Essentials of investments:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
McGraw-Hill Irwin
2010
|
| Ausgabe: | 8. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVII, 724 S. graph. Darst. |
| ISBN: | 9780073382401 |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV035790525 | ||
| 003 | DE-604 | ||
| 005 | 20100304 | ||
| 007 | t | ||
| 008 | 091026s2010 xxud||| |||| 00||| eng d | ||
| 010 | |a 2009020016 | ||
| 020 | |a 9780073382401 |9 978-0-07-338240-1 | ||
| 035 | |a (OCoLC)323199706 | ||
| 035 | |a (DE-599)BVBBV035790525 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c US | ||
| 049 | |a DE-20 |a DE-19 | ||
| 050 | 0 | |a HG4521 | |
| 082 | 0 | |a 332.6 | |
| 084 | |a QK 800 |0 (DE-625)141681: |2 rvk | ||
| 100 | 1 | |a Bodie, Zvi |d 1943- |e Verfasser |0 (DE-588)129369926 |4 aut | |
| 245 | 1 | 0 | |a Essentials of investments |c Zvi Bodie, Alex Kane, Alan J. Marcus |
| 250 | |a 8. ed. | ||
| 264 | 1 | |a New York, NY |b McGraw-Hill Irwin |c 2010 | |
| 300 | |a XXVII, 724 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Investments | |
| 650 | 0 | 7 | |a Termingeschäft |0 (DE-588)4117190-1 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Wertpapier |0 (DE-588)4065674-3 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Option |0 (DE-588)4115452-6 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Portfoliomanagement |0 (DE-588)4115601-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalanlage |0 (DE-588)4073213-7 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4151278-9 |a Einführung |2 gnd-content | |
| 689 | 0 | 0 | |a Kapitalanlage |0 (DE-588)4073213-7 |D s |
| 689 | 0 | |5 DE-604 | |
| 689 | 1 | 0 | |a Portfoliomanagement |0 (DE-588)4115601-8 |D s |
| 689 | 1 | 1 | |a Wertpapier |0 (DE-588)4065674-3 |D s |
| 689 | 1 | 2 | |a Option |0 (DE-588)4115452-6 |D s |
| 689 | 1 | 3 | |a Termingeschäft |0 (DE-588)4117190-1 |D s |
| 689 | 1 | |8 1\p |5 DE-604 | |
| 700 | 1 | |a Kane, Alex |d 1942- |e Sonstige |0 (DE-588)130111341 |4 oth | |
| 700 | 1 | |a Marcus, Alan J. |e Sonstige |0 (DE-588)130111392 |4 oth | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018649874&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-018649874 | ||
| 883 | 1 | |8 1\p |a cgwrk |d 20201028 |q DE-101 |u https://d-nb.info/provenance/plan#cgwrk | |
Datensatz im Suchindex
| _version_ | 1804140730887700480 |
|---|---|
| adam_text | Titel: Essentials of investments
Autor: Bodie, Zvi
Jahr: 2010
Brief Contents
Part ONE
ELEMENTS OF INVESTMENTS 1
1 Investments: Background
and Issues 2
2 Asset Classes and Financial
Instruments 23
3 Securities Markets 52
4 Mutual Funds and Other Investment
Companies 83
Part TWO
PORTFOLIO THEORY
108
5 Risk and Return: Past
and Prologue 109
6 Efficient Diversification 145
7 Capital Asset Pricing and Arbitrage
Pricing Theory 189
8 The Efficient Market Hypothesis 228
9 Behavioral Finance and Technical
Analysis 260
Part THREE
DEBT SECURITIES
286
10 Bond Prices and Yields 287
11 Managing Bond Portfolios 329
Part FOUR
SECURITY ANALYSIS 362
12 Macroeconomic and Industry
Analysis 363
13 Equity Valuation 394
14 Financial Statement Analysis 435
Part FIVE
DERIVATIVE MARKETS
473
15 Options Markets 474
16 Option Valuation 509
17 Futures Markets and Risk
Management 543
Part SIX
ACTIVE INVESTMENT
MANAGEMENT 577
18 Portfolio Performance
Evaluation 578
19 Globalization and International
Investing 610
20 Hedge Funds 650
21 Taxes, Inflation, and Investment
Strategy 671
22 Investors and the Investment
Process 696
Appendixes
A References 717
B References to CFA Questions 723
Index 1-1
vii
Contents
Part ONE
ELEMENTS OF INVESTMENTS 1
1 Investments: Background and
Issues 2
1.1 Real Assets versus Financial Assets 3
1.2 A Taxonomy of Financial Assets 5
1.3 Financial Markets and the Economy 6
The Informational Role of Financial Markets 6
Consumption Timing 6
Allocation of Risk 6
Separation of Ownership and
Management 7
Corporate Governance and Corporate Ethics 8
1.4 The Investment Process 9
1.5 Markets Are Competitive 10
The Risk-Return Trade-Off 10
Efficient Markets 10
1.6 The Players ll
