Book Description
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.
Customer Reviews:
good new book for good price.......2007-09-06
good new book for good price. of all the books on the subject, this is by far the easiest to read.
Important read for professional investors.......2007-08-23
An important, relatively recent book by William Sharpe, a Nobel Prize winning economist and Stanford business prof. Not for the rank-and-file investor; but much useful information for pros and teachers of finance. Last chapter contains a summary of very useful advice suitable for anyone who invests in stocks.
"Normative Issues in a Positive Context".......2006-12-05
William Sharpe, who really needs no introduction, has made major contributions to some of the most influential discoveries in financial economics. From his parsimonious diagonal model which simplified the use of Markowitz' normative (prescribing how investors should behave) mean/variance approach to portfolio choice to the positive (describing how investors actually behave) Capital Asset Pricing Model, Professor Sharpe clearly approaches -- even from his earliest investigations - financial economics from a pragmatic perspective. Of course that work contributed to his selection in 1990 as a co-recipient (along with Harry Markowitz and Merton Miller) of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
In addition to his academic pursuits, Professor Sharpe has also been commercially successful, as a RAND economist, and as President, Chairman and/or Director of several enterprises related to investments. Of course, practitioners may know him best for his famous "reward-to-variability" ratio which we all know as the Sharpe ratio. Professor Sharpe has also made important fundamental contributions to options valuation, asset allocation implementation, and returns-based style analysis.
His pioneering books are standard text assignments for both undergraduate and graduate students of finance; these include Portfolio Theory and Capital Markets (McGraw-Hill, 1970 and 2000), Asset Allocation Tools (Scientific Press, 1987), Fundamentals of Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 2000), Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 1999). Now we are fortunate as an industry to have Professor Sharpe's latest book, Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice (Princeton University Press, 2007), available.
Investors and Markets is the culmination of a series of three lectures Professor Sharpe gave at Princeton University in May, 2004. The lectures, titled "Asset Prices and Portfolio Choice" are designed to help individual investors make good saving and investment decisions, and Professor Sharpe is the first author I have seen to treat both asset pricing and portfolio choice as a single subject in an attempt to do so. The book is also a nice departure from the well-worn mean/variance framework (which places restrictions on beliefs), relying instead on the state/preference approach (which places restrictions instead on tastes) originally developed by Kenneth Arrow and Gerard Debreu. Although it relies on a discrete-time formulation, one advantage of the state/space framework is that it accommodates both consumption preferences and production outputs. Because there are (literally) an infinite number of future states of the world, closed-form derivations are nearly impossible and simulation is required in this context if we are to achieve equilibrium. To do so, Professor Sharpe built a simulation program called APSIM (Asset Pricing and Portfolio Choice Simulator), which was not available a couple of years ago when the lectures happened but since then he has made freely available on his website, [...].
Professor Sharpe's original Princeton Lectures are organized into 1) Equilibrium, in a single-period setting with homogeneity of investor expectations, 2) Diversity, in a setting where investors have heterogeneous expectations, and 3) Protection, a world in which investors have access to spanning instruments such as principal-protected notes. This is also largely the sequence of the book, which is organized into discussions of equilibrium, preferences and prices in chapters 1-4, which basically comprise Lecture 1; positions (reflecting preferences), and predictions (reflecting disagreement among investors) in chapters five and six, material primarily from Lecture 2, and protection and advice in chapters seven and eight, which is composed mainly of material from Lectures 2 and 3. The book concludes with four simple recommendations for personal investment: diversify as broadly as possible; economize on unnecessary costs; incorporate the circumstances and preferences of the individual client in the portfolio decision; and contextualize portfolio choice vis-à-vis asset pricing, keeping in mind the distinction between investing versus betting, desire for principal protection, and the potential trading impact of the investor when he or she eventually requires liquidity.
In Investors and Markets, Professor Sharpe is "primarily concerned with helping individual investors make good saving and investment decisions - usually with the assistance of professionals such as financial planners, mutual fund managers, advisory services, and personal asset managers." Although this book may prove tough going for the layperson, all professionals in the asset management industry would do well by their clients to buy, read and re-read it ... the clients will certainly benefit.
