東華大學圖書館 |

Finance's wrong turns = a new foundation for financial markets, asset management, and social science /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Finance's wrong turns/ by Richard O. Michaud.
其他題名:	a new foundation for financial markets, asset management, and social science /
作者:	Michaud, Richard O.
出版者:	Cham :Springer International Publishing : : 2023.,
面頁冊數:	xx, 138 p. :ill., digital ;24 cm.
內容註:	Chapter 1 : The Birth of Modern Finance -- Chapter 2 : The Birth of Capital Market Theory -- Chapter 3 : Rise of Institutional Quantitative Management -- Chapter 4 : Finance Theory in Crisis -- Chapter 5: The Crisis at the Workbench or Markowitz's revenge -- Chapter 6: The Michaud Efficient Frontier and Rank-Dependent Utility -- Chapter 7: Statistical Portfolio Management -- Chapter 8: Equity Markets in a Sociological Framework.
Contained By:	Springer Nature eBook
標題:	Investments. -
電子資源:	https://doi.org/10.1007/978-3-031-21863-7
ISBN:	9783031218637

Finance's wrong turns = a new foundation for financial markets, asset management, and social science /
Michaud, Richard O.

Finance's wrong turnsa new foundation for financial markets, asset management, and social science /[electronic resource] :by Richard O. Michaud. - Cham :Springer International Publishing :2023. - xx, 138 p. :ill., digital ;24 cm.

Chapter 1 : The Birth of Modern Finance -- Chapter 2 : The Birth of Capital Market Theory -- Chapter 3 : Rise of Institutional Quantitative Management -- Chapter 4 : Finance Theory in Crisis -- Chapter 5: The Crisis at the Workbench or Markowitz's revenge -- Chapter 6: The Michaud Efficient Frontier and Rank-Dependent Utility -- Chapter 7: Statistical Portfolio Management -- Chapter 8: Equity Markets in a Sociological Framework.

There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives. This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, and innovations in statistical methodologies and financial market theory. Richard Michaud, PhD, is President, Founder, and Chief Executive Officer of New Frontier Advisors. He earned a PhD in Mathematics and Statistics from Boston University, USA and has taught investment management at Columbia University, USA. His research and consulting has focused on asset allocation, investment strategies, global investment management, optimization, stock valuation, and trading costs. He is the author of Efficient Asset Management (with Robert Michaud), Investment Styles, Market Anomalies, and Global Stock Selection, and over 60 published journal articles, manuscripts, and white papers. He is co-holder of four U.S. patents in portfolio optimization and asset management, a Graham and Dodd Scroll winner for his work on optimization, a former editorial board member of the Financial Analysts Journal, associate editor of the Journal of Investment Management, and former director of the "Q" Group. Dr. Michaud's research was recently profiled in WatersTechnology 2019: "Rebel Math." Notable press articles also include Institutional Investor 2010: Modern Portfolio Theory's Evolutionary Road, and Pensions & Investments 2003: "Markowitz says Michaud has built a better mousetrap.".

ISBN: 9783031218637

Standard No.: 10.1007/978-3-031-21863-7doiSubjects--Topical Terms:

566987
Investments.

LC Class. No.: HG4515 / .M53 2023

Dewey Class. No.: 332.1

Finance's wrong turns = a new foundation for financial markets, asset management, and social science /
LDR:04737nmm a2200349 a 4500 001 2314262
003 DE-He213
005 20221216150358.0
006 m d
007 cr nn 008mamaa
008 230902s2023 sz s 0 eng d
020 $a 9783031218637 $q (electronic bk.)
020 $a 9783031218620 $q (paper)
024 7 $a 10.1007/978-3-031-21863-7 $2 doi
035 $a 978-3-031-21863-7
040 $a GP $c GP
041 0 $a eng
050 4 $a HG4515 $b .M53 2023
072 7 $a KFF $2 bicssc
072 7 $a KCK $2 bicssc
072 7 $a BUS027000 $2 bisacsh
072 7 $a KFF $2 thema
072 7 $a KCK $2 thema
082 0 4 $a 332.1 $2 23
090 $a HG4515 $b .M622 2023
100 1 $a Michaud, Richard O. $3 3625544
245 1 0 $a Finance's wrong turns $h [electronic resource] : $b a new foundation for financial markets, asset management, and social science / $c by Richard O. Michaud.
260 $a Cham : $b Springer International Publishing : $b Imprint: Palgrave Macmillan, $c 2023.
300 $a xx, 138 p. : $b ill., digital ; $c 24 cm.
505 0 $a Chapter 1 : The Birth of Modern Finance -- Chapter 2 : The Birth of Capital Market Theory -- Chapter 3 : Rise of Institutional Quantitative Management -- Chapter 4 : Finance Theory in Crisis -- Chapter 5: The Crisis at the Workbench or Markowitz's revenge -- Chapter 6: The Michaud Efficient Frontier and Rank-Dependent Utility -- Chapter 7: Statistical Portfolio Management -- Chapter 8: Equity Markets in a Sociological Framework.
520 $a There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives. This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, and innovations in statistical methodologies and financial market theory. Richard Michaud, PhD, is President, Founder, and Chief Executive Officer of New Frontier Advisors. He earned a PhD in Mathematics and Statistics from Boston University, USA and has taught investment management at Columbia University, USA. His research and consulting has focused on asset allocation, investment strategies, global investment management, optimization, stock valuation, and trading costs. He is the author of Efficient Asset Management (with Robert Michaud), Investment Styles, Market Anomalies, and Global Stock Selection, and over 60 published journal articles, manuscripts, and white papers. He is co-holder of four U.S. patents in portfolio optimization and asset management, a Graham and Dodd Scroll winner for his work on optimization, a former editorial board member of the Financial Analysts Journal, associate editor of the Journal of Investment Management, and former director of the "Q" Group. Dr. Michaud's research was recently profiled in WatersTechnology 2019: "Rebel Math." Notable press articles also include Institutional Investor 2010: Modern Portfolio Theory's Evolutionary Road, and Pensions & Investments 2003: "Markowitz says Michaud has built a better mousetrap.".
650 0 $a Investments. $3 566987
650 0 $a Finance $x Statistical methods. $3 578739
650 0 $a Asset management accounts. $3 3135521
650 1 4 $a Behavioral Finance. $3 3264359
650 2 4 $a Investment Appraisal. $3 2191345
650 2 4 $a Financial Economics. $3 895543
650 2 4 $a Financial Technology and Innovation. $3 3591723
650 2 4 $a Quantitative Economics. $3 3538570
710 2 $a SpringerLink (Online service) $3 836513
773 0 $t Springer Nature eBook
856 4 0 $u https://doi.org/10.1007/978-3-031-21863-7
950 $a Economics and Finance (SpringerNature-41170)