A Powerful New Portfolio-Management Standard for an Investing World in Disarray “Three years of losses turn many smart investors with 30-year horizons into frightened investors with three-year horizons, driven to poor decisions by cognitive errors and misleading emotions. Greg B. Davies and Arnaud de Servigny combine great expertise from research and practice into smart portfolios that overcome cognitive errors and misleading emotions and drive investors to their long term goals.” —MEIR STATMAN, Glenn Klimek Professor of Finance, Santa Clara University, and author of What Investors Really Want “The coming of age of behavioral finance. An important book which uniquely combines up-to-date knowledge of both behavioral and quantitative finance to provide practical models grounded on robust understanding of investors as well as investments.” —SHLOMO BENARTZI, professor and co-chair, Behavioral Decision Making Group, UCLA Anderson School of Management “This book is both erudite and profound, and it acutely addresses the issues, controversies, and received wisdom of our troubled investment times. To comprehend it requires a considerable time commitment, but it may be a new investment classic.” —BARTON M. BIGGS, Managing Partner, Traxis Partners “Behavioral Investment Management first shows how modern portfolio theory can be extended to incorporate behavioral biases in individual decision making, and then demonstrates how this extended theory can be implemented to make investment decisions in a world that is very different from that assumed by traditional portfolio theory. All of this is accomplished in a coherent fashion with the use of easy-to-understand mathematics and is illustrated with data for a wide range of asset classes.” —RAMAN UPPAL, professor of finance, EDHEC Business School About the Book: The past few years have been dreadful for investment management. The quantitative analytics that serve as the foundation of modern finance have proven to be incapable of providing value to investors. Modern Portfolio Theory now appears desperately old-fashioned and obsolete for one simple reason—it does not work. Picking up where traditional quant theory leaves off, Behavioral Investment Management offers a new approach to dynamic investing that addresses critical realities MPT ignores, including investors’ emotional impact on investing. Written by leading money managers with expertise in both quantitative and behavioral finance, this cutting-edge guide shows institutional investment managers, retail investors, and investment advisors how to use the latest theories and techniques from the field of behavioral finance to construct better-performing portfolios. After systematically deconstructing MPT to illustrate why it does not work empirically, this one-of-a-kind book presents a reasonable framework for improving your ability to generate high-performing portfolios. The applicability and strategic consequences of this book’s approach set a new standard for portfolio development that will put you far ahead of the industry curve. Complete with a new paradigm of best practices in dynamic portfolio construction that incorporates, and compensates for, the emotional reactions of investors, this hands-on book shows you how to: Move away from an idealized market view to a more authentic perspective Use the provided toolset and strategies to realize superior performance in real-world markets Seamlessly adapt the new approaches and techniques into your day-to-day operations This book helps you gain a distinct advantage by providing micro and macro implications of applying behavioral science to investing. In addition to helping you better understand the needs of the individual investor, it examines the wealth management and pension fund industries and explains how behavioral science can create opportunities in these two sectors. When making your next investment decision, let Behavioral Investment Management help you factor in the biggest financial variable—the human influence.
Risk profiling is fraught with misunderstandings that lead to ill-advised approaches to determining suitable investment solutions for individuals. The author discusses how we should think about the crucial elements of (a) risk tolerance, (b) behavioural risk attitudes, and (c) risk capacity. He uses a simple thought experiment to examine a stripped-down investor situation and define the essential features and exact role of each of the components of an investor's overall risk profile. He examines options for eliciting and measuring risk tolerance and considers some promising avenues for future methods.
Building upon the success of previous editions, this fully revised edition of Sociology lays the foundations for understanding sociology in Australia. The depth and breadth of the book ensures its value not only for first-year students, but for sociology majors requiring on-going reference to a range of theoretical perspectives and current debates. This fifth Australian edition continues to build on the book’s reputation for coverage, clarity and content, drawing upon the work of leading Australian sociologists as well as engaging with global social trends and sociological developments.
