Management of investments:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York u.a.
McGraw-Hill
1993
|
| Ausgabe: | 3. ed. |
| Schriftenreihe: | McGraw-Hill series in finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Getr. Zählung graph. Darst. |
| ISBN: | 0070218188 |
Internformat
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| 100 | 1 | |a Francis, Jack Clark |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Management of investments |c Jack Clark Francis |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a New York u.a. |b McGraw-Hill |c 1993 | |
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Datensatz im Suchindex
| _version_ | 1804123169571733504 |
|---|---|
| adam_text | CONTENTS
Preface xxiii
Part 1
Investment Opportunities 1
Chapter 1 Introduction 3
Case: Safety Pays! 4
1 1 The Investment Objective 4
1 2 The Investment Period 5
Case: Gambling Is Gambling 6
1 3 The Rate of Return 6
A Stock s Return 7 / A Home Investment s Rate of Return 8 / A Bond s
Rates of Return 9
1 4 Probabilities of Rates of Return 9
What Are Probabilities? 9 / Probability Distributions of Returns 11 /
Expected Rate of Return and Risk 13
1 5 Assessing Risk 13
Advantages of the Standard Deviation 13 / Calculating the Standard
Deviation 14
1 6 Using Statistics to Make Investment Decisions 15
The Dominance Principle 15 / Efficient Portfolios 16
1 7 The Risk Return Relationship 17
Empirical Evidence 17 / The Risk Return Tradeoff: Three Examples 18
1 8 Investment Alternatives and Strategies 20
The Investments Menu 20 / Investment Strategies 23
Further Reading 23 I Questions and Problems 23
Appendix 1A The Geometric Mean Return 27
Appendix IB Employment Opportunities in Investments 30 •
Chapter 2 Debt Securities 34
2 1 Nongovernment Money Market Securities 35
2 2 U.S. Government Securities 37
Nonmarketable Issues 38 / Marketable Issues 38 / Securities of Federal
Agencies 42
2 3 Corporate Bonds 42
Bankruptcy 42 / Bond Indentures and Protective Provisions 44 / Types
of Corporate Bonds 44
2 4 Municipal Bonds 46
Federal Tax Exemption 46 / General Obligation and Limited Obligation
Bonds 46
2 5 New Forms of Bonds 47
Put Bonds and Variable Rate Bonds 47 / Zero Coupon Bonds 47
2 6 Some Conclusions 50
Summary 51 / Further Reading 51 / Questions and Problems 52
Chapter 3 Equity and Asset Backed Securities 56
3 1 Common Stock 57
Voting Rights 58 / Par Value and Book Value 59 / Stock Price Quotations 61 /
Classified Common Stock 62 / Cash Dividend Payments 62 / Stock Splits
and Stock Dividends 63
3 2 Preferred Stock 63
Voting Rights 64 / Cash Dividend Payments 64 / Call Feature 65 /
Participating Preferred Stock 65 / Adjustable Rate Preferred Stock 65 /
Money Market Preferred Stock (MMPS) 66
3 3 Convertible Securities 66
An Overhanging Issue 66 / The Conversion Ratio 67 / Effects of
Convertible Financing 67
3 4 Investment Companies 69 / Mutual Funds 69 / Closed End Funds 69
3 5 Asset Backed Securities 70
The Development of Asset Backed Securities 70 / The Costs and Benefits of
Securitizing 72
3 6 Other Investments 73
Summary 74 / Further Reading 75 / Questions and Problems 75
Part 2
The Market Place 81
Chapter 4 Securities Markets 83
4 1 Primary Markets 84
Functions of the Investment Banker 84 / Flotation Costs 89 / Case: Selecting
a Broker 90 / Rights Offerings 92
4 2 Secondary Markets 93
Organized Exchanges in the United States 94 / Organization of the NYSE 96 /
NYSE Members 97 / The Impact of May Day 99 / Liquidity in Secondary
Markets 100 / The OTC Markets 101 / The Third and Fourth Markets 103 /
X11 The Block Positioners 105 / Discount Brokers 105 / Bond Markets 106
4 3 Making a Trade 106
