{"product_id":"equity-valuation-and-portfolio-management-isbn-9780470929919","title":"Equity Valuation and Portfolio Management","description":"\u003cb\u003eA detailed look at equity valuation and portfolio management\u003c\/b\u003e \u003cp\u003eEquity valuation is a method of valuing stock prices using fundamental analysis to determine the worth of the business and discover investment opportunities.\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eEquity Valuation and Portfolio Management\u003c\/i\u003e Frank J. Fabozzi and Harry M. Markowitz explain the process of equity valuation, provide the necessary mathematical background, and discuss classic and new portfolio strategies for investment managers. Divided into two comprehensive parts, this reliable resource focuses on valuation and portfolio strategies related to equities.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDiscusses both fundamental and new techniques for valuation and strategies\u003c\/li\u003e \u003cli\u003eFabozzi and Markowitz are experts in the fields of investment management and economics\u003c\/li\u003e \u003cli\u003eIncludes end of chapter bullet point summaries, key chapter take-aways, and study questions\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFilled with in-depth insights and practical advice, \u003ci\u003eEquity Valuation and Portfolio Management\u003c\/i\u003e will put you in a better position to excel at this challenging endeavor.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAbout the Editors xxiii\u003c\/p\u003e \u003cp\u003eContributing Authors xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 An Introduction to Quantitative Equity Investing 1\u003cbr\u003e\u003c\/b\u003e\u003ci\u003ePaul Bukowski\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eEquity Investing 1\u003c\/p\u003e \u003cp\u003eFundamental vs. Quantitative Investor 2\u003c\/p\u003e \u003cp\u003eThe Quantitative Stock Selection Model 7\u003c\/p\u003e \u003cp\u003eThe Overall Quantitative Investment Process 9\u003c\/p\u003e \u003cp\u003eResearch 9\u003c\/p\u003e \u003cp\u003ePortfolio Construction 18\u003c\/p\u003e \u003cp\u003eMonitoring 21\u003c\/p\u003e \u003cp\u003eCurrent Trends 22\u003c\/p\u003e \u003cp\u003eKey Points 23\u003c\/p\u003e \u003cp\u003eQuestions 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Equity Analysis Using Traditional and Value-Based Metrics 25\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eJames L. Grant and Frank J. Fabozzi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eOverview of Traditional Metrics 25\u003c\/p\u003e \u003cp\u003ePrice Multiples 32\u003c\/p\u003e \u003cp\u003eFundamental Stock Return 36\u003c\/p\u003e \u003cp\u003eTraditional Caveats 38\u003c\/p\u003e \u003cp\u003eOverview of Value-Based Metrics 39\u003c\/p\u003e \u003cp\u003eKey Points 58\u003c\/p\u003e \u003cp\u003eAppendix: Case Study 60\u003c\/p\u003e \u003cp\u003eQuestions 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 A Franchise Factor Approach to Modeling P\/E Orbits 71\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eStanley Kogelman and Martin L. Leibowitz\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBackground 72\u003c\/p\u003e \u003cp\u003eHistorical Data Observations 75\u003c\/p\u003e \u003cp\u003eFormulation of the Basic Model 81\u003c\/p\u003e \u003cp\u003eP\/E Myopia: The Fallacy of a Stable P\/E 85\u003c\/p\u003e \u003cp\u003eTwo-Phase P\/E Orbits 91\u003c\/p\u003e \u003cp\u003eFranchise Valuation under Q-Type Competition 96\u003c\/p\u003e \u003cp\u003eFranchise Labor 97\u003c\/p\u003e \u003cp\u003eKey Points 101\u003c\/p\u003e \u003cp\u003eQuestions 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Relative Valuation Methods for Equity Analysis 105\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eGlen A. Larsen Jr., Frank J. Fabozzi, and Chris Gowlland\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBasic Principles of Relative Valuation 106\u003c\/p\u003e \u003cp\u003eHypothetical Example 115\u003c\/p\u003e \u003cp\u003eKey Points 123\u003c\/p\u003e \u003cp\u003eQuestions 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Valuation over the Cycle and the Distribution of Returns 125\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eAnders Ersbak Bang Nielsen and Peter C. Oppenheimer\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe Link Between Earnings and Returns 126\u003c\/p\u003e \u003cp\u003eThe Phases