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Expected Returns
63,99 € *
ggf. zzgl. Versand

Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights. "This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market." Laurence B. Siegel, Former Director of Research, The Ford Foundation "Antti Ilmanen shows the way forward for the investment management profession in this remarkable book. In a comprehensive and impressive way, he combines financial theory, historical performance data and forward-looking indicators, into a consistent framework for assessing expected returns and risk. His approach is both scientific and practical, based on decades of studies and his own trading experience. With a touch of personal wisdom and humility, Ilmanen's book is a fascinating and educational journey into the future of investment management." Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group "Ilmanen's wonderful book manages to be exquisitely readable while covering just about every aspect of the investment process. Filled with many, many fresh and useful insights. This volume deserves to be read and then kept close at hand - because it is sure to be needed again and again." Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF "Job one for any investor is to estimate asset class returns. For the first time, Antti Ilmanen has assembled into one volume all of the tools necessary for this task: for the working money manager, a unique treasure trove of analytical techniques and empirical evidence; for the academic, a comprehensive guide to the relevant academic literature; and for the consultant, a blinding light with which to illuminate performance. Expected Returns is destined to occupy the front shelves of investment professionals around the world." William J. Bernstein, author of The Intelligent Asset Allocator, The Birth of Plenty, and A Splendid Exchange, and co-principal of Efficient Frontier Advisors "Antti's synthesis of experience and theory has given us a book which fills a major gap in the literature on investing. Amazing, but true, this is the first book dedicated to the critical and challenging task of estimating how much we should expect to earn on our investments. This illuminating book, teaming with valuable insights that have never before been gathered under one roof, cannot fail to make the reader a more successful and discerning investor." Victor Haghani, Associate Lecturer, London School of Economics, and former founding partner of LTCM "Ilmanen has written a thorough and detailed analysis of one of the central issues in investing." Ken French, Heidt Professor of Finance, Dartmouth College "Investors' decisions should be evidence based. Antti Ilmanen assembles a global body of evidence, and interprets it with insight. Read this book and you will improve your understanding of the future." Elroy Dimson, Emeritus Professor of Finance, London Business School "If I could choose only one book on active management, I would choose Expected Returns. This book is extremely thorough and well researched, yet direct and to the point." Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management, and Chairman and CIO of Zebra Capital ManagementExpected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights. "This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market." Laurence B. Siegel, Former Director of Research, The Ford Foundation "Antti Ilmanen shows the way forward for the investment management profession in this remarkable book. In a comprehensive and impressive way, he combines financial theory, historical performance data and forward-looking indicators, into a consistent framework for assessing expected returns and risk. His approach is both scientific and practical, based on decades of studies and his own trading experience. With a touch of personal wisdom and humility, Ilmanen's book is a fascinating and educational journey into the future of investment management." Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group "Ilmanen's wonderful book manages to be exquisitely readable while covering just about every aspect of the investment process. Filled with many, many fresh and useful insights. This volume deserves to be read and then kept close at hand - because it is sure to be needed again and again." Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF "Job one for any investor is to estimate asset class returns. For the first time, Antti Ilmanen has assembled into one volume all of the tools necessary for this task: for the working money manager, a unique treasure trove of analytical techniques and empirical evidence; for the academic, a comprehensive guide to the relevant academic literature; and for the consultant, a blinding light with which to illuminate performance. Expected Returns is destined to occupy the front shelves of investment professionals around the world." William J. Bernstein, author of The Intelligent Asset Allocator, The Birth of Plenty, and A Splendid Exchange, and co-principal of Efficient Frontier Advisors "Antti's synthesis of experience and theory has given us a book which fills a major gap in the literature on investing. Amazing, but true, this is the first book dedicated to the critical and challenging task of estimating how much we should expect to earn on our investments. This illuminating book, teaming with valuable insights that have never before been gathered under one roof, cannot fail to make the reader a more successful and discerning investor." Victor Haghani, Associate Lecturer, London School of Economics, and former founding partner of LTCM "Ilmanen has written a thorough and detailed analysis of one of the central issues in investing." Ken French, Heidt Professor of Finance, Dartmouth College "Investors' decisions should be evidence based. Antti Ilmanen assembles a global body of evidence, and interprets it with insight. Read this book and you will improve your understanding of the future." Elroy Dimson, Emeritus Professor of Finance, London Business School "If I could choose only one book on active management, I would choose Expected Returns. This book is extremely thorough and well researched, yet direct and to the point." Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management, and Chairman and CIO of Zebra Capital Management