Types of Buy and Sell Orders 106 / Margin Trading 108
4 4 Secondary Markets: Global Comparisons 112
Call, Continuous, and Mixed Markets 112 / Geographically Fragmented
versus Centralized Markets 112
Daily Price Change Limitations 114 / Margin Requirements 114 / Crowds,
CLOBs, or Specialists? 114
4 5 Some Conclusions 115
Summary 115 / Further Reading 116 / Questions and Problems 117
Chapter 5 Measures of Market Price Movements 122
5 1 Weil Known Indexes and Averages 123
5 2 Constructing an Indicator: Basic Principles 125
5 3 Contrasting the DJIA and S P 500 126
5 4 Revising the Two Indicators: A Historical Perspective 129
Stock Splits 129 / Sample Size 130 / Substitutions 131
5 5 Making Comparisons 131
The Naive Buy and Hold Strategy 134 / Contrasts among Different Market
Measures 135
Summary 140 / Further Reading 1411 Questions and Problems 141
Appendix 5A: Correlation 145
Chapter 6 Regulating Securities Markets 147
6 1 Illegal Trading Practices 148
Case: Bertha Hecht: A Churning Victim 149 / Case: The Good Old
Days 150 / Case: The Sinclair Option Pool of 1929 150
6 2 The Straws That Broke the Camel s Back 152
The Depression 152 / The Great Crash 153 / The Demand for Reform 153
6 3 Federal Securities Regulation, 1933 1939 153
The Glass Steagall Act of 1933 153 / The Securities Act of 1933 154 / The
Securities Exchange Act of 1934 156 / The Public Utility Holding Company
Act of 1935 159 / The Maloney Act of 1938 160 / The Federal Bankruptcy
Act of 1938, as Amended in 1978 161 / The Trust Indenture Act of 1939 161
6 4 Securities Regulation, 1940 1990 162
The Investment Company Act of 1940 162 / The Investment Advisors Act of
1940 162 / The Real Estate Investment Trust Act of 1960 162 / Securities
Investor Protection Corporation Act of 1970 163 / The Employment
Retirement Income Security Act of 1974 163 / The Commodity Futures
Trading Commission Act of 1974 163 / The Securities Reform Act of
1975 164 / The Securities Acts Amendments of 1975 164 / Rule 144A 165 /
The Arbitration Rulings 165
Summary 165 / Further Reading 166 I Questions and Problems 166
Chapter 7 Federal Taxes 170
7 1 Federal Personal Income Taxes 171
How to Determine Taxable Income 171 / Case: The Case of the Dead
Horse 174 / Calculating Tax Liability 175 / Special Taxes on Investors 176 /
Tax Exempt Municipal Bonds 179 / Rental Real Estate 180 xm
7 2 Tax Sheltered Retirement Plans 181
Pension and Profit Sharing Plans 182 / 401K Plans 182 / Keogh Plans 182 /
Individual Retirement Accounts 183 / Simplified Employment Pensions 183
7 3 Estate Taxes and Gift Taxes 184
Estate Taxes 184 / Gift Taxes 185
7 4 Federal Corporate Income Taxes 186
Corporate Tax Structure 187 / Intercorporate Cash Dividends 188 / Interest
Expense 188 / Corporate Income Statements 189
7 5 Tax Exempt Investors 190
Investment Companies 190 / Trusts 191 / Pension Plans 191 / Charities and
Foundations 191
7 6 Some Conclusions 191
Summary 192 / Further Reading 192 / Questions and Problems 193
Part 3
Financial Analysis 197 Chapter 8 Investment Information Sources 199
8 1 National and International Newspapers 200
8 2 National Affairs 201
Bank Newsletters 201 / U.S. Government Publications 202 / Commercial
Publications 202
8 3 Investment Information Services 204
The Standard Poor s Corporation 204 / Moody s Investor Services 207 /
Value Line Investment Survey 209
8 4 Brokerage Houses 211
8 5 The Issuers of Securities 214
Forms 8 K, 9 K, and 10 Q and Registration Statements 214 / Annual
Reports and Executive Interviews 214
8 6 Professional Journals 215
8 7 Tracking Professionally Managed Portfolios 217
Morningstar 217 / Arthur Wiesenberger Services 217 / Donoghue s
