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Currency Overlay
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Download or read book Currency Overlay written by Neil Record and published by John Wiley & Sons. This book was released on 2004-02-06 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency overlay is the management of the currency exposure inherent in cross-border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable. This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry's performance track record. This is a subject of international appeal and is an area of particular growth potential for institutional investors. Coverage includes: The theoretical case for eliminating currency risk in international portfolios The interplay between asset returns and currency returns, and the effect of this on hedging decisions Benchmarks - their construction and strategic role Least-cost passive overlay The structure of the currency market, and its 'inefficiencies' Active overlay styles Active overlay both restricted and unrestricted (currency alpha) Uses diagrams, charts, tables and explanatory boxes to explain concepts
Download or read book Currency Overlay written by Hai Xin and published by Risk Books. This book was released on 2003 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides comprehensive coverage of currency overlay management in investment portfolios while alerting you to all of the various methods and models you will need to stay at the forefront of this challenging field.
Book Synopsis Currency Strategy by : Callum Henderson
Download or read book Currency Strategy written by Callum Henderson and published by John Wiley & Sons. This book was released on 2006-05-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency Strategy, Second Edition develops new techniques and explains classic tools available for predicting, managing, and optimizing fluctuations in the currency markets. Author Callum Henderson shows readers ho to use mathematical models to assist in the prediction of crises and gives practical advice on how to use these and other tools successfully. Given there such huge focus on China at the moment, the timing of this new edition is particularly important. The new edition will feature a thorough update on the key developments in the past 3 years, new chapters on emerging markets, an in-depth review of the markets of China and India and their currencies and much more.
Book Synopsis Portfolio Management in Practice, Volume 1 by : CFA Institute
Download or read book Portfolio Management in Practice, Volume 1 written by CFA Institute and published by John Wiley & Sons. This book was released on 2020-11-11 with total page 1328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portfolio Management in Practice, Volume 1: Investment Management delivers a comprehensive overview of investment management for students and industry professionals. As the first volume in the CFA Institute’s new Portfolio Management in Practice series, Investment Management offers professionals looking to enhance their skillsets and students building foundational knowledge an essential understanding of key investment management concepts. Designed to be an accessible resource for a wide range of learners, this volume explores the full portfolio management process. Inside, readers will find detailed coverage of: Forming capital market expectations Principles of the asset allocation process Determining investment strategies within each asset class Integrating considerations specific to high net worth individuals or institutions into chosen strategies And more To apply the concepts outlined in the Investment Management volume, explore the accompanying Portfolio Management in Practice, Volume 1: Investment Management Workbook. The perfect companion resource, this workbook aligns chapter-by-chapter with Investment Management for easy referencing so readers can draw connections between theoretical content and challenging practice problems. Featuring contributions from the CFA Institute’s subject matter experts, Portfolio Management in Practice, Volume 1: Investment Management distills the knowledge forward-thinking professionals will need to succeed in today’s fast-paced financial world.
Book Synopsis Active Currency Overlay Strategies by : Melanie Merlo
Download or read book Active Currency Overlay Strategies written by Melanie Merlo and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the advent of floating exchange rates the management of currency risk has grown in importance and investors increasingly implement active currency overlay strategies in order to enhance overall risk-adjusted returns. Accordingly, much research has been devoted to the development and analysis of currency strategies, which are either based on fundamental or technical factors. However, most studies focus on strategies that are based on one factor only, whereas my approach is to analyze the profitability of active currency overlay strategies that are based on multiple factors. In particular, I forecast exchange rates with four different factor combinations and implement the resulting multifactor signals by means of four different currency allocation strategies. My results show that all tested active currency overlay strategies outperform the corresponding benchmark strategies even if transaction costs are accounted for.
