International portfolio management:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Longman
1993
|
| Ausgabe: | 1. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVIII, 440 S. graph. Darst. |
| ISBN: | 0851219128 |
Internformat
MARC
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| 100 | 1 | |a Watsham, Terry J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a International portfolio management |c Terry J. Watsham |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a London |b Longman |c 1993 | |
| 300 | |a XVIII, 440 S. |b graph. Darst. | ||
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| 650 | 7 | |a Portfolio-analyse |2 gtt | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Preface page xvii
1 An Introduction to the Investment Environment 1
Introduction 1
Primary and secondary markets 2
Cash and money market instruments 3
Equity markets 5
Bond markets 6
Domestic bond markets 7
International bond markets 8
Currencies 9
Derivative instruments 10
Futures contracts and forward contracts 12
Options and warrants 12 v
Swaps 12
The international nature of financial markets 13
Financial innovation in response to growing financial risk 17
Brief history of the major themes in the theory of investment
management 18
2 The Efficient Markets Hypothesis 21
Introduction 21
The efficient markets hypothesis (EMH) 21
Forms of informational efficiency 21
Implications of EMH 22
Empirical tests of market efficiency 22
Weak form efficiency 23
Tests for serial correlation 23
Runs tests 25
Filter tests 25
Why should security prices be random? 26
The statistical distribution of short term security returns 27
The lognormal distribution 27
Summary of evidence of randomness 29
Semi strong form efficiency 29
Strong form efficiency . 30
Are the markets totally efficient? 31
Information content of analysts forecasts 32
Persistent anomalies 32
Low P/E effect 32
vi Contents
Small firm effect 33
High yield effect 33
Neglected firm effect 34
The seasonality of security returns 34
The interdependence of anomalies 35
How valid are these anomalies? 36
The mean reverting nature of asset returns 36
3 Modern Portfolio Theory 43
Introduction . 43
The principles of Modern Portfolio Theory 43
The creation of risk 43
Factors in systematic risk 44
Factors in unsystematic risk 44
The measurement of risk and return in individual assets 45 ^
The Markowitz mean variance model 46
Calculating the returns and standard deviation of a portfolio 47
The effects of diversification 50
The grounds for assuming normally distributed returns and
using mean variance analysis in portfolio construction 53
The efficient frontier 53
The investors utility function 56 ^
Choice of portfolio 57
4 Equilibrium Asset Pricing Models 60
Introduction 60
Adding a risk free asset to the set of investible assets 60
Borrowing at the same risk free rate 62
Combining risk free borrowing and lending 63
The CML when borrowing is at a higher rate than risk free lending 64
The Capital Asset Pricing Model (CAPM) 65
The effects of diversification under CAPM 68
Deriving the inputs for portfolio optimisation 70
Estimating beta 70
Zero beta CAPM 72
The empirical evidence of CAPM 73
The first stage: time series tests 74
The second stage: cross section regressions 75
Multi factor models 79
The Arbitrage Pricing Theory 79
Empirical tests of APT 82
Fundamental multi factor models 83
y 5 The Asset Allocation Process 88
Introduction 88
The investment decision making process 88
The concept of risk revisited: the role of the benchmark portfolio 89
Contents vii
The asset allocation process 90
Strategic asset allocation 90
The policy benchmark or normal portfolio 91
The importance of strategic asset allocation 92
Tactical asset allocation: a three stage process 92
Stage 1: research and analysis into expected returns, variances
and covariances of asset classes 93
Stage 2: determining the array of efficient portfolios 96
Stage 3: determining the risk/return combination of the optimum
portfolio 100
How effective is tactical asset allocation? 101
International asset allocation 101
An international element to strategic asset allocation 102
International tactical asset allocation 102
Foreign currency as a separate asset class in asset allocation 105
6 Currency Risk: Its Role and Impact 110
Introduction 110
The functioning of the foreign exchange market 110
The quotation of exchange rates 110
The determination of forward exchange rates 112
The outright forward rate 112
The forward margins 112
Interest Parity Theory and the fair pricing of currency forwards 113
The risks and returns of foreign currency assets 114
The returns to a single foreign currency asset 114
The returns and risks of unhedged foreign currency assets 115
The returns to unhedged foreign currency assets 115
The effect of foreign exchange returns on total returns 116
The risks embodied in unhedged foreign assets 117
Risk in an unhedged portfolio of foreign assets 118
The returns and risks to currency hedged assets 120
The returns to a currency hedged asset 120
