Jack Treynor

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Jack Lawrence Treynor (born February 21, 1930 in Council Bluffs , Iowa , † May 11, 2016 in Harbor City , California ) was an American manager . As an author of scientific papers he contributed to the development of portfolio theory , capital market theory and Kapitalgutpreismodells (English capital asset pricing model , abbreviation CAPM) at.

Career, research and teaching

Treynor first studied mathematics at Haverford College , which he left as a Bachelor of Science in the direction of Harvard Business School . There he graduated in 1955 with honors as a Master of Business Administration . Although he had dealt with the analysis of corporate finance risks during his student days, he left university and went to management consultancy Arthur D. Little .

There Treynor wrote a working paper entitled Market Value, Time, and Risk. Although it was only published publicly for the first time almost forty years later in 1999, it was through this that he came into contact with Franco Modigliani and William F. Sharpe . There followed a lively exchange between the economists, with Treynor even temporarily enrolled at the Massachusetts Institute of Technology . In addition to Sharpe, John Lintner and Jan Mossin , he was one of the most important pioneers of the capital goods price model, to whose understanding he contributed with the development of the Treynor quotient, which was later named after him . It can be used to describe the performance of the investor in relation to the overall market development, as it measures the risk premium per unit of the systematic risk taken.

While his theoretical work at Arthur D. Little was driven by Fischer Black , who hired the company in the mid-1960s, Treynor left the company and subsequently worked for various investment banks and companies. While he was trying to put his findings into practice on the one hand, he continued to work with Black in parallel, and together they developed the financial mathematical Treynor – Black model for portfolio selection in the early 1970s . From 1969 he was also the editor of the Financial Analysts Journal. In 1981 Treynor set up his own investment company.

literature

Individual evidence

  1. ↑ Jack Treynor, who pioneered modern in Investment theory, dies at 86 ( Memento from May 13, 2016 in the Internet Archive )

Web links

personal data
SURNAME Treynor, Jack
ALTERNATIVE NAMES Treynor, Jack L .; Treynor, Jack Lawrence (full name)
BRIEF DESCRIPTION American economist
DATE OF BIRTH February 21, 1930
PLACE OF BIRTH Council Bluffs , Iowa
DATE OF DEATH May 11, 2016
Place of death Harbor City , California