Book Synopsis Hedging with an Edge by : Pedro Barroso
Download or read book Hedging with an Edge written by Pedro Barroso and published by . This book was released on 2017 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Campbell, Serfaty-De Medeiros, and Viceira (2010) propose an optimized method to hedge currency risk in portfolios of international equities. In a demanding out-of-sample test, incorporating transaction and rebalancing costs, and margin requirements we find their method reduces risk in real time, but also underperforms economically a naïve alternative or even a purely domestic portfolio. We propose modeling the currency hedging strategy as a function of characteristics proxying for expected returns and risk. We find that using currency momentum, value, carry, and autocorrelation significantly reduces the cost of hedging. Proxies for risk, such as volatility, skewness, beta on volatility, and equity sensitivity are irrelevant in our optimizations. Our optimal strategy is close to a fully hedged portfolio, but with a sizable 38% gain in Sharpe ratio.
Book Synopsis Asset Management and Institutional Investors by : Ignazio Basile
Download or read book Asset Management and Institutional Investors written by Ignazio Basile and published by Springer. This book was released on 2016-07-27 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses investment management policies for institutional investors. It is composed of four parts. The first one analyses the various types of institutional investors, institutions which, with different objectives, professionally manage portfolios of financial and real assets on behalf of a wide variety of individuals. This part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the different types of investment funds and of other types of asset management products, which have a high rate of substitutability with investment funds and represent their natural competitors. The second part of the book identifies and investigates the stages of the investment portfolio management. Given the importance of strategic asset allocation in explaining the ex post performance of any type of investment portfolio, this part provides an in-depth analysis of asset allocation methods, illustrating the different theoretical and operational solutions available to institutional investors. The third part describes performance assessment, its breakdown and risk control, with an in-depth examination of performance evaluation techniques, returns-based style analysis approaches, and performance attribution models. Finally, the fourth part deals with the subject of diversification into alternative asset classes, identifying the common characteristics and their possible role within the framework of investment management policies. This part analyses hedge funds, private equity, real estate, commodities, and currency overlay techniques.
Book Synopsis 2024 CFA Program Curriculum Level III Box Set by : CFA Institute
Download or read book 2024 CFA Program Curriculum Level III Box Set written by CFA Institute and published by John Wiley & Sons. This book was released on 2023-05-19 with total page 7302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover the official resource for success on the 2024 CFA Level III exam. Get your copy of the CFA® Program Curriculum now. The 2024 CFA Program Curriculum Level III Box Set contains the content you need to perform well on the Level III CFA exam in 2024. Designed for candidates to use for exam preparation and professional reference purposes, this set includes the full official curriculum for Level III and is part of the larger CFA Candidate Body of Knowledge (CBOK). Developed to prepare you for the Level III exam’s heavy reliance on information synthesis and solution application regarding portfolio management and wealth planning, the Level III curriculum will help you master both calculation-based and word-based problems. The 2024 CFA Program Curriculum Level III Box Set allows you to: Develop critical knowledge and skills essential in the industry. Learn from financial thought leaders. Access market-relevant instruction. The set also features practice questions to assist with your mastery of key terms, concepts, and formulas. The volumes in Level III’s box set are: Volume 1: Behavioral Finance, Capital Market Expectations, and Asset Allocation Volume 2: Derivatives, Currency Management, and Fixed Income Volume 3: Fixed Income and Equity Portfolio Management Volume 4: Alternative Investment, Portfolio Management, and Private Wealth Management Volume 5: Institutional Investors, Other Topics in Portfolio Management, and Cases Volume 6: Ethics and Professional Standards Indispensable for anyone preparing for the 2024 Level III CFA exam, the 2024 CFA Program Curriculum Level III Box Set is a must-have resource for those seeking the advanced skills required to become a Chartered Financial Analyst®.
Book Synopsis CFA Program Curriculum 2020 Level III, Volumes 1 - 6 by : CFA Institute
Download or read book CFA Program Curriculum 2020 Level III, Volumes 1 - 6 written by CFA Institute and published by John Wiley & Sons. This book was released on 2019-08-09 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2020 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.
