Table of Contents

Introduction3Challenge to Judgment (Fall 1974)7The Dividend Puzzle (Winter 1976)10The Capital Asset Pricing Model and the Market Model (Winter 1981)14Factors in New York Stock Exchange Security Returns, 1931-1979 (Summer 1982)26What Hath MPT Wrought: Which Risks Reap Rewards? (Fall 1983)41Persuasive Evidence of Market Inefficiency (Spring 1985)48What Moves Stock Prices? (Spring 1989)56The Complexity of the Stock Market (Fall 1989)65Beta and Return (Fall 1993)74Performance Evaluation and Benchmark Errors (Summer 1980)87The Trouble with Performance Measurement (Spring 1986)95How to Detect Skill in Management Performance (Winter 1986)101The Implementation Shortfall: Paper versus Reality (Spring 1988)106Continuously Rebalanced Investment Strategies (Fall 1991)112A New Route to Higher Returns and Lower Risks (Fall 1975)119A Global Approach to Money Management (Summer 1976)125How to Win at the Loser's Game (Fall 1978)135A New Paradigm for Portfolio Risk (Fall 1984)143Latane's Bequest: The Best of Portfolio Strategies (Winter 1986)151The Fundamental Law to Active Management (Spring 1989)161The Sharpe Ratio (Fall 1994)169The Invisible Costs of Trading (Fall 1994)179Real Estate: The Whole Story (Spring 1988)189Breaking Tradition in Bond Portfolio Investment (Spring 1975)203The Dividends from Active Bond Management (Spring 1975)209Duration as a Practical Tool for Bond Management (Summer 1977)214Goal Oriented Bond Portfolio Management (Summer 1979)219The Challenge of Analyzing Bond Portfolio Returns (Spring 1980)225The Art of Risk Management in Bond Portfolios (Spring 1981)231The Uses of Contingent Immunization (Fall 1981)241Bond Indexation: The Optimal Quantitative Approach (Spring 1986)246Why Invest in Foreign Currency Bonds? (Summer 1986)250Duration Models: A Taxonomy (Fall 1988)255Convexity and Exceptional Return (Winter 1990)260Non-Parallel Yield Curve Shifts and Immunization (Spring 1992)265Bond Yield Spreads: A Postmodern View (Fall 1992)273Options Can Alter Portfolio Return Distributions (Spring 1981)283Option Portfolio Risk Analysis (Winter 1984)291The Use of Options in Performance Structuring (Summer 1985)296Futures and Alternative Hedge Ratio Methodologies (Spring 1986)311Hedging Corporate Bond Portfolios (Summer 1986)322

Promotional Information

[This] volume of outstanding articles...should attract both practitioners who want to know what is relevant and useful in financial theory and theoreticians who would like to see how theory is used in practice. -- Harry M. Markowitz, 1990 Nobel Laureate in Economics

About the Author

Peter L. Bernstein is President of Peter L. Bernstein, Inc., economic consultants to institutional investors and corporations, and Consulting Editor of The Journal of Portfolio Management. His books include Capital Ideas: The Improbable Origins of Modern Wall Street and Against the Gods: The Remarkable Story of Risk.
Frank J. Fabozzi is Adjunct Professor of Finance in the School of Management at Yale University. He is the editor of The Journal of Portfolio Management and has written and edited numerous books on investment management. His most recent books include Investment Management and Bond Portfolio Management.

Reviews

"[This] volume of outstanding articles. . .should attract both practitioners who want to know what is relevant and useful in financial theory and theoreticians who would like to see how theory is used in practice."—Harry M. Markowitz, 1990 Nobel Laureate in Economics