Moneyletter 217 / Business Week Magazine s Mutual Fund Scoreboard 218
8 8 Historical Data Files for Computers 218
The CRSP Tapes 218 / Compustat 218 / Value Line Data Base 219 / The
Berkeley Options Data Base 219 / The Chicago Board of Trade Commodity
Data 219 / Disclosure Data 219 / Municipal Bond Data 222
8 9 Remote Computing 223
Summary 223 / Further Reading 224 / Questions and Problems 224
Chapter 9 Analysis of Financial Statements 228
9 1 The Financial Statements 229
The Balance Sheet 229 / The Income and Expense Statement 230
9 2 Common Sized Financial Statements 231
Common Sized Balance Sheet 232 / Common Sized Income and Expense
Statement 232 . ¦ ¦
32Y . , . ^ . ... .:¦ , ¦ • ¦
9 3 Financial Ratios: Meaningful and Relevant Values 233
9 4 Computing Financial Ratios 234
Solvency Ratios 234 / Turnover Ratios 235 / Coverage Ratios 239 / A
Cashflow Ratio 240 / Leverage Ratios 241 / Case: Chrysler Almost Lost It in
1980 242 / Profitability Ratios 243 / Common Stock per Share Data 246
9 5 Analyzing and Interpreting Ratios 248
The DuPont Analytical Framework 248 / Risk Analysis 250 / Interpreting
Ratios with Standards of Comparison 252 / Potential Problems with
Financial Analysis 253
Summary 254 I Further Reading 254 / Questions and Problems 254
Chapter 10 The Default Risk Factor 259
10 1 Defining Default Risk 260
Sources of Default Losses 260 / Warning Signs 260 / Case: Chrysler on the
Precipice 261 / Upside and Downside 262
10 2 Federal Bankruptcy Law 262
Bankruptcy Liquidation 263 / Reorganization 263 / Arrangements 264
10 3 Quality Ratings 264
10 4 The Determinants of Ratings 266
Ratio Analysis of Ability to Pay 266 / The Strength of the Requirement to
Pay 268 / The Economic Significance and Size of the Issuer 271
10 5 Default Risk and the Required Rate of Return 273
10 6 Undiversifiable and Diversifiable Default Risk 274
Summary 275 I Further Reading 275 I Questions and Problems 276
Chapter 11 The Interest Rate Risk Factor 281
11 1 The Time Value of Money 282
The Future Value of Present Dollars 282 / The Present Value of Future
Dollars 283
11 2 Present Value Applied to Annuity Payments 285
The Effect of Interest Rates on Present Values 286 / The Effect of Futurity
on Present Value 287
11 3 The Present Value of a Bond 289
A Bond with Annual Coupon Payments 290 / A Bond That Pays Semiannual
Coupons 290
11 4 Default Free U.S. Treasury Bonds 291
Price Fluctuation Risk 291 / Coupon Rate Risk 292
11 5 Bond Ratings and Default Risk 294
Interest Rate Determinants 294 / Tax Exempt Municipals 294
11 6 Stocks Cash Dividend Yields 294
11 7 Diversifiable and Undiversifiable Interest Rate Risk 296
Summary 2971 Further Reading 297 / Questions and Problems 297
Chapter 12 Bond Selection 300
12 1 Selecting Bonds 301 XY
12 2 Bond Yield Measures 301
The One Period Rate of Return 302 / The Current Yield 302 / Expected
Yield to Maturity 302
12 3 Bond Price Movements 307
12 4 Measuring Macaulay s Duration 308
Comparing the Duration of Two Bonds Numerically 309 / Contrasting
Duration with Years to Maturity 309
12 5 Bond Investing 313
Maximizing Return 313 / Immunizing against Interest Rate Risk 314 / Case:
Charles Bradley s Mutual Fund 314 / Case: Ms. Smyth s Duration Matching
Strategy 315 / Duration Rebalancing 316
12 6 Aggressive Trading 316
Predicting Market Interest Rates 317 / Yield Spreads 318
12 7 The Term Structure of Interest Rates 320
Yield Curve Hypotheses 322 / Forecasting Interest Rates with the Yield
Curve 325 / Riding the Yield Curve 325 / Speculating on Quality Ratings
Changes 326
Summary 327 / Further Reading 328 I Questions and Problems 328
Chapter 13 Common Stock Analysis 331
13 1 Estimating Intrinsic Value 332
