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Title: Modern Portfolio Theory and Investment Analysis by Edwin J. Elton, Martin J. Gruber, Stephen J. Brown, William N. Goetzmann ISBN: 0-471-23854-6 Publisher: Wiley Text Books Pub. Date: 26 July, 2002 Format: Hardcover Volumes: 1 List Price(USD): $105.95 |
Average Customer Rating: 4.6 (5 reviews)
Rating: 4
Summary: Classic but not Modern
Comment: I very much enjoyed this book, but could only give it four stars because it is a bit out of date regarding some of the instruments of the capital markets. For instance, credit derivatives and total return swaps are used to round out and diversiry bond portfolios especially in structured finance. Tavakoli has written an excellent book on these products: "Credit Derivatives" (Second Edition). These are off balance-sheet products that are a form of financing. Tavakoli also talks about other types of financing which reduce portfolio concentration risk.
Rating: 5
Summary: Excellent theoretical background
Comment: This was one of the texts I had to read for one of my MBA classes. It provides an excellent theoretical background in finance and the theories that link finance to macro and micro economics. It is not very practical however. Not much in the book can be applied. It is a must, however, for any serious student of finance. The coverage of option models is a little light, however. I highly recommend that people have a background in calculus, differential equations, probability theory, and linear algebra before reading this book.
Rating: 4
Summary: Excellent coverage, friendly lingo
Comment: For a textbook, this is written in a reader-friendly style. You can almost see the author at the blackboard explaining the concepts AND math in plain English. And yet, very little handwaving at all. On the other hand, this may also present special readability challenges: you may find yourself constantly flipping between text and tables to follow the discussion.
From a pedagogical point-of-view, some of the developments might have been more intuitively presented. For example, the chapter on option-pricing theory should mention the expected-value interpretation. Over all, however, this text does very well on this score.
I particularly liked the survey of empirical studies at the end of each major concept, that discusses the imperfections that other researchers have looked into, and their findings.
This is one of the core reference texts I keep on my desk.
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Title: Options, Futures, and Other Derivatives (5th Edition) by John C. Hull ISBN: 0130090565 Publisher: Prentice Hall Pub. Date: 03 July, 2002 List Price(USD): $146.00 |
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Title: Bond Markets : Analysis and Strategies (5th Edition) by Frank J. Fabozzi ISBN: 0130497827 Publisher: Prentice Hall Pub. Date: 31 October, 2003 List Price(USD): $121.00 |
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Title: The Investment Portfolio User's Manual by Inc. Intellipro, Christopher Blake, Edwin J. Elton, Intellipro, Inc., Martin J. Gruber, Georgio DeSantis, Joseph Finnerty, William N. Goetzmann, Ehud Ronn ISBN: 0471246107 Publisher: Wiley Text Books Pub. Date: 27 February, 1998 List Price(USD): $61.95 |
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Title: Advanced modelling in finance using Excel and VBA by Mary Jackson, Mike Staunton ISBN: 0471499226 Publisher: John Wiley & Sons Pub. Date: 30 May, 2001 List Price(USD): $75.00 |
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Title: Portfolio Selection: Efficient Diversification of Investments by Harry M. Markowitz ISBN: 0300013728 Publisher: Yale Univ Pr Pub. Date: June, 1971 List Price(USD): $30.00 |
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