Financial Intermediaries 11
Investment Bankers 13
1.7 Recent Trends 14
Globalization 14
Securitization 15
Financial Engineering 16
Computer Networks 18
1.8 Outline of the Text 18
End-of-Chapter Material 19-22
2 Asset Classes and Financial
Instruments 23
2.1 The Money Market 24
Treasury Bills 24
Certificates of Deposit 26
Commercial Paper 26
Bankers Acceptances 2 7
Eurodollars 27
Repos and Reverses 27
Brokers Calls 28
Federal Funds 28
The LIBOR Market 28
Yields on Money Market Instruments 28
2.2 The Bond Market 30
Treasury Notes and Bonds 30
Inflation-Protected Treasury Bonds 31
Federal Agency Debt 31
International Bonds 31
Municipal Bonds 32
Corporate Bonds 34
Mortgages and Mortgage-Backed Securities 34
2.3 Equity Securities 36
Common Stock as Ownership Shares 36
Characteristics of Common Stock 36
Stock Market Listings 37
Preferred Stock 38
Depository Receipts 38
2.4 Stock and Bond Market Indexes 38
Stock Market Indexes 38
Dow Jones Averages 39
Standard Poor s Indexes 41
Other U.S. Market Value Indexes 42
Equally Weighted Indexes 43
Foreign and International Stock
Market Indexes 43
Bond Market Indicators 44
2.5 Derivative Markets 45
Options 45
Futures Contracts 46
End-of-Chapter Material 47-51
3 Securities Markets 52
3.1 How Firms Issue Securities 53
Investment Banking 53
Shelf Registration 54
Private Placements 54
Initial Public Offerings 54
VIII
Contents
IX
3.2 How Securities Are Traded 56
Types of Markets 56
Types of Orders 57
Trading Mechanisms 59
3.3 U.S. Securities Markets 61
NASDAQ 61
The New York Stock Exchange 62
Electronic Communication Networks 64
The National Market System 64
Bond Trading 65
3.4 Market Structure in Other Countries 65
London 65
Euronext 65
Tokyo 66
Globalization and Consolidation
of Stock Markets 66
3.5 Trading Costs 67
3.6 Buying on Margin 68
3.7 Short Sales 70
3.8 Regulation of Securities Markets 73
Self-Regulation 74
Regulatory Responses to Recent
Scandals 75
Insider Trading 76
End-of-Chapter Material 77-82
4 Mutual Funds and Other
Investment Companies 83
4.1 Investment Companies 84
4.2 Types of Investment Companies 85
Unit Investment Trusts 85
Managed Investment Companies 85
Other Investment Organizations 86
4.3 Mutual Funds 87
Investment Policies 87
How Funds Are Sold 90
4.4 Costs of Investing in Mutual Funds 90
Fee Structure 90
Fees and Mutual Fund Returns 92
Late Trading and Market Timing 93
4.5 Taxation of Mutual Fund Income 94
4.6 Exchange-Traded Funds 95
4.7 Mutual Fund Investment Performance:
A First Look 97
4.8 Information on Mutual Funds 100
End-of-Chapter Material 103-107
Part TWO
PORTFOLIO THEORY
108
5 Risk and Return: Past and Prologue 109
5.1 Rates of Return NO
Measuring Investment Returns
over Multiple Periods 110
Conventions for Quoting Rates of Return 112
5.2 Risk and Risk Premiums 113
Scenario Analysis and Probability
Distributions 114
The Normal Distribution 115
Deviation from Normality and Value at Risk 117
Using Time Series of Return 118
Risk Premiums and Risk Aversion 119
The Sharpe (Reward-to-Volatility) Measure 121
5.3 The Historical Record 122
World and U.S. Risky Stock and Bond
Portfolios 122
5.4 Inflation and Real Rates of Return 127
The Equilibrium Nominal Rate of Interest 128
U.S. History of Interest Rates. Inflation,
and Real Interest Rates 129
5.5 Asset Allocation across Risky and Risk-Free
Portfolios 130
The Risky Asset 131
The Risk-Free Asset 132
Portfolio Expected Return and Risk 133
The Capital Allocation Line 134
Risk Tolerance and Asset Allocation 135
5.6 Passive Strategies and the Capital Market Line 135
Historical Evidence on the Capital
Market Line 136
Costs and Benefits of Passive Investing 137
End-of-Chapter Materia! 138-144
6 Efficient Diversification 145
6.1 Diversification and Portfolio Risk 146
6.2 Asset Allocation with Two Risky Assets 147
Covariance and Correlation 148
Using Historical Data 151
The Three Rules of Two-Risky-Assets
Portfolios 153
The Risk-Return Trade-Off with Two-Risky-Assets
Portfolios 154
The Mean-Variance Criterion 155
6.3 The Optimal Risky Portfolio with a Risk-free
Asset 158
Contents
6.4 Efficient Diversification with Many Risky
