Economics

The Toxic Side of Mutual Funds

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In his classic 1952 paper, "Portfolio Selection," financial economist Harry Markowitz developed what is known as "modern portfolio theory." The success of Markowitz's ideas brings us to our current situation: mutual fund companies -- namely, BlackRock, Vanguard, State Street and Fidelity -- are now the world's largest asset managers; and hence a rise in common ownership issues.
Bibliographic citation: Azar, José, "The Toxic Side of Mutual Funds: Did the Nobel Prize-winning work of Harry Markowitz unwittingly contribute to the rise of common ownership today?". IESE Insight 16/03/2017

Reference: 10.15581/002.OPI-4024 (DOI)
Date: 16/03/2017
Author(s): Azar, José
Document type: Opinion
Languages: Spanish / English