Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined

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9780691166193: Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined
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"Pedersen's book can be recommended to a wide spectrum of readers interested in financial markets in general and hedge funds in particular."--Jacek Klich, Central Banking "Encyclopedic in its cataloguing of active management strategies and authoritative in its analysis of the practical issues of their implementation. Pedersen grounds his exposition in landmark scholarly articles and, where quantitative analysis is required to elucidate a concept, conveys his message without resorting to arcane mathematics."--Martin S. Fridson, Financial Analysts Journal "Despite the author's high level of understanding he manages to deliver a high quality but also easily understandable guide to the strategies."--Mats Larsson, Investing by the Books

Reseña del editor:



Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't.


Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros.



Efficiently Inefficient effectively demonstrates how financial markets really work.



Free problem sets are available online at http://www.lhpedersen.com


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Lasse Heje Pedersen
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Descripción Princeton University Press, United States, 2015. Hardback. Estado de conservación: New. 239 x 163 mm. Language: English . Brand New Book. Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don t. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book s strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient effectively demonstrates how financial markets really work. Free problem sets are available online at. Nº de ref. de la librería AAU9780691166193

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Lasse Heje Pedersen
Editorial: Princeton University Press, United States (2015)
ISBN 10: 0691166196 ISBN 13: 9780691166193
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Descripción Princeton University Press, United States, 2015. Hardback. Estado de conservación: New. 239 x 163 mm. Language: English . Brand New Book. Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don t. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book s strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient effectively demonstrates how financial markets really work. Free problem sets are available online at. Nº de ref. de la librería AAU9780691166193

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Pedersen, Lasse Heje
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ISBN 10: 0691166196 ISBN 13: 9780691166193
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Descripción Princeton University Press, 2015. Estado de conservación: New. Num Pages: 368 pages, 65 line illus. 16 tables. BIC Classification: KCA; KFFM. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 247 x 166 x 33. Weight in Grams: 776. . 2015. Hardcover. . . . . . Nº de ref. de la librería V9780691166193

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Descripción Princeton University Press. Estado de conservación: New. Num Pages: 368 pages, 65 line illus. 16 tables. BIC Classification: KCA; KFFM. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 247 x 166 x 33. Weight in Grams: 776. . 2015. Hardcover. . . . . Books ship from the US and Ireland. Nº de ref. de la librería V9780691166193

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