Assets 161
The Efficient Frontier of Risky Assets 161
Choosing the Optimal Risky Portfolio 163
The Preferred Complete Portfolio and the
Separation Property 163
Constructing the Optimal Risky Portfolio:
An Illustration 164
6.5 A Single-Index Asset Market 167
Statistical and Graphical Representation
of the Single-Index Model 168
Diversification in a Single-Index Security
Market 170
Using Security Analysis with the
Index Model 172
6.6 Risk of Long-Term Investments 175
Are Stock Returns Less Risky in the
Long Run ? 175
The Fly in the Time Diversification Ointment
(or More Accurately, the Snake Oil) 176
End-of-Chapter Material 177-188
7 Capital Asset Pricing and Arbitrage
Pricing Theory 189
7.1 The Capital Asset Pricing Model 190
Why All Investors Would Hold the Market
Portfolio 191
The Passive Strategy Is Efficient 192
The Risk Premium of the Market Portfolio 192
Expected Returns on Individual Securities 193
The Security Market Line 195
Applications of the CAPM 196
7.2 The CAPM and Index Models 197
The Index Model, Realized Returns, and the
Expected Return-Beta Relationship 197
Estimating the Index Model 198
Predicting Betas 205
7.3 The CAPM and the Real World 205
7.4 Multifactor Models and the CAPM 207
The Fama-French Three-Factor Model 209
Factor Models with Macroeconomic
Variables 212
Multifactor Models and the Validity of the
CAPM 212
7.5 Factor Models and the Arbitrage Pricing
Theory 213
Well-Diversified Portfolios and Arbitrage Pricing
Theory 213
The APT and the CAPM 215
Multifactor Generalization of the APT
and CAPM 216
End-of-Chapter Material 218-227
8 The Efficient Market Hypothesis 228
8.1 Random Walks and the Efficient Market
Hypothesis 229
Competition as the Source of Efficiency 231
Versions of the Efficient Market Hypothesis 231
8.2 Implications of the EMH 233
Technical Analysis 233
Fundamental Analysis 234
Active versus Passive Portfolio Management 234
The Role of Portfolio Management in
an Efficient Market 235
Resource Allocation 236
8.3 Are Markets Efficient? 237
The Issues 237
Weak-Form Tests: Patterns in Stock Returns 238
Predictors of Broad Market Returns 240
Semistrong Tests: Market Anomalies 240
Strong-Form Tests: Inside Information 244
Interpreting the Evidence 245
8.4 Mutual Fund and Analyst Performance 246
Stock Market Analysts 247
Mutual Fund Managers 247
Survivorship Bias in Mutual Fund Studies 251
So, Are Markets Efficient? 252
End-of-Chapter Material 252-259
9 Behavioral Finance and Technical
Analysis 260
9.1 The Behavioral Critique 261
Information Processing 262
Behavioral Biases 263
Limits to Arbitrage 264
Limits to Arbitrage and the Law
of One Price 266
Bubbles and Behavioral Economics 269
Evaluating the Behavioral Critique 269
9.2 Technical Analysis and Behavioral Finance 270
Trends and Corrections 271
Sentiment Indicators 276
A Warning 277
End-of-Chapter Material 279-285
Contents
XI
Part THREE
DEBT SECURITIES
286
10 Bond Prices and Yields 287
10.1 Bond Characteristics 288
Treasury Bonds and Notes 288
Corporate Bonds 290
Preferred Stock 291
Other Domestic Issuers 292
International Bonds 292
Innovation in the Bond Market 292
10.2 Bond Pricing 294
Bond Pricing between Coupon Dates 297
Bond Pricing in Excel 297
10.3 Bond Yields 298
Yield to Maturity 298
Yield to Call 301
Realized Compound Return versus
Yield to Maturity 302
10.4 Bond Prices Over Time 304
Yield to Maturity versus Holding-Period
Return 305
Zero-Coupon Bonds and Treasury STRIPS 306
After-Tax Returns 307
10.5 Default Risk and Bond Pricing 308
Junk Bonds 308
Determinants of Bond Safety 309
Bond Indentures 310
Yield to Maturity and Default Risk 312
Credit Default Swaps 313
10.6 The Yield Curve 315
The Expectations Theory 316
The Liquidity Preference Theory 318
A Synthesis 319
End-of-Chapter Material 320-328
11 Managing Bond Portfolios 329
11.1 Interest Rate Risk 330
Interest Rate Sensitivity 330
Duration 332
What Determines Duration? 336
11.2 Passive Bond Management 338
Immunization 338
Cash Flow Matching and Dedication 344
11.3 Convexity 345
Why Do Investors Like Convexity? 347
11.4 Active Bond Management 347
Sources of Potential Profit 347
