Security analysis and portfolio management:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Englewood Cliffs, NJ
Prentice Hall
1995
|
| Edition: | 6. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 691 S. |
| ISBN: | 0131572563 |
Staff View
MARC
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| 245 | 1 | 0 | |a Security analysis and portfolio management |c Donald E. Fischer ; Ronald J. Jordan |
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Record in the Search Index
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|---|---|
| adam_text | CONTENTS
PREFACE ix
1 INTRODUCTION TO SECURITIES l
Investment versus Speculation 2
The Investment Process 3
Investment Categories 6
Summary 14
Questions 15
References 15
y MARKETS FOR SECURITIES AND TAXES 17
Markets and Their Functions 1 7
Institutional Investors and Changing Markets 51
Summary 60
Questions and Problems 60
Appendix: Types of Orders 62
9 RISK AND RETURN 65
Security Returns 66
Risk in a Traditional Sense 70
Systematic Risk 72
Unsystematic Risk 74
Risk in a Contemporary Mixie 81
Using Beta to Estimate Return 8}
Picturing Risk and Return 86
Calculating Expected Return and Risk: McIXmald s Corp. 88
Historical Risk and Return on Asset Classes 90
Summary 91
Questions 92
Problems 93
Case: Nike, Inc. 95
References 99
IV Contents
A ECONOMIC ANALYSIS 101
Analytical Framework for Common Stocks 101
Economic and Industry Analysis 101
Economic Forecasting and the Stock Investment Decision 103
Forecasting Techniques 104
An Illustration of An Economic Analysis 119
Summary 127
Questions and Problems 127
References 129
r INDUSTRY ANALYSIS 130
Alternative Industry Classification Schemes 130
The Economy and the Industry Analysis 133
Key Characteristics in an Industry Analysis 135
Industry Share Prices Relative to Industry Earnings 140
Restaurant Industry Example 140
Industry Life Cycle 143
External Sources of Information for Industry Analysis 151
Other Observations on Industry Analysis 153
Summary 155
Questions and Problems 155
Disclosure Problem 157
C COMPANY ANALYSIS: MEASURING EARNINGS 158
Introduction 158
Internal Information 159
International Accounting Issues 192
External Information 196
Summary 203
Questions and Problems 203
Disclosure Problem 205
Appendix: Financial Review 206
References 216
H COMPANY ANALYSIS: FORECASTING EARNINGS 217
Introduction 217
The Chemistry of Earnings 218
Forecasting via the Earnings Model 232
Market Share/Profit Margin Approach 232
Independent Forecasts of Revenue and Expenses 237
Earnings Model Projection for McDonald s Corp. 238
Independent Forecast of Revenue and Expenses for McDonald s Corp. 241
Summary 245
Questions and Problems 245
i
I
Contents V
O COMPANY ANALYSIS: APPLIED VALUATION 250
Regression and Correlation Analysis in Forecasting Revenues and Expenses 250
Trend Analysis 251
Decision Trees 254
Problem Areas in Implementation of Newer Techniques 255
Management in Company Analysis 257
Determining A Price Earnings Ratio 260
Projecting Dividends 263
Applied Stock Valuation 272
Summary 276
Questions and Problems 279
Case: Philip Morris Companies 280
References 284
Q BOND ANALYSIS: RETURNS AND SYSTEMATIC RISK 285
The Strategic Role of Bonds 285
The Markets for Debt Securities 286
Government Bonds 286
Corporate Bond Market 287
International Fixed Income Investing 288
Specialized Bonds 290
Bond Market Performance Results 294
Bond Returns and Prices 300
Preferred Stock Valuation 303
Systematic Risk in Holding Fixed Income Securities 304
The Term Structure of Interest Rates 314
Causes of Term Structure 316
Summary 318
Questions 319
Problems 320
References 322
1 r BOND ANALYSIS: UNSYSTEMATIC RISK 324
Business and Financial Risk 325
Major Factors in the Bond Rating Process 328
Earnings Power 3 31
Default Risk and Market Yields 345
Nonrisk Factors Influencing Yields 346
Default Risk in McDonald s Long Term Debt 357
Summary 359
Questions 359
Problems 360
Disclosure 362
References 362
VI Contents
1 1 BOND MANAGEMENT STRATEGIES 364
Passive or Buy and Hold Strategy 364
Bond Ladder Strategy 365
Semiactive Management Strategy: Immunization 366
Maturity Matching: The Reinvestment Problem 371
Semiactive Management Strategy: Dedication 376
Dedication with Zeros 379
Pressures for Active Bond Management 379
Ingredients in Active Bond Management 380
Summary 393
Questions 394
Problems 395
Case: Monticello Corp. 399
References 402
1 J OPTIONS 404
Rationale of Options and Futures Development 404
Put and Call Options 405
Determinants of Option Value 410
Option Positions and Strategies 415
Taxes, Margin, and Commissions 428
Option Pricing 433
Computing Option Values 435
Empirical Tests of the Black Scholes Model 439
Summary 441
Questions 443