The risk embodied in currency hedged assets 122
The case for hedging foreign currency assets in portfolio 122
Currency exposure as a hedge against inflation 124
How much to hedge what is your objective? 125
Capturing the magnitude and volatility of local currency returns 125
Minimising the variance of returns in the numeraire currency 125
Measuring currency exposure 126
Determining the amount of currency to hedge 128
To hedge or not to hedge? Currency volatility in the context of
an overall portfolio view 128
Currency as a separate asset class: currency overlay 129
7 The Valuation of Equities 135
Introduction 135
viii Contents
The absolute valuation process for equities 136
What cash flows? 137
Dividend discount models 139
Constant growth model 142
Relaxing the assumptions 145
Multi stage dividend discount models 145
External financing 146
The application of dividend discount models 146
Determining the discount rate, k 147
The dividend decision and valuation 148
The price/earnings ratio approach 149
The relationship between price/earnings ratios and dividend
discount models 149
Factors affecting the magnitude of the P/E ratio 150
Application of P/E ratios 152
The empirical evidence of earnings forecasting 152
What are we forecasting? 153
The effectiveness of analysts forecasts 153
The relative valuation of equities 155
A multi factor model of asset returns 156
The methodology of creating multi factor models 158
Concerns about data and methodology 161
The integration of the factor model and the dividend discount
model approaches 163
8 Bonds: Their Characteristics and Valuation 166
Introduction 166
The risks associated with straight bonds 166
Interest rates as compensation for risk 167
Valuation of straight bonds 168
Valuation of default risk free bonds 168
Zero coupon bonds 168
Valuation of a coupon paying bond 168
Valuation of bonds with default risk 170
Spot rates, forward rates and quality spreads 172
Spot rates and forward rates compared 175
Quality spreads again 176
The nature of the term structure of interest rates 176
Theories of the determination of the term structure 179
The expectations hypothesis 179
The liquidity preference hypothesis 180
The market segmentation hypothesis 180
Empirical evidence of the term structure 180
The dynamics of the term structure 181
Returns from holding securities 181
Current or running yield 182
Yield to maturity or gross redemption yield 182
Contents ix
Realised compound yield 184
The interest rate risks associated with bonds 185
Reinvestment risk 186
Price risk of bonds 186
Duration and convexity as measures of price risk 186
Convexity, an added dimension to price risk 190
Estimating the effects of a change in yield upon price 191
Properties of duration 193
Properties of convexity 193
Problems with duration and convexity 193
9 Futures Contracts and Forward Contracts 196
Introduction 196
The futures contract as a standardised contract 196
The type and quantity of the underlying asset 196
The method of delivery 197
The time of delivery 197
Minimum price movements 197
The clearing house and the operation of the margining system 198
The pricing of forwards and futures general principles 199
The cash and carry arbitrage 199
The concept of basis 202
Time spreads of forward and futures prices 202
Expectation and the price of forwards and futures on carryable
assets 203
Currency futures 203
Pricing of currency futures 203
Futures of equity indices 204
Pricing of equity index futures 205
Empirical evidence of equity index futures pricing 206
Bond futures 207
Types of bond futures and contract specifications 207
Special features of bond futures contracts 208
A variety of deliverable bonds 208
Conversion factors 209
Futures cash equivalent 210
The pricing of bond futures contracts 210
Summary of bond futures pricing procedure 211
Which bond is cheapest to deliver? 211
Calculating the cost of carry 213
Basis and bond futures 215
The convergence of basis 216
Embedded options and the fair price of a bond future 216
Option to choose the bond to be delivered: the quality option 217
The option to choose the delivery day: the timing option 217
The effect of the embedded options on bond futures pricing 218
Futures contracts on interbank deposit interest rates 219
x Contents
The contract specifications and delivery system 219
The day count conventions 220
Pricing interest rate futures on interbank deposits 220
Forward interest rates and expectations 221
Forward rate agreements (FRAs) 222
The differences between forward and future prices 223
10 Option Pricing Theory 228
An intuitive introduction to options 228
Buying a call 228
Writing a call 230
Buying a put 230
Writing a put 230
Traded options as standardised contracts 230
Limits or boundary conditions for option prices 231
Intuitive explanation of factors influencing option values 232
Asset price (S) and exercise price (X) 232
The time to maturity (T 1) 233
The rate of interest(r) 233
The volatility of the underlying security (a) 233