A thrilling Cold War narrative of superpower showdowns, media suppression, and two escape tunnels beneath the Berlin Wall. In the summer of 1962, the year after the rise of the Berlin Wall, a group of young West Germans risked prison, Stasi torture, and even death to liberate friends, lovers, and strangers in East Berlin by digging tunnels under the Wall. Then two U.S. television networks heard about the secret projects and raced to be first to document them from the inside. NBC and CBS funded two separate tunnels in return for the right to film the escapes, planning spectacular prime-time specials. President John F. Kennedy, however, was wary of anything that might spark a confrontation with the Soviets, having said, “A wall is better than a war,” and even confessing to Secretary of State Dean Rusk, “We don’t care about East Berlin.” JFK approved unprecedented maneuvers to quash both documentaries, testing the limits of a free press in an era of escalating nuclear tensions. As Greg Mitchell’s riveting narrative unfolds, we meet extraordinary characters: the legendary cyclist who became East Germany’s top target for arrest; the Stasi informer who betrays the “CBS tunnel”; the American student who aided the escapes; an engineer who would later help build the tunnel under the English channel; and the young East Berliner who fled with her baby, then married one of the tunnelers. The Tunnels captures the chilling reach of the Stasi secret police as U.S. networks prepared to “pay for play” but were willing to cave to official pressure, the White House was eager to suppress historic coverage, and ordinary people in dire circumstances became subversive. The Tunnels is breaking history, a propulsive read whose themes still reverberate.
Explores the academic debates surrounding the relationship between ethnicity and education and proposes a rethinking of the goals and methods of multicultural education.
Comprehensive, cutting-edge content addresses contemporary orthodontic practice! Orthodontics: Current Principles and Techniques, 7th Edition provides an evidence-based approach to orthodontic diagnosis, treatment planning, and clinical techniques, including esthetics, genetics, temporary anchorage devices, aligners, technology-assisted biomechanics, and much more. New to this edition are seven chapters, covering topics like AI, maxillary expansion in adults, Class II correctors, and autotransplantation. Newly authored chapters on orthognathic surgery and the craniofacial team, the periodontal-orthodontic interface, interdisciplinary treatment, and accelerated tooth movement, among others, address current perspectives. The 7th edition comes with access to an enhanced eBook version, which includes videos and additional visuals to show concepts difficult to explain with words alone. Readers can also find additional, online-only chapters and a fully searchable version of the text. Respected editors Lee Graber, Katherine Vig, and Greg Huang are joined by new editor Pádhraig Fleming, along with expert contributors from around the world. This text provides the most current and comprehensive collection of orthodontic knowledge, making it the go-to book for orthodontic residents and practitioners! Comprehensive coverage provides a one-stop resource for the field of orthodontics, including foundational theory and the latest on the materials and techniques used in today’s practice. Experienced, renowned editors lead a team of expert, international contributors to provide the most authoritative clinical practice and supporting science from the best and brightest in the industry. More than 3,400 images include a mixture of radiographs, full-color clinical photos, and anatomic or schematic line drawings, showing examples of treatment, techniques, and outcomes. Detailed, illustrated case studies show the decision-making process, highlighting the consequences of various treatment techniques over time. Extensive references make it easy to look up the latest in orthodontic research and evidence-based information, and all references also appear online. Enhanced ebook, included with every print purchase, features a fully searchable version of the text and bonus online-only chapters, instructional videos, and more. NEW! Seven chapters cover topics such as AI, maxillary expansion in adults, Class II correctors, and autotransplantation. Newly authored chapters on aligners, orthognathic surgery, the periodontal-orthodontic interface, interdisciplinary and computer-assisted treatment, temporary anchorage devices, and accelerated tooth movement, among others, address current perspectives. UPDATED! Relevant literature and evidence-based practices are featured throughout the text. NEW! Additional photos and illustrations visually reinforce key concepts and procedures.
