Financial Theory Evolution: Bernstein likely traces the history of financial theory, discussing the key ideas and concepts that have revolutionized the field of finance.
Portfolio Theory: Exploring the development of portfolio theory, including Harry Markowitz's work on diversification and the efficient frontier.
Capital Asset Pricing Model (CAPM): Discussing the CAPM and William Sharpe's contribution to understanding the relationship between risk and return.
Efficient Market Hypothesis (EMH): Exploring Eugene Fama's work on the EMH, which suggests that asset prices reflect all available information.
Options Pricing Model: Addressing the groundbreaking contributions of Fischer Black, Myron Scholes, and Robert Merton in options pricing with the development of the Black-Scholes model.
Modern Financial Economics: Discussing the shift toward quantitative approaches to finance and the application of mathematical models in understanding financial markets.
Risk Management: Highlighting the evolution of risk management theories and practices, including the development of Value at Risk (VaR) and other risk measurement tools.
Critiques and Challenges: Addressing critiques and challenges to these foundational theories, exploring their limitations and areas where they might not fully explain market behavior.
Impact on Investment Strategies: Discussing how these theories have influenced investment strategies, portfolio management, and decision-making in the finance industry.
Future Implications: Considering the future of financial theory and potential directions for research and development in understanding markets and investing.
|No of pages
|29 Mar 1993
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