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Assessing Risk Tolerance

Sherman D. Hanna, Michael A. Guillemette, and Michael S. Finke

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0005
Subject:
Economics and Finance, Financial Economics

Assessing risk tolerance is an important part of advising clients about portfolio selections. The expected utility approach underlying portfolio advice based on financial economics assumes that a ... More


Institutional Wealth Management

Eric J. Robbins

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0007
Subject:
Economics and Finance, Financial Economics

An institutional investment policy statement (IIPS) is a formal document designed to help guide the investment process. Although this document is not currently required by regulation, it is a useful ... More


Private Wealth Management

Dianna C. Preece

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0006
Subject:
Economics and Finance, Financial Economics

Private wealth management is a specialized field focused on investment management for high-net-worth individuals and families. The process is complex and must be customized to the individual. ... More


Utility and Risk Aversion

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory: Second Edition

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0001
Subject:
Economics and Finance, Financial Economics

Expected utility is introduced. Risk aversion and its equivalence with concavity of the utility function (Jensen’s inequality) are explained. The concepts of relative risk aversion, absolute risk ... More


The Most Important Thing Is … Awareness of the Pendulum

Howard Marks

in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231162845
eISBN:
9780231530798
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231162845.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter is about another important requirement for successful investing: awareness of the markets’ pendulum-like swings. Investment markets swing like a pendulum: between euphoria and ... More


The Most Important Thing Is … Awareness of the Pendulum

Howard Marks

in The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231153683
eISBN:
9780231527095
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231153683.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter discusses what is also needed for successful investing: awareness of the pendulum-like swing of the investment markets. The pendulum swings between euphoria and depression, between ... More


Building and Monitoring Mutual Fund Portfolios

Larry J. Prather, Han-Sheng Chen, and Ying-Chou Lin

in Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190207434
eISBN:
9780190207465
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190207434.003.0017
Subject:
Economics and Finance, Financial Economics

The process of building a mutual fund portfolio is an important topic because mutual funds are the predominant investment choice for employer-sponsored retirement plans and individual retirement ... More


Equilibrium and Efficiency

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0004
Subject:
Economics and Finance, Financial Economics

Pareto optima and competitive equilibria are defined. Allocations are functions of market wealth (sharing rules) in Pareto optima, which means that all risks except market wealth are perfectly ... More


Portfolio Choice

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0002
Subject:
Economics and Finance, Financial Economics

The portfolio choice model is introduced, and the first‐order condition is derived. Properties of the demand for a single risky asset are derived from second‐order risk aversion and decreasing ... More


Representative Investors

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0007
Subject:
Economics and Finance, Financial Economics

There is a representative investor at any Pareto optimal competitive equilibrium. If investors have linear risk tolerance with the same cautiousness parameter, then there is a representative investor ... More


Agency of Risk: The Competing Balance Between Protecting Military Forces and the Civilian Population during Counterinsurgency Operations in Afghanistan1

Chris Jenks

in Counterinsurgency Law: New Directions in Asymmetric Warfare

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199941445
eISBN:
9780190260170
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199941445.003.0006
Subject:
Law, Public International Law

This chapter examines the counterinsurgency (COIN) operation in Afghanistan, with particular emphasis on the allocation of risk between military forces and Afghan civilians. It looks at the United ... More


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