Offering comprehensive coverage of this fast-changing field for more than 20 years, Urologic Surgical Pathology is an expert guide to all common and rare entities in the genitourinary system. The 4th Edition keeps you fully up to date with discussions of newly recognized tumors and terminologies, the latest classification schemes, current grading approaches, molecular alterations, and commonly used ancillary diagnostic techniques. With its clinical focus on day-to-day urological pathology sign-out and an emphasis on clinicopathologic and radiographic-pathologic correlations, this thoroughly revised uropathology reference is an excellent resource for diagnostic decision making. Includes expanded coverage of differential diagnosis for all tumor types encountered in urological surgical pathology practice. Incorporates the latest TNM staging and WHO classification systems, as well as new diagnostic biomarkers and their utility in differential diagnosis, newly described variants and new histologic entities. Discusses advances in molecular diagnostic testing, its capabilities, and its limitations, including targeted therapy/personalized medicine. Covers new developments in immunohistochemistry and the latest diagnostic tumor markers. Features more than 1,600 high-quality images – all in color – including gross pictures, histopathologic and cytopathologic images, special stains, other ancillaries, drawings, and illustrations. Helps you find information quickly with a consistent chapter format; an abundance of tables, diagrams and flowcharts; boxed lists of types and causes of diseases; differential diagnosis; characteristic features of diseases; complications; classifications; and staging.
A Powerful New Portfolio-Management Standard for an Investing World in Disarray “Three years of losses turn many smart investors with 30-year horizons into frightened investors with three-year horizons, driven to poor decisions by cognitive errors and misleading emotions. Greg B. Davies and Arnaud de Servigny combine great expertise from research and practice into smart portfolios that overcome cognitive errors and misleading emotions and drive investors to their long term goals.” —MEIR STATMAN, Glenn Klimek Professor of Finance, Santa Clara University, and author of What Investors Really Want “The coming of age of behavioral finance. An important book which uniquely combines up-to-date knowledge of both behavioral and quantitative finance to provide practical models grounded on robust understanding of investors as well as investments.” —SHLOMO BENARTZI, professor and co-chair, Behavioral Decision Making Group, UCLA Anderson School of Management “This book is both erudite and profound, and it acutely addresses the issues, controversies, and received wisdom of our troubled investment times. To comprehend it requires a considerable time commitment, but it may be a new investment classic.” —BARTON M. BIGGS, Managing Partner, Traxis Partners “Behavioral Investment Management first shows how modern portfolio theory can be extended to incorporate behavioral biases in individual decision making, and then demonstrates how this extended theory can be implemented to make investment decisions in a world that is very different from that assumed by traditional portfolio theory. All of this is accomplished in a coherent fashion with the use of easy-to-understand mathematics and is illustrated with data for a wide range of asset classes.” —RAMAN UPPAL, professor of finance, EDHEC Business School About the Book: The past few years have been dreadful for investment management. The quantitative analytics that serve as the foundation of modern finance have proven to be incapable of providing value to investors. Modern Portfolio Theory now appears desperately old-fashioned and obsolete for one simple reason—it does not work. Picking up where traditional quant theory leaves off, Behavioral Investment Management offers a new approach to dynamic investing that addresses critical realities MPT ignores, including investors’ emotional impact on investing. Written by leading money managers with expertise in both quantitative and behavioral finance, this cutting-edge guide shows institutional investment managers, retail investors, and investment advisors how to use the latest theories and techniques from the field of behavioral finance to construct better-performing portfolios. After systematically deconstructing MPT to illustrate why it does not work empirically, this one-of-a-kind book presents a reasonable framework for improving your ability to generate high-performing portfolios. The applicability and strategic consequences of this book’s approach set a new standard for portfolio development that will put you far ahead of the industry curve. Complete with a new paradigm of best practices in dynamic portfolio construction that incorporates, and compensates for, the emotional reactions of investors, this hands-on book shows you how to: Move away from an idealized market view to a more authentic perspective Use the provided toolset and strategies to realize superior performance in real-world markets Seamlessly adapt the new approaches and techniques into your day-to-day operations This book helps you gain a distinct advantage by providing micro and macro implications of applying behavioral science to investing. In addition to helping you better understand the needs of the individual investor, it examines the wealth management and pension fund industries and explains how behavioral science can create opportunities in these two sectors. When making your next investment decision, let Behavioral Investment Management help you factor in the biggest financial variable—the human influence.
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