A succinct, readable, easily-accessed discussion of the
benefits, risks, and methods of international portfolio management.
Madura's book will be of special value to institutional investors,
analysts, corporate CFOs and others who want to tap into the
potential of offshore securities markets but who may be restrained
by fears of running afoul of prudent man legislation. Madura
explains methods to reduce such market risks, and how exchange
rates are affected by economic conditions and how their movements
affect global portfolio returns, not only in industrialized but
also in emerging securities markets. With tables and other figures
to illustrate his points, Madura's book will provide needed,
reassuring guidance for investors seeking portfolio diversification
with lessened risk, and with benefits that may be uncommon in
domestic markets.
Madura first provides an overview of methods to measure the
returns and risks of foreign securities, with an explanation of
what portfolio risk is and the factors that determine whether a
particular portfolio is sufficiently diversified. In his second
chapter he describes the methods used by portfolio managers to
invest internationally, the choices that are practical and
available to them, and the advantages and disadvantages of each
method. In Chapter 3, he discusses ways to value foreign stocks and
bonds guidelines to help make purchase decisions. His fourth
chapter explains how to hedge a portfolio against market risk and
introduces derivative securities and their hedging benefits.
Chapter 5 explains factors that affect exchange rate movements and
Chapter 6 discusses the methods one can use in hedging. In Chapter
7, Madura describes concepts of asset allocation and the role
played by derivative securities. Chapter 8 provides background on
emerging markets, which portfolio managers often turn to in efforts
to achieve extra returns or more effective diversification. Madura
wraps it all up with a sensible explanation of how portfolio
managers can realistically evaluate their global investment
performance.
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