Can Be Interpreted in Relationship to the Economy 132\u003c\/p\u003e \u003cp\u003eAsset Class Performance Varies across the Phases 137\u003c\/p\u003e \u003cp\u003eIncorporating Cyclicality into Valuations 139\u003c\/p\u003e \u003cp\u003eAppendix: Dates and Returns of the Phases 142\u003c\/p\u003e \u003cp\u003eKey Points 146\u003c\/p\u003e \u003cp\u003eQuestions 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 An Architecture for Equity Portfolio Management 147\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBruce I. Jacobs and Kenneth N. Levy\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eArchitectural Building Blocks 148\u003c\/p\u003e \u003cp\u003eTraditional Active Management 151\u003c\/p\u003e \u003cp\u003ePassive Management 156\u003c\/p\u003e \u003cp\u003eEngineered Management 157\u003c\/p\u003e \u003cp\u003eExpanding Opportunities 160\u003c\/p\u003e \u003cp\u003eThe Risk-Return Continuum 163\u003c\/p\u003e \u003cp\u003eThe Ultimate Objective 167\u003c\/p\u003e \u003cp\u003eKey Points 168\u003c\/p\u003e \u003cp\u003eQuestions 169\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Equity Analysis in a Complex Market 171\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBruce I. Jacobs and Kenneth N. Levy\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAn Integrated Approach to a Segmented Market 172\u003c\/p\u003e \u003cp\u003eDisentangling 176\u003c\/p\u003e \u003cp\u003eConstructing, Trading, and Evaluating Portfolios 184\u003c\/p\u003e \u003cp\u003eProfiting from Complexity 186\u003c\/p\u003e \u003cp\u003eKey Points 187\u003c\/p\u003e \u003cp\u003eQuestions 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Survey Studies of the Use of Quantitative Equity Management 189\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eFrank J. Fabozzi, Sergio M. Focardi, and Caroline L. Jonas\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e2003 Intertek European Study 189\u003c\/p\u003e \u003cp\u003e2006 Intertek Study 197\u003c\/p\u003e \u003cp\u003e2007 Intertek Study 205\u003c\/p\u003e \u003cp\u003eChallenges for Quantitative Equity Investing 224\u003c\/p\u003e \u003cp\u003eModeling After the 2007–2009 Global Financial Crisis 226\u003c\/p\u003e \u003cp\u003eKey Points 228\u003c\/p\u003e \u003cp\u003eQuestions 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Implementable Quantitative Equity Research 231\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eFrank J. Fabozzi, Sergio M. Focardi, and K. C. Ma\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe Rise of Econophysics 233\u003c\/p\u003e \u003cp\u003eA General Framework 235\u003c\/p\u003e \u003cp\u003eSelect a Sample Free from Survivorship Bias 238\u003c\/p\u003e \u003cp\u003eSelect a Methodology to Estimate the Model 239\u003c\/p\u003e \u003cp\u003eRisk Control 246\u003c\/p\u003e \u003cp\u003eKey Points 248\u003c\/p\u003e \u003cp\u003eQuestions 249\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Tracking Error and Common Stock Portfolio Management 251\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eRaman Vardharaj, Frank J. Fabozzi, and Frank J. Jones\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eDefinition of Tracking Error 251\u003c\/p\u003e \u003cp\u003eComponents of Tracking Error 254\u003c\/p\u003e \u003cp\u003eForward-Looking vs. Backward-Looking Tracking Error 255\u003c\/p\u003e \u003cp\u003eInformation Ratio 256\u003c\/p\u003e \u003cp\u003eDeterminants of Tracking Error 257\u003c\/p\u003e \u003cp\u003eMarginal Contribution to Tracking Error 261\u003c\/p\u003e \u003cp\u003eKey Points 262\u003c\/p\u003e \u003cp\u003eQuestions 263\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Factor-Based Equity Portfolio Construction and Analysis 265\u003cbr\u003e\u003c\/b\u003e\u003ci\u003ePetter N. Kolm, Joseph A. Cerniglia, and Frank J. Fabozzi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eFactor-Based Trading 266\u003c\/p\u003e \u003cp\u003eDeveloping Factor-Based Trading Strategies 269\u003c\/p\u003e \u003cp\u003eRisk to Trading Strategies 271\u003c\/p\u003e \u003cp\u003eDesirable Properties of Factors 273\u003c\/p\u003e \u003cp\u003eSources for Factors 273\u003c\/p\u003e \u003cp\u003eBuilding Factors from Company Characteristics 274\u003c\/p\u003e \u003cp\u003eWorking with Data 275\u003c\/p\u003e \u003cp\u003eAnalysis of Factor Data 283\u003c\/p\u003e \u003cp\u003eKey Points 287\u003c\/p\u003e \u003cp\u003eQuestions 