Hardcover

ISBN 10: 0127444831 ISBN 13: 9780127444833

Publisher: Academic Press, 2012

Just how talented are your investment managers?  Measuring portfolio performance requires evaluation (measuring portfolio results against benchmarks) and attribution (determining individual results of the portfolio's parts),   In this book, a professor and an asset manager show readers how to use theories, applications, and real data to understand these tools. Unlike others, Fischer and Wermers teach readers how to pick the very latest scientific theories and applications that fit their specific needs.  With material inspired by the recent financial crisis, Fischer and Wermers bring new clarity to defining investment success. 

• Gives readers the theories and the empirical tools to handle their own data
• Chapter-end problems build understanding
• Filled with examples that size-up real asset managers
• Includes extensive discussion and numerical examples of the widely used DGTW stock benchmark portfolios
• Features practice problems from the CFA Program curriculum.

From the Author:

According to TheCityUK estimates, the global fund management industry oversaw $118 trillion in assets at the end of 2012, most of it in actively managed funds that charge higher fees than index funds. Are these managers worth their fees?  To address this question in a scientific way, this book presents the latest statistical approaches in an easily understandable and very readable text.  That is, no math is spared, but the main themes of the text are very understandable without the math. The reader will have access to the latest peer-reviewed scientific techniques developed by top finance academics worldwide, in a book that distills hundreds of academic papers into their most important messages.

From the Back Cover:

Just how successful is that investment?  Measuring portfolio performance requires evaluation (measuring portfolio results against benchmarks) and attribution (determining individual results of the portfolio's parts),   In this book, a professor and an asset manager show readers how to use theories, applications, and real data to understand these tools. Unlike others, Fischer and Wermers teach readers how to pick the theories and applications that fit their specific needs.  With material inspired by the recent financial crisis, Fischer and Wermers bring new clarity to defining investment success.