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Full Description
This timely book explores investment risk and return as fundamental concepts that underpin financial decision-making and portfolio management. With contributions from scholars and practitioners, it combines conceptual frameworks with real-world applications, providing insights into the consequences of past miscalculations of risk and returns and how advanced techniques help to improve decision-making.
Understanding Investment Risk and Return outlines how investors can measure and manage both concepts to achieve their financial goals, such as controlling inflation and maximizing risk-adjusted performance. It integrates theoretical frameworks for portfolio optimization, including the efficient frontier, the capital asset pricing model (CAPM), and more advanced factor models that explain asset returns and risk exposures. Chapters explore how these models evolve with the integration of less traditional benefits such as derivatives and digital assets alongside technological advancements including AI and machine learning.
With discussion questions at the end of each chapter to provoke further consideration and understanding of the topics, this book is a valuable tool for advanced students of financial economics and educators in the field alike.
Contents
Contents
PART I Foundations of risk and return
1 Understanding risk and return: an overview 2
Greg Filbeck and Hunter Holzhauer
2 Measuring and managing risk 13
Xudong Fu
3 Measuring and managing returns 42
Timothy A. Krause, Eric J. Robbins and Santina A. Haddad
PART II Risk-return management and analysis
4 Risk and return across inflationary regimes 67
Jarah D. Macfarlane
5 Risk-adjusted performance measurement 94
Pilar Grau-Carles
6 Prioritizing risks 124
Auke Plantinga
7 Understanding, applying, and critiquing different factor models 604
Rustin T. Yerkes
PART III Risk and asset classes
8 Digital assets (cryptocurrencies): part of a multi-asset portfolio 624
Pankaj Agrrawal and Doug Waggle
9 Speculating return and hedging risk with derivatives 653
Tian (Lori) Tang
10 Irrational investors 678
Xing Lu
PART IV Going forward
11 Bulls, bears, bubbles, and bankruptcy: what have we learned? 698
Melissa Woodley
12 Future trends and models for managing risk and return 721
M. Tony Via
