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From mid-2007 through the first quarter of 2009, financial markets were shakenby a series of shocks. The first was the shock in the summer of 2007 in whichliquidity dried up and the subprime mortgage crisis began. Then, following thecollapse of Lehman Brothers in September 2008, the financial markets began a slidethat caused major indices, such as the S&P 500 Index and the MSCI Index, to losemore than half their value compared with their highs in 2007. By the end of thefirst quarter of 2009, most investors had suffered serious losses and asset managementfirms were in survival mode.With this scenario in mind, the Research Foundation of CFA Institutecommissioned the authors to research how the financial crisis affected and willcontinue to affect investment management decisions and processes as well as theinvestment management industry itself. This book is the result.
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