If the Business Gets Riskier 333 / If Growth Prospects Heat Up 335 / If
There Is a Cut in Cash Dividend per Share 335 / If You Sell in a Few
Years 336
13 2 Fundamental Analysis 337
The E(P/E) Ratio 337 / Comparing Expected and Actual P/E Ratios 338 /
Earnings Multipliers 339 / The Payout Ratio 339 / Book Value, Appraised
Value, and Intrinsic Value 341
13 3 Some Practical Considerations 343
Business Cycles 343 / The Margin for Error 344 / The Payout Ratio and the
Earnings Multiplier 344
13 4 The Product Life Cycle 345
13 5 Other Factors to Consider 347
13 6 Playing the Market: Stock Market Timing 348
Leading Economic Indicators 349 / Forecasting 350
Summary 355 / Further Reading 356 / Questions and Problems 357
Chapter 14 Analyzing Earnings 360
14 1 Economic Earnings and Accounting Earnings 361
Generally Accepted Accounting Procedures 362 / Comparing Income and
Expense Statements 363
14 2 Reported Earnings per Share 368
Dilution of EPS 369 / Extraordinary Gains and Losses 370 / Inflation 370
14 3 Adjusting Earnings 371
14 4 Forecasting Earnings per Share 372
Obtaining Earnings per Share Forecasts 372 / Preparing Earnings per Share
Forecasts 373
14 5 Cashflow Oriented Financial Analysis 373
*** Summary 375 / Further Reading 375 / Questions and Problems 375
Part 4
Analysis of More Risk Factors 379
Chapter 15 Technical Analysis 381
15 1 The Theory of Technical Analysis 382
15 2 The Dow Theory 384
15 3 Bar Charts 385
A Head and Shoulders Top 386 / Chart Patterns 387
15 4 Odd Lot Theory 387
15 5 Breadth of Market Indicators 389
Calculating Advance Decline Statistics 389 / Interpreting Breadth Data 390
15 6 Relative Strength Analysis 391
15 7 Volume of Shares Traded 393
15 8 Moving Average Analysis 394
Constructing a Moving Average Chart 394 / Interpreting Moving Average
Charts 394
15 9 Evaluating Technical Analysis 395
Summary 395 / Further Reading 396 / Questions and Problems 397
Chapter 16 The Efficient Markets Hypothesis 400
16 1 Price Is Determined by Value 401
Cootner s Model: Liquidity Traders and Information Traders 401 / An
Intrinsic Value Random Walk Market 402 / A Market with Varying Degrees
of Efficiency 403
16 2 Aggressive versus Passive Investment Management 404
Aggressive Management 405 / Passive Management 405
16 3 The Weakly Efficient Markets Hypothesis 406
Filter Rules 406 / Serial Correlations 408 / Runs Tests 409 / Indirect
Tests 410
16 4 The Semistrongly Efficient Markets Hypothesis 410
Absence of Learning Lags 411 / Effects of the Fed s Discount Rate
Changes 411 / Stock Splits and Stock Dividends 412 / Case: IBM Reduces
Its Stock Price from to 413 / New Exchange Listings 413
16 5 The Strongly Efficient Markets Hypothesis 414
16 6 Anomalies in the Efficient Markets Theory 415
Anomalies in the Weakly Efficient Markets Hypothesis 415 / Anomalies in
the Semistrongly Efficient Markets Hypothesis 416
16 7 Some Conclusions 419
Weakly Efficient Markets 419 / Semistrongly Efficient Markets 420 /
Strongly Efficient Markets 420
Summary 421 / Further Reading 421 / Questions and Problems 422
Chapter 17 The Market Risk Factor 426
17 1 Analyzing the Market Risk Factor 427
Using Security Market Indicators 427 / It s Bull and Then Bear and Then
Bull and Then ... 427 XV)
17 2 The Business Cycle and Market Timing 433
Bear Markets 434 / Piccini s Study of Market Peaks 435
17 3 Analyzing Recessions 435
The Real Sector of the Nation s Economy 435 / The Monetary Sector of the
Nation s Economy 437
17 4 Changing Market Interest Rates 439
The Riskless Rate of Interest 440 / Risk Premiums 440 / Market Interest
Rates and the Inflation Rate 441 / Changing Interest Rates and Bond
Prices 441