Anbieter: buecher
Stand: 25.02.2020
Zum Angebot
Expected Returns
59,90 € *
ggf. zzgl. Versand

Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights."This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world's most sophisticated investors struggle to do it successfully - will beat the market."Laurence B. Siegel, Former Director of Research, The Ford Foundation"Antti Ilmanen shows the way forward for the investment management profession in this remarkable book. In a comprehensive and impressive way, he combines financial theory, historical performance data and forward-looking indicators, into a consistent framework for assessing expected returns and risk. His approach is both scientific and practical, based on decades of studies and his own trading experience. With a touch of personal wisdom and humility, Ilmanen's book is a fascinating and educational journey into the future of investment management."Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group"Ilmanen's wonderful book manages to be exquisitely readable while covering just about every aspect of the investment process. Filled with many, many fresh and useful insights. This volume deserves to be read and then kept close at hand - because it is sure to be needed again and again."Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF"Job one for any investor is to estimate asset class returns. For the first time, Antti Ilmanen has assembled into one volume all of the tools necessary for this task: for the working money manager, a unique treasure trove of analytical techniques and empirical evidence, for the academic, a comprehensive guide to the relevant academic literature, and for the consultant, a blinding light with which to illuminate performance. Expected Returns is destined to occupy the front shelves of investment professionals around the world."William J. Bernstein, author of The Intelligent Asset Allocator, The Birth of Plenty, and A Splendid Exchange, and co-principal of Efficient Frontier Advisors"Antti's synthesis of experience and theory has given us a book which fills a major gap in the literature on investing. Amazing, but true, this is the first book dedicated to the critical and challenging task of estimating how much we should expect to earn on our investments. This illuminating book, teaming with valuable insights that have never before been gathered under one roof, cannot fail to make the reader a more successful and discerning investor."Victor Haghani, Associate Lecturer, London School of Economics, and former founding partner of LTCM"Ilmanen has written a thorough and detailed analysis of one of the central issues in investing."Ken French, Heidt Professor of Finance, Dartmouth College"Investors' decisions should be evidence based. Antti Ilmanen assembles a global body of evidence, and interprets it with insight. Read this book and you will improve your understanding of the future."Elroy Dimson, Emeritus Professor of Finance, London Business School"If I could choose only one book on active management, I would choose Expected Returns. This book is extremely thorough and well researched, yet direct and to the point."Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management, and Chairman and CIO of Zebra Capital Management

Anbieter: Dodax
Stand: 25.02.2020
Zum Angebot
Trading Against the Crowd
143,00 CHF *
ggf. zzgl. Versand

Efficient market theorists contend that markets are random and thus not predictable. With the publication of Trading Against theCrowd, however, noted author, economist, and professional trader John Summa convincingly shows that investor sentiment can be incorporated into profitable stock and stock market trading systems. In this groundbreaking book, Summa explains how to use popular gauges of crowd psychology, such as put/call ratios, option-implied volatility, short sales, investor surveys, and advisory opinion to trade against, or contrary to, prevailing market sentiment. He also makes compelling arguments against the efficient markets hypothesis with the presentation of his own quantitative weekly bear and bull news-flow intensity indices, which he builds from news scans. This data series, and other popular measures of crowd psychology, are processed through custom indicators that are programmed into profitable trading systems, such as Squeeze Play I & II, Tsunami Sentiment Wave, and the Fourth Estate. Trading Against the Crowd is the first book to provide a comprehensive assessment of investor crowd psychology, offering valuable market timing tools and trading techniques, including: MetaStock and Trade Station system and custom indicator code; comparative statistical studies of CBOE, OEX, and equity-only put/call ratios; straightforward instructions for combining price triggers with sentiment indicators; a practical guide to understanding put/call ratios, short sales, investor surveys, newsletter opinion, and stock market news-flow intensity; how to use LEAP options as trading vehicles to avoid use of stop loss orders; use of put/call ratios for trading the Treasury bond futures market; and test results and evaluation of trading system performance. Many of today's professional money managers rely on investor sentiment for improved market timing. They know that at extremes of market sentiment, markets tend to be the most predictable. Trading Against the Crowd shows how you can begin to profit from these short- to medium-term sentiment waves generated by the actions of the speculative crowd. Put into practice powerful sentiment data using thoroughly back-tested trading systems, and rise above the herd mentality of the investor crowd, where potentially large profits await.

