Modern Portfolio Theory and Investment Analysis / Edition 8

Hardcover (Print)
Rent from
(Save 75%)
Est. Return Date: 05/05/2015
Buy New
Buy New from
Buy Used
Buy Used from
(Save 35%)
Item is in good condition but packaging may have signs of shelf wear/aging or torn packaging.
Condition: Used – Good details
Used and New from Other Sellers
Used and New from Other Sellers
from $25.69
Usually ships in 1-2 business days
(Save 90%)
Other sellers (Hardcover)
  • All (14) from $25.69   
  • New (6) from $174.25   
  • Used (8) from $25.69   


Stressing the economic intuition behind the subject matter, this classic text presents advanced concepts of investment analysis and portfolio management. New to this edition: two institutional chapters on financial securities and financial markets; sections on the uses of Arbitrage Pricing Theory, the performance of international funds, bond management and multi-index models in portfolio evaluation; many new examples; and a totally updated international diversification chapter.
Read More Show Less

Product Details

  • ISBN-13: 9780470388327
  • Publisher: Wiley
  • Publication date: 11/16/2009
  • Edition description: Older Edition
  • Edition number: 8
  • Pages: 752
  • Product dimensions: 7.10 (w) x 10.00 (h) x 1.20 (d)

Meet the Author

Edwin J. Elton is Nomura Professor of Finance at the SternSchool of Business of New York University. He has authored orcoauthored eight books and ore than 110 articles. These articleshave appeared in journals such as The Journal of Finance, TheReview of Financial Studies, review of Economics and Statistics,Management Science, Journal of Financial Economics, Journal ofbusiness, Oxford Economic Papers, and Journal of Financial andQuantitative Analysis. He has been coeditor of the Journal ofFinance. Professor Elton has been a member of the board ofdirectors of the American Finance Association and an AssociateEditor of Management Science. Professor Elton has served as aconsultant for many major financial institutions. A compendium ofarticles by Professor Elton and Professor Gruber has recently beenpublished in two volumes by MIT press. Professor Elton is a pastpresident of the American Finance Association, a fellow of thatassociation, a recipient of distinguished research award by theEastern Finance Association and a recipient of the James Vertinaward from the Financial Analyst Association.

Martin J. Gruber is Nomura Professor of Finance and pastchairman of the Finance Department at the Stern School of Businessof New York University. He is a fellow of the American FinanceAssociation. He has published nine books and more than 100 journalarticles in journals such as The Journal of Finance, The Review ofFinancial Studies, Review of Economics and Statistics, Journal ofFinancial Economics, Journal of Business, Management Science,Journal of Financial and Quantitative Analysis, OperationsResearch, Oxford Economic Papers, and The Journal of PortfolioManagement. He has been coeditor of the Journal of Finance. He hasbeen president of the American Finance Association, a director ofthe European Finance Association, a director of the AmericanFinance Association, and a director of both the ComputerApplications Committee and the Investment Technology Symposium ofthe New York Society of Security Analyst. He was formerly FinanceDepartment editor for Management Science. Professor Gruber hasconsulted in the areas of investment analysis ad portfoliomanagement with many major financial institutions. He is currentlya director of the Daiwa closed- end funds. He is formerly aDirector of TIAA,Director and Chairman of CREF, Director of DWSMutual Funds, and Director  of the SG Cowen Mutual Funds.

Stephen J. Brown is David S. Loeb Professor of Financeand Coordinator of undergraduate finance at the Leonard N. SternSchool of Business, New York University. He has served as presidentof the Western Finance Association and on the board of directors ofthe American Finance Association, was a founding editor of TheReview of Financial Studies, is a managing editor of the Journal ofFinancial and Quantitative Analysis, and has served on theeditorial boards of The Journal of Finance, Pacific-Basin FinanceJournal, and other journals. He has published numerous articles andfour books on finance and economics-related areas. He has served asan expert witness for the U.S. Department of Justice and hastestified on his research before a Full Committee Hearing of theU.S. Congress House Financial Services Committee in March 2007.

William N. Goetzmann is Edwin J. Beinecke Professor ofFinance and Management Studies and director of the Internationalcenter for Finance at the Yale School of Management. He iscurrently president of the Western Finance Association and hasserved on the board of directors of the American FinanceAssociation, His published research topics include globalinvesting, forecasting stock markets, selecting mutual fundmanager, housing as investment, and the risk and return of artProfessor Goetzmann has a background in arts and media management.As a documentary filmmaker, he has written and coproduced programsfor Nova and the American Masters series, including a profile ofthe artist Thomas Eakins. A former director of Denver's Museum ofWestern Art, Professor Goetzmann coauthored the award-winning bookThe West of the Imagination.

Read More Show Less

Table of Contents

Pt. 1 Introduction 1
Ch. 2 Financial Securities 11
Ch. 3 Financial Markets 25
Pt. 2 Portfolio Analysis 43
Sect. 1 Mean Variance Portfolio Theory 45
Ch. 4 The Characteristics of the Opportunity Set Under Risk 46
Ch. 5 Delineating Efficient Portfolios 70
Ch. 6 Techniques for Calculating the Efficient Frontier 97
Sect. 2 Simplifying the Portfolio Selection Process 127
Ch. 7 The Correlation Structure of Security Returns: The Single-Index Model 128
Ch. 8 The Correlation Structure of Security Returns: Multi-Index Models and Grouping Techniques 160
Ch. 9 Simple Techniques for Determining the Efficient Frontier 181
Sect. 3 Selecting the Optimum Portfolio 209
Ch. 10 Utility Analysis 210
Ch. 11 Other Portfolio Selection Models 231
Sect. 4 Widening the Selection Universe 261
Ch. 12 International Diversification 262
Pt. 3 Models of Equilibrium in the Capital Markets 293
Ch. 13 The Standard Capital Asset Pricing Model 294
Ch. 14 Nonstandard Forms of Capital Asset Pricing Models 311
Ch. 15 Empirical Tests of Equilibrium Models 341
Ch. 16 The Arbitrage Pricing Model Apt - A New Approach to Explaining Asset Prices 368
Pt. 4 Security Analysis and Portfolio Theory 405
Ch. 17 Efficient Markets 406
Ch. 18 The Valuation Process 449
Ch. 19 Earnings Estimation 477
Ch. 20 Interest Rate Theory and the Pricing of Bonds 494
Ch. 21 The Management of Bond Portfolios 534
Ch. 22 Option Pricing Theory 570
Ch. 23 The Valuation and Uses of Financial Futures 609
Pt. 5 Evaluating the Investment Process 629
Ch. 24 Evaluation of Portfolio Performance 630
Ch. 25 Evaluation of Security Analysis 672
Ch. 26 Portfolio Management Revisited 687
Index 705
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)