Details

The book is almost entirely devoted to the practical application of theoretical developments, the transformation of their form and content in connection with technical progress. The works of Harry Markowitz and Eugene Fym, the revolutionary views of Franco Modigliani and Merton Miller, the theories of Fisher Black, Myron Scholes and Robert Merton appeared as early as the 1950s–1970s, but did not receive recognition from practitioners for a long time. Nowadays, it is difficult to imagine the world of finance without them. They radically changed the nature of financial markets, investment strategies, led to the emergence of new financial instruments. The author analyzes the process of development of the fundamental ideas of financial theory and their influence on the practice of the modern investment world.