Book Description
It presents a comprehensive and organized collection of the evidence contradicting market efficiency. Sets forth and synthesizes a paradigm shift in financial economics, exploring rational finance, behavioral finance, and the new finance. This book provides revolutionary and controversial ideas lending to the acceptance of the notion that capital markets are inefficient. Portfolio Managers, Financial Analysts, and Security Analysts.
Book Description
"The CAPM rattled investment professionals in the 1960s and its commanding importance still reverberates today." --Dow Jones Asset Management. Nearly 30 years ago, PORTFOLIO THEORY AND CAPITAL MARKETS laid the groundwork for such investment standards as modern portfolio theory, derivatives pricing and investment, and equity index funds, among others. By providing invaluable insights into the Capital Asset Pricing Model (CAPM), Dr. William Sharpe assured myself a position as one of the most influential financial minds of the twentieth century. Now, in the carefully crafted PORTFOLIO THEORY AND CAPITAL MARKETS, THE ORIGINAL EDITION, readers have the opportunity to rediscover Dr. Sharpe's genius. With its discussions of how financial markets should act--and if they act as expected, how investors should respond--its value to today's investor is perhaps greater than at any time in the past. Investors, portfolio managers, business people, and others who have relied on Dr. Sharpe's findings for over 30 years will discover strategies and tactics they previously overlooked. Students and others new to Sharpe's work will instantly discover its logic and value. PORTFOLIO THEORY AND CAPITAL MARKETS, THE ORIGINAL EDITION, complete with a new foreword written by Dr. Sharpe, reintroduces this essential book, places its lessons in a meaningful context for modern investors throughout the world, and provides timeless insights that are well worth revisiting today.
Customer Reviews:
It's a excellent portfolio theory and capital markets book........2002-08-21
This is a excellent book because it is very easy to understand the text. Professor Sharpe used a lot of figures to describe thr concepts and he did not use the rigor math to analyse ideas thereofore this is a very good introductory book for the economics and finance areas. If you have the intermediate microeconomics and basic statistics knowledge you can read it easily. I strongly recommend everyone who majors in the Economics and Finance to buy this book. No one should miss it.
Nice one for the Investment.......2001-07-05
It is a great book for the one wants to know the investment better...and the writer does give us concise idea of how to calculate the payoff of the portfolio...The writer is a Nobel prize winner and one of the pioneer in the finance...I guess everyone, who wants to know the idea of Investment, should and have to read it more than once....
A great book by a powerful mind.......2000-08-30
This is the best intro to the basic of modern investment theory for everyone with high school math background. It acts like Feynman's lecture on Physics; concise, clear, readable, and original. Nobel winner Dr. Sharpe inspires readers to plunge into the study of portfolio theory. With the help of algorithm in appendix, readers can do their experimental calculations. Highly recommended.
Average customer rating:
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Financial Investments
Howard Griffiths
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Hardcover
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ASIN: 0077072065 |
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Rationalite et marches financiers (Collection Gestion. Serie Politique generale, finance et marketing)
Robert Kast
Manufacturer: Economica
ProductGroup: Book
Binding: Unknown Binding
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ASIN: 2717821147 |
Book Description
This digital document is a journal article from European Journal of Operational Research, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
The aim of this paper is to present an alternative method to obtain the efficient portfolio in Roy's model starting from the concepts of critical return and risk which are introduced here. This method will permit resolution of the main problem of Roy's model, that is to say, the impossibility of obtaining the portfolio in certain situations. The introduction of these new concepts will also allow the detection and solution of a problem associated with the calculation of the Capital Market Line. This work concludes by considering the possibility that investors allocate part of their budget for buying zero-risk assets.
Customer Reviews:
Excellent chronology of topics.......2003-06-28
Let me first confess that I am the named research aide who assisted Professor Johnson on this book. But what I didn't have anything to do with was his useful organization of the caselaw into topical segments. Not only is this book a useful work for the reasons stated by the other reviewer(s), but if someone wants to know the Court's holdings over time in a number of areas, such as the law of nations or separation of powers, this is a useful book. Professor Johnson organizes the book so that a researcher may use it to glean trends on a particular topic rather than presenting a jumble of topics and leaving it up to the reader to discern the development of the law on a given issue.
