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Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice
William F. Sharpe
€ 58.31
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Description for Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice
Paperback. Shows that investment professionals cannot make good portfolio choices unless they understand the determinants of asset prices. The author sets out an approach to asset pricing in a nonmathematical form that can be comprehensible to a broad range of investment professionals, including investment advisors, money managers, and financial analysts. Series: Princeton Lectures in Finance S. Num Pages: 232 pages, 60 line illus. 84 tables. BIC Classification: KCA; KFFH; KFFM. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 233 x 155 x 14. Weight in Grams: 342.
In Investors and Markets, Nobel Prize-winning financial economist William Sharpe shows that investment professionals cannot make good portfolio choices unless they understand the determinants of asset prices. But until now asset-price analysis has largely been inaccessible to everyone except PhDs in financial economics. In this book, Sharpe changes that by setting out his state-of-the-art approach to asset pricing in a nonmathematical form that will be comprehensible to a broad range of investment professionals, including investment advisors, money managers, and financial analysts. Bridging the gap between the best financial theory and investment practice, Investors and Markets will help investment professionals make better portfolio choices by being smarter about asset prices. Based on Sharpe's Princeton Lectures in Finance, Investors and Markets presents a method of analyzing asset prices that accounts for the real behavior of investors. Sharpe makes this technique accessible through a new, one-of-a-kind computer program (available for free on his Web site, at http://www.stanford.edu/~wfsharpe/apsim/index.html) that enables users to create virtual markets, setting the starting conditions and then allowing trading until equilibrium is reached and trading stops. Program users can then analyze the final portfolios and asset prices, see expected returns, and measure risk. In addition to popularizing the most sophisticated form of asset-price analysis, Investors and Markets summarizes much of Sharpe's most important previous work and reflects a lifetime of thinking about investing by one of the leading minds in financial economics. Any serious investment professional will benefit from Sharpe's unique insights.
Product Details
Publisher
Princeton University Press United States
Number of pages
232
Format
Paperback
Publication date
2008
Series
Princeton Lectures in Finance S.
Condition
New
Weight
341g
Number of Pages
232
Place of Publication
New Jersey, United States
ISBN
9780691138503
SKU
V9780691138503
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About William F. Sharpe
William F. Sharpe, winner of the 1990 Nobel Prize in economics, is STANCO 25 Emeritus Professor of Finance at Stanford University's Graduate School of Business. He is the author or coauthor of six books, including "Portfolio Theory and Capital Markets, Asset Allocation Tools", and "Fundamentals of Investments".
Reviews for Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice
"Throughout the past 40 years, Sharpe has remained one of the most influential voices in finance for both academics and practitioners. As is true for all of Sharpe's writings, investment professionals will do well to read Investors and Markets and carefully absorb its insights."
Ronald L. Moy, Financial Analysts Journal "William F. Sharpe says his pioneering work on the Capital Asset Pricing Model is ready for a makeover. The 42-year-old model
which earned Mr. Sharpe a Nobel Memorial Prize in economics in 1990
is being revamped because Mr. Sharpe says he found a better way for portfolio managers and business-school students to learn about how portfolios are constructed and securities are priced... Mr. Sharpe's new book shows that a simulator based on the state/preference model can mimic market behavior and can be used where mean-variance analysis won't work."
Joel Chernoff, Pensions and Investments "William Sharpe has written a new book ... which may cause a revolution
or, at least, a coup in finance... Investors and Markets brings the subjects of portfolio choice and asset pricing together into a single, integrated view of investment science... The impact of [this book], though more a coup than a revolution, deserves to occur more quickly."
John Finneran, The Motley Fool "Sharpe's Investors and Markets is an impressive and thought provoking work... [H]is work breaks new ground in the fields of portfolio and asset pricing theory. I highly recommend this book, particularly for planners interested in understanding the theory behind the advice that we give."
NAPFA Advisor "[Sharpe's book] has much that is good: setting out complex issues such as the capital-asset pricing model and market risk/reward theorem in readily understandable terms, showing the importance of trading. Mime preferences, risk aversion, how individual actions, perhaps irrational on occasion, can still lead to a rational outcome, estimates of the equity risk premium, and the relative value of passive and active investing."
Andrew Milligan, The Business Economist
Ronald L. Moy, Financial Analysts Journal "William F. Sharpe says his pioneering work on the Capital Asset Pricing Model is ready for a makeover. The 42-year-old model
which earned Mr. Sharpe a Nobel Memorial Prize in economics in 1990
is being revamped because Mr. Sharpe says he found a better way for portfolio managers and business-school students to learn about how portfolios are constructed and securities are priced... Mr. Sharpe's new book shows that a simulator based on the state/preference model can mimic market behavior and can be used where mean-variance analysis won't work."
Joel Chernoff, Pensions and Investments "William Sharpe has written a new book ... which may cause a revolution
or, at least, a coup in finance... Investors and Markets brings the subjects of portfolio choice and asset pricing together into a single, integrated view of investment science... The impact of [this book], though more a coup than a revolution, deserves to occur more quickly."
John Finneran, The Motley Fool "Sharpe's Investors and Markets is an impressive and thought provoking work... [H]is work breaks new ground in the fields of portfolio and asset pricing theory. I highly recommend this book, particularly for planners interested in understanding the theory behind the advice that we give."
NAPFA Advisor "[Sharpe's book] has much that is good: setting out complex issues such as the capital-asset pricing model and market risk/reward theorem in readily understandable terms, showing the importance of trading. Mime preferences, risk aversion, how individual actions, perhaps irrational on occasion, can still lead to a rational outcome, estimates of the equity risk premium, and the relative value of passive and active investing."
Andrew Milligan, The Business Economist