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Excess Returns

Author : Frederik Vanhaverbeke
ISBN : 9780857194114
Genre : Business & Economics
File Size : 80.40 MB
Format : PDF, ePub, Mobi
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An analysis of the investment approach of the world's top investors, showing how to achieve market-beating returns It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins. Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work. Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more. Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence. The investing essentials covered include: • Finding bargain shares • Making a quantitative and qualitative business analysis • Valuation methods • Investing throughout the business cycle • Timing buy and sell decisions • And much, much more! Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
Category: Business & Economics

Investment Valuation

Author : Aswath Damodaran
ISBN : 0471414905
Genre : Business & Economics
File Size : 34.25 MB
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Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.
Category: Business & Economics

Cost Of Capital

Author : Shannon P. Pratt
ISBN : 0470886714
Genre : Business & Economics
File Size : 84.19 MB
Format : PDF
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Category: Business & Economics

Valuation Approaches And Metrics

Author : Aswath Damodaran
ISBN : 9781601980144
Genre : Business & Economics
File Size : 76.26 MB
Format : PDF, ePub
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Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Category: Business & Economics

Handbook Of Quantitative Finance And Risk Management

Author : Cheng-Few Lee
ISBN : 0387771174
Genre : Business & Economics
File Size : 71.6 MB
Format : PDF, ePub
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Quantitative finance is a combination of economics, accounting, statistics, econometrics, mathematics, stochastic process, and computer science and technology. Increasingly, the tools of financial analysis are being applied to assess, monitor, and mitigate risk, especially in the context of globalization, market volatility, and economic crisis. This two-volume handbook, comprised of over 100 chapters, is the most comprehensive resource in the field to date, integrating the most current theory, methodology, policy, and practical applications. Showcasing contributions from an international array of experts, the Handbook of Quantitative Finance and Risk Management is unparalleled in the breadth and depth of its coverage. Volume 1 presents an overview of quantitative finance and risk management research, covering the essential theories, policies, and empirical methodologies used in the field. Chapters provide in-depth discussion of portfolio theory and investment analysis. Volume 2 covers options and option pricing theory and risk management. Volume 3 presents a wide variety of models and analytical tools. Throughout, the handbook offers illustrative case examples, worked equations, and extensive references; additional features include chapter abstracts, keywords, and author and subject indices. From "arbitrage" to "yield spreads," the Handbook of Quantitative Finance and Risk Management will serve as an essential resource for academics, educators, students, policymakers, and practitioners.
Category: Business & Economics

Expected Returns

Author : Antti Ilmanen
ISBN : 1119990777
Genre : Business & Economics
File Size : 28.99 MB
Format : PDF, Docs
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This comprehensive reference delivers a toolkit for harvesting market rewards from a wide range of investments. Written by a world-renowned industry expert, the reference discusses how to forecast returns under different parameters. Expected returns of major asset classes, investment strategies, and the effects of underlying risk factors such as growth, inflation, liquidity, and different risk perspectives, are also explained. Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns provides extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights.
Category: Business & Economics

Modern Portfolio Theory

Author : Jack Clark Francis
ISBN : 9781118417201
Genre : Business & Economics
File Size : 37.9 MB
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A through guide covering Modern Portfolio Theory as well as therecent developments surrounding it Modern portfolio theory (MPT), which originated with HarryMarkowitz's seminal paper "Portfolio Selection" in 1952, has stoodthe test of time and continues to be the intellectual foundationfor real-world portfolio management. This book presents acomprehensive picture of MPT in a manner that can be effectivelyused by financial practitioners and understood by students. Modern Portfolio Theory provides a summary of theimportant findings from all of the financial research done sinceMPT was created and presents all the MPT formulas and models usingone consistent set of mathematical symbols. Opening with aninformative introduction to the concepts of probability and utilitytheory, it quickly moves on to discuss Markowitz's seminal work onthe topic with a thorough explanation of the underlyingmathematics. Analyzes portfolios of all sizes and types, shows how theadvanced findings and formulas are derived, and offers a conciseand comprehensive review of MPT literature Addresses logical extensions to Markowitz's work, including theCapital Asset Pricing Model, Arbitrage Pricing Theory, portfolioranking models, and performance attribution Considers stock market developments like decimalization, highfrequency trading, and algorithmic trading, and reveals how theyalign with MPT Companion Website contains Excel spreadsheets that allow you tocompute and graph Markowitz efficient frontiers with riskless andrisky assets If you want to gain a complete understanding of modern portfoliotheory this is the book you need to read.
Category: Business & Economics

