Theory and Practice of Investment Management / Edition 1by Frank J. Fabozzi
Pub. Date: 09/24/2002
The changing nature and rapid growth of the investment management industry, along with new theoretical developments in the field of finance, have led to a need for higher-quality investment management practices and better qualified professionals. The Theory and Practice of Investment Management recognizes these needs and addresses them with sharp, innovative
The changing nature and rapid growth of the investment management industry, along with new theoretical developments in the field of finance, have led to a need for higher-quality investment management practices and better qualified professionals. The Theory and Practice of Investment Management recognizes these needs and addresses them with sharp, innovative insights from some of the most respected experts in the field of investment management.
Led by financial experts Frank Fabozzi and Harry Markowitz, the contributors to this book-successful practitioners with hands-on expertise-combine real-world financial knowledge with investment management theory to provide the practical guidance you need to succeed within this challenging environment.
Divided into six information-packed sections . . .
I: Foundations of Investment Management
II: Investing in Common Stock
III: Investing in Fixed-Income Securities
IV: Investment Companies and Exchange-Traded Funds
V: Investing in Real Estate and Alternative Investments
VI: Asset Allocation
. . . this well-rounded investment management resource offers a complete analysis of all pertinent investment products and explores a wide range of investment strategies.
As you progress through each chapter, you'll gain a firmer understanding of everything from stocks and bonds to hedge funds and private equity funds. But that is only the beginning.
The Theory and Practice of Investment Management continues with coverage of the asset allocation process and the types of asset allocation; traditional fundamental security analysis and security analysis based on value-based metrics; portfolio selection (mean-variance analysis); and much more.
Many books focus on the theory of investment management and leave the details of the implementation of the theory up to you. This book illustrates how the theory is applied in practice while stressing the importance of the portfolio construction process. The Theory and Practice of Investment Management is the ultimate guide to understanding the various aspects of investment management and investment vehicles, and is essential reading for practitioners and students alike. Tying together theoretical advances in investment management with actual applications, this book gives you a unique opportunity to use proven investment management techniques to protect and grow a portfolio under many different circumstances.
Table of Contents
About the Editors.
Foreword (Peter L. Bernstein).
SECTION ONE: FOUNDATIONS OF INVESTMENT MANAGEMENT.
Chapter 1. Investment Management (Frank J. Fabozzi and Harry M. Markowitz).
Chapter 2. Portfolio Selection (Frank J. Fabozzi, et al.).
Chapter 3. Applying Mean-Variance Analysis (Frank J. Fabozzi, et al.).
Chapter 4. Asset Pricing Models (Frank J. Fabozzi).
Chapter 5. Calculating Investment Returns (Bruce Feibel).
SECTION TWO: INVESTING IN COMMON STOCK.
Chapter 6. Common Stock Markets, Trading Arrangements, and Trading Costs (Frank J. Fabozzi, et al.).
Chapter 7. Tracking Error and Common Stock Portfolio Management (Raman Vardharaj, et al.).
Chapter 8. Common Stock Portfolio Management Strategies (Frank J. Fabozzi and James L. Grant).
Chapter 9. Traditional Fundamental Analysis I: Sources of Information (Pamela P. Peterson and Frank J. Fabozzi).
Chapter 10. Traditional Fundamental Analysis II: Financial Ratio Analysis (Pamela P. Peterson and Frank J. Fabozzi).
Chapter 11. Traditional Fundamental Analysis III: Earnings Analysis, Cash Analysis, Dividends, and Dividend Discount Models (Pamela P. Peterson and Frank J. Fabozzi).
Chapter 12. Security Analysis Using Value-Based Metrics (James A. Abate and James L. Grant).
Chapter 13. Multi-Factor Equity Risk Models.
Chapter 14. Equity Derivatives I: Features and Valuation (Bruce M. Collins and Frank J. Fabozzi).
Chapter 15. Equity Derivatives II: Portfolio Management Applications (Bruce M. Collins and Frank J. Fabozzi).
SECTION THREE: INVESTING IN FIXED-INCOME SECURITIES.
Chapter 16. Fixed-Income Securities (Frank J. Fabozzi).
Chapter 17. Real Estate-Backed Securities (Frank J. Fabozzi).
Chapter 18. General Principles of Bond Valuation (Frank J. Fabozzi and Steven V. Mann).
Chapter 19. Yield Measures and Forward Rates (Frank J. Fabozzi and Steven V. Mann).
Chapter 20. Valuation of Bonds with Embedded Options (Frank J. Fabozzi and Steven V. Mann).
Chapter 21. Measuring Interest Rate Risk (Frank J. Fabozzi and Steven V. Mann).
Chapter 22. Fund-Income Portfolio Strategies (Frank J. Fabozzi).
Chapter 23. Bond Portfolio Analysis Relative to a Benchmark (Lev Dynkin, et al.).
Chapter 24. Multi-Factor Fixed-Income Risk Models and Their Applications (Lev Dynkin and Jay Hyman).
Chapter 25. Fixed-Income Derivatives and Risk Control (Frank J. Fabozzi).
SECTION FOUR: INVESTMENT COMPANIES AND EXCHANGE-TRADED FUNDS.
Chapter 26. Investment Companies (Frank J. Jones and Frank J. Fabozzi).
Chapter 27. Exchange-Traded Funds (Gary L. Gastineau).
SECTION FIVE: INVESTING IN REAL ESTATE AND ALTERNATIVE INVESTMENTS.
Chapter 28. Real Estate Investment (Susan Hudson-Wilson).
Chapter 29. Hedge Funds (Mark J. P. Anson).
Chapter 30. Private Equity (Mark J. P. Anson).
SECTION SIX: ASSET ALLOCATION.
Chapter 31. Active Asset Allocation (Robert D. Arnott).
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Most Helpful Customer Reviews
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Though co-edited by Markowitz, the Nobel prizewinner actually authors only a couple of chapters. Most of the remaining chapters are written or co-written by Fabozzi. Overall, I find the book too theoretical and not practical enough. It feels like a textbook written primarily to impress readers with the editors' learning. It also carries a textbook's price tag. One has to decide whether investing in this one gives enough value for the price. Personally, I have many investment books and don't mind to have another handy. But I don't see myself using it much, except for the occasional reference.