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So, what exactly is a Bear Market? Before I could even ask, Professor Sharath Sury raised an eyebrow and said, "So, you're probably wondering what a Bear Market is, in comparison." I chuckled, but was amazed with his ability to relate to students, as i nodded affirmatively.

Professor Sury continued, "A 'bear' market can be defined as a market in which a particular asset class is experiencing a secular or long term decline either in absolute or relative terms. Thus, if the Russell 2000 is exhibiting steady, declining returns—usually for at least 20% or more, we might surmise that the US small cap equities market (as represented by the Russell 2000) is in a 'bear market' phase."

Eager to learn if some of the theories floating amongst the students were true, I asked Prof Sury, "is it true that a 'Bear Market' is nothing more than a market correction?"

"Good question," Sharath Sury replied, "..[however, Bear Markets' are] to be disinguished from a "correction," which is a drop of approximately 10% from a recent peak to current trough." Sury continued, "A correction may be self-limiting before a return to a bull market or may lead to continued declines, culminating in a bear market."

Natural curiosity begged the question, "When do Bear Markets typically occur in relation to major economic events?" Sharath Sury explained that they "usually occur after the burst of a 'bubble' (e.g., housing, dot-coms, etc.), a major macroeconomic shock (e.g., credit crisis, commodity price shocks, geopolitical instability), or sustained decline in aggregate (GDP) and profits growth.

(...to be continued; Check back soon for part 3!)

SOURCE blog.everything-finance.net/2010/05/14/the-basics-with-mr-sharath-sury—part-1-of-10.aspx

Finance Education: “THE BASICS” With Mr. Sharath Sury – part 1 of 10

Tuesday, May 18, 2010

“THE BASICS” With Mr. Sharath Sury – part 1 of 10

Posted by Everything-Finance.net 5/13/2010 2:55 PM

The following contains excerpts from an interview with Mr. Sharath M. Sury on 05/11/2010. Although I was nervous (as any fan would have been), struck with awe and inspiration over the simplest of words being spoken by my role-model, Professor S.M. Sury remained humble and was pleased to help as always. Part one of a ten part series begins below.

Recently, I sat down with Professor Sharath M. Sury, 38, whose career in professional finance began after earning an MBA with High Honors from the University of Chicago. I met with Mr. Sury to discuss some of the more common questions the Forum has been asked when students first begin learning finance on a high school or collegiate level.

With an impressive resume that we all hope to emulate (if at all possible), Sharath Sury remains a highly sought after source of financial information and education – and even more so after his recent retirement as CEO from S4 Capital, LLC. Often, we receive emails asking us the definitions of commonly used lingo on Wall Street, and while we realize that these terms may be commonplace on The Street, the average layman’s dialogue may only encompass these words when speaking of sports, or perhaps casually pondered when succinctly mentioned on the evening news.

Let’s briefly explore the intricacies of both “Bull Markets” and “Bear Markets” with valuable explanations from the revered Professor Sharath Sury, and for the sake of: 1) those who have never become familiar with the terms; 2) those who wouldn’t mind a refreshing reinforcement of the terms; 3) avoiding the misuse of commonly used terms while gaining an understanding of the fundamentals for each type of market label; and 4) simply wanting to include “Everything Finance” on Everything-Finance.net.

After asking Professor Sury if he would be kind enough to help us again (as he did with his acclaimed explanation of the Alpha), he agreed without hesitation, and asserted his willingness and desire to help as many students and enthusiasts as time allowed, without regard to how easy or difficult questions will be, and without concern to how much finance education any particular individual has. It is our hopes that having such credible and trusted authorities (like Profs Sharath and Manda Sury ) answering some of our forum newbies’ most common, basic questions will support the members’ faith and belief that there really is ONE place online to have your questions answered by experts in finance [shameless plug: Everything-Finance.net]; that novices, intermediates, or advanced students should never hesitate to ask questions – no matter how “ridiculous” others may deem those questions to be. Professor Sury emphasized that no question is “silly”, or beyond a worthy and accurate explanation by recognized professionals and venerated field experts (as all serious students should have access to). We both agree that this additional avenue of communication is a necessary component in Sharath Sury’s Initiative to bring instructors, professionals, and students together in an effort to help facilitate a new, cautious, and responsible generation of finance enthusiasts that will soon shape the economy of our future.