Problems 444
Case: Calipso Capital Consultants 447
References 449
1 2 RIGHTS, WARRANTS, AND CONVERTIBLES 451
Stock Rights 451
Warrants 452
Convertible Securities 457
Summary 469
Questions 469
Problems 470
Case: Brian Vandergriff 472
References 473
1 A FUTURES 474
Definitions and Comparisons 474
Stock Index Futures 475
Portfolio Strategies Using Index Futures 481
Index Options and Futures 485
Contents Vll
Futures on Fixed Income Securities 489
Futures on Long Term Securities 493
Foreign Futures Markets 503
Summary 503
Questions 504
Problems 505
Case: Orion Financial Management 507
References 509
t r TECHNICAL ANALYSIS 510
Market Indicators 511
Forecasting Individual Stock Performance 520
Other Tests, Conclusions, and Summary 531
Questions and Problems 534
Cose: McDonald s Corp. 535
References 537
1 £ EFFICIENT MARKET THEORY 538
Fundamental and Technical Analysis 538
Random Walk 539
The Efficient Market Hypothesis 540
Empirical Tests of the Semistrong Form 551
Summary 556
Questions and Problems 557
References 558
1 J PORTFOLIO ANALYSIS 559
Traditional Portfolio Analysis 559
Why Portfolios? 560
Effects of Combining Securities 561
Markowitz Risk Return Optimization: An Example 574
Portfolio Analysis: An Expanded Example 580
Adequate Diversification 584
Summary 586
Questions 586
Problems 587
References 589
1 O PORTFOLIO SELECTION 590
Risk and Investor Preferences 590
Selecting the Best Portfolio 593
Simple Sharpe Portfolio Optimization 598
Significance of Beta in the Portfolio 604
Traditional Portfolio Selection 610
Viii Chapter 20 Contents „
Summary 621
Questions 621
Problems 624
Case: QuanTech Partners 629
Cose: The Conaways 630
Case: George and Emily Allen 632
1 Q CAPITAL MARKET THEORY 636
Capital Market Theory 636
Relaxing Some Assumptions of the Capital Asset Pricing Model 643
Testing the Capital Asset Pricing Model 644
Arbitrage Pricing Theory 646
Summary 648
Questions 648
Problems 649
References 650
OA MANAGED PORTFOLIOS
L J AND PERFORMANCE MEASUREMENTS 651
Classification of Managed Portfolios 651
Alleged Advantages of Managed Portfolios 658
Management Performance Evaluation 659
Empirical Tests of Mutual Fund Performance 672
Extended Example of Performance Measurement 674
Mutual Funds as an Investment 676
Sources of Investment Company Information 677
Summary 680
Questions and Problems 680
Cose: The Parallax Fund 683
References 684
INDEX 685
s
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| physical | XI, 691 S. |
| publishDate | 1995 |
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| publisher | Prentice Hall |
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| spelling | Fischer, Donald E. Verfasser aut Security analysis and portfolio management Donald E. Fischer ; Ronald J. Jordan 6. ed. Englewood Cliffs, NJ Prentice Hall 1995 XI, 691 S. txt rdacontent n rdamedia nc rdacarrier Analyse financière Financieel management gtt Gestion de portefeuille Portfolio-analyse gtt Investment analysis Portfolio management Aktienanalyse (DE-588)4112475-3 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Aktienanalyse (DE-588)4112475-3 s Portfoliomanagement (DE-588)4115601-8 s 1\p DE-604 Jordan, Ronald J. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007025261&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 |
| spellingShingle | Fischer, Donald E. Jordan, Ronald J. Security analysis and portfolio management Analyse financière Financieel management gtt Gestion de portefeuille Portfolio-analyse gtt Investment analysis Portfolio management Aktienanalyse (DE-588)4112475-3 gnd Portfoliomanagement (DE-588)4115601-8 gnd |
| subject_GND | (DE-588)4112475-3 (DE-588)4115601-8 |
| title | Security analysis and portfolio management |
| title_auth | Security analysis and portfolio management |
| title_exact_search | Security analysis and portfolio management |
| title_full | Security analysis and portfolio management Donald E. Fischer ; Ronald J. Jordan |
| title_fullStr | Security analysis and portfolio management Donald E. Fischer ; Ronald J. Jordan |
| title_full_unstemmed | Security analysis and portfolio management Donald E. Fischer ; Ronald J. Jordan |
| title_short | Security analysis and portfolio management |
| title_sort | security analysis and portfolio management |
| topic | Analyse financière Financieel management gtt Gestion de portefeuille Portfolio-analyse gtt Investment analysis Portfolio management Aktienanalyse (DE-588)4112475-3 gnd Portfoliomanagement (DE-588)4115601-8 gnd |
| topic_facet | Analyse financière Financieel management Gestion de portefeuille Portfolio-analyse Investment analysis Portfolio management Aktienanalyse Portfoliomanagement |
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