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot
Alphanomics
208,00 CHF *
ggf. zzgl. Versand

ALPHANOMICS: The Informational Underpinnings of Market Efficiency is intended to be a compact introduction to academic research on market efficiency, behavioral finance, and fundamental analysis and is dedicated to the kind of decision-driven and prospectively-focused research that is much needed in a market constantly seeking to become more efficient. The authors refer to this type of research as Alphanomics, the informational economics behind market efficiency. Alpha refers to the abnormal returns, which provide the incentive for some subpopulation of investors to engage in information acquisition and costly arbitrage activities. Nomics refers to the economics of alpha extraction, which encompasses the costs and incentives of informational arbitrage as a sustainable business proposition. Some of the questions that are addressed include: . Why do we believe markets are efficient? . What problems have this belief engendered? . What factors can impede and/or facilitate market efficiency? . What roles do investor sentiment and costly arbitrage play in determining an equilibrium level of informational efficiency? . What is the essence of value investing? . How is it related to fundamental analysis (the study of historical financial data)? . How might we distinguish between risk and mispricing based explanations for predictability patterns in returns? The first two sections review the evolution of academic thinking on market efficiency and introduce the noise trader model as a rational alternative. Section 3 surveys the literature on investor sentiment and its role as a source of both risks and returns. Section 4 discusses the role of fundamental analysis in value investing. Section 5 reviews the literature on limits to arbitrage, and section 6 discusses research methodology issues associated with the need to distinguish mispricing from risk.

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
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The Professional Financial Advisor III
41,90 CHF *
ggf. zzgl. Versand

Sweeping changes are transforming the financial services industry. More and more Canadians are turning to investment advisors to help them achieve lifelong financial security, but how do we know who to trust with our money and our retirement plans? All too often, argues John DeGoey, an advisor who appears to be a dispassionate professional giving objective advice turns out to be a salesperson, recommending a product because of the size of the embedded commission. Where does the future lie for financial service professionals and their clients? DeGoey favours a STANDUP approach -- Scientific Testing and Necessary Disclosure Underpin Professionalism, his formula for the ethical delivery of financial services. In this third edition of his groundbreaking book, DeGoey surveys the changes so far and compares the practices of financial advisors with other professionals such as lawyers, dentists and physicians. He takes issue with the current wisdom that privileges active management -- constant trading and rebalancing of an investment portfolio, with the associated commissions for the broker or trader, combined with attempts at stock picking and market timing -- over passive management or trust in the efficiency of the market. Financial Service Providers should charge their clients a set fee for advice, regardless of the products that form an individuals portfolio, says DeGoey, thereby making themselves the ethical professionals they claim to be.

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot
The Electronic Call Auction: Market Mechanism a...
219,00 CHF *
ggf. zzgl. Versand

This book considers how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market structure. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. br/ A call auction is a form of trading that died out in the pre-computer age but is making its reentrance today as an electronic marketplace. Batching orders for simultaneous execution at a single moment in time at a single price is the essence of call auction trading. Because its determination is based on the full set of orders, the clearing price in a call auction can be thought of as a `consensus value.' This contrasts with a continuous market where a transaction is made any time a buy and sell order meet in price, and where price generally fluctuates as the orders meet. br/ Recent advances in computer technology have considerably expanded the call auction's functionality. We suggest that the problems we are facing concerning liquidity, volatility, fragmentation and price discovery are largely endemic to the continuous market, and that the introduction of electronic call auction trading in the U.S. would be the most important innovation in market structure that could be made.br/ This book had its origin in a symposium, emElectronic Call Market/em emTrading/em, that was held at New York University's Salomon Center on April 20, 1995. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi and CAC markets, by Deutsche Börse in its Xetra market, and for fixed income in the U.S. by State Street's BondConnect. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development to which considerable attention is given in a number of the chapters in this book.br/ The book is divided into three parts. ul li The first, emCall Auction Trading/em, gives an overview of this trading environment. /li li The second, emInvestor Trading Practices and the/em emDemand for Immediacy/em, contains the findings of four institutional trader surveys. /li li The third, emMarket Structure: The Broader/em emPicture/em, presents a more inclusive view of the development of market structure./li /ul

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot
The Electronic Call Auction: Market Mechanism a...
282,00 CHF *
ggf. zzgl. Versand