Horizon Analysis 349
An Example of a Fixed-Income Investment
Strategy 350
End-of-Chapter Material 351-361
Part FOUR
SECURITY ANALYSIS
362
12 Macroeconomic and Industry
Analysis 363
12.1 The Global Economy 364
12.2 The Domestic Macroeconomy 366
Gross Domestic Product 366
Employment 366
Inflation 367
Interest Rates 367
Budget Deficit 367
Sentiment 367
12.3 Interest Rates 367
12.4 Demand and Supply Shocks 369
12.5 Federal Government Policy 369
Fiscal Policy 370
Monetary Policy 370
Supply-Side Policies 372
12.6 Business Cycles 372
The Business Cycle 372
Economic Indicators 374
Other Indicators 378
12.7 Industry Analysis 378
Defining an Industry 379
Sensitivity to the Business Cycle 381
Sector Rotation 382
Industry Life Cycles 383
Industry Structure and Performance 385
End-of-Chapter Material 386-393
13 Equity Valuation 394
13.1 Valuation by Comparables 395
Limitations of Book Value 395
13.2 Intrinsic Value versus Market Price 397
13.3 Dividend Discount Models 398
The Constant-Growth DDM 399
Stock Prices and Investment Opportunities 402
Life Cycles and Multistage Growth Models 405
Multistage Growth Models 409
XII
Contents
13.4 Price-Earnings Ratios 410
The Price-Earnings Ratio and Growth
Opportunities 410
P/E Ratios and Stock Risk 414
Pitfalls in P/E Analysis 415
Combining P/E Analysis and the DDM 417
Other Comparative Valuation Ratios 417
13.5 Free Cash Flow Valuation Approaches 418
Comparing the Valuation Models 421
13.6 The Aggregate Stock Market 422
End-of-Chapter Material 423^34
14
14.1
14.2
14.3
14.4
14.5
14.6
14.7
14.8
Financial Statement Analysis 435
The Major Financial Statements 436
The Income Statement 436
The Balance Sheet 437
The Statement of Cash Flows 437
Accounting versus Economic Earnings 441
Profitability Measures 441
Past versus Future ROE 441
Financial Leverage and ROE 441
Ratio Analysis 443
Decomposition of ROE 443
Turnover and Other Asset Utilization Ratios 446
Liquidity Ratios 447
Market Price Ratios 448
Choosing a Benchmark 451
Economic Value Added 452
An Illustration of Financial Statement
Analysis 453
Comparability Problems 455
Inventory Valuation 455
Depreciation 456
Inflation and Interest Expense 456
Fair Value Accounting 457
Quality of Earnings and Accounting Practices 458
International Accounting Conventions 459
Value Investing: The Graham Technique 460
End-of-Chapter Material 461-472
Part FIVE
DERIVATIVE MARKETS
473
15 Options Markets 474
15.1 The Option Contract 475
Options Trading 476
American and European Options 478
The Option Clearing Corporation 478
Other Listed Options 478
15.2 Values of Options at Expiration 480
Call Options 480
Put Options 481
Options versus Stock Investments 482
Option Strategies 485
15.3 Optionlike Securities 493
Callable Bonds 493
Convertible Securities 494
Warrants 496
Collateralized Loans 496
Leveraged Equity and Risky Debt 497
15.4 Exotic Options 498
Asian Options 498
Barrier Options 498
Lookback Options 498
Currency-Translated Options 498
Digital Options 499
End-of-Chapter Material 499-508
16 Option Valuation 509
16.1 Option Valuation: Introduction 510
Intrinsic and Time Values 510
Determinants of Option Values 510
16.2 Binomial Option Pricing 512
Two-State Option Pricing 512
Generalizing the Two-State Approach 515
16.3 Black-Scholes Option Valuation 518
The Black-Scholes Formula 518
The Put-Call Parity Relationship 525
Put Option Valuation 527
16.4 Using the Black-Scholes Formula 528
Hedge Ratios and the Black-Scholes
Formula 528
Portfolio Insurance 529
16.5 Empirical Evidence 533
End-of-Chapter Materia! 534-542
17 Futures Markets and Risk
Management 543
17.1 The Futures Contract 544
The Basics of Futures Contracts 544
Existing Contracts 547
Contents
XIII
17.2 Mechanics of Trading in Futures Markets 549
The Clearinghouse and Open Interest 549
Marking to Market and the Margin Account 551
Cash versus Actual Delivery 553
Regulations 553
Taxation 553
17.3 Futures Market Strategies 554
Hedging and Speculation 554
Basis Risk and Hedging 556
17.4 The Determination of Futures Prices 557
Spot-Futures Parity 557
Spreads 560
17.5 Financial Futures 561
Stock Index Futures 561