Valuation of European options 234
The assumptions of the binomial and Black Scholes models 234
The binomial option pricing model 234
Problem 1: the number of options to sell 236
Problem 2: the fair price 236
The multi period binomial model 238
Stage 1: use expiration values to calculate values of third time
period 241
Stage 2: use third period values to calculate second period values 241
Stage 3: use second period values to calculate first period values 241
Stage 4: use first period values to calculate current option price 242
The Black Scholes option pricing model 242
An example of Black Scholes pricing 242
Black Scholes applied to equities paying dividends 243
Black Scholes applied to options on spot equity indices 244
Black Scholes adapted for equity index futures 245
The Black Scholes model applied to European options on
currencies 245
Options on the spot currency 245
Options on forward currency 246
Option price sensitivities 247
The option delta 247
The gamma of the option 249
The rho of an option 249
The theta of an option 249
The vega of an option 250
The sensitivities of a put option 251 v
Contents xi
Put call parity 252
Valuation of American options 253
Models for valuing American options 255
The binomial model applied to American options 255
Calculation of asset price volatility 257
An example of the calculation of historical volatility 257
Implied volatility the consensus view 258
Empirical tests of option pricing models 259
Empirical tests of the diffusion process 260
Options on debt instruments and interest rates 260
Are interest rate options different to other options? 260
Options on interest rate and bond futures 261
Valuation of futures margined American options traded on LIFFE 262
Valuation of premium paid American options on short term
interest rate futures 262
Term structure based option pricing models 263
Appendix 1 The standardised normal distribution 267
11 Valuation of Bonds with Embedded Options or
Floating Coupons 268
Introduction 268
Bonds with embedded options 268
The nature of debt instruments with embedded options 268
Bonds with call provisions 269
Bonds embodying put options 269
Mortgage backed securities 270
Convertible and exchangeable bonds 271
Bonds with equity warrants attached 271
The valuation of bonds with embedded interest rate options 272
Option adjusted analysis of bonds with embedded interest rate
options 273
Stage 1: derivation of the term structure of interest rates 274
Stage 2: specifying the stochastic process of interest rates 274
The Black Derman Toy model 275
Stage 3: identify security specific information 279
Stage 4: derive the option adjusted cash flows and value the bond 280
Stage 5: analysis of option adjusted yield spread, duration and
convexity 282
The option adjusted spread 282
The risks of bonds with embedded options 283
Option adjusted duration 284
Option adjusted convexity 286
Mortgage backed securities 287
Mortgage pass through securities 287
The price behaviour of mortgage pass throughs 289
Collateralised mortgage obligations (CMOs) 291
xii Contents
Stripped mortgage backed securities 291
Principal only (PO) strips 292
Interest only (IO) strips 293
The valuation of bonds with embedded equity options 294
Convertible and exchangeable bonds 294
Valuing floating rate notes 295
Risks associated with FRNs 298
12 Equity Portfolio Management 302
Introduction 302
Index matching equity portfolios 303
The rationale for index matching 303
The techniques of matching indices 306
Full replication 306
Stratified sampling 307
Optimised sampling 309
Is one technique better than another? 309
Variation on the index matching theme 311
Tilted funds 311
Completeness funds 313
Bespoke funds 313
The management of index matching portfolios 313
The choice of index to track 314
. Purchasing the stocks 316
¦ Daily administration 317
Rebalancing the portfolio 317
Rebalancing due to tracking error 318
Rebalancing due to asset allocation decisions 319
The integration of index matching with active management 319
Active quantitative equity management 321
Forecast based portfolio strategies 321
13 Bond Portfolio Management 327
Introduction 327
Active bond management 327
Bond swaps 327
Swaps in anticipation of a change in the level of interest rates 327
Swaps in anticipation of a change in the slope of the yield curve 328
Swaps in anticipation of a change in the curvature of the yield
curve 330
Anomaly swaps 332
Passive bond management 335
Index matching bond portfolios 335
Indexing methodology 335
Bond management strategies for liability funding 336
Classical immunisation 336
Sloping yield curves 338
Contents xiii
Non parallel shifts 338
Convexity 339
Bonds with embedded options 339
Managing an immunised portfolio . 339
Multi period immunisation 340
Dedication or cash matching 341
The stream of liabilities 341
Portfolio composition 342
Horizon matching 342
Contingent immunisation 343
High yield bonds 345
Introduction 345
Default risk 345
The role of high yield bonds in portfolios 347
) 14 Futures in Portfolio Management 351
