Les Coleman Boeken

Focusing on a new perspective in equity investment, this book integrates established theory, empirical evidence, and industry practices to create practical applications in the real world. It goes beyond simply rehashing current investment paradigms, instead offering a rigorous research philosophy grounded in field evidence, making it a valuable resource for both practitioners and scholars seeking to understand and implement effective investment strategies.

Focusing on the life and political career of the Democratic Labor Party's inaugural Parliamentary Leader, this biography delves into the individual's contributions to Australian politics. It highlights key moments, challenges faced, and the impact of their leadership on the party and broader political landscape. The narrative offers insights into their personal life, motivations, and the historical context surrounding their tenure, providing a comprehensive look at a significant figure in Australian history.

The book delves into the limitations of theories in various fields, highlighting their insufficient explanatory and predictive capabilities despite centuries of scientific progress. It examines the reasons behind the persistent gaps in expertise and offers strategies aimed at enhancing knowledge accumulation. Additionally, it addresses the challenges of navigating an uncertain future, providing insights into how to better manage the complexities that lie ahead.

This book uses risk in its dictionary meaning as the probabiHty of an unde sirable outcome, and has two research questions: when managers make de cisions, what leads them to choose a risky alternative? and: what deter mines whether the decision proves correct? Answers to these questions form a model of decision making that explains the process and results of managers' risk-taking in the real world. There is an extensive literature on risk and decision making because the topic has been of interest in many disciplines since at least the 18^^ century. Thus insights on the research questions are available from studies of ani mals, humans and organisations; and have been drawn by scholars in biol ogy, psychology, finance and management. Even so, there is a large gap as most studies are conducted away from corporate settings and use subjects with limited decision experience. The few studies set in real-world condi tions tend to concentrate on just a single aspect of decision makers' attrib utes, setting and behaviour, and on either decision choices or outcomes. The empirical work in this book is designed to fill part of this gap.

Institutions now dominate trading in equities around the world. Mutual funds are the most prominent, and doubly important as custodians of retirement savings. Despite this, there is no comprehensive description of fund manager behaviour, much less a matching theory. This is troubling because one of the most economically significant puzzles in finance is why experienced, well-resourced fund managers cannot outperform the market. Applied Investment Theory: How Equity Markets Behave, and Why brings together academic research, empirical evidence and real market experience to provide new insights into equity markets and their behaviours. The book draws upon the author’s rich industry experience and academic research, plus over 40 interviews with fund managers on three continents and across different markets. The result is an innovative model that explains the puzzle of poor performance by mutual funds in terms of structural features of markets, the managed investment industry, and the conduct of fund managers. This book provides a fully integrated depiction of what markets and investors do, and why – insights that will resonate with the needs of investors, wealth managers and industry regulators. It is fully documented, but free of jargon and arcane math, and provides a grounded theory that is relevant to anyone who wants to pierce the opacity of mutual fund operations. Applied Investment Theory sets out a new paradigm in investment that is at the forefront of what should be an industrial-scale development of new finance theory following two decades of almost back-to-back financial crises.

The book offers a critical examination of the finance industry, highlighting how outdated Beatles-era theories and regulations favor banks and service providers over modern needs. Drawing on over 30 years of global experience in corporate finance, fund management, and academia, the author presents a unique perspective that challenges the status quo and advocates for necessary reforms in financial practices.