Journal of Economic Literature Vol. 46 No. 1 2008
Book Reviews
Abstract
Richard Sylla of New York University reviews “Capital Ideas Evolving” by Peter L. Bernstein,. The EconLit Abstract of the reviewed work begins “Sequel to Capital Ideas: The Improbable Origins of Modern Wall Street published in 1992. Explores how financial theories have become integrated into the fundamental structure of the daily business of investing money. Considers the attack on capital ideas by the proponents of behavioral finance, and especially on the idea of the efficient market hypothesis. Describes the current view of Paul Samuelson, an expert on market behavior and portfolio formation. Presents the views of other well-known academics who are involved in developing practical applications for the core ideas of finance theory, including Robert C. Merton, Andrew Lo, Robert Shiller, Bill Sharpe, Harry Markowitz, and Myron Scholes. Examines the success of a few institutional investors who have developed their strategies from a base composed of the principles of capital ideas. Bernstein is President of Peter L. Bernstein, Incorporated, an investment consulting firm. Bibliography; index.”
- DOI
- 10.1257/jel.46.1.151.r7
- Volume
- 46
- Issue
- 1
- Pages
- 168-170
- Language
- en
- Sources
- crossref