289\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Cross-Sectional Factor-Based Models and Trading Strategies 291\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eJoseph A. Cerniglia, Petter N. Kolm, and Frank J. Fabozzi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eCross-Sectional Methods for Evaluation of Factor Premiums 292\u003c\/p\u003e \u003cp\u003eFactor Models 300\u003c\/p\u003e \u003cp\u003ePerformance Evaluation of Factors 310\u003c\/p\u003e \u003cp\u003eModel Construction Methodologies for a Factor-based Trading Strategy 317\u003c\/p\u003e \u003cp\u003eBacktesting 328\u003c\/p\u003e \u003cp\u003eBacktesting Our Factor Trading Strategy 330\u003c\/p\u003e \u003cp\u003eKey Points 331\u003c\/p\u003e \u003cp\u003eAppendix: The Compustat Point-in-Time, IBES Consensus Databases and Factor Definitions 333\u003c\/p\u003e \u003cp\u003eQuestions 337\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Multifactor Equity Risk Models and Their Applications 339\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eAnthony Lazanas, António Baldaque da Silva, Arne D. Staal, and Cenk Ural\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMotivation 340\u003c\/p\u003e \u003cp\u003eEquity Risk Factor Models 342\u003c\/p\u003e \u003cp\u003eApplications of Equity Risk Models 350\u003c\/p\u003e \u003cp\u003eKey Points 370\u003c\/p\u003e \u003cp\u003eQuestions 371\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Dynamic Factor Approaches to Equity Portfolio Management 373\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eDorsey D. Farr\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMethods of Active Management 376\u003c\/p\u003e \u003cp\u003eModeling 385\u003c\/p\u003e \u003cp\u003eImplementation 392\u003c\/p\u003e \u003cp\u003eKey Points 395\u003c\/p\u003e \u003cp\u003eQuestions 395\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 A Factor Competition Approach to Stock Selection 397\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eJoseph Mezrich and Junbo Feng\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe Problem 397\u003c\/p\u003e \u003cp\u003eThe Solution 403\u003c\/p\u003e \u003cp\u003eWhich Factors Get Picked? 407\u003c\/p\u003e \u003cp\u003eDoes the Alpha Repair Process Work? 408\u003c\/p\u003e \u003cp\u003eKey Points 411\u003c\/p\u003e \u003cp\u003eQuestions 412\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Avoiding Unintended Country Bets in Global Equity Portfolios 413\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eMichele Aghassi, Cliff Asness, Oktay Kurbanov, and Lars N. Nielsen\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eCountry Membership and Individual Stock Returns 414\u003c\/p\u003e \u003cp\u003eWays to Build Active Global Portfolios 416\u003c\/p\u003e \u003cp\u003eStudying the Naive Portfolio 419\u003c\/p\u003e \u003cp\u003eEmpirical Results 420\u003c\/p\u003e \u003cp\u003eWhy Does the Naive Stock Selection Portfolio Make Country Noise Bets? 422\u003c\/p\u003e \u003cp\u003eKey Points 423\u003c\/p\u003e \u003cp\u003eQuestions 424\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Modeling Market Impact Costs 425\u003cbr\u003e\u003c\/b\u003e\u003ci\u003ePetter N. Kolm and Frank J. Fabozzi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMarket Impact Costs 426\u003c\/p\u003e \u003cp\u003eLiquidity and Transaction Costs 427\u003c\/p\u003e \u003cp\u003eMarket Impact Measurements and Empirical Findings 430\u003c\/p\u003e \u003cp\u003eForecasting and Modeling Market Impact 433\u003c\/p\u003e \u003cp\u003eKey Points 439\u003c\/p\u003e \u003cp\u003eQuestions 440\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Equity Portfolio Selection in Practice 441\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eDessislava A. Pachamanova and Frank J. Fabozzi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePortfolio Constraints Commonly Used in Practice 442\u003c\/p\u003e \u003cp\u003eBenchmark Exposure and Tracking Error Minimization 450\u003c\/p\u003e \u003cp\u003eIncorporating Transaction Costs 454\u003c\/p\u003e \u003cp\u003eIncorporating Taxes 460\u003c\/p\u003e \u003cp\u003eMulti-Account Optimization 465\u003c\/p\u003e \u003cp\u003eRobust Parameter Estimation 469\u003c\/p\u003e \u003cp\u003ePortfolio Resampling 471\u003c\/p\u003e \u003cp\u003eRobust Portfolio Optimization 474\u003c\/p\u003e \u003cp\u003eKey Points 480\u003c\/p\u003e \u003cp\u003eQuestions 481\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Portfolio