Managerial Finance: Volume 5 Issue 1

The Markowitz Contribution to Portfolio Theory

Stephen F. Witt, Richard Dobbins

This issue of Managerial Finance is devoted to modern portfolio theory which has evolved since the pioneering work of Markowitz in 1952. Before the development of modern portfolio…

Risk Reduction by International Diversification

Judith Atherton, David C.L. Yap

This article describes a study of the risks, returns and correlations among international stock market averages, from the point of view of both the US and UK investor during the…

Technical Analysis: Forecasting or Fortune‐Telling?

David Fanning

This paper outlines the present state of technical analysis and describes the various mechanisms associated with current practices. In particular, the relative strength analysis…

Capital Asset Prices: Risk and Return

G.H. Lawson, Richard Pike

Though of fairly recent origin, the capital‐asset pricing model (CAPM) is becoming a dominant influence in the analysis of financial and investment decisions. While continuing to…

Capital Asset Pricing: Theory, Empirics and Implications for Portfolio Management

Michael Theobald

This paper attempts to review briefly the current position of capital asset pricing theory and testing, and to consider the implications for portfolio managers. Inevitably in a…

Some Implications of the Efficient Market Hypothesis

Richard Dobbins, Stephen F. Witt

The efficient market hypothesis (EMH) asserts that share prices fully reflect all available information, any new or shock information being very rapidly incorporated into the…

Modern Risk Measurement

E. Dimson, P.R. Marsh

During the past decade, there has been a revolution in investment management. If you pick up any professional investment journal in the States you will find that the articles and…

Financial Institutions and The Stock Market

Richard J. Briston, Richard Dobbins

Institutional investors—insurance companies, pension funds, investment trust companies and unit trusts—have increased significantly and persistently their ownership of British…