So, with as much control over my admiration for Professor Sury as I could manage (without being blatantly obvious that I may have been too excited to conduct the interview), I asked him to explain what exactly “Bull” and “Bear” Markets are, and suggested that it could help if he described some of the characteristics associated with each.

Prof. Sharath Sury gave me a reassuring smile and replied, “A ‘bull’ market can be defined as a market in which a particular asset class (e.g., equities or stocks, fixed income or bonds, or commodities, etc.) is experiencing a secular or long term rise either in absolute terms or in relative (to other asset classes) terms. Thus, if the S&P 500 is exhibiting steady, upward returns—usually for at least a sustained growth of 15-20%, we might surmise that the US large cap equities market (as represented by the S&P 500) is in a ‘bull market’ phase.”

Thrilled with how clear and concise his answers are, I may have been somewhat quick to interrupt, but was eager to ask Professor Sury the reason why some news anchors and hosts claim that there is always a bull market to be found. Sharath Sury’s gentle demeanor settled my anxious behavior as he answered confidently: “Because bull markets can also be relative (to other asset classes), it is possible to have a bull market in equities while simultaneously having a bear market [defined in part 2] in bonds, for example.” Mr. Sury concludes, “This leads some commentators, such as CNBC's Jim Cramer of ‘Mad Money’ to speculate that "...there is always a bull market somewhere.”

Pausing to ensure that I wouldn’t rudely interrupt him again, Sharath Sury and I exchanged a smile to acknowledge the humor, but was quick to regain my focus as he continued earnestly, “Sustainable bull markets are predicated upon attractive valuations, strong profits growth (in the case of equities/stocks), strong credit (in the case of fixed income/bonds), and so on.” Sury concedes that it is sometimes difficult to distinguish a genuine bull market from a bear market rally (also discussed in part 2).

SOURCE

http://blog.suryonline.net/2010/05/14/the-basics-with-mr-sharath-sury--part-1-of-10.aspx

It's Official! Dr. M.B. Sury, father of esteemed Professor of Finance Sharath Sury, named In-house Expert Contributor for Everything-Finance.net.

Wednesday, March 31, 2010

Dr. M.B. Sury named Official In-house Expert Contributor for Everything-Finance.net.

Posted by SURYONLINE.NET at 3/31/2010 5:13 AM

Today, Everything-Finance officially announced that Dr. M. Sury, Father of the well-regarded Professor Sharath Sury, will be the exclusive In-House Expert Contributor for http://Everything-Finance.net

The site is scheduled to make an announcement later today regarding its re-vamping process, release dates, and any other updates that have not been released to the public as of yet.

Check back soon for the latest updates and news about Professors Sharath and M. Sury, right here, on suryonline.net!

SOURCE http://blog.suryonline.net/2010/03/31/dr-mbs-father-of-esteemed-professor-sharath-sury-and-expert-author-of-finance-and-statistics-is-named-the-inhouse-expert-contributor-for-everythingfinancenet.aspx

Tip your Favorite Finance Articles by Expert Sharath Sury to The Top! Vote Now: Your Opinion Counts!

Tuesday, March 16, 2010

Sharath Sury Wants to Hear From You, Today! Voice Your Opinion and vote!

Posted by SURYONLINE.NET at 3/15/2010 1:19 AM

Vote for the one of the several Aricles by Sharath M. Sury on Tipd.com, and let your choice be heard!
You can also call 415-Sharath (* Sury Online advises that long distance charges may apply), and leave a voicemail for the chance to be selected by Sharath M. Sury as one of three messages, monthly, to receive closer attention and examination to, on SuryOnline.net, and/or its affiliate sites.
So, Be Heard! Sharath Sury Listens.

