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Portfolio Theory and Management (Hardcover)
Loot Price: R3,806
Discovery Miles 38 060
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Portfolio Theory and Management (Hardcover)
Expected to ship within 12 - 19 working days
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Portfolio management is an ongoing process of constructing
portfolios that balances an investor's objectives with the
portfolio manager's expectations about the future. This dynamic
process provides the payoff for investors. Portfolio management
evaluates individual assets or investments by their contribution to
the risk and return of an investor's portfolio rather than in
isolation. This is called the portfolio perspective. Thus, by
constructing a diversified portfolio, a portfolio manager can
reduce risk for a given level of expected return, compared to
investing in an individual asset or security. According to modern
portfolio theory (MPT), investors who do not follow a portfolio
perspective bear risk that is not rewarded with greater expected
return. Portfolio diversification works best when financial markets
are operating normally compared to periods of market turmoil such
as the 2007-2008 financial crisis. During periods of turmoil,
correlations tend to increase thus reducing the benefits of
diversification. Portfolio management today emerges as a dynamic
process, which continues to evolve at a rapid pace. The purpose of
Portfolio Theory and Management is to take readers from the
foundations of portfolio management with the contributions of
financial pioneers up to the latest trends emerging within the
context of special topics. The book includes discussions of
portfolio theory and management both before and after the 2007-2008
financial crisis. This volume provides a critical reflection of
what worked and what did not work viewed from the perspective of
the recent financial crisis. Further, the book is not restricted to
the U.S. market but takes a more global focus by highlighting
cross-country differences and practices. This 30-chapter book
consists of seven sections. These chapters are: (1) portfolio
theory and asset pricing, (2) the investment policy statement and
fiduciary duties, (3) asset allocation and portfolio construction,
(4) risk management, (V) portfolio execution, monitoring, and
rebalancing, (6) evaluating and reporting portfolio performance,
and (7) special topics.
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