I might also note that Professor Johnson's conducted meticulous research over many years organizing Supreme Court decisions by topic in a fashion only rivaled by West Publishing.
Excellent legal analysis.......2000-01-03
For those who wish to read a biography of our greatest chief justice, this is not the book to read. For those who are interested in the jurisprudence of C.J. Marshall, this book provides an outstanding introduction. The book provides compelling, and accurate, evidence that in addition to John Marshall being a great jurist, he was also, and foremost, a founding father -- one of the few who realized the potential for our great nation. While it can be successfully argued that at times Marshall expanded the powers of the Supreme Court beyond those intended by the authors of the Constitution, the book also provides a compelling argument for the necessity of expanding those powers. Johnson successfully reasons that, where it not for Marshall's ability to occasionaly read "beyond" the strict guidelines of the Constitution, the role of judicial review (and hence our constitutional guarantees) would not exist today. Overall, an excellent study into a chief justice whose concerns where not those of partisanship -- but rather those of aiding a fledgling country through its formative years.
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A Sierra Club Naturalist's Guide to The Piedmont
Michael A. Godfrey
Manufacturer: Random House, Inc.
ProductGroup: Book
Binding: Paperback
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ASIN: 0871562693
Release Date: 1982-06-12 |
Customer Reviews:
Great resource.......2003-11-22
I moved to the Piedmont area a few years ago and wanted to plant our garden with native plants. That's when I stumbled upon this book. Its great. It has hand drawn pictures of birds, leaves/seeds as well as a small section of color photographs of animals (mammals, insects), plants, habitat. The chapters are as follows:
Geography
Weather & Climate
Farmlands (to include "animals of Hayfields, animals of pastures, microcommunities)
Plant Succession (what happens once a farm is no longer farmed, what types of plants grow, the different phases you're likel to see etc)
Well-drained Soil habitats:
The growing forest (and animals that live there)
The mature forest (and animals that live there)
Dry soil habitats:
The growing forest (and animals that live there)
The mature forest (and animals that live there)
Wet Soil habitats (including flowing water):
The growing forest (and animals that live there)
The mature forest (and animals that live there)
There's so much more to this book too. It covers the different types of habitats - the plants and animals that you'd find and does. Our house is on a former farm that grew up into a young woods with a stream running through so it's been fun to read thrpugh this book and see the different types of habitats and understand more about why they grew up in the way they did and what they experienced 50 years ago.
Great resource - highly recommended
Average customer rating:
- Hurried, choppy and sketchy
- Disappointing quality
- Chinese Fossil Vertebrates
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Chinese Fossil Vertebrates
Spencer G. Lucas
Manufacturer: Columbia University Press
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Binding: Hardcover
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After the Dinosaurs: The Age of Mammals (Life of the Past)
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Evolution of the Insects
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The Pterosaurs: From Deep Time
ASIN: 023108482X |
Book Description
The literature on Chinese fossil vertebrates is extremely difficult for Western scholars to assimilate and interpret. In part, this is because much of that literature is in Chinese, and few useful reviews exist in Western languages. Yet China has an extensive vertebrate fossil record, one that plays a key role in understanding the evolution of vertebrates. Spencer Lucas gives an up-to-date review and synthesis of the Chinese vertebrate fossil record that will greatly facilitate an understanding of and further research into this outstanding fossil record. The book provides the reader with a comprehensive, chronologically ordered review of China's vertebrate fossil record. It also presents a history of vertebrate paleontological studies in China and an entrée to some important issues of systematics, evolutionary history, paleoecology, taphonomy, and functional anatomy best elucidated by China's fossils. This volume should therefore become an indispensable part of the library of any student of vertebrate evolution.
