any company can behave like a multinational, as well as the secrets of conquering the high end of the market where quality is more important than price. Both informative and entertaining, filled with rich character studies, this book is essential reading for everyone wondering how to bring factories - and the jobs they provide - back to American shores.