Managing Investment Portfolios: A Dynamic Process - 3rd Edition

Informationen zum Autor JOHN L. MAGINN, CFA, is President of Maginn Associates, Inc., a financial consulting firm. He is also an adjunct professor in the MBA program at Creighton University. He is retired from Mutual of Omaha, where he was the chief investment officer and treasurer, and is also a past chairman of the board of trustees of AIMR, the predecessor to CFA Institute.DONALD L. TUTTLE, CFA, was vice president of CFA Institute in its Curriculum and Examinations Department from 1992 until his retirement in 2004. He received a BSBA and MBA from the University of Florida and a PhD from the University of North Carolina at Chapel Hill. Dr. Tuttle taught for 21 years at Indiana University, where he chaired the Finance Department from 1970 to 1980. He was Associate Professor of Finance at the University of North Carolina and was a visiting professor at the European Institute of Business Administration (INSEAD), the University Florida, Georgetown University, and the University of Virginia. He has authored numerous articles in leading finance journals and five books on security analysis and portfolio management. He is a member of the Advisory Board of The Journal of Portfolio Management and was a trustee of over 100 mutual funds from 1982 to mandatory retirement age in 2005.JERALD E. PINTO, PHD, CFA, is Director in of Curriculum Development at CFA Institute. Before coming to CFA Institute in 2002, he was a consultant to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College and a PhD in finance from the Stern School. Pinto obtained his CFA charter in 1992.DENNIS W. McLEAVEY, CFA, is Head of Professional Development Products at CFA Institute. During his twenty-five-year academic career, he taught at the University of Western Ontario, the University of Connecticut, the University of Rhode Island (where he founded a student-managed fund), and Babson College. McLeavey completed a doctorate in production management and industrial engineering at Indiana University in 1972, and earned his CFA charter in 1990. Klappentext "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 Zusammenfassung "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. Inhaltsverzeichnis Foreword xiiiPreface xviiAcknowledgments xixIntroduction xxiCHAPTER 1 The Portfolio Management Process and the Investment Policy Statement 11 Introduction 12 Investment Management 23 The Portfolio Perspective 44 Portfolio Management as a Process 45 The Portfolio Management Process Logic 56 Investment Objectives and Constraints 117 The Dynamics of the Process 178 The Future of Portfolio Management 189 The ...

List of contents

Foreword xiiiPreface xviiAcknowledgments xixIntroduction xxiCHAPTER 1 The Portfolio Management Process and the Investment Policy Statement 11 Introduction 12 Investment Management 23 The Portfolio Perspective 44 Portfolio Management as a Process 45 The Portfolio Management Process Logic 56 Investment Objectives and Constraints 117 The Dynamics of the Process 178 The Future of Portfolio Management 189 The Ethical Responsibilities of Portfolio Managers 18CHAPTER 2 Managing Individual Investor Portfolios 201 Introduction 202 CaseStudy 213 Investor Characteristics 244 Investment Policy Statement 345 An Introduction to Asset Allocation 50CHAPTER 3 Managing Institutional Investor Portfolios 631 Overview 632 PensionFunds 643 Foundations and Endowments 854 The Insurance Industry 1015 Banks and Other Institutional Investors 120CHAPTER 4 Capital Market Expectations 1281 Introduction 1282 Organizing the Task: Framework and Challenges 1293 Tools for Formulating Capital Market Expectations 1464 Economic Analysis 174CHAPTER 5 Asset Allocation 2301 Introduction 2302 What is Asset Allocation? 2313 Asset Allocation and the Investor's Risk and Return Objectives 2364 The Selection of Asset Classes 2485 The Steps in Asset Allocation 2546 Optimization 2577 Implementing the Strategic Asset Allocation 2968 Strategic Asset Allocation for Individual Investors 2999 Strategic Asset Allocation for Institutional Investors 30710 Tactical Asset Allocation 320CHAPTER 6 Fixed-Income Portfolio Management 3281 Introduction 3282 A Framework for Fixed-Income Portfolio Management 3293 Managing Funds Against a Bond Market Index 3314 Managing Funds Against Liabilities 3465 Other Fixed-Income Strategies 3696 International Bond Investing 3907 Selecting a Fixed-Income Manager 402CHAPTER 7 Equity Portfolio Management 4071 Introduction 4072 The Role of the Equity Portfolio 4083 Approaches to Equity Investment 4104 Passive Equity Investing 4125 Active Equity Investing 4296 Semiactive Equity Investing 4557 Managing a Portfolio of Managers 4588 Identifying, Selecting, and Contracting with Equity Portfolio Managers 4669 Structuring Equity Research and Security Selection 474CHAPTER 8 Alternative Investments Portfolio Management 4771 Introduction 4772 Alternative Investments: Definitions, Similarities, and Contrasts 4783 Real Estate 4854 Private Equity/Venture Capital 4985 Commodity Investments 5166 Hedge Funds 5307 Managed Futures 5578 Distressed Securities 568CHAPTER 9 Risk Management 5791 Introduction 5792 Risk Management as a Process 5803 Risk Governance 5834 Identifying Risks 5855 Measuring Risk 5966 Managing Risk 624CHAPTER 10 Execution of Portfolio Decisions 6371 Introduction 6372 The Context of Trading: Market Microstructure 6383 The Costs of Trading 6534 Types of Traders and Their Preferred Order Types 6635 Trade Execution Decisions and Tactics 6666 Serving the Client's Interests 6787 Concluding Remarks 681CHAPTER 11 Monitoring And Rebalancing 6821 Introduction 6822 Monitoring 6833 Rebalancing the Portfolio 7014 Concluding Remarks 716CHAPTER 12 Evaluating Portfolio Performance 7171 Introduction 7172 The Importance of Performance Evaluation 7183 The Three Components of Performance Evaluation 7194 Performance Measurement 7205 Benchmarks 7316 Performance Attribution 7447 Performance Appraisal 7668 The Practice of Performance Evaluation 775CHAPTER 13 Global Investment Performance Standards 7831 Introduction 7832 Background of the GIPS Standards 7843 Provisions of the GIPS Standards 7924 Verification 8405 GIPS Advertising Guidelines 8456 Other Issues 847Appendix: GIPS Glossary 856Glossary 864References 888About the CFA Program 903About the Authors 904Index 913

Product details

• Authors: John Maginn, John L. Maginn
• Assisted by: John L. Maginn (Editor), Dennis W. McLeavey (Editor), Jerald E. Pinto (Editor), Donald L. Tuttle (Editor)
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 04.04.2007
• EAN: 9780470080146
• ISBN: 978-0-470-08014-6
• No. of pages: 960
• Dimensions: 190 mm x 268 mm x 50 mm
• Series: The CFA Institute Series; Wiley Desktop Editions; CFA Institute Investment Series; CFA Institute Investments; Wiley Desktop Editions; CFA Institute Investment Series; The CFA Institute Series; CFA Institute Investments
• Subjects: Social sciences, law, business > Business; Business & Economics / Investments & Securities / General, BUSINESS & ECONOMICS / Finance / General, Business / Economics / Finance