Alternative Investments on Contemporary Financial Market

  • Ewelina Sokołowska


Investing constitutes an essential factor in economic growth and development. Investments also function as the main manner of expanding capital. There are many definitions of the term ‘investment’. One of most well-known definitions, considered as a classic one, is the concept proposed by Hirshleifer (1958). He claimed, that investing involves sacrificing the current goods in exchange for uncertain benefits in the future. In an economic sense, an investment is a purchase of goods that are not consumed today, but are used in the future to create wealth. This definition indicates few important characteristics of investments. Firstly, an investment denotes an investor’s abandonment of current consumption, for which he/she expects a certain reward (a benefit). Secondly, an investment is realized during a certain period of time, which means that the investor can receive the reward in the future. Thirdly, future benefits constituting the reward are uncertain.


Real Estate Financial Market Venture Capital Investment Strategy Hedge Fund 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


  1. Anson, M. J. (2006). Handbook of alternative investments. New York: Willey.Google Scholar
  2. Basel Committee on Banking Supervision. (2004). International convergence of capital measurement and capital standards.
  3. Capgemini, R. B. C. Wealth Management. (2014). World Wealth Report 2013.Google Scholar
  4. Chorafas, D. N. (2003). Alternative investments and the mismanagement of risk. New York: Palgrave Macmillan.CrossRefGoogle Scholar
  5. Dębski, W. (2006). Structured products and hedge funds as alternative investments of the capital market. In H. Mamcarz (Ed.), Financial markets. Lublin: UMCS.Google Scholar
  6. Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, Brussels.Google Scholar
  7. Dorsey, A. H. (2008). Active alpha: A portfolio approach to selecting and managing alternative investments. Hoboken: Wiley.Google Scholar
  8. Hirshleifer, J. (1958). On the theory of optimal investment decision. The Journal of Political Economy, 66(4), 329–352.CrossRefGoogle Scholar
  9. Knight, F. H. (1921). Risk, uncertainty and profit. New York: Hart, Schaffner and Marx.Google Scholar
  10. Lange, O. (1943). A note on innovations. The Review of Economic Statistics, 25, 19–25.CrossRefGoogle Scholar
  11. Leitner, C., Mansour, A., & Naylor, S. (2007). Alternative investments in perspective. RREEF Research Paper.Google Scholar
  12. Schneeweis, T., & Pescatore, J. F. (Eds.). (1999). The handbook of alternative investment strategies. New York: Institutional Investor.Google Scholar
  13. Schneeweis, T., Spurgin, R., & Sohail, J. (1998). A comparison of return patterns in traditional and alternative investments. Alternative Investment Strategies, 10, 157–188.Google Scholar
  14. Sokołowska, E. (2010). Alternatywne formy inwestowania na rynku papierów wartościowych. Toruń: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika.Google Scholar
  15. Stefanini, F. (2006). Investment strategies of hedge funds. London: Wiley.Google Scholar
  16. Swedroe, L. E., & Kizer, J. (2008). The only guide to alternative investments you’ll ever need: The good, the flawed, the bad, and the ugly. New York: Bloomberg Press.Google Scholar
  17. Union, P. (2009). Directive 2009/65/EC of the European Parliament and of the council. Official Journal of the European Union L, 302, 33.Google Scholar
  18. Willett, A. H. (1901). The economic theory of risk and insurance (No. 38). New York: The Columbia University Press.Google Scholar

Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  • Ewelina Sokołowska
    • 1
  1. 1.Department of Corporate Finance Faculty of ManagementUniversity of GdanskSopotPoland

Personalised recommendations