NEW PRINCIPLES OF EQUITY INVESTMENT
Book ID/图书代码： 04331419C00022
English Summary/英文概要： The modern finance paradigm is incomplete. Obvious gaps include poor performance of professional investors, puzzles enough in equity markets to support a sub-discipline of behavioural finance that patches over irrational biases and mispricings, and chronic, but inexplicable, financial crises. As with so many other disciplines, existing finance theory explains less than a tenth of what we see in markets and investment. A new paradigm of investment is needed.
New Principles of Equity Investment brings together robust scientific methodology with empirical evidence to propose a new paradigm of equity investment. It begins with a wide-ranging review of investor practices using mainly US and European research and surveys, and then outlines the nature of investment risk, the links between equity returns and institutional factors, and the structure of equity markets. The result is a sophisticated description of what we know is true about investment, and a frank assessment of the limitations to investment expertise. The author then presents a coherent, workable theory of equity prices that can be applied in practice by equity investors, and explains logical investor behaviours that have been thought of as biases.
Written by an academic with many years of practical investment experience, this book will provide new insights for equity investors who are looking for new perspectives and a better understanding of today’s complex markets.
Chinese Summary/中文概要： 现代金融范式是不完整的。明显的差距包括专业投资者的表现不佳，股票市场的困惑足以支撑行为金融学的一门分支学科，弥补非理性偏见和错误定价，以及长期但无法解释的金融危机。与许多其他学科一样，现有的金融理论解释的市场和投资情况还不到我们看到的十分之一。我们需要一种新的投资模式。
股权投资的新原则将稳健的科学方法论与实证证据结合起来，提出了股权投资的新范式。它首先使用美国和欧洲的研究和调查，对投资者的行为进行广泛的审查，然后概述了投资风险的性质、股票回报与机构因素之间的联系以及股票市场的结构。其结果是对我们所知道的关于投资的真实情况进行了复杂的描述，并对投资专业知识的局限性进行了坦率的评估。然后，作者提出了一个连贯的、可行的股票价格理论，可以应用于股票投资者的实践，并解释了被认为是偏见的逻辑投资者行为。
作者是一位具有多年实际投资经验的学者，本书将为那些寻求新视角和更好地理解当今复杂市场的股票投资者提供新的见解。（WYL）
Awards/获奖情况：
About the Author/作者介绍： 赖斯•科尔曼是墨尔本大学金融学者，拥有29年的行业经验。他曾担任数个高级投资职位，包括三家养老基金的受托人，以及投资委员会委员。他的主要研究兴趣是投资基金和公司的财务决策，特别关注作为决策刺激因素的风险和可持续性。
Les Coleman is a finance academic at the University of Melbourne with 29 years of industry experience. He has previously worked in several senior investment roles which include being a trustee of three superannuation funds, and investment committee member. His main research interest is financial decision making by investment funds and firms, with a particular focus on risk and sustainability as decision stimuli.
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Complex/Traditional Chinese/繁体中文：AVAILABLE
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