Creating Synthetic Stock Positions 562
Index Arbitrage 563
Foreign Exchange Futures 563
Interest Rate Futures 564
17.6 Swaps 567
Swaps and Balance Sheet Restructuring 568
The Swap Dealer 568
End-of-Chapter Material 569-576
Part SIX
ACTIVE INVESTMENT
MANAGEMENT 577_______________
18 Portfolio Performance
Evaluation 578
18.1 Risk-Adjusted Returns 579
Investment Clients, Service Providers, and
Objectives of Performance Evaluation 579
Comparison Groups 579
Basic Performance-Evaluation Statistics 580
Performance Evaluation of Entire-Wealth Portfolios
Using the Sharpe Measure and M2 582
Performance Evaluation of Fund of Funds Using
the Treynor Measure 583
Performance Evaluation of a Portfolio Added to
the Benchmark Using the Information Ratio 584
The Relation of Alpha to Performance Measures 585
Alpha Capture and Alpha Transport 586
Performance Evaluation with a Multi-Index
Model 587
18.2 Style Analysis 588
18.3 Morningstar s Risk-Adjusted Rating 591
18.4 Risk Adjustments with Changing Portfolio
Composition 592
18.5 Performance Attribution Procedures 593
Asset Allocation Decisions 595
Sector and Security Selection Decisions 596
Summing Up Component Contributions 597
18.6 Market Timing 598
Valuing Market Timing as an Option 600
The Value of Imperfect Forecasting 601
Measurement of Market Timing Performance 602
End-of-Chapter Material 603-609
19 Globalization and International
Investing 610
19.1 Global Markets for Equities 611
Developed Countries 611
Emerging Markets 61J
Market Capitalization and GDP 614
Home-Country Bias 614
19.2 Risk Factors in International Investing 614
Exchange Rate Risk 615
Imperfect Exchange Rate Risk Hedging 620
Country-Specific Risk 620
19.3 International Investing: Risk, Return, and Benefits
from Diversification 624
Risk and Return: Summary Statistics 624
Are Investments in Emerging Markets Riskier? 625
Are Average Returns Higher in Emerging
Markets: 630
Is Exchange Rate Risk Important in International
Portfolios? 631
Benefits from International Diversification 633
Misleading Representation of Diversification
Benefits 636
Realistic Benefits from International
Diversification 636
Are Benefits from International Diversification
Preserved in Bear Markets ? 637
19.4 How to Go About International Diversification
and the Benefit We Can Expect 639
Choosing a Practical Interrwtionally
Diversified Portfolio 640
Active Management and International
Diversification 640
19.5 International Investing and Performance
Attribution 641
Constructing a Benchmark Portfolio
of Foreign Assets 642
Performance Attribution 643
End-of-Chapter Material 645-649
XIV
Contents
20 Hedge Funds 650
20.1 Hedge Funds versus Mutual Funds 651
20.2 Hedge Fund Strategies 652
Directional and Nondirectional Strategies 652
Statistical Arbitrage 654
20.3 Portable Alpha 654
An Example of a Pure Play 655
20.4 Style Analysis for Hedge Funds 657
20.5 Performance Measurement for Hedge Funds 658
Liquidity and Hedge Fund Performance 659
Hedge Fund Performance and Survivorship
Bias 660
Hedge Fund Performance and Changing
Factor Loadings 660
Tail Events and Hedge Fund Performance 663
20.6 Fee Structure in Hedge Funds 664
End-of-Chapter Material 666-670
21 Taxes, Inflation, and Investment
Strategy 671
21.1 Saving for the Long Run 672
A Hypothetical Household 672
The Retirement Annuity 672
21.2 Accounting for Inflation 673
A Real Savings Plan 674
An Alternative Savings Plan 675
21.3 Accounting for Taxes 676
21.4 The Economics of Tax Shelters 678
A Benchmark Tax Shelter 678
The Effect of the Progressive Nature
of the Tax Code 679
21.5 A Menu of Tax Shelters 681
Individual Retirement Accounts 681
Roth IRA with the Progressive Tax Code 681
401k and 403b Plans 683
Risky Investments and Capital Gains as
Tax Shelters 683
Sheltered versus Unsheltered Savings 685
21.6 Social Security 686
The Indexing Factor Series 686
The Average Indexed Monthly Earnings
(AIME) 687
The Primary Insurance Amount (PIA) 687
21.7 Children s Education and Large Purchases 689
21.8 Home Ownership: The Rent-versus-Buy
Decision 690
21.9 Uncertain Longevity and Other Contingencies 690