17 5 Undiversifiable and Diversifiable Market Risk 442
17 6 Leading and Lagging Indicators 444
Summary 445 / Further Reading 445 / Questions and Problems 446
Chapter 18 Purchasing Power Risk and Other Risk Factors 450
18 1 The Purchasing Power Risk Factor 451
The Money Illusion 451 / Real versus Nominal Returns 452 / Calculating
Real Returns 452
18 2 Inflation Rates in Foreign Countries 454
18 3 Real Rates of Return from U.S. Investments 456
18 4 Diversifiable and Undiversifiable Purchasing Power Risk 460
18 5 The Liquidity Risk Factor 461
18 6 Political Risk Factors 462
The International Political Risk Factor 462 / Case: Iraq Invades Kuwait 463 /
The Domestic Political Risk Factor 463 / Case: Raising the Capital Gains Tax
Rate Discourages Investing 463 / Political Risk and Value 464
18 7 The Call Risk Factor 464
18 8 The Convertibility Risk Factor 465
Summary 4661 Further Reading 467 / Questions and Problems 467
Chapter 19 Management Risk and Other Risk Factors 472
19 1 Who Is Responsible for Management Risk? 473
Acts of God 473 / Product Obsolescence 473 / Maintaining Sales 474 /
Management Errors—An Infinite Variety 476
19 2 Agency Theory 477
Performance Shares for Top Executives 480 / Taking a Corporation
Private 481 / Hostile Takeover Attempts and Greenmail 482 / Golden
Parachutes and Poison Pills 483 / Classified Common Stock 484
19 3 Diversifiable and Undiversifiable Management Risk 485
Summary 485 / Further Reading 486 / Questions and Problems 486
Chapter 20 Making Buy Sell Decisions 490
20 1 The Venerable Present Value Model 491
20 2 Value versus Price 492
20 3 The Valuation and Investment Procedure 492
20 4 Long and Short Positions 494
Selling Short 494 / Some Complicatioijs 495 / Case: The Short Seller Is
Thrown for a Loss 496 / Some Gam Eoss Illustfations 4%
^ xvni
20 5 Hedged Positions 497
The Perfect Hedge 497 / Imperfect Hedges 499
20 6 Arbitrage 500
International Stock Price Arbitrage 500 / Risky and Riskless Arbitrage 500
20 7 Selling Short against the Box 501
Case: Mr. Forde Avoids Losses and Maintains Control 502 / Case: Ms. Lee
Decreases Her Income Taxes 502
Summary 503 / Further Reading 503 / Questions and Problems 504
Part 5
Diversification 511
Chapter 21 Options, Warrants, and Convertibles 513
21 1 Calls and Puts 514
The Characteristics of Options 514 / The People, the Prices, and the
Markets 515 / Gain Loss Illustrations for Calls 517 / Case: Byer and
Rider 519
21 2 Call Premium Determinants 519
How Exercise Price Affects Call Premiums 522 / How Call Premium
Determinants Interact 522
21 3 Put Options 524
Gain Loss Illustrations 524 / Put Premiums 525 / Case: Two Investors Face
Decisions 526
21 4 Index and Other Options 527
Uses of Index Options 528 / The Options on the S P Indexes 530 / Other
Options 530
21 5 Warrants 531
Warrant Prices 531 / The Warrant Agreement 533
21 6 Convertible Securities 533
Analysis of the Embedded Options 533 / Traditional Analysis of
Convertibles 534
Summary 538 / Further Reading 538 / Questions and Problems 539
Appendix 21 A: The Black Scholes Call Option Pricing Formula 543
Appendix 21B: The Put Call Parity Formula 547
Chapter 22 Commodity Futures 549
22 1 Futures Contracts 550
Futures Trading 550 / Financial Futures 552
22 2 Commodity Markets 552
Cash Markets and Futures Markets 552 / Transactions at Commodities
Exchanges 553
22 3 The Activities in a Commodities Exchange 553
The Commodity Board 553 / Price Fluctuation Limits 555 / The
Clearinghouse 556 / Trading 557
22 4 Trading Futures for Profit or Protection 558
Speculating 558 / Hedging 560 / Speculators Role in Hedging 561
70S
1
22 5 Spot and Futures Prices 562
The Basis 562 / Delivery Date Convergence 563
