EQUITY MANAGEMENT JACOBS B., LEVY K. Księgarnia

Equity Management

Quantitative Analysis for Stock Selection

Bruce Jacobs and Ken Levy have long been recognized as pioneers in quantitative equity management. As principals of Jacobs Levy Equity Management, a leading-edge quantitative money manager, Jacobs and Levy have devoted over 12 years to state-of-the-art research into security pricing, portfolio construction, and sophisticated trading techniques. Their groundbreaking work on "disentangling" return regularities, "engineering" portfolios to performance benchmarks, and "long-short" investing has been featured at professional forums such as the Institute of Chartered Financial Analysts' Continuing Education seminars and in the pages of Institutional Investor and The Wall Street Journal.

In the 1980s, Jacobs and Levy began to publish a series of articles in the peer-reviewed Financial Analysts Journal, Journal of Portfolio Management, and Journal of Investing. These articles are based on the authors' own research into and experience with detecting and exploiting the recurring profit opportunities available in a supposedly "efficient" marketplace. They changed the course of modem money management by giving active investment management the tools needed to beat the market consistently. Equity Management assembles these articles for the first time ever.

The book groups these 15 articles, from 1988's "Disentangling Equity Return Regularities" through 1999's "Alpha Transport with Derivatives," into three parts that cover the range of Jacobs and Levy's investment philosophy and strategies, from selecting securities to managing portfolios to expanding opportunities with short-selling and derivatives. New introductory material provides a perspective on the articles, placing each within the broader context of the authors' whole body of knowledge. The end result is a fascinating review of the concepts that form the foundation of modem active equity management, and the contributions th authors' works have made to that foundation

TOOLS TO UNCOVER. AND EXPLOIT MARKET INEFFICIENCIES CONSISTENTLY FROM TODAY'S LEADING AUTHORITIES ON

QUANTITATIVE EQUITY INVESTING

Equity Management "should be considered mandatory reading for any equity investor interested in quantitative techniques."-Richard Bernstein Chief Quantitative Strategist, Merrill Lynch & Co.

"Jacobs and Levy's work demonstrates how investors can combine economic and company fundamentals and qualitative factors successfully in the investment process."-Jon A. Christopherson, Research Fellow, Frank Russell Company

"Equity Management is a book that every serious student of stock selection and portfolio management should read and devour."-David K. Whitcomb

Professor Emeritus of Finance, Rutgers University Founder and CEO, Automated Trading Desk, Inc.

"Jacobs and Levy's insightful book demonstrates how the exceptional investor can profit by taking advantage of the cognitive errors of normal investors."-Meir Statman, Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University

"Jacobs and Levy combine rigorous academic research with valuable insights into the real world of investment practice."-Edward M. Miller, Professor of Economics and Finance, University of New Orleans

"Jacobs and Levy have composed a virtual encyclopedia of techniques and strategies to outperform the stock market. It is destined to take its place among the classics of the field."-Frank J. Fabozzi, Adjunct Professor of Finance, School of Management, Yale University, and Editor, The Journal of Portfolio Management

About the Authors

Bruce I. Jacobs and Kenneth N. Levy are cofounders and principals of Jacobs Levy Equity Management. Based in Roseland, Ne^ Jersey, Jacobs Levy Equity Management currently manages over $5 billion for more than 20 institutions, among them many of the world's largest corporate pension plans, public retirement systems, multi-employer funds, endowments, and foundations.

Bruce Jacobs holds a Ph.D. in finance from the Wharton School of the University of § Pennsylvania. He is the author of Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes (1999), and serves on the advisory board of the Journal of Portfolio Management.

Ken Levy holds an M.B.A. and an M.A. in applied economics from the Wharton School of the University of Pennsylvania. He is a Chartered Financial Analyst, and served on the Institute of Chartered Financial Analysts' candidate curriculum committee. He is currently on the advisory board of POSIT.

393pages

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