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This book provides the fundamentals of asset management. It takes a
practical perspective in describing asset management. Besides the
theoretical aspects of investment management, it provides in-depth
insights into the actual implementation issues associated with
investment strategies. The 19 chapters combine theory and practice
based on the experience of the authors in the asset management
industry. The book starts off with describing the key activities
involved in asset management and the various forms of risk in
managing a portfolio. There is then coverage of the different asset
classes (common stock, bonds, and alternative assets), collective
investment vehicles, financial derivatives, common stock analysis
and valuation, bond analytics, equity beta strategies (including
smart beta), equity alpha strategies (including
quantitative/systematic strategies), bond indexing and active bond
portfolio strategies, and multi-asset strategies. The methods of
using financial derivatives (equity derivatives, interest rate
derivatives, and credit derivatives) in managing the risks of a
portfolio are clearly explained and illustrated.
This book covers the fundamentals of financial management and
investment management without getting into the highly technical
topics and mathematical rigor. It also provides a
practitioner-oriented approach to financial and investment
management.The field of finance covers several specialty areas. The
two most important ones which set the foundations for the other
specialty areas are financial management and investment management,
and these are the two major topics covered in the book. After
touching on the basics - the financial system and the players,
financial statements, and mathematics of finance - the authors then
cover financial management and investment management in greater
depth. For financial management the authors focus on financial
strategy and financial planning, dividend policy, corporate
financing decisions, entrepreneurial finance, financial risk
management, and capital budgeting decisions. The investment
management coverage includes the different types of risks faced in
investing, company analysis, valuing common stock, portfolio
selection, asset pricing theory, and investing in common stocks and
bonds. The last chapter of the book covers financial derivatives
and how they are used in finance to control risk.
This book provides the fundamentals of asset management. It takes a
practical perspective in describing asset management. Besides the
theoretical aspects of investment management, it provides in-depth
insights into the actual implementation issues associated with
investment strategies. The 19 chapters combine theory and practice
based on the experience of the authors in the asset management
industry. The book starts off with describing the key activities
involved in asset management and the various forms of risk in
managing a portfolio. There is then coverage of the different asset
classes (common stock, bonds, and alternative assets), collective
investment vehicles, financial derivatives, common stock analysis
and valuation, bond analytics, equity beta strategies (including
smart beta), equity alpha strategies (including
quantitative/systematic strategies), bond indexing and active bond
portfolio strategies, and multi-asset strategies. The methods of
using financial derivatives (equity derivatives, interest rate
derivatives, and credit derivatives) in managing the risks of a
portfolio are clearly explained and illustrated.
Long gone are the times when investors could make decisions based
on intuition. Modern asset management draws on a wide-range of
fields beyond financial theory: economics, financial accounting,
econometrics/statistics, management science, operations research
(optimization and Monte Carlo simulation), and more recently, data
science (Big Data, machine learning, and artificial intelligence).
The challenge in writing an institutional asset management book is
that when tools from these different fields are applied in an
investment strategy or an analytical framework for valuing
securities, it is assumed that the reader is familiar with the
fundamentals of these fields. Attempting to explain strategies and
analytical concepts while also providing a primer on the tools from
other fields is not the most effective way of describing the asset
management process. Moreover, while an increasing number of
investment models have been proposed in the asset management
literature, there are challenges and issues in implementing these
models. This book provides a description of the tools used in asset
management as well as a more in-depth explanation of specialized
topics and issues covered in the companion book, Fundamentals of
Institutional Asset Management. The topics covered include the
asset management business and its challenges, the basics of
financial accounting, securitization technology, analytical tools
(financial econometrics, Monte Carlo simulation, optimization
models, and machine learning), alternative risk measures for asset
allocation, securities finance, implementing quantitative research,
quantitative equity strategies, transaction costs, multifactor
models applied to equity and bond portfolio management, and
backtesting methodologies. This pedagogic approach exposes the
reader to the set of interdisciplinary tools that modern asset
managers require in order to extract profits from data and
processes.
A thoroughly revised and updated edition of a textbook for graduate
students in finance, with new coverage of global financial
institutions. This thoroughly revised and updated edition of a
widely used textbook for graduate students in finance now provides
expanded coverage of global financial institutions, with detailed
comparisons of U.S. systems with non-U.S. systems. A focus on the
actual practices of financial institutions prepares students for
real-world problems. After an introduction to financial markets and
market participants, including asset management firms, credit
rating agencies, and investment banking firms, the book covers
risks and asset pricing, with a new overview of risk; the structure
of interest rates and interest rate and credit risks; the
fundamentals of primary and secondary markets; government debt
markets, with new material on non-U.S. sovereign debt markets;
corporate funding markets, with new coverage of small and medium
enterprises and entrepreneurial ventures; residential and
commercial real estate markets; collective investment vehicles, in
a chapter new to this edition; and financial derivatives, including
financial futures and options, interest rate derivatives, foreign
exchange derivatives, and credit risk transfer vehicles such as
credit default swaps. Each chapter begins with learning objectives
and ends with bullet point takeaways and questions.
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Discovery Miles 3 300
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