Showing papers on "Investment management published in 1983"
TL;DR: The authors conducted a survey of 4,000 individual investors, 900 institutional investors and 900 financial analysts in three countries, and found that the three groups in all three countries revealed a strong belief in the importance of financial statements for investment decisions whether “buy” or hold/sell.
Abstract: This article reports on a major study which is part of ongoing international research into the use and usefulness of financial statements for investment decisions. The survey reported covered 4,000 individual investors, 900 institutional investors and 900 financial analysts, in 3 countries. It was found that the 3 groups in all 3 countries revealed a strong belief in the importance of financial statements for investment decisions whether “buy” or “hold/sell.” It was also found that the individual investor group was far less homogeneous than previous research has assumed, and that cultural or social differences between countries do exist in this field.
106 citations
52 citations
TL;DR: The so-called "law of one price" implies that if these prices are not equalized, a group of well-financed investment managers could make a risk-free (arbitrage) profit by buying assets in the low-priced country and selling them in the highpriced country as discussed by the authors.
Abstract: In recent years there has been a great deal of attention paid to the possible size and nature of the benefits from international asset investment on the part of financial managers. One aspect of the growth of financial and real international investment is that, in equilibrium, the prices of a homogeneous asset sold in different national locations should be the same after appropriate adjustment for exchange rates (see [2], [3] and [4], for example). This so-called "law of one price" implies that if these prices are not equalized, a group of well-financed investment managers could make a risk-free (arbitrage) profit by buying assets in the low-priced country and selling them in the highpriced country. A direct corollary of this law is that in a frictionless world homogeneous financial assets, such as the stocks of large U.S. corporations, should trade at the same prices domestically and internationally after adjustment for exchange rates and transaction costs.
43 citations
3 citations
TL;DR: In this article, it is assumed that substitute securities exist, and the CAPM still holds, although investors neither hold all of the assets in the market nor a balanced shareholding in the assets they do hold.
3 citations
TL;DR: The Management Skills for Investment Managers Seminar as mentioned in this paper was held in Washington, D.C., on October 26-27, 1982, with a focus on the management skills for investment managers.
Abstract: This presentation comes from the Management Skills for Investment Managers Seminar held in Washington, D.C., on October 26-27, 1982.
1 citations
TL;DR: The Management Skills for Investment Managers Seminar as mentioned in this paper was held in Washington, D.C., on October 26-27, 1982, with a focus on the management skills for investment managers.
Abstract: This presentation comes from the Management Skills for Investment Managers Seminar held in Washington, D.C., on October 26-27, 1982.
1 citations
01 Jan 1983
TL;DR: In the U.K. as mentioned in this paper, the authors argue that there remains a wide divergence between the theoretical principles and the practical methodology of portfolio investment, and that the most important way in which this divergence manifests itself lies in the contrast between the recommended market approach of theory and the concentration by practitioners on sectors and individual share selection.
Abstract: Modern portfolio theory has played an important role in concentrating the attention of professional investors on the need to control risk. Since professionals invest on behalf of a great variety of institutions and individuals, they would ideally like to be able to discuss risk in a systematic and quantifiable way. Although the pressure for change in the U.K. has not been so great as within the U.S.A., where the introduction of ERISA has provided legal impetus for investment managers to adopt an acceptable method of risk measurement, there has nevertheless been a gradual transition towards “accountability” and “risk-adjusted” performance in the U.K. Yet there remains a wide divergence between the theoretical principles and the practical methodology of portfolio investment. One of the most important ways in which this divergence manifests itself lies in the contrast between the recommended market approach of theory and the concentration by practitioners on sectors and individual share selection.