This book considers how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market structure. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. br/ A call auction is a form of trading that died out in the pre-computer age but is making its reentrance today as an electronic marketplace. Batching orders for simultaneous execution at a single moment in time at a single price is the essence of call auction trading. Because its determination is based on the full set of orders, the clearing price in a call auction can be thought of as a `consensus value.' This contrasts with a continuous market where a transaction is made any time a buy and sell order meet in price, and where price generally fluctuates as the orders meet. br/ Recent advances in computer technology have considerably expanded the call auction's functionality. We suggest that the problems we are facing concerning liquidity, volatility, fragmentation and price discovery are largely endemic to the continuous market, and that the introduction of electronic call auction trading in the U.S. would be the most important innovation in market structure that could be made.br/ This book had its origin in a symposium, emElectronic Call Market/em emTrading/em, that was held at New York University's Salomon Center on April 20, 1995. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi and CAC markets, by Deutsche Börse in its Xetra market, and for fixed income in the U.S. by State Street's BondConnect. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development to which considerable attention is given in a number of the chapters in this book.br/ The book is divided into three parts. ul li The first, emCall Auction Trading/em, gives an overview of this trading environment. /li li The second, emInvestor Trading Practices and the/em emDemand for Immediacy/em, contains the findings of four institutional trader surveys. /li li The third, emMarket Structure: The Broader/em emPicture/em, presents a more inclusive view of the development of market structure./li /ul

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot
Mcgillivray Of The Creeks
49,90 CHF *
ggf. zzgl. Versand

First published in 1939, 'McGillivray of the Creeks' is a unique mix of primary and secondary sources for the study of American Indian history in the Southeast. John Walton Caughey's definitive biography of Creek leader, Alexander McGillivray (1750-1793) is coupled with 214 letters between McGillivray and Spanish and American political officials. The volume offers distinctive firsthand insights into Creek and Euroamerican diplomacy in Georgia, Alabama, and Mississippi in the aftermath of the American Revolution. McGillivray, the son of a famous Scottish Indian trader and a Muskogee Creek woman, was educated in Charleston, South Carolina, and took up the mantle of negotiator for the Creek people during and after the Revolution. The letters reprinted in this volume provide a valuable Indian perspective into Creek diplomatic negotiations with the Americans and the Spanish. In the new introduction to this edition, William J. Bauer, Jr., places Caughey's work into its historiographical context and surveys the interpretations of the enigmatic McGillivray that historians have drawn from this material.

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot
Trading Against the Crowd
59,00 CHF *
ggf. zzgl. Versand

Efficient market theorists contend that markets are random and thus not predictable. With the publication of Trading Against theCrowd, however, noted author, economist, and professional trader John Summa convincingly shows that investor sentiment can be incorporated into profitable stock and stock market trading systems. In this groundbreaking book, Summa explains how to use popular gauges of crowd psychology, such as put/call ratios, option-implied volatility, short sales, investor surveys, and advisory opinion to trade against, or contrary to, prevailing market sentiment. He also makes compelling arguments against the efficient markets hypothesis with the presentation of his own quantitative weekly bear and bull news-flow intensity indices, which he builds from news scans. This data series, and other popular measures of crowd psychology, are processed through custom indicators that are programmed into profitable trading systems, such as Squeeze Play I & II, Tsunami Sentiment Wave, and the Fourth Estate. Trading Against the Crowd is the first book to provide a comprehensive assessment of investor crowd psychology, offering valuable market timing tools and trading techniques, including: MetaStock and Trade Station system and custom indicator code; comparative statistical studies of CBOE, OEX, and equity-only put/call ratios; straightforward instructions for combining price triggers with sentiment indicators; a practical guide to understanding put/call ratios, short sales, investor surveys, newsletter opinion, and stock market news-flow intensity; how to use LEAP options as trading vehicles to avoid use of stop loss orders; use of put/call ratios for trading the Treasury bond futures market; and test results and evaluation of trading system performance. Many of today's professional money managers rely on investor sentiment for improved market timing. They know that at extremes of market sentiment, markets tend to be the most predictable.Trading Against the Crowd shows how you can begin to profit from these short- to medium-term sentiment waves generated by the actions of the speculative crowd. Put into practice powerful sentiment data using thoroughly back-tested trading systems, and rise above the herd mentality of the investor crowd, where potentially large profits await.

Anbieter: Orell Fuessli CH
Stand: 25.02.2020
Zum Angebot