"e;This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player."e; -- Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner, Goldman Sachs A History of the Theory of Investments is about ideas -- where they come from, how they evolve, and why they are instrumental in preparing the future for new ideas. Author Mark Rubinstein writes history by rewriting history. In unearthing long-forgotten books and journals, he corrects past oversights to assign credit where credit is due and assembles a remarkable history that is unquestionable in its accuracy and unprecedented in its power. Exploring key turning points in the development of investment theory, through the critical prism of award-winning investment theory and asset pricing expert Mark Rubinstein, this groundbreaking resource follows the chronological development of investment theory over centuries, exploring the inner workings of great theoretical breakthroughs while pointing out contributions made by often unsung contributors to some of investment's most influential ideas and models.

"This exceptional book provides valuable insights into theevolution of financial economics from the perspective of a majorplayer." Robert Litzenberger, Hopkinson Professor Emeritus of InvestmentBanking, Univ. of Pennsylvania; and retired partner, Goldman SachsA History of the Theory of Investments is about ideaswhere they come from, how they evolve, and why they areinstrumental in preparing the future for new ideas. Author MarkRubinstein writes history by rewriting history. In unearthinglong-forgotten books and journals, he corrects past oversights toassign credit where credit is due and assembles a remarkablehistory that is unquestionable in its accuracy and unprecedented inits power.Exploring key turning points in the development of investmenttheory, through the critical prism of award-winning investmenttheory and asset pricing expert Mark Rubinstein, thisgroundbreaking resource follows the chronological development ofinvestment theory over centuries, exploring the inner workings ofgreat theoretical breakthroughs while pointing out contributionsmade by often unsung contributors to some of investment's mostinfluential ideas and models.

Preface ixTHE ANCIENT PERIOD: Pre-1950 1THE CLASSICAL PERIOD: 1950-1980 99THE MODERN PERIOD: Post-1980 309Notes 349Index of Ideas 359Index of Sources 365