Quantitative Value

Author : Wesley R. Gray
ISBN : 9781118416556
Genre : Business & Economics
File Size : 51.45 MB
Format : PDF, Kindle
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A must-read book on the quantitative value investmentstrategy Warren Buffett and Ed Thorp represent two spectrums ofinvesting: one value driven, one quantitative. Where they align isin their belief that the market is beatable. This book seeks totake the best aspects of value investing and quantitative investingas disciplines and apply them to a completely unique approach tostock selection. Such an approach has several advantages over purevalue or pure quantitative investing. This new investing strategyframed by the book is known as quantitative value, a superior,market-beating method to investing in stocks. Quantitative Value provides practical insights into aninvestment strategy that links the fundamental value investingphilosophy of Warren Buffett with the quantitative value approachof Ed Thorp. It skillfully combines the best of Buffett and EdThorp—weaving their investment philosophies into a winning,market-beating investment strategy. First book to outline quantitative value strategies as they arepracticed by actual market practitioners of the discipline Melds the probabilities and statistics used by quants such asEd Thorp with the fundamental approaches to value investing aspracticed by Warren Buffett and other leading value investors A companion Website contains supplementary material that allowsyou to learn in a hands-on fashion long after closing the book If you're looking to make the most of your time in today'smarkets, look no further than Quantitative Value.
Category: Business & Economics

Quantitative Credit Portfolio Management

Author : Arik Ben Dor
ISBN : 9781118167427
Genre : Business & Economics
File Size : 85.31 MB
Format : PDF
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An innovative approach to post-crash credit portfoliomanagement Credit portfolio managers traditionally rely on fundamentalresearch for decisions on issuer selection and sector rotation.Quantitative researchers tend to use more mathematical techniquesfor pricing models and to quantify credit risk and relative value.The information found here bridges these two approaches. In anintuitive and readable style, this book illustrates howquantitative techniques can help address specific questions facingtoday's credit managers and risk analysts. A targeted volume in the area of credit, this reliable resourcecontains some of the most recent and original research in thisfield, which addresses among other things important questionsraised by the credit crisis of 2008-2009. Divided into twocomprehensive parts, Quantitative Credit PortfolioManagement offers essential insights into understanding therisks of corporate bonds—spread, liquidity, and Treasuryyield curve risk—as well as managing corporate bondportfolios. Presents comprehensive coverage of everything from durationtime spread and liquidity cost scores to capturing the creditspread premium Written by the number one ranked quantitative research groupfor four consecutive years by Institutional Investor Provides practical answers to difficult question, including:What diversification guidelines should you adopt to protectportfolios from issuer-specific risk? Are you well-advised to sellsecurities downgraded below investment grade? Credit portfolio management continues to evolve, but with thisbook as your guide, you can gain a solid understanding of how tomanage complex portfolios under dynamic events.
Category: Business & Economics

Selected Topics In Equity Portfolio Management

Author : Frank J. Fabozzi, CFA
ISBN : 1883249376
Genre : Business & Economics
File Size : 44.73 MB
Format : PDF, Docs
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There are many styles, models, and factors that go into the management of an equity portfolio. The traditional manager's focus on stock picking and the resulting ad hoc nature of portfolio construction can lead to poorly defined portfolios. Thus the options between active, passive and engineered management come into play, with the ultimate objective being to establish an investment structure that will provide a return over time that compensates for the risk incurred.
Category: Business & Economics