Ebook: Investment Management and Mismanagement: History, Findings, and Analysis
- Tags: Business/Management Science general, Finance /Banking
- Series: Innovations in Financial Markets and Institutions 17
- Year: 2006
- Publisher: Springer US
- Edition: 1
- Language: English
- pdf
INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.
"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry’s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today’s environment. The book covers important topics, ranging from mutual funds’ inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice."
Kathleen A. Wayner
President and CEO
Darren C. Kavesh
Chief Investment Officer
Bowling Portfolio Management
513-871-7776
INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.
"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry’s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today’s environment. The book covers important topics, ranging from mutual funds’ inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice."
Kathleen A. Wayner
President and CEO
Darren C. Kavesh
Chief Investment Officer
Bowling Portfolio Management
513-871-7776
INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.
"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry’s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today’s environment. The book covers important topics, ranging from mutual funds’ inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice."
Kathleen A. Wayner
President and CEO
Darren C. Kavesh
Chief Investment Officer
Bowling Portfolio Management
513-871-7776
Content:
Front Matter....Pages i-xi
Introduction....Pages 1-2
The Investment Process....Pages 3-5
The Historical Backdrop for Investment Management....Pages 7-28
Market Eefficiency and Anomalies....Pages 29-38
The Efficacy of Analysts’ Recommendations....Pages 39-50
Studies of Institutional Portfolio Performance....Pages 51-71
Studies of Individual Portfolio Performance....Pages 73-84
Investiment Costs and the Mismanagement Issue....Pages 85-97
Suitability....Pages 99-109
Churning....Pages 111-143
Conclusion....Pages 145-146
Back Matter....Pages 147-178
INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.
"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry’s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today’s environment. The book covers important topics, ranging from mutual funds’ inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice."
Kathleen A. Wayner
President and CEO
Darren C. Kavesh
Chief Investment Officer
Bowling Portfolio Management
513-871-7776
Content:
Front Matter....Pages i-xi
Introduction....Pages 1-2
The Investment Process....Pages 3-5
The Historical Backdrop for Investment Management....Pages 7-28
Market Eefficiency and Anomalies....Pages 29-38
The Efficacy of Analysts’ Recommendations....Pages 39-50
Studies of Institutional Portfolio Performance....Pages 51-71
Studies of Individual Portfolio Performance....Pages 73-84
Investiment Costs and the Mismanagement Issue....Pages 85-97
Suitability....Pages 99-109
Churning....Pages 111-143
Conclusion....Pages 145-146
Back Matter....Pages 147-178
....