Construction and Extreme Risk 483\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eJennifer Bender, Jyh-Huei Lee, and Dan Stefek\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMeasures of Extreme Loss 484\u003c\/p\u003e \u003cp\u003eConstraining Shortfall 485\u003c\/p\u003e \u003cp\u003ePerformance 485\u003c\/p\u003e \u003cp\u003eImposing Benchmark Neutrality 487\u003c\/p\u003e \u003cp\u003eAnalysis 489\u003c\/p\u003e \u003cp\u003eKey Points 493\u003c\/p\u003e \u003cp\u003eAppendix: Constructing Out-of-Sample Shortfall Betas 494\u003c\/p\u003e \u003cp\u003eQuestions 495\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 Working with High-Frequency Data 497\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eIrene Aldridge\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eWhat is High-Frequency Data? 497\u003c\/p\u003e \u003cp\u003eHow is High-Frequency Data Recorded? 499\u003c\/p\u003e \u003cp\u003eProperties of High-Frequency Data 500\u003c\/p\u003e \u003cp\u003eHigh-Frequency Data are Voluminous 501\u003c\/p\u003e \u003cp\u003eHigh-Frequency Data are Subject to Bid-Ask Bounce 503\u003c\/p\u003e \u003cp\u003eHigh-Frequency Data are Irregularly Spaced in Time 509\u003c\/p\u003e \u003cp\u003eEquity Correlations Decay at High Frequencies 517\u003c\/p\u003e \u003cp\u003eKey Points 519\u003c\/p\u003e \u003cp\u003eQuestions 520\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 Statistical Arbitrage 521\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBrian J. Jacobsen\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePairs Trading 523\u003c\/p\u003e \u003cp\u003eGeneral Models 532\u003c\/p\u003e \u003cp\u003eKey Points 534\u003c\/p\u003e \u003cp\u003eQuestions 534\u003c\/p\u003e \u003cp\u003eAbout the Website 535\u003c\/p\u003e \u003cp\u003eIndex 537\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFRANK J. FABOZZI, P\u003csmall\u003eH\u003c\/small\u003eD, CFA,\u003c\/b\u003e is Professor of Finance at EDHEC Business School and a member of the EDHEC-Risk Institute. Prior to joining EDHEC in August 2011, he held various professorial positions in finance at the Yale School of Management from 1994 to 2011 and was a visiting professor of finance and accounting at the MIT Sloan School of Management from 1986 to 1992. He is also Editor of the \u003ci\u003eJournal of Portfolio Management.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHARRY M. MARKOWITZ, P\u003csmall\u003eH\u003c\/small\u003eD, \u003c\/b\u003e is a consultant in the area of finance. In 1990, he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his groundbreaking work in portfolio theory. In 1989, he received the John von Neumann Theory Prize of the Institute for Operations Research and the Management Sciences for his work in portfolio theory and other applications of mathematics and computers to business practice.\u003c\/p\u003e  \u003cp\u003eUnderstanding the intricacies of equity valuation and portfolio management is essential for both practicing financial professionals as well as those aspiring to enter this field. But finding truly helpful information on these issues can be difficult. That's why you need Equity Valuation and Portfolio Management.\u003c\/p\u003e \u003cp\u003eLed by financial experts Frank Fabozzi and Harry Markowitz, the contributors to this book—successful practitioners with experience as equity portfolio managers and\/or equity strategists—discuss state-of-the-art methods for implementing equity valuation models, trading models, and portfolio management strategies. And with key points and questions found at the end of each chapter, you'll quickly discover how well you know each topic covered before moving on to the next one.\u003c\/p\u003e \u003cp\u003eWritten to reflect the challenges you'll most likely face in today's dynamic market environment, Equity Valuation and Portfolio Management contains insights on the most essential aspects of this discipline as well as the tools you'll need to make more informed financial decisions. Along the way, you'll become familiar with:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eThe fundamentals of quantitative equity investing and the most common techniques used by quantitative equity managers\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eRelative valuation methods for equity analysis\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eA framework for equity portfolio