22 6 Sources of Information 563
Summary 565 / Further Reading 565 I Questions and Problems 566
Chapter 23 Investing in Real Assets 570
23 1 Analysis of Real Assets 570
Psychic Income 571 / Every Real Asset Is Unique 571 / Real Assets versus
Monetary Assets 571
23 2 Real Estate 572
Forms of Ownership 574 / Types of Real Estate 575 / Advantages of Real
Estate Investing 576 / Disadvantages of Real Estate Investing 578
23 3 Precious Stones 579
Diamonds 579 / Colored Stones 580 / Investment Decisions 581
23 4 Precious Metals 581
The History of Silver and Gold 582 / Investing in Silver and Gold 582 /
Problems with Silver and Gold Investing 584
23 5 Art Objects 585
23 6 Collectibles 587
Coins 587 / Stamps 588
Summary 589 I Further Reading 590 / Questions and Problems 590
Chapter 24 Portfolio Analysis 593
24 1 Dominant Assets and Efficient Portfolios 594
The Dominance Principle 594 / Efficient Portfolios 594
24 2 Simple Diversification 595
24 3 Diversifying across Industries 597
24 4 Superfluous Diversification 598
24 5 Markowitz Diversification 598
A Two Asset Portfolio s Expected Rate of Return 603 / A Two Asset
Portfolio s Risk 605 / Some Conclusions about Markowitz
Diversification 607
24 6 The Efficient Frontier 608
24 7 Asset Allocation 609
The Menu of Optimal Asset Allocations 610 / Selecting an Optimal Asset
Allocation 610
Summary 611 / Further Reading 6111 Questions and Problems 612
Chapter 25 Capital Market Theory 616
25 1 The Capital Market Line (CML) 617
Lending Portfolios 618 / Borrowing (or Leveraged) Portfolios 619 /
Undiversifiable Risk 622 .
25 2 The Characteristic Regression line (CRL) 622
A Time Series Regression Line 623 / The Independent liable 6^3 / The
Dependent Variable 623 V Partttiotosgan AsseJ^Tirtal Risk 624 / Financial
k xx Interpretation of the CRL 627
25 3 The Capital Asset Pricing Model (CAPM) 628
Interpreting the CAPM 628 / The CAPM s Asset Pricing Implications 630
Summary 631 / Further Reading 631 / Questions and Problems 632
Chapter 26 Arbitrage Pricing Theory 635
26 1 APT s Underlying Assumptions 636
26 2 One Factor APT 636
The Arbitrage Pricing Line 636 / Overpriced and Underpriced Assets 638 /
Establishing an Arbitrage Portfolio 639
26 3 APT with Two Risk Factors 640
The Two Factor APT Model: Two Types of Undiversifiable Risk 640 / The
Arbitrage Pricing Plane 640
26 4 APT with
The / Factor APT Model 643 / The / Dimensional Hyperplane 644
26 5 The Components of Total Risk in the APT Model 644
26 6 Simple Diversification 645
26 7 APT s Buy Sell Rules 647
Case: Evaluating IBM s Common Stock with a Five Factor APT Model 647
Summary 648 / Further Reading 648 / Questions and Problems 649
Chapter 27 International Investing 652
27 1 Multinational Investing and Efficient Portfolios 655
International Portfolio Analysis 655 / The International Investor s Efficient
Frontier 658 / Reasons for Low Intercountry Market Correlations 659
27 2 Multinational Diversification 659
27 3 Foreign Exchange Risk 662
Hedging Foreign Exchange Risk 662 / Case: Fluctuating Exchange Rates
Cause Different Returns 663
27 4 American Depository Receipts 664
27 5 Global Investment Companies 665
Summary 665 / Further Reading 666 / Questions and Problems 666
Chapter 28 Investment Performance Evaluation 671
28 1 Investment Companies 674
Mutual Funds 674 / A Mutual Fund s One Period Rate of Return 674 /
Other Kinds of Investment Companies 676 / Case: Muriel s Mutual Fund
Return 676
28 2 Evaluating the Skills of Mutual Fund Managers 677
Return Rankings 678 / Considering Risk and Return Together 679 /
Statements of Investment Objectives 680 / Do Not Ignore Risk! 681
