Managing Investment Portfolios: A Dynamic Process, 3rd Edition
by Editor: John L. Maginn; Editor: Donald L. Tuttle; Editor: Dennis W. McLeavey (AIMO ); Editor: Jerald E. Pinto (TRM Services )Format: eBook
Pub. Date: 2007-03-01
Publisher(s): Wiley
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Summary
"A rare blend of a well-organized, comprehensive guide to portfolio management and a deep, cutting-edge treatment of the key topics by distinguished authors who have all practiced what they preach. The subtitle, A Dynamic Process, points to the fresh, modern ideas that sparkle throughout this new edition. Just reading Peter Bernstein's thoughtful Foreword can move you forward in your thinking about this critical subject." -Martin L. Leibowitz, Morgan Stanley "Managing Investment Portfolios remains the definitive volume in explaining investment management as a process, providing organization and structure to a complex, multipart set of concepts and procedures. Anyone involved in the management of portfolios will benefit from a careful reading of this new edition." -Charles P. Jones, CFA, Edwin Gill Professor of Finance, College of Management, North Carolina State University
Table of Contents
| Foreword | |
| Preface | |
| Acknowledgments | |
| Introduction | |
| The Portfolio Management Process and the Investment Policy Statement | |
| Introduction | |
| Investment Management | |
| The Portfolio Perspective | |
| Portfolio Management as a Process | |
| The Portfolio Management Process Logic | |
| The Planning Step | |
| The Execution Step | |
| The Feedback Step | |
| A Definition of Portfolio Management | |
| Investment Objectives and Constraints | |
| Objectives | |
| Constraints | |
| The Dynamics of the Process | |
| The Future of Portfolio Management | |
| The Ethical Responsibilities of Portfolio Managers | |
| Managing Individual Investor Portfolios | |
| Introduction | |
| CaseStudy | |
| The Inger Family | |
| Inger Family Data | |
| Jourdan's Findings and Personal Observations | |
| Investor Characteristics | |
| Situational Profiling | |
| Psychological Profiling | |
| Investment Policy Statement | |
| Setting Return and Risk Objectives | |
| Constraints | |
| An Introduction to Asset Allocation | |
| Asset Allocation Concepts | |
| Monte Carlo Simulation in Personal Retirement Planning | |
| Managing Institutional Investor Portfolios | |
| Overview | |
| PensionFunds | |
| Defined-Benefit Plans: Background and Investment Setting | |
| Defined-Contribution Plans: Background and Investment Setting | |
| Hybrid and Other Plans | |
| Foundations and Endowments | |
| Foundations: Background and Investment Setting | |
| Endowments: Background and Investment Setting | |
| The Insurance Industry | |
| Life Insurance Companies: Background and Investment Setting | |
| Non-Life Insurance Companies: Background and Investment Setting | |
| Banks and Other Institutional Investors | |
| Banks: Background and Investment Setting | |
| Other Institutional Investors: Investment Intermediaries | |
| Capital Market Expectations | |
| Introduction | |
| Organizing the Task: Framework and Challenges | |
| A Framework for Developing Capital Market Expectations | |
| Challenges in Forecasting | |
| Tools for Formulating Capital Market Expectations | |
| Formal Tools | |
| Survey and Panel Methods | |
| Judgment | |
| Economic Analysis | |
| Business Cycle Analysis | |
| Economic Growth Trends | |
| Exogenous Shocks | |
| International Interactions | |
| Economic Forecasting | |
| Using Economic Information in Forecasting Asset Class Returns | |
| Information Sources for Economic Data and Forecasts | |
| Asset Allocation | |
| Introduction | |
| What is Asset Allocation? | |
| The Role of Strategic Asset Allocation in Relation to Systematic Risk | |
| Strategic versus Tactical Asset Allocation | |
| The Empirical Debate on the Importance of Asset Allocation | |
| Asset Allocation and the Investor's Risk and Return Objectives | |
| Asset-Only and Asset/Liability Management Approaches to Strategic Asset Allocation | |
| Return Objectives and Strategic Asset Allocation | |
| Risk Objectives and Strategic Asset Allocation | |
| Behavioral Influences on Asset Allocation | |
| The Selection of Asset Classes | |
| Criteria for Specifying Asset Classes | |
| The Inclusion of International Assets (Developed and Emerging Markets) | |
| Alternative Investments | |
| The Steps in Asset Allocation | |
| Optimization | |
| The Mean-Variance Approach | |
| The Resampled Efficient Frontier | |
| The Black& | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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