Introduction 351
Managing market risk with futures 351
Managing equity market risk with equity index futures 351
Hedging all market risk, reducing portfolio beta to zero 352
Which futures contracts for which instruments? 352
Derivation of the hedge ratio, h* 353
Calculating the number of contracts to sell 354
Tailing the hedge 354
Increasing the beta of the portfolio 356
Partial reduction of beta 356
Managing the futures position 357
Separating currency risk from equity market risk in asset allocation 357
Managing interest rate risk 358
Hedging the interest rate risk of the cash component of a portfolio 358
Cross hedging 360
Hedging the interest rate risk of short term floating rate notes 361
Hedging interest rate risk in bond portfolios 362
Calculating the hedge ratio, H* 363
^ Immunisation using bond futures 366
Anticipatory hedges 368
Creating synthetic index funds 369
Synthetic index funds 369
Synthetic bond index funds 370
Arbitrage between the future and the underlying asset 372
Equity index arbitrage 372
Portfolio insurance 373
Using futures to replicate options in portfolio insurance 373
Caveats on option replication 375
Spread trading using futures 376
Cross currency spreads in bonds futures 377
Relative interest rate sensitivity 377
xjv Contents
Relative contract sizes 378
The exchange rate 378
Cross currency spreads in money market futures 378
Yield curve spreads in the same currency 379
IS t Options in Portfolio Management 382
Introduction 382
Buying options 383
Calls and puts as highly geared plays on price movements 383
Buying calls as a defensive purchase of an asset 384
Buying puts as portfolio insurance 385
Strategies to reduce the cost of insurance 387
Buying calls to protect profits 387
Buying calls to anticipate cash flow 388
Selecting which options to buy 388
Managing a purchased option position 390
Action upon a change in the price of the underlying security 390
Option writing 391
Call option writing 391
Put option writing 393
When to write options 393
At what exercise price? 394
What maturity? 394
Evaluating option writing strategies 394
Maximum potential return 395
Return if exercised 395
Standstill return 396
Protective action for written options 396
Protective action due to a rise in the asset price 397
Protective action due to a fall in the asset price 397
Option strategies involving combinations of options 398
Vertical spreads 398
Calendar spreads 400
Diagonal spreads 401
Volatility strategies 402
Synthetic forwards 404
Options strategies in interest rate and currency risk management 405
Interest rate risk 405
Caps and floors 405
Caps 405
A floor 406
A collar 406
The cylinder option 408
16 Performance Evaluation 411
Introduction 411
Portfolio objectives revisited 411
Contents xv
The choice of benchmark 412
Measuring returns 413
The money weighted rate of return 414
The time weighted return 415
The benchmark returns 415
Returns attribution 416
Returns attribution within a multi factor framework 416
Measurement of portfolio risk 418
Measures of portfolio performance 419
Summary statistics of performance 420
Excess return to volatility 421
Excess return to beta 422
Portfolio alpha 423
Using regression analysis in performance evaluation 423
Evaluating the investment decision making process 424
Caveats regarding risk adjusted performance evaluation 425
Measuring performance of portfolios incorporating derivatives 426
Asset exposure and returns attribution when using derivatives 426
Performance of portfolios with options 428
Index 431
|
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| id | DE-604.BV008875774 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:26:28Z |
| institution | BVB |
| isbn | 0851219128 |
| language | English |
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| spelling | Watsham, Terry J. Verfasser aut International portfolio management Terry J. Watsham 1. ed. London Longman 1993 XVIII, 440 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Portfolio-analyse gtt Investments Portfolio management Securities Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005870531&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Watsham, Terry J. International portfolio management Portfolio-analyse gtt Investments Portfolio management Securities Portfoliomanagement (DE-588)4115601-8 gnd |
| subject_GND | (DE-588)4115601-8 |
| title | International portfolio management |
| title_auth | International portfolio management |
| title_exact_search | International portfolio management |
| title_full | International portfolio management Terry J. Watsham |
| title_fullStr | International portfolio management Terry J. Watsham |
| title_full_unstemmed | International portfolio management Terry J. Watsham |
| title_short | International portfolio management |
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| topic | Portfolio-analyse gtt Investments Portfolio management Securities Portfoliomanagement (DE-588)4115601-8 gnd |
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