A Modern Analysis of the Prudentman Rule and Prudent Diversification of Trust Investments
Author : Shackford O'Connor McSwain
Publisher :
Page : 116 pages
File Size : 10,39 MB
Release : 1967
Category :
ISBN :
Author : Shackford O'Connor McSwain
Publisher :
Page : 116 pages
File Size : 10,39 MB
Release : 1967
Category :
ISBN :
Author : Bevis Longstreth
Publisher : Oxford University Press
Page : 292 pages
File Size : 48,54 MB
Release : 1987-01-08
Category : Law
ISBN : 0195364694
In recent years the field of finance has exploded with innovation. New products, services and techniques abound. The risks of inflation, the volatility of interest rates, the deregulation of financial intermediaries and the unbundling of financial services have combined to present investment managers with challenges and opportunities far greater than in the past. For trustees and managers of pension, trust, endowment, and similar funds, the task of meeting the challenges and exploiting the opportunities is much more difficult. These fiduciaries must measure their investment decisions against constrained interpretations of a legal standard--the prudent man rule--that have caused it to lag far behind changes in investment theory and the marketplace. Drawing on financial history, a major opinion survey of institutional investors, and comprehensive reviews of the law and of the lessons of modern portfolio theory for prudence, this book presents a powerful case that the prudent man rule as elaborated in legal treatises and much of the case law would virtually compel a fiduciary to act imprudently in terms of financial theory and marketplace reality. In proposing a modern paradigm of investment prudence, the book uses illustrations drawn from such traditionally suspect categories of investment fiduciaries as securities lending, real estate, venture capital, options and futures and repurchaser agreements. An unusual examination of the interaction of the worlds of law and finance, this work will be of interest to fiduciaries who are subject to some from of prudent man rule and all others, including judges, lawyers and investment managers, who are called upon to interpret and apply that legal standard.
Author : William H. Cooper
Publisher :
Page : 226 pages
File Size : 34,91 MB
Release : 1981
Category : Investments
ISBN :
Author : Max M. Schanzenbach
Publisher :
Page : pages
File Size : 15,22 MB
Release : 2010
Category : Investments
ISBN :
"Abstract: This article reports the results of an empirical study of the effect of the new prudent investor rule on asset allocation by institutional trustees. Using federal banking data spanning 1986 through 1997, the authors find that, after adoption of the new prudent investor rule, institutional trustees held about 1.5 to 4.5 percentage points more stock at the expense of "safe"; investments. This shift to stock amounts to a 3 to 10 percent increase in stock holdings and accounts for roughly 10 to 30 percent of the over-all increase in stock holdings in the period under study. The authors conclude that the adoption of the new prudent investor rule had a significant effect on trust asset allocation"--John M. Olin Center for Law, Economics, and Business web site.
Author : Donald M. Helton
Publisher :
Page : 86 pages
File Size : 26,4 MB
Release : 1965
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ISBN :
Author : Charles Pelham Curtis
Publisher :
Page : 156 pages
File Size : 43,64 MB
Release : 1958
Category : Investments
ISBN :
Author : Charles Pelham Curtis
Publisher :
Page : 164 pages
File Size : 18,15 MB
Release : 1961
Category : Investments
ISBN :
Author : Peter Weston
Publisher :
Page : 302 pages
File Size : 37,14 MB
Release : 1982
Category : Investments
ISBN :
Author : A. H. Oosterhoff
Publisher :
Page : 312 pages
File Size : 31,56 MB
Release : 1969
Category : Trusts and trustees
ISBN :
Author : Lewis F. Powell
Publisher :
Page : 27 pages
File Size : 30,46 MB
Release : 1948
Category :
ISBN :