28 3 Sharpe s Performance Index (SPI) 681
Computing SPI 681 / Interpreting the SPI s Risk Adjusted Returns 682
28 4 Treynor s Performance Index (TPI) 684
Calculations with the TPI Formula 685 / Comparing the SPI and TPI
Measures 686
28 5 Advantages of Investing in Mutual Funds 687
Summary 688 / Umber Reading 688 / Questions and Problems 688 ^
Appendix A Computer Software and Data A l I
Appendix B Investments Analysis with Hand Held Calculators B l
Appendix C Answers to Questions C l
Glossary G l
Indexes:
Name Index 1 1
Subject Index 1 4
XS31
|
| any_adam_object | 1 |
| author | Francis, Jack Clark |
| author_facet | Francis, Jack Clark |
| author_role | aut |
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| callnumber-search | HG4521.F688 1993 |
| callnumber-sort | HG 44521 F688 41993 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 530 QK 800 QP 720 |
| ctrlnum | (OCoLC)26216475 (DE-599)BVBBV008816629 |
| dewey-full | 332.6/78 332.6/7820 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6/78 332.6/78 20 |
| dewey-search | 332.6/78 332.6/78 20 |
| dewey-sort | 3332.6 278 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 3. ed. |
| format | Book |
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| geographic | USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV008816629 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:25:30Z |
| institution | BVB |
| isbn | 0070218188 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-005832742 |
| oclc_num | 26216475 |
| open_access_boolean | |
| owner | DE-703 DE-29 DE-521 DE-11 |
| owner_facet | DE-703 DE-29 DE-521 DE-11 |
| physical | Getr. Zählung graph. Darst. |
| publishDate | 1993 |
| publishDateSearch | 1993 |
| publishDateSort | 1993 |
| publisher | McGraw-Hill |
| record_format | marc |
| series2 | McGraw-Hill series in finance |
| spelling | Francis, Jack Clark Verfasser aut Management of investments Jack Clark Francis 3. ed. New York u.a. McGraw-Hill 1993 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier McGraw-Hill series in finance Investeringen gtt Investimentos larpcal Investissements ram Investments Investition (DE-588)4027556-5 gnd rswk-swf Anlagepolitik (DE-588)4206018-7 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Kapitalanlage (DE-588)4073213-7 s DE-604 Anlagepolitik (DE-588)4206018-7 s 1\p DE-604 Investition (DE-588)4027556-5 s 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005832742&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Francis, Jack Clark Management of investments Investeringen gtt Investimentos larpcal Investissements ram Investments Investition (DE-588)4027556-5 gnd Anlagepolitik (DE-588)4206018-7 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4027556-5 (DE-588)4206018-7 (DE-588)4073213-7 (DE-588)4078704-7 |
| title | Management of investments |
| title_auth | Management of investments |
| title_exact_search | Management of investments |
| title_full | Management of investments Jack Clark Francis |
| title_fullStr | Management of investments Jack Clark Francis |
| title_full_unstemmed | Management of investments Jack Clark Francis |
| title_short | Management of investments |
| title_sort | management of investments |
| topic | Investeringen gtt Investimentos larpcal Investissements ram Investments Investition (DE-588)4027556-5 gnd Anlagepolitik (DE-588)4206018-7 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Investeringen Investimentos Investissements Investments Investition Anlagepolitik Kapitalanlage USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005832742&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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