SOURCEhttp://Blog.SuryOnline.net/2010/03/15/now-you-can-voice-your-opinion--vote-for-the-articles-by-sharath-sury-today.aspx

Sharath Sury's Headlines of 2010 (Recent and Upcoming Events of Sharath M. Sury in Chronological Order)

Sunday, March 14, 2010

Sharath Sury's Headlines of 2010
(Recent and Upcoming Events of Sharath M. Sury in Chronological Order)

January | 2010

“Analytic Due Diligence Using an Alpha Cost Index,”
- by Sharath Sury and Manda Sury;
- Published to SSRN/Social Sciences Research Network Sharath Sury is Named to Executive Advisory Group of the University of California’s Silicon Valley/School of Management Initiative

February | 2010

Sharath Sury has been Featured as One of “Chicago’s Leading Bachelors” at Starlight Foundation’s “Dream Date” Charity Auction in Chicago; Benefitting Hospitalized Children
Professor Sury is Recognized for “Extraordinary Performance” by Santa Clara University’s Leavey School of Business.

March | 2010

Professor Sury to Speak at the Exclusive Family Office & Private Wealth Management Forum in Providence, RI
Professor Sury to Speak at Opal’s Emerging Manager's Summit 2010 in Chicago, IL
“Efficient Portfolio Management: A Guide to Effective Investment Supervision Processes,”
- by Sharath Sury;
- Published to SSRN/Social Sciences Research Network
Professor Sury to Moderate “Government & Regulatory Panel” at the Real Estate Investors Summit: Dealmakers’ Conference
The Highly Anticipated Anthology, “Essential Readings in Applied Financial Economics,”
- edited by Sharath Sury,
- published and distributed by Cognella Publishing.
Sharath Sury writes the brief, "The Alpha: Revisited & Clarified" to help enthusiasts and students understand the intricate and sometimes controversial subject.

April | 2010

Professor Sury to lead advanced lecture (undergraduate and MBA) course in Applied Portfolio Management.
Professor Sury, Adjunct Professor of Economics at University of California, to Provide Leadership Guidance to New Center for Computational Finance & Risk Management at the University of California, Santa Cruz.

The Importance of Asset Liability Matching (ALM) - An Informative Brief by Sharath Sury

Thursday, March 11, 2010

The Importance of Asset Liability Matching (ALM)

By Sharath Sury

Posted On: About Sharath Sury - News and Events at 3/11/2010 4:33 PM

In recent years, investment, portfolio, and endowment managers have become acutely attuned to the risks of unmatched cash flows in their portfolios. In particular, the ability of assets to generate sufficient cash flows to meet liability funding obligations has waned in the past decade.

As a result, new emphasis has been placed upon so-called "asset liability matching." In this brief, we'll examine one example of the ALM technique. Consider the case of an investment manager that has a series of assets that must fund a series of liabilities. For simplicity, we will assume that the assets consist of fixed income investments with no default risk and the liabilities consist of a known set of payouts to be made in the future.

In any analysis of fixed income (or liabilities), it is important to measure the "duration" of the income (or liability) stream. Duration is the cash-flow adjusted effective term to maturity for a series of given cash flows. Thus, duration is also sometimes referred to as "effective maturity." It is also important to know that the duration of a portfolio of assets (or liabilities) is equal to the weighted average duration of the underlying assets (or liabilities). In addition, the higher the duration of a series of cash flows, the greater its sensitivity to a change in interest rates.

There are a variety of ways to calculate duration that are beyond the scope of this brief; however, most involve either a simple calculation heuristic or an automated spreadsheet. Either way, there is a very important benefit of knowing the duration of a series of cash flows. A bondholder that holds (and reinvests the coupons of) a bond to its duration is effectively "immunized" from interest rate changes and should experience a holding period yield (HPY) that is approximately equivalent to the original yield to maturity on the bond.

Of course, there are several assumptions (e.g., the bond issuer does not default, etc). However, in the base case, this notion can be very valuable to an investment manager that needs a certain cash flow at a certain date and time. This is often the case for endowments that have payout requirements or pensions that have retirement obligations.

If an investment manager can calculate the duration of its assets and the duration of its liabilities, it can make a determination as to the interest rate sensitivity of the portfolio; and thus estimate its ability to meet its future obligations. For example, if the duration of the portfolio assets is greater than the duration of the portfolio liabilities, then the portfolio structure is susceptible to rising interest rates.

This is because the higher duration assets are more sensitive to interest rates than the lower duration liabilities. Should interest rates rise, the assets will decline in value more quickly than the liabilities will. If interest rates remain at that level, there may be a shortfall in funding the liabilities.