management that includes an outline of the relationships between stocks and investment approaches as well as the potential rewards and risks\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to build and test factor-based models that can be used as the basis for trading strategies\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe use of equity risk factor models in various applications, namely the analysis of portfolio risk, portfolio construction, scenario analysis, and performance attribution\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eQuantitative formulations of portfolio allocation problems used in equity portfolio management\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eAnd much more\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWhile many of the chapters of this book cover the motivation for quantitative equity investing and actual quantitative equity models, an informative chapter reviewing three studies—based on surveys and interviews of market participants regarding their experience with quantitative equity techniques—is also included to help put things in perspective and address the challenges that lie ahead.\u003c\/p\u003e \u003cp\u003eAccessible and engaging, Equity Valuation and Portfolio Management is the guide you need to excel at this difficult endeavor.\u003c\/p\u003e  \u003cp\u003eUnderstanding the intricacies of equity valuation and portfolio management is essential for both practicing financial professionals as well as those aspiring to enter this field. But finding truly helpful information on these issues can be difficult. That's why you need \u003ci\u003eEquity Valuation and Portfolio Management.\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003eLed by financial experts Frank Fabozzi and Harry Markowitz, the contributors to this —successful practitioners with experience as equity portfolio managers and\/or equity strategists—discuss state-of-the-art methods for implementing equity valuation models, trading models, and portfolio management strategies. And with key points and questions found at the end of each chapter, you???ll quickly discover how well you know each topic covered before moving on to the next one.  \u003c\/p\u003e\u003cp\u003eWritten to reflect the challenges you'll most likely face in 's dynamic market environment, \u003ci\u003eEquity Valuation and Portfolio Management\u003c\/i\u003e contains insights on the most essential aspects of this discipline as well as the tools you'll need to make more informed financial decisions. Along the way, you'll become familiar with: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe fundamentals of quantitative equity investing and the most common techniques used by quantitative equity managers\u003c\/li\u003e \u003cli\u003eRelative valuation methods for equity analysis\u003c\/li\u003e \u003cli\u003eA framework for equity portfolio management that includes an outline of the relationships between stocks and investment approaches as well as the potential rewards and risks\u003c\/li\u003e \u003cli\u003eHow to build and test factor-based models that can be used as the basis for trading strategies\u003c\/li\u003e \u003cli\u003eThe use of equity risk factor models in various applications, namely the analysis of portfolio risk, portfolio construction, scenario analysis, and performance attribution\u003c\/li\u003e \u003cli\u003eQuantitative formulations of portfolio allocation problems used in equity portfolio management\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWhile many of the chapters of this book cover the motivation for quantitative equity investing and actual quantitative equity models, an informative chapter reviewing three —based on surveys and interviews of market participants regarding their experience with quantitative equity techniques—is also included to help put things in perspective and address the challenges that lie ahead. \u003c\/p\u003e\u003cp\u003eAccessible and engaging, \u003ci\u003eEquity Valuation and Portfolio Management\u003c\/i\u003e is the guide you need to excel at this difficult endeavor.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989152743653,"sku":"NP9780470929919","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470929919.jpg?v=1761783012","url":"https:\/\/k12savings.com\/es\/products\/equity-valuation-and-portfolio-management-isbn-9780470929919","provider":"K12savings","version":"1.0","type":"link"}