This book demonstrates how quantitative country-level investment strategies can be successfully employed to manage money in international markets. It offers a range of state-of-the-art quantitative strategies, describing their theoretical bases, implementation details, and performance in over 70 countries between 1995 and 2015. International diversification has long been a key to stable investing. However, the increased integration and openness of global financial markets has led to rising correlations between stock market returns in particular countries, driving down the benefits of diversification and increasing the importance of country selection strategies as part of an investment process. Zaremba and Shemer explain the efficiency of quantitative investing, which captures huge amounts of data of limited scope very quickly. In the traditional approach, this data compilation is an immense undertaking, limited in scope and vulnerable to behavioral errors, but this can be overcome with the help of a new paradigm of quantitative investment at the country level. Quantitative country asset allocation can be efficiently accomplished by using wealth insights that have been generated in the academic literature, discovering many anomalies and regular patterns in asset prices. Armed with this information, investors and managers can process large amounts of data more efficiently when deciding to invest in ETFs, index funds, or futures markets.
This compelling book examines the price-based revolution in investing, showing how research over recent decades has reinvented technical analysis. The authors discuss the major groups of price-based strategies, considering their theoretical motivation, individual and combined implementation, and back-tested results when applied to investment across country stock markets. Containing a comprehensive sample of performance data, taken from 24 major developed markets around the world and ranging over the last 25 years, the authors construct practical portfolios and display their performance—ensuring the book is not only academically rigorous, but practically applicable too. This is a highly useful volume that will be of relevance to researchers and students working in the field of price-based investing, as well as individual investors, fund pickers, market analysts, fund managers, pension fund consultants, hedge fund portfolio managers, endowment chief investment officers, futures traders, and family office investors.
This compelling book examines the price-based revolution in investing, showing how research over recent decades has reinvented technical analysis. The authors discuss the major groups of price-based strategies, considering their theoretical motivation, individual and combined implementation, and back-tested results when applied to investment across country stock markets. Containing a comprehensive sample of performance data, taken from 24 major developed markets around the world and ranging over the last 25 years, the authors construct practical portfolios and display their performance—ensuring the book is not only academically rigorous, but practically applicable too. This is a highly useful volume that will be of relevance to researchers and students working in the field of price-based investing, as well as individual investors, fund pickers, market analysts, fund managers, pension fund consultants, hedge fund portfolio managers, endowment chief investment officers, futures traders, and family office investors.
This book demonstrates how quantitative country-level investment strategies can be successfully employed to manage money in international markets. It offers a range of state-of-the-art quantitative strategies, describing their theoretical bases, implementation details, and performance in over 70 countries between 1995 and 2015. International diversification has long been a key to stable investing. However, the increased integration and openness of global financial markets has led to rising correlations between stock market returns in particular countries, driving down the benefits of diversification and increasing the importance of country selection strategies as part of an investment process. Zaremba and Shemer explain the efficiency of quantitative investing, which captures huge amounts of data of limited scope very quickly. In the traditional approach, this data compilation is an immense undertaking, limited in scope and vulnerable to behavioral errors, but this can be overcome with the help of a new paradigm of quantitative investment at the country level. Quantitative country asset allocation can be efficiently accomplished by using wealth insights that have been generated in the academic literature, discovering many anomalies and regular patterns in asset prices. Armed with this information, investors and managers can process large amounts of data more efficiently when deciding to invest in ETFs, index funds, or futures markets.
A commander and an officer with the IDF recount their experiences in the Yom Kippur War, offering insight into Israel’s military leadership. At the Decisive Point in the Sinai is a firsthand account of Operation Stouthearted Men—arguably the 1973 Yom Kippur War’s most intense engagement. General Jacob Even and Colonel Simcha B. Moaz were key leaders in Major General Ariel Sharon’s division. Together, Even and Maoz recount the initial stages of the Suez crossing, examine the Israel Defense Forces’ (IDF) response to Egypt’s surprise attack, and explain Sharon’s role in the transition from defense to offense. They detail Sharon’s struggle to convince his superiors of his plan and argue that an effective division commander is not only revealed by his leadership of subordinates but also by his ability to influence his senior officers. Even and Maoz challenge students of military leadership by offering a case study on effective leadership. “At the Decisive Point is the single best volume I have ever read on the Yom Kippur War. It bridges the gap between the two standard forms of writing on the 1973 conflict?the memoir and the historical monograph?and does so in a very effective manner.” —Robert M. Citino, author of The Wehrmacht Retreats: Fighting a Lost War, 1943 “The authors’ work, in sum, presents an interesting and informative account of the Yom Kippur War on the Sinai front.” —Israel Affairs
Proceedings of the 1996 AMS-IMS-SIAM Joint Summer Research Conference, Discrete and Computational Geometry--Ten Years Later, July 14-18, 1996, Mount Holyoke College
Proceedings of the 1996 AMS-IMS-SIAM Joint Summer Research Conference, Discrete and Computational Geometry--Ten Years Later, July 14-18, 1996, Mount Holyoke College
This volume is a collection of refereed expository and research articles in discrete and computational geometry written by leaders in the field. Articles are based on invited talks presented at the AMS-IMS-SIAM Summer Research Conference, "Discrete and Computational Geometry: Ten Years Later", held in 1996 at Mt. Holyoke College (So.Hadley, MA). Topics addressed range from tilings, polyhedra, and arrangements to computational topology and visibility problems. Included are papers on the interaction between real algebraic geometry and discrete and computational geometry, as well as on linear programming and geometric discrepancy theory.
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