One way to mitigate this problem is to rebalance the asset portfolio such that the duration of the assets is equal to the duration of the liabilities, such that any interest rate change has a negligible effect. If, in the case above, the asset portfolio duration is too high, the duration must be reduced.

This reduction may be accomplished by either rebalancing the portfolio with shorter duration assets (e.g., shorter term Treasuries or even cash) or by shorting longer duration assets. The zero coupon market in Treasuries (STRIPS) is often used due to the unique result that zero coupon bonds have durations that are exactly equivalent to their maturities.

When the duration of the portfolio of assets and the portfolio of liabilities is equivalent, changes in interest rates should have a negligible effect on the structure: the portfolio is said to be duration matched. This is a prime example of the benefit of ALM.

Of course, there are risks other than changing interest rates. Furthermore, duration itself is not static, and portfolio rebalancing must be dynamic to account for such changes. However, in principle, this form of ALM can work to help investment managers put some control on at least one form of risk in our ever-more complex investment world.

About the Author - Sharath Sury devotes his time and energy to bringing together thought leaders who can address the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts, Professor Sury has established an invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry at Santa Clara. Sharath Sury serves as the Dean's Executive of Finance at Santa Clara University, an Adjunct Professor of Economics at the University of California and Adjunct Professor of Finance at DePaul University in Chicago. Prior to his immersion in teaching and research, Sharath Sury founded and led S4 Capital in Chicago, managing the considerable assets of some of the most well known, high profile, and affluent families in America. Through this work, Sharath Sury gained attention from the Bloomberg Wealth Manager Survey, Financial Advisor Magazine, and Wealth Manager Magazine, each of which ranked S4 Capital's wealth management business highly. Sharath Sury had founded S4 Capital's predecessor, Chicago Analytic Capital Management LLC (CACM), during which time he made Crain's Chicago Business list of "40 Under 40" in 2003. Sharath Sury began his investment career at Goldman Sachs & Co., working his way up from the position of Associate to Vice President of the firm's elite wealth management division.  

Article Source: http://EzineArticles.com/?expert=Sharath_Sury

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Visit the Blog About Sharath Sury - News and Events!

For the past 50 years, many financial economists and professional investment managers relied upon the concept of "mean variance optimization (MVO)" to design investment portfolios. The principle was simple: maximize mean return subject to a certain varian

Thursday, March 11, 2010

Risk Measurement - A Multi-Dimensional Concept!

By Sharath Sury

For the past 50 years, many financial economists and professional investment managers relied upon the concept of "mean variance optimization (MVO)" to design investment portfolios. The principle was simple: maximize mean return subject to a certain variance (risk); or minimize variance subject to a certain mean return.

While the MVO technique is well-intentioned, it suffers from an incomplete definition of risk. It has long been known that asset classes can be described using various degrees of specificity, sometimes known as "moments of the distribution." For example, the first moment of the return distribution of an asset class is its mean return. The second moment is known as variance. For a normally distributed asset class with well behaved properties, a variety of analytical techniques can be applied and conclusions drawn based upon these two moments alone (mean and variance).

Unfortunately, many asset classes do not behave according to what the normal distribution would suggest. Further, asset classes that exhibit "normality" for one time period may not exhibit it during other time periods. The incorporation of alternative asset classes (e.g., hedge funds, real estate, private equity) increases the likelihood that an overall portfolio will exhibit degrees of non-normality.

As a result, it is often important to consider at least two other "higher order" moments of the return distribution. The third moment is known as "skew" or asymmetry. It reflects the degree to which an asset class may have a higher proportion of negative (or positive) returns. Some hedge fund strategies are built and marketed explicitly on this notion: while they may exhibit low levels of variance (or standard deviation), they concomitantly exhibit high levels of negative skew (or returns which are asymmetrically biased to the downside).

The fourth moment of a return distribution is referred to as "kurtosis," or more colloquially as "fat tails." Kurtosis reflects the degree to which the return distribution may be subject to extreme events. Thus, the "fat tails" refer to the graphic representation of the returns as exhibiting a higher probability of extreme results than the normal distribution would suggest. As an example, higher levels of geopolitical uncertainty can increase the kurtosis of particular asset classes.

