Portfolio theory and capital markets
Abstract
William Sharpe's influential Portfolio Theory and Capital Management is as relevant today as when it was first published in 1970. McGraw-Hill is proud to reintroduce tiffs hard-to-Find classic in its original edition. Dr. Sharpe's groundbreaking approach to the Capital Asset Pricing Model (CAPM) laid tile foundation for today's most important investment tools and theories, gave the investment world the stillvital Sharpe Ratio -- and made him the co-recipient of the 1990 Nobel Prize in Economics!A new foreword helps place Dr. Sharpe's synthesis of portfolio and capital markets theories into today's financial environment, while his rules for the intelligent selection of investments tinder conditions of risk remain as fresh today as in 1970. Serious investors and students of finance will respect its history ... as they reabsorb its timeless lessons.
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Investors usually have two mutually conflicting objectives: the highest possible profits and the lowest possible risks.
“Investors usually have two mutually conflicting objectives: the highest possible profits and the lowest possible risks [43].”
From FinRL: Deep Reinforcement Learning Framework to Automate Trading in Quantitative Finance (2021) · cites this paper as [43]
Investors usually have two objectives for their decisions: the highest possible profits and the lowest possible risks of uncertainty.
“Investors usually have two objectives for their decisions: the highest possible profits and the lowest possible risks of uncertainty [41].”
From FinRL: A Deep Reinforcement Learning Library for Automated Stock Trading in Quantitative Finance (2020) · cites this paper as [41]
Investors usually have two mutually conflicting objectives: the highest possible profits and the lowest possible risks.
“Investors usually have two mutually conflicting objectives: the highest possible profits and the lowest possible risks [43].”
From FinRL: Deep Reinforcement Learning Framework to Automate Trading in Quantitative Finance (2021) · cites this paper as [43]
Cited by
Sorted by citations
The pricing of options and corporate liabilities
Black, F., & Scholes, M. (1973) · Journal of Political Economy · doi:10.1086/260062 · Cited by 29,074 · see citing works
An Engine, Not a Camera: How Financial Models Shape Markets
MacKenzie, D. (2006) · doi:10.7551/mitpress/9780262134606.001.0001 · Cited by 1,766 · see citing works
Extra-Market Components of Covariance in Security Returns
Rosenberg, B. (1974) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2330104 · Cited by 296 · see citing works
FinRL: A Deep Reinforcement Learning Library for Automated Stock Trading in Quantitative Finance
Liu, X.-Y. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3737257 · Cited by 90 · see citing works
Liu, X.-Y., Yang, H., Gao, J., & Wang, C. D. (2021) · Proceedings of the Second ACM International Conference on AI in Finance · doi:10.1145/3490354.3494366 · Cited by 87 · see citing works
“Metrics Baseline trading strategies are provided to compare with DRL strategies. Investors usually have two mutually conflicting objectives: the highest possible profits and the lowest possible risks [43]. We include three conventional strategies as baselines. Passive trading strategy [31] is an easy and popular strat…”
BackgroundFinRL: A Deep Reinforcement Learning Library for Automated Stock Trading in Quantitative Finance
Liu, X.-Y., Yang, H., Chen, Q., Zhang, R., Yang, L., Xiao, B., & Wang, C. (2025) · doi:10.2139/ssrn.3737859 · Cited by 51 · see citing works
“Investors usually have two objectives for their decisions: the highest possible profits and the lowest possible risks of uncertainty [41].”
FinRL: Deep Reinforcement Learning Framework to Automate Trading in Quantitative Finance
Liu, X.-Y., Yang, H., Gao, J., & Wang, C. (2021) · doi:10.2139/ssrn.3955949 · Cited by 46 · see citing works
- Authors
- Breen, W. J., & Sharpe, W. F.
- Venue
- The Journal of Finance
- Publisher
- JSTOR
- Published
- 1972-09
- Volume
- 27
- Issue
- 4
- Pages
- 968
- ISSN
- 0022-1082 (ISSN-L)
- OpenAlex
- W1990986169
- Cited by
- 1,221
- References
- 0
- Citations by year
- 2025: 4 · 2024: 29 · 2023: 16 · 2022: 22 · 2021: 33 · 2020: 33 · 2019: 16 · 2018: 24 · 2017: 26 · 2016: 23 · 2015: 39 · 2014: 23 · 2013: 38 · 2012: 35
- FWCI
- 131.81
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Journal of Finance (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Decision Sciences › Management Science and Operations Research › Risk and Portfolio Optimization
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Keywords
- portfolio theory, capital markets, capital asset pricing model, Sharpe ratio, risk management, investment decision-making, asset pricing
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