By Richard C. Grinold, Ronald N. Kahn
Mathematically rigorous and meticulously geared up, Active Portfolio administration broke new flooring whilst it first turned to be had to funding managers in 1994. via outlining an leading edge strategy to discover uncooked indications of asset returns, enhance them into sophisticated forecasts, then use these forecasts to build portfolios of remarkable go back and minimum danger, i.e., portfolios that continuously beat the industry, this hallmark publication helped millions of funding managers. Active Portfolio administration, moment version, now units the bar even better. Like its predecessor, this quantity info the best way to practice economics, econometrics, and operations study to fixing useful funding difficulties, and uncovering greater revenue possibilities. It outlines an lively administration framework that starts with a benchmark portfolio, then defines remarkable returns as they relate to that benchmark.
"This re-creation of energetic PORTFOLIO administration maintains the traditional of excellence proven within the first version, with new and transparent insights to assist funding professionals." - William E. Jacques associate and leader funding Officer Martingale Asset administration
"ACTIVE PORTFOLIO administration bargains traders a chance to higher comprehend the stability among supervisor ability and portfolio danger. either primary and quantitative funding managers will take advantage of learning this up-to-date variation by means of Grinold and Kahn." -Scott Stewart Portfolio supervisor, constancy pick out fairness ® self-discipline Co-Manager, constancy Freedom ® cash
"This moment variation won't stay at the shelf, yet might be regularly referenced by way of either beginner and professional. there's a large enlargement in either intensity and breadth at the unique. It truly and concisely explains all facets of the rules and the newest considering in energetic portfolio management." -Eric N. Remole dealing with Director, Head of worldwide established fairness credits Suisse Asset administration
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Additional resources for Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Selecting Superior Returns and Controlling Risk (2nd Edition)
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Agency theory examines the relationship between the owners and the managers of the firm. In privately owned firms, management and owners are usually the same people. Management operates the firm to satisfy its own goals, needs, financial requirements, and the like. However, as a company moves from private to public ownership, management now represents all the owners. This places management in the agency position of making decisions that will be in the best interests of all shareholders. Because of diversified ownership interests, conflicts between managers and shareholders can arise that impact the financial decisions of the firm.
The shareholders’ interests are ultimately managed by the corporation’s board of directors. The directors may include key management personnel of the firm as well as directors from outside the firm. Directors serve in a fiduciary capacity for the shareholders and may be liable for the mismanagement of the firm. After the collapse of corporations such as Enron and WorldCom due to fraud, the role of outside directors became much more important and corporations were motivated to comply with more stringent corporate governance laws mandated by Congress.