Practical Risk-Adjusted Performance Measurement - (Wiley Finance) 2nd Edition by Carl R Bacon (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"Risk has an undeserved reputation within asset management for being an overly complex, mathematical subject. Practical Risk-adjusted Performance Measurement, Second Edition simplifies the subject and demonstrates with practical examples that risk is perfectly straightforward and not as complicated as it might seem. Written for risk and performance measurement practitioners from a buy side, asset management perspective, this book fills the gap between practice and theory, focusing on quantitative ex-post measures rather than the qualitative aspects of risk and providing numerous, practical worked examples of risk measures and their interpretation. This fully updated new edition takes the opportunity to add several new measures, provide additional explanations where necessary and add six new chapters. Chapters 1 and 2 introduce the subject of risk in the context of asset management firms and lay out the foundations by setting out the descriptive statistics that will be used in later chapters. The following chapters are structured according to the type of risk measure being considered: simple performance appraisal measures in Chapter 3, regression measures in Chapter 4, drawdown in Chapter 5, partial moments in Chapter 6, a new Chapter 7 based on Prospect Theory, extreme risk in Chapter 8, risk measures for fixed income instruments in Chapter 9, a new Chapter 10 including miscellaneous risk measures which are difficult to characterise and risk-adjusted returns in Chapter 11. Chapters 12 to 16 are entirely new chapters for this edition. Chapter 12 classifies all of the ex-post risk measures and describes how they are linked in the form of a periodic table of risk measures. Chapter 13 discusses the use of risk-adjusted performance measures in the context of performance fees. Chapter 14 discusses dashboard design in the context of risk measures, Chapter 15 looks at the important subject of how appraisal measures should be used in the context of manager selection and Chapter 16 introduces the four dimensions of performance and makes the call for ex-ante risk standards. In the penultimate Chapter 17 there is a discussion about which risk measures to use and finally in Chapter 18 their application in terms of risk control. Risk, like beauty, is very much in the eye of the beholder -- different risk measures will suit different investment strategies or investor concerns at different times so this book does not recommend any particular risk measure. Instead, it provides the necessary information and insight to determine one's own preferences in a concise and easy-to -navigate style."--<p/><br></br><p><b> Book Synopsis </b></p></br></br><p><b>Explore different measures of ex-post risk-adjusted performance measurement and learn to choose the correct one </b></p> <p>In the newly revised Second Edition of <i>Practical Risk-Adjusted Performance Measurement</i>, accomplished risk and investment expert Carl R. Bacon delivers an insightful, accessible, and real-world guide to ex-post risk measurement. The author bridges the gap between theory and practice, showing you how to apply the former to the latter without introducing unnecessary mathematical complexity. </p> <p>The book describes the fundamentals of risk in the asset management context and the descriptive statistics used to describe it. It builds on that foundation with detailed examinations of concepts like regression, drawdown, and partial moments, before moving on to topics like fixed income risk and Prospect Theory. </p> <p>With helpful additions that include recently developed measures of risk, supplementary explanatory sections, and six brand-new chapters, this book also offers: </p> <ul> <li>A practical classification of all ex-post risk measures and how they connect to one another </li> <li>An explanation of how risk-adjusted performance measures impact performance fees </li> <li>A discussion of risk measure dashboard designs </li> <li>Instructions on how appraisal measures should be used for manager selection </li> </ul> <p>Perfect for portfolio managers, asset owners, risk controllers, and investment performance analysts, <i>Practical Risk-Adjusted Performance Measurement</i> is an indispensable resource for anyone looking for a hands-on exploration of the buy-side, asset management perspective. </p><p/><br></br><p><b> From the Back Cover </b></p></br></br><p>Many financial professionals find explorations of risk to be unduly complex and mathematically oriented. In the newest edition of <i>Practical Risk-adjusted Performance Measurement, </i> however, Carl R. Bacon provides readers with an insightful and comprehensive examination of ex-post risk measurement that doesn't get bogged down in the numbers.</p> <p>Written for risk and performance measurement professionals from a buy-side, asset management perspective, the author bridges the gap between theory and practice, focusing on quantitative and practical ex-post measures instead of the qualitative aspects of risk. Throughout, he provides numerous worked examples of risk measures and their interpretation. <p>The book consists of a simplified--but sophisticated--approach to risk, showing readers how to use different risk measures in different situations at different times. It offers explanations of how to use these different measures in a concise and easy-to-navigate fashion. <p>From the fundamentals of the subject of risk to the use of risk-adjusted performance measures in the context of performance fees, <i>Practical Risk-adjusted Performance Measurement</i> explores every critical aspect of the role played by risk in performance measurement. Readers will build on their knowledge of concepts including regression, drawdown, partial moments, fixed income risk, and Prospect Theory, along with the descriptive statistics essential to the work in this field. <p>Finally, the author explores the interconnection between ex-post risk measures, discusses various risk measure dashboard designs, and examines how appraisal measures should be used for manager selection. <p>The latest edition of <i>Practical Risk-adjusted Performance Measurement</i> is an indispensable guide for portfolio managers, investment performance analysts, risk controllers, and performance directors. It's also a must-read guide for any professional seeking an intuitive and evidence-based exploration of the buy-side, asset management perspective.<p/><br></br><p><b> About the Author </b></p></br></br><p><b>CARL R. BACON, </b> CIPM, is Chief Advisor to Confluence. He is a member of the Advisory Board of the Journal of Performance Measurement and Founder of The Freedom Index Company. He was formerly Chairman of StatPro Plc from 2000 to 2017.</p>
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