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  • Book
  • © 2006

Investment Management and Mismanagement

History, Findings, and Analysis

  • Includes an analysis of the literature on individual investor behavior

  • Includes an analysis of the literature on professional investor behavior

  • Includes an analysis of the literature on both suitability and churning

  • Focuses directly on all of the reasons for investments management underperformance

  • Includes supplementary material: sn.pub/extras

Part of the book series: Innovations in Financial Markets and Institutions (IFMI, volume 17)

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-0-387-33830-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 139.99
Price excludes VAT (USA)
Hardcover Book USD 139.99
Price excludes VAT (USA)

This is a preview of subscription content, access via your institution.

Table of contents (11 chapters)

  1. Front Matter

    Pages i-xi
  2. Introduction

    Pages 1-2
  3. Suitability

    Pages 99-109
  4. Churning

    Pages 111-143
  5. Conclusion

    Pages 145-146
  6. Back Matter

    Pages 147-178

About this book

INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.

"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry’s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today’s environment. The book covers important topics, ranging from mutual funds’ inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice."

Kathleen A. Wayner

President and CEO

Darren C. Kavesh

Chief Investment Officer

Bowling Portfolio Management

513-871-7776

Keywords

  • Finance
  • Investment
  • anomalies
  • churning
  • market timing

Authors and Affiliations

  • University of North Florida, USA

    Seth C. Anderson

About the author

Seth Anderson is a Professor of Finance with expertise in Investments/International Finance at the University of North Florida. He has served as a research consultant for several large pension plans including EIDupont. He also served as an expert witness work in the area of portfolio management. He is the author of Mutual Funds: Fifty Years of Research Findings, Closed-End Fund Pricing: Theories and Evidence, Initial Public Offerings: Findings and Theories, and Closed End Investment Companies: Issues and Answers. He has also authored more than forty articles published in Journal of Financial Research, Financial Services Review, Journal of Behavioral Economics, Financial Analysts Journal, Journal of Portfolio Management among others. His research findings have been cited in Barron’s, Business Week, CBS Radio News, Forbes, Money, Mutual Fund Magazine, The Wall Street Journal, and other national and local media.

Bibliographic Information

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-0-387-33830-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 139.99
Price excludes VAT (USA)
Hardcover Book USD 139.99
Price excludes VAT (USA)