On Market Timing and Investment Performance, Vol. 1: An Equilibrium Theory of Value for Market Forecasts (Classic Reprint) - Couverture souple
Synopsis
Excerpt from On Market Timing and Investment Performance, Vol. 1: An Equilibrium Theory of Value for Market Forecasts
Our study of market timing is broken into two parts. In the first part which is presented here, we develop the basic model and analyze the theoretical structure of the pattern of returns from market timing. From this analysis, we derive an equilibrium theory of value for market timing forecasting skills. In the second part to be presented in a subsequent paper, we use the structure derived here to develop both parametric and non parametric statistical procedures to test for superior fore casting skills. These tests of investment performance will distinguish market timing from individual stock selection skills.
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On Market Timing and Investment Performance, Vol. 1 (Classic Reprint)
impression à la demandeVendeur : Forgotten Books, London, Royaume-Uni
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Paperback. Etat : New. Print on Demand. This book delves into the fascinating world of investment management, specifically exploring the controversial concept of market timing. The author challenges traditional theories of investment performance, moving beyond the usual focus on picking individual stocks, and offering a fresh perspective on how investors can potentially benefit from forecasting broader market trends. The book takes a deep dive into the theoretical underpinnings of market timing, presenting an equilibrium theory of value for market forecasts. It draws parallels between market timing and option investment strategies, suggesting that successful market timing can be viewed as a form of "insurance" against losses, allowing investors to reap the rewards of market gains while mitigating potential downside risk. By examining how investors would incorporate a market timer's forecasts into their investment decisions, the book provides a framework for understanding the economic value of such forecasting skills. The author explores the complex interplay between investors' beliefs, market dynamics, and the potential for arbitrage to determine the equilibrium management fees that a market timer can charge. The book's insights offer a valuable contribution to the ongoing debate about the efficiency of markets, providing a rigorous analytical framework for assessing the value of market timing skills and the potential for investors to outperform through skillful forecasting of market trends. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. N° de réf. du vendeur 9781334349300_0
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On Market Timing and Investment Performance, Vol. 1
Vendeur : PBShop.store US, Wood Dale, IL, Etats-Unis
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PAP. Etat : New. New Book. Shipped from UK. Established seller since 2000. N° de réf. du vendeur LW-9781334349300
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On Market Timing and Investment Performance, Vol. 1
Vendeur : PBShop.store UK, Fairford, GLOS, Royaume-Uni
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PAP. Etat : New. New Book. Shipped from UK. Established seller since 2000. N° de réf. du vendeur LW-9781334349300
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