Book Synopsis Multi-manager Funds by : Sohail Jaffer
Download or read book Multi-manager Funds written by Sohail Jaffer and published by Euromoney Books. This book was released on 2006 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first definitive guide to the rapidly expanding multi-manager industry. More than 20 leading practitioners (including product providers, distributors, private and institutional investors, trustees and consultants) provide you with a global overview of the industry.
Book Synopsis Lessons in Corporate Governance from the Global Financial Crisis by : L. P. Yong
Download or read book Lessons in Corporate Governance from the Global Financial Crisis written by L. P. Yong and published by CCH Australia Limited. This book was released on 2009 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons in Corporate Governance from the Global Financial Crisis poses and attempts to answer key questions about the Global Financial Crisis (GFC). Did it have to happen? What caused it and, more importantly, why? Could it have been avoided? Could it happen again? This book covers issues such as importance of the fiduciary duties of board members, risk management, influence of hedge funds, impact on members’ pension funds, currency hedging, role of government regulation and the extensive use of financial derivatives.
Book Synopsis Algorithms for Worst-Case Design and Applications to Risk Management by : Berç Rustem
Download or read book Algorithms for Worst-Case Design and Applications to Risk Management written by Berç Rustem and published by Princeton University Press. This book was released on 2009-02-09 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognizing that robust decision making is vital in risk management, this book provides concepts and algorithms for computing the best decision in view of the worst-case scenario. The main tool used is minimax, which ensures robust policies with guaranteed optimal performance that will improve further if the worst case is not realized. The applications considered are drawn from finance, but the design and algorithms presented are equally applicable to problems of economic policy, engineering design, and other areas of decision making. Critically, worst-case design addresses not only Armageddon-type uncertainty. Indeed, the determination of the worst case becomes nontrivial when faced with numerous--possibly infinite--and reasonably likely rival scenarios. Optimality does not depend on any single scenario but on all the scenarios under consideration. Worst-case optimal decisions provide guaranteed optimal performance for systems operating within the specified scenario range indicating the uncertainty. The noninferiority of minimax solutions--which also offer the possibility of multiple maxima--ensures this optimality. Worst-case design is not intended to necessarily replace expected value optimization when the underlying uncertainty is stochastic. However, wise decision making requires the justification of policies based on expected value optimization in view of the worst-case scenario. Conversely, the cost of the assured performance provided by robust worst-case decision making needs to be evaluated relative to optimal expected values. Written for postgraduate students and researchers engaged in optimization, engineering design, economics, and finance, this book will also be invaluable to practitioners in risk management.
Book Synopsis CFA Program Curriculum 2017 Level III, Volumes 1 - 6 by : CFA Institute
Download or read book CFA Program Curriculum 2017 Level III, Volumes 1 - 6 written by CFA Institute and published by John Wiley & Sons. This book was released on 2016-08-01 with total page 2486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2017 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2017 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2017 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.
Book Synopsis CFA Program Curriculum 2019 Level III Volumes 1-6 Box Set by : CFA Institute
Download or read book CFA Program Curriculum 2019 Level III Volumes 1-6 Box Set written by CFA Institute and published by John Wiley & Sons. This book was released on 2018-08-24 with total page 2757 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2019 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2019 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.
Book Synopsis Library of Congress Subject Headings by : Library of Congress
Download or read book Library of Congress Subject Headings written by Library of Congress and published by . This book was released on 2011 with total page 1640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis CFA Program Curriculum 2018 Level III by : CFA Institute
Download or read book CFA Program Curriculum 2018 Level III written by CFA Institute and published by John Wiley & Sons. This book was released on 2017-08-01 with total page 2634 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2018 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2018 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2018 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.
Book Synopsis Library of Congress Subject Headings by : Library of Congress. Cataloging Policy and Support Office
Download or read book Library of Congress Subject Headings written by Library of Congress. Cataloging Policy and Support Office and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