Thus, investment managers and asset allocators who rely solely upon the popularly employed MVO techniques may be missing key risk factors that can adversely affect a portfolio and may therefore provide solutions that are incomplete with respect to skew and kurtosis.

New methods for dealing with the shortcomings of MVO include the use of other constraints in the optimization. For example, the so-called "mean-conditional value at risk (MCVaR)" is a methodology which seeks to incorporate skew and kurtosis. CVaR essentially relates to the "area of the return profile" below which an investor is "at risk."

By maximizing mean return subject to an acceptable level of CVaR, an investment manager may be better able to capture the important risks of the portfolio. Recent (and repeated) empirical research has shown that-in hedge fund portfolios alone-the MVO methodology has underestimated the amount of risk (as defined by CVaR) by as much as 50%!

In the past few years, CVaR has been joined by other risk measures, such as "Omega," to help broaden the traditional definition of risk beyond the confines of simple variance or standard deviation. In the end, more complete definitions of risk should lead to more robust portfolio optimization solutions.

Sharath Sury was selected as one of the "40 Under 40" professionals to be published and recognized in Crain's Chicago Business List [of outstanding individuals]. Within a few years, S4 Capital, LLC was created by re-branding CACM. Sharath Sury's incredible work ethic led the company to be highly ranked and esteemed in the industry across publications like Bloomberg's Wealth Manager Magazine and Financial Advisor Magazine. Today, Sharath M. Sury has retired from the corporate sector to focus his efforts in academia and research. Professor Sury is the Dean's Executive Professor of Finance at Santa Clara University, and Adjunct Professor of Economics at the University of California. Sharath Sury is frequently sought after to moderate panels on highly debated topics for an unbiased view, or to serve as an expert in intricate finance matters. An expert author for multiple, prominent online publications, and Founder of an Initiative for Financial Innovation and Risk Management in Santa Clara, Mr. Sury works to bring together leaders and the new generation of Finance students with close attention to the crisis we presently face.

SOURCE:

Sury, Sharath "Risk Measurement - A Multi-Dimensional Concept!." Risk Measurement - A Multi-Dimensional Concept!. 10 Mar. 2010 EzineArticles.com. 11 Mar. 2010 <http://ezinearticles.com/?Risk-Measurement---A-Multi-Dimensional-Concept!&id=3905284>.

Sharath Sury - New, Official List of Speaking Engagements in 2010.

Thursday, March 11, 2010

Posted by SURYONLINE.NET at 3/9/2010 6:47 PM

The Following List Contains Sharath Sury's Tentative Speaking Engagements for 2010:

Emerging Manager's Summit 2010

Sharath Sury to Moderate a Panel Discussion over the "Asset Allocation and Risk"
segment
May 12-14, 2010 at the Swissôtel Chicago in Chicago, IL
- The Asset Allocation and Risk segment is scheduled from 9:45am - 10:45am

2nd Annual Real Estate Investor's Summit
- Sharath Sury to Speak at the Senior Level Capital, Private Equity, Fund,
  Investor and Developer Conference
- April 25-27, 2010 at Trump International Beach Resort in Sunny Isles, FL
  - Please check back soon for more information and/or to see the official agenda posted right here.
SOURCE About Sharath Sury - News and Events

Diversification - A Useful Tool, Until You Need It! Read what they don't tell you!

Wednesday, March 10, 2010

Diversification - A Useful Tool, Until You Need It!
By Sharath Sury

We have all been taught about the merits of diversification in investments. It is a variation of the old adage, "Don't put all your eggs in one basket."

Indeed, professional investment managers are trained to develop portfolios according to the tenets of Modern Portfolio Theory (MPT). MPT traces its roots to the work of Harry Markowitz and his seminal writings on "Portfolio Selection." In his pioneering research, Markowitz was able to demonstrate the mathematical basis for diversification.

Essentially, Markowitz showed that selecting assets that have a positive expected return but exhibit low or (preferably) negative correlation to one another produces a combined portfolio that retains the positive expected return properties, but with lowered risk (as defined by variance).

Theoretically, this result arises due to the presence of at least two major sources of risk: nonsystematic (or unique) risk and systematic (or market) risk. While it is very difficult to eliminate market risk, it is possible to reduce the risks associated with unique investment assets. By combining investment assets that are subject to certain specific, unique risks with other investment assets that are subject to other unique risks, it may be possible to reduce the overall risk of the combined portfolio.