Customer Reviews:
Hurried, choppy and sketchy.......2005-03-15
There seems to be a fly-over tone and quality to this book. It lacks flow and cohesion. The photo quality is indeed poor. Lucas also mis-cites Henry Fairfield Osborn's theorizing -- the citation should be to Osborn's article in Science (April 13, 1900), particularly at p. 567, not his later 1910 book publication. As to recounting the Central Asiatic Expeditions, the treatment is uneven and somewhat speculative. Also, some spellings are inconsistent: eg., "Granter" (caption Figure 2-10) vs. "Granger" (text, p. 24), and neither is found in the Index; "William Morris" (p. 24) actually was "Frederick B. Morris," and, again, neither is found in the Index; the expedition sequence on p. 24 is muddled (incorrect use of "First," "Second," etc.) and also ignores those made in China beginning in 1921; and etc.
Disappointing quality.......2004-11-25
I have been a collector of Chinese fossils for several years and was interested in purchasing a book on the subject. This book is very informative, but the pictures are of such low quality that some of them cannot even be made out. In other cases, the fossil specimen is described with no photograph or drawing at all. All in all, this book is not worth the money for those who enjoy collecting and understanding Chinese fossils.
Chinese Fossil Vertebrates.......2003-02-11
Chinese Fossil Vertebrates written by Spencer G. Lucas is a well-written book that covers what we know of the history of Vertebrate Paleontological Studies.
China is the world's third largest nation. Its vast land area contains extensive exposures of sedimentary rocks, many of nonmarine origin. Serious scientific study of China's vertebrate fossil record began in the last century. This record extends back to the Early Cambrian, nearly 550 million years. Today, Chinese vertebrate fossils represent one of the most extensive and important records of vertebrate evolution.
China has a very complex geology that encompasses great thickness of sedimentary rock of Phanerozoic age. Equally complex is the plate tectonic history of China prior to the late Mesozoic. Most workers recognize that during the Paleozoic and much of the Mesooic, what is now Chinaa belonged to several microplates. South China encompasses the region south of the Qinling fold belt. North China is north of the Qinling fold belt, extending east of the Qilian Mountains.
This book employs concepts of vertebrate biochronology... the use of fossil vertebrates to discriminate intervals of geologic time... earlier advocated by Lucas. The Basic unit of vertebrate biochronology is the biochron. A Biochron is simply as interval of geologic time that corresponds to the duration of a taxon. Each vertebrate taxon has a corresponding biochron.
This book is divided according to time:
Cambrian-Ordovician
Silurian
Devonian
Carboniferous
Pernian
Triassic
Jurassic
Cretaceous
Paleogene
Miocene-Pilocene
Pleistocene
Each of these times represents a chapter in this book and each chapter is sub-divided as the vertebrate producing strata yeild its species via the biochron.
This is a scientific book and not a childrens book. There is a lot of information and nearly two decades of research experience within these pages. The text moves as the narrative is written in understandable language and you get a "feel" as to what it is like digging for vertebrate fossils... comparative analysis plays and important part in this book. All in all, this is an excellent text and fills a gap in the knowledge base of the times covered.
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Introduction to the Replica Theory of Disordered Statistical Systems (Collection Alea-Saclay: Monographs and Texts in Statistical Physics)
Viktor Dotsenko
Manufacturer: Cambridge University Press
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Binding: Hardcover
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ASIN: 0521773407 |
Book Description
This text describes the statistical mechanics of classical spin systems with quenched disorder. The first part covers the physics of spin-glass states using results obtained within the framework of the mean field theory of spin glasses. The second part is devoted to the theory of critical phenomena in the presence of weak quenched disorder. This includes a systematic derivation of the traditional renormalization group theory. In the third part Dotsenko describes other types of disordered systems, relating them to new results at the frontiers of modern research. The book is suitable for graduate students and researchers in the field of statistical mechanics of disordered systems.
Product Description
"A searching reinterpretation of the classic American masters of fiction--maintaining that the characteristic mode of American writing is not the realistic novel, but the imaginative, symbolic romance.
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- 100 Questions Every Working American Must Ask
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![Theory of portfolios: New considerations on classic models and the Capital Market Line [An article from: European Journal of Operational Research]](http://ec1.images-amazon.com/images/I/21R7KWB3GSL.jpg)
