Asset management has become central to the development of the
financial industry, both in the United States and Europe. The
increasing number of cross-border merger and acquisition operations
and the extremely high valuations that are put on those operations
are evidence of the major financial establishments' desire to
invest in a sector that they consider to be essential to their
strategy of globalising and "financialising" their activities.
Asset management's transition from an "art and craft" to an
industry has inevitably called integrated business models into
question, favouring specialisation strategies based on cost
optimisation and learning curve objectives.
Faced with an abundance of tools and academic references, it is
important to place all the practices, empirical studies and
innovations in their context, given that they are always described
as "major" by their promoters in the area of portfolio theory.
"Portfolio Theory and Performance Analysis" allow the
professionals, whether managers or investors, to take a step back
and c learly separate true innovations from mere improvements to
well-known, existing techniques; puts into context the importance
of innovations with regard to the fundamental portfolio management
questions, which are the evolution of the investment management
process, risk analysis and performance measurement; takes the
explicit or implicit assumptions contained in the promoted tools
into account and, by so doing, evaluate the inherent interpretative
or practical limits.
This book connects each of the major categories of techniques
and practices to the unifying and seminal conceptual developments
of modern portfolio theory, whether theseinvolve measuring the
return on a portfolio, analysing portfolio risk or evaluating the
quality of the portfolio management process.
General
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