For the past several decades, this has been the mantra to which all investment managers adhered. Unfortunately, recent experiences in the capital markets have led both academics and professional investment practitioners to rethink portfolio construction. With the increasing interconnectedness of global markets and investment pools, we have seen that correlation structures among various investment assets are not always stable.

In fact, assets that typically exhibit low correlation with one another can dramatically change direction and begin exhibiting increased correlation during periods of market distress. The increased correlation leads to a reduction in the power of diversification and thus to increased risk in the overall portfolio. Unfortunately, this upward shift in correlation happens at exactly the time when an investor needs correlation the most: market distress.

As a result, investment managers need to be exceedingly careful in constructing portfolios that are able to withstand the dynamic nature of correlations, especially as the market experiences large disturbances. These "disturbances" are becoming much more commonplace: the Asian currency crisis of 1997, failure of the major hedge fund "Long Term Capital Management" in 1998, the burst of the "dot-com" bubble in 2000/2001, the terrorist attacks of 2001, the burst of the real estate bubble in 2007/2008, and the credit crisis of 2008/2009. In nearly every case, correlation structures among various assets increased at precisely the time when investors needed protection the most.

The best portfolio construction techniques have an appreciation for the fact that correlation structures may change during different "states of the world" or regimes. By incorporating these state-dependent correlation structures into portfolio design and optimization, investment managers can move to better protect portfolios during times of market distress.

Sharath M. Sury - Founder and Executive Director of the Sury Initiative for Financial Innovation & Risk Management (SIFIRM) at Santa Clara University, Sharath Sury devotes his time and energy to bringing together thought leaders who can address the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts, Professor Sury has established this invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry. Sharath Sury also serves as an Adjunct Professor of Economics at the University of California and Adjunct Professor of Finance at DePaul University in Chicago. Sharath Sury's interest and experience in wealth management began as an Associate and later Vice President at Goldman, Sachs & Co. He later founded and worked at S4 Capital, where he earned numerous accolades for his work.

SOURCE: http://ezinearticles.com/?Diversification---A-Useful-Tool,-Until-You-Need-It!&id=3883169

NEW!! Analytic Due Diligence Using an Alpha Cost Index

Wednesday, March 10, 2010

Analytic Due Diligence Using an Alpha Cost Index

Posted On:

Founder and Chief Executive Officer of the Sury Initiative for Financial Innovation & Risk Management (SIFIRM) at Santa Clara University in California’s Silicon Valley, Sharath Sury devotes his time and energy to the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management through SIFIRM and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts with SIFIRM, Sharath Sury has established an invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry.

Issue
Effective portfolio managers recognize that not all returns are created equally.

Examination
Investment strategies can deliver returns that are the result of systematic (market or beta) exposures, nonsystematic (skill or alpha) exposures, and random variation. The relative proportions of alpha, beta, and randomness vary across strategies and even within strategies as they evolve over time. Historically, most investment products have bundled alpha and beta. However, as low-cost, investable proxies for beta grow more pervasive, it is increasingly important for portfolio managers to consider only those actively managed products that are truly delivering incremental alpha. In this article, we introduce a new measure that adjusts product fees to account for the level of alpha delivered—the Alpha Cost Index (ACI).

Conclusion
The ACI levels the playing field by penalizing products that charge active management fees but deliver the preponderance of their returns from beta exposures; thus serving as a useful ranking tool for due diligence.

Keywords: hedge funds, alpha, beta, fees, due diligence

JEL Classifications: G10, G19

Working Paper Series

Date posted: October 06, 2009 ; Last revised: November 04, 2009

Suggested Citation

Sury, Sharath M. and Sury, Manda B, Analytic Due Diligence Using an Alpha Cost Index (April 16, 2006). Available at SSRN: http://ssrn.com/abstract=1482904

Contact Information
Sharath M. Sury (Contact Author)
Santa Clara University ( email )
500 El Camino Real
Santa Clara, CA 95053
United States
HOME PAGE:
University of California ( email )
Santa Cruz, CA 95064
United States