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New Principles of Equity Investment (Paperback)
Loot Price: R1,426
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New Principles of Equity Investment (Paperback)
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The modern finance paradigm is incomplete. Obvious gaps include
poor performance of professional investors, puzzles enough in
equity markets to support a sub-discipline of behavioural finance
that patches over irrational biases and mispricings, and chronic,
but inexplicable, financial crises. As with so many other
disciplines, existing finance theory explains less than a tenth of
what we see in markets and investment. A new paradigm of investment
is needed. New Principles of Equity Investment brings together
robust scientific methodology with empirical evidence to propose a
new paradigm of equity investment. It begins with a wide-ranging
review of investor practices using mainly US and European research
and surveys, and then outlines the nature of investment risk, the
links between equity returns and institutional factors, and the
structure of equity markets. The result is a sophisticated
description of what we know is true about investment, and a frank
assessment of the limitations to investment expertise. The author
then presents a coherent, workable theory of equity prices that can
be applied in practice by equity investors, and explains logical
investor behaviours that have been thought of as biases. Written by
an academic with many years of practical investment experience,
this book will provide new insights for equity investors who are
looking for new perspectives and a better understanding of today's
complex markets.
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