Applies modern techniques of analysis and computation to the problem of finding combinations of securities that best meet the needs of the private institutional investor. Written primarily with the nonmathematician in mind, although it contains mathematical development of the subject in appendixes.

Portfolio Selection: Efficient Diversification of Investments (Cowles Foundation Monograph: No. 16)

Business & Money

Markowitz, Harry M.

Investing

Yale University Press

A detailed look at equity valuation and portfolio management Equity valuation is a method of valuing stock prices using fundamental analysis to determine the worth of the business and discover investment opportunities. In Equity Valuation and Portfolio Management Frank J. Fabozzi and Harry M. Markowitz explain the process of equity valuation, provide the necessary mathematical background, and discuss classic and new portfolio strategies for investment managers. Divided into two comprehensive parts, this reliable resource focuses on valuation and portfolio strategies related to equities. <ul>
<li>Discusses both fundamental and new techniques for valuation and strategies</li> <li>Fabozzi and Markowitz are experts in the fields of investment management and economics</li> <li>Includes end of chapter bullet point summaries, key chapter take-aways, and study questions</li> </ul>
Filled with in-depth insights and practical advice, Equity Valuation and Portfolio Management will put you in a better position to excel at this challenging endeavor.

Equity Valuation and Portfolio Management

Fabozzi, Frank J.

Finance

wiley

Mean-Variance Analysis in Portfolio Choice and Capital Markets

Economics

Blackwell Pub.

The purpose of this book is two-fold - first, to present a comprehensive and accessible account of the general mean-variance portfolio analysis and second, to illustrate its usefulness in the practice of portfolio management and the theory of capital markets. The work is aimed at professional financial economists and operational research scholars, graduate students in courses in mean-variance analysis and advanced portfolio theory.

Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes

In Capital Ideas and Market Realities, Bruce Jacobs sifts through the history of modern finance, from the efficient market hypothesis to behavioral psychology and chaos theory, to determine the cause of recent market crashes. He finds that some investment strategies, especially those based on theories that ignore the human element, tend to self-destruct, and can take markets down with them. Ironically, it is often those strategies that purport to reduce the risk of investing that can pose the greatest danger. Of particular concern are trading strategies based on the Nobel Prize-winning option pricing model. This model gave rise to option replication, a technique for synthesizing the payoffs to an option by trading between the underlying asset and cash. Replication requires selling as stock prices decline and buying as stock prices rise. When enough money follows this type of trend-following "dynamic hedging," bubbles and crashes can result. In 1987, trading related to an option replication strategy known as "portfolio insurance" led to the largest crash in U.S. market history. Today, similarly mechanistic trading underlies trillions of dollars in exchange-traded and over-the-counter options and swaps, as well as myriad institutional and retail products designed to provide investors with excess returns at low or no risk. Capital Ideas and Market Realities uncovers the risks these strategies pose for market stability and investor wealth. The book has also become a lightning rod in the debate over the need for better investment product risk disclosure.

Jacobs, Bruce I.

Wiley/Blackwell

This is a classic book, representing the first major breakthrough in the field of modern financial theory. In effect, it created the mathematics of portfolio selection in a model which has turned out to be the indispensable building block from which the theory of the demand for risky securities is constructed.

Portfolio Selection: Efficient Diversification of Investments

In 1952, Harry Markowitz published "Portfolio Selection," a paper which revolutionized modern investment theory and practice. The paper proposed that, in selecting investments, the investor should consider both expected return and variability of return on the portfolio as a whole. Portfolios that minimized variance for a given expected return were demonstrated to be the most efficient. Markowitz formulated the full solution of the general mean-variance efficient set problem in 1956 and presented it in the appendix to his 1959 book, Portfolio Selection. Though certain special cases of the general model have become widely known, both in academia and among managers of large institutional portfolios, the characteristics of the general solution were not presented in finance books for students at any level. And although the results of the general solution are used in a few advanced portfolio optimization programs, the solution to the general problem should not be seen merely as a computing procedure. It is a body of propositions and formulas concerning the shapes and properties of mean-variance efficient sets with implications for financial theory and practice beyond those of widely known cases. The purpose of the present book, originally published in 1987, is to present a comprehensive and accessible account of the general mean-variance portfolio analysis, and to illustrate its usefulness in the practice of portfolio management and the theory of capital markets. The portfolio selection program in Part IV of the 1987 edition has been updated and contains exercises and solutions.

William F. Sharpe

G. Peter Todd

See the best price to sell, buy, or rent books by Markowitz, Harry M.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Markowitz, Harry M.

See the best price to sell, buy, or rent books by Markowitz, Harry M.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Portfolio Selection: Efficient Diversification of Investments (Cowles Foundation Monograph: No. 16)

Equity Valuation and Portfolio Management

Mean-Variance Analysis in Portfolio Choice and Capital Markets

Mean-Variance Analysis in Portfolio Choice and Capital Markets

Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes

Portfolio Selection: Efficient Diversification of Investments

Mean-Variance Analysis in Portfolio Choice and Capital Markets