The Resource Modern Investment Management and the Prudent Man Rule

Modern Investment Management and the Prudent Man Rule

Label
Modern Investment Management and the Prudent Man Rule
Title
Modern Investment Management and the Prudent Man Rule
Creator
Subject
Genre
Language
eng
Summary
In recent years the field of finance has exploded with innovation. New products, services and techniques abound. The risks of inflation, the volatility of interest rates, the deregulation of financial intermediaries and the unbundling of financial services have combined to present investment managers with challenges and opportunities far greater than in the past. For trustees and managers of pension, trust, endowment, and similar funds, the task of meeting the challenges and exploiting the opportunities is much more difficult. These fiduciaries must measure their investment decisions against constrained interpretations of a legal standard--the prudent man rule--that have caused it to lag far behind changes in investment theory and the marketplace. Drawing on financial history, a major opinion survey of institutional investors, and comprehensive reviews of the law and of the lessons of modern portfolio theory for prudence, this book presents a powerful case that the prudent man rule as elaborated in legal treatises and much of the case law would virtually compel a fiduciary to act imprudently in terms of financial theory and marketplace reality. In proposing a modern paradigm of investment prudence, the book uses illustrations drawn from such traditionally suspect categories of investment fiduciaries as securities lending, real estate, venture capital, options and futures and repurchaser agreements. An unusual examination of the interaction of the worlds of law and finance, this work will be of interest to fiduciaries who are subject to some from of prudent man rule and all others, including judges, lawyers and investment managers, who are called upon to interpret and apply that legal standard
Cataloging source
MiAaPQ
http://library.link/vocab/creatorName
Longstreth, Bevis
Dewey number
  • 332.60973
  • 346.73/07 347.3067
  • 346.7307347.3067
LC call number
KF1083 -- .L66 1986eb
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/subjectName
  • Electronic books. -- local
  • Legal investments -- United States
  • Portfolio management -- United States
Label
Modern Investment Management and the Prudent Man Rule
Link
http://ebookcentral.proquest.com/lib/oulaw/detail.action?docID=431073
Instantiates
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • CONTENTS -- INTRODUCTION -- 1. The Prudent Man Rule Today-Variations on a Single Theme -- State Law of Personal Trusts -- State Law Governing Trustees of Endowments and Other Charitable Corporations: The Uniform Management of Institutional Funds Act -- Federal Law Governing Private Foundations: Section 4944 of the Internal Revenue Code -- Federal Law Governing Pension Funds: Employee Retirement Income Security Act of 1974 -- The Related Doctrine of Delegation -- Conclusions -- 2. Historical Sketch of the Investment Landscape from 1830 to Today -- The Changing Landscape Traced Through Statistics -- Improvements in Financial Reporting -- Evolving Notions About Insider Trading -- Professionalizing of Security Analysis -- The Rule Against Delegation -- The Notion of a Safe Investment -- 3. Points of Restraint and Conflict -- The Lessons of Modern Portfolio Theory -- The Individual Investment Approach -- The Enduring Fallacy of Labels -- Equivalences -- Innovation -- Risk Theory -- Delegation -- 4. Modern Paradigm of Prudence -- The "Modern Paradigm" Defined -- The Modern Paradigm in Action -- 5. Conclusions and Recommendations -- Summary of Conclusions -- The Modern Paradigm of Prudence -- Recommendations Regarding the Restatement -- APPENDICES -- A. The Lessons of Modern Portfolio Theory -- A. Introduction -- B. Mean-Variance Analysis -- C. The Simplest Notion of Equilibrium-The Standard Capital Asset Pricing Model -- D. Other Equilibrium Models-Implications for Other Passive Portfolios -- E. Efficient Market Theory -- F. Other Considerations in Portfolio Management -- G. Portfolio Strategy Development and Implementation -- H. Conclusions -- B. The Puzzling Survival of the Constrained Prudent Man Rule -- A. The Rule and Its Constrained Formulation -- B. The Shift to a Portfolio Theory Model -- C. Conclusion -- C. Results of the Study Questionnaire
  • Analysis of Numerical Summary of Results -- Analysis of Written Responses -- INDEX -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- R -- S -- T -- U -- V -- W -- Y -- Z -- TABLE OF CASES
Dimensions
unknown
Extent
1 online resource (292 pages)
Form of item
online
Isbn
9780195364699
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC431073
  • (Au-PeEL)EBL431073
  • (CaPaEBR)ebr10279396
  • (OCoLC)609831813
  • (MiAaPQ)EBC431073
Label
Modern Investment Management and the Prudent Man Rule
Link
http://ebookcentral.proquest.com/lib/oulaw/detail.action?docID=431073
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • CONTENTS -- INTRODUCTION -- 1. The Prudent Man Rule Today-Variations on a Single Theme -- State Law of Personal Trusts -- State Law Governing Trustees of Endowments and Other Charitable Corporations: The Uniform Management of Institutional Funds Act -- Federal Law Governing Private Foundations: Section 4944 of the Internal Revenue Code -- Federal Law Governing Pension Funds: Employee Retirement Income Security Act of 1974 -- The Related Doctrine of Delegation -- Conclusions -- 2. Historical Sketch of the Investment Landscape from 1830 to Today -- The Changing Landscape Traced Through Statistics -- Improvements in Financial Reporting -- Evolving Notions About Insider Trading -- Professionalizing of Security Analysis -- The Rule Against Delegation -- The Notion of a Safe Investment -- 3. Points of Restraint and Conflict -- The Lessons of Modern Portfolio Theory -- The Individual Investment Approach -- The Enduring Fallacy of Labels -- Equivalences -- Innovation -- Risk Theory -- Delegation -- 4. Modern Paradigm of Prudence -- The "Modern Paradigm" Defined -- The Modern Paradigm in Action -- 5. Conclusions and Recommendations -- Summary of Conclusions -- The Modern Paradigm of Prudence -- Recommendations Regarding the Restatement -- APPENDICES -- A. The Lessons of Modern Portfolio Theory -- A. Introduction -- B. Mean-Variance Analysis -- C. The Simplest Notion of Equilibrium-The Standard Capital Asset Pricing Model -- D. Other Equilibrium Models-Implications for Other Passive Portfolios -- E. Efficient Market Theory -- F. Other Considerations in Portfolio Management -- G. Portfolio Strategy Development and Implementation -- H. Conclusions -- B. The Puzzling Survival of the Constrained Prudent Man Rule -- A. The Rule and Its Constrained Formulation -- B. The Shift to a Portfolio Theory Model -- C. Conclusion -- C. Results of the Study Questionnaire
  • Analysis of Numerical Summary of Results -- Analysis of Written Responses -- INDEX -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- R -- S -- T -- U -- V -- W -- Y -- Z -- TABLE OF CASES
Dimensions
unknown
Extent
1 online resource (292 pages)
Form of item
online
Isbn
9780195364699
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC431073
  • (Au-PeEL)EBL431073
  • (CaPaEBR)ebr10279396
  • (OCoLC)609831813
  • (MiAaPQ)EBC431073

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