21.10 Matrimony, Bequest, and Intergenerational
Transfers 691
End-of-Chapter Material 692-695
22 Investors and the Investment
Process 696
22.1 The Investment Management Process 697
22.2 Investor Objectives 698
Individual Investors 698
Professional Investors 699
Life Insurance Companies 702
Non-Life-Insurance Companies 702
Banks 702
Endowment Funds 703
22.3 Investor Constraints 704
Liquidity 704
Investment Horizon 704
Regulations 704
Tax Considerations 705
Unique Needs 705
22.4 Investment Policies 706
Top-Down Policies for Institutional
Investors 707
Active versus Passive Policies 708
22.5 Monitoring and Revising Investment
Portfolios 710
Erscf-of-Chapter Material 710-716
Appendixes
A References 717
B References to CFA Questions 723
Index 1-1
|
| any_adam_object | 1 |
| author | Bodie, Zvi 1943- |
| author_GND | (DE-588)129369926 (DE-588)130111341 (DE-588)130111392 |
| author_facet | Bodie, Zvi 1943- |
| author_role | aut |
| author_sort | Bodie, Zvi 1943- |
| author_variant | z b zb |
| building | Verbundindex |
| bvnumber | BV035790525 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4521 |
| callnumber-raw | HG4521 |
| callnumber-search | HG4521 |
| callnumber-sort | HG 44521 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 800 |
| ctrlnum | (OCoLC)323199706 (DE-599)BVBBV035790525 |
| dewey-full | 332.6 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6 |
| dewey-search | 332.6 |
| dewey-sort | 3332.6 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 8. ed. |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02105nam a2200541zc 4500</leader><controlfield tag="001">BV035790525</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20100304 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">091026s2010 xxud||| |||| 00||| eng d</controlfield><datafield tag="010" ind1=" " ind2=" "><subfield code="a">2009020016</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780073382401</subfield><subfield code="9">978-0-07-338240-1</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)323199706</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV035790525</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG4521</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332.6</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 800</subfield><subfield code="0">(DE-625)141681:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Bodie, Zvi</subfield><subfield code="d">1943-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129369926</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Essentials of investments</subfield><subfield code="c">Zvi Bodie, Alex Kane, Alan J. Marcus</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">8. ed.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">New York, NY</subfield><subfield code="b">McGraw-Hill Irwin</subfield><subfield code="c">2010</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XXVII, 724 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investments</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Termingeschäft</subfield><subfield code="0">(DE-588)4117190-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Wertpapier</subfield><subfield code="0">(DE-588)4065674-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Option</subfield><subfield code="0">(DE-588)4115452-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Portfoliomanagement</subfield><subfield code="0">(DE-588)4115601-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Kapitalanlage</subfield><subfield code="0">(DE-588)4073213-7</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4151278-9</subfield><subfield code="a">Einführung</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Kapitalanlage</subfield><subfield code="0">(DE-588)4073213-7</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="1" ind2="0"><subfield code="a">Portfoliomanagement</subfield><subfield code="0">(DE-588)4115601-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="1"><subfield code="a">Wertpapier</subfield><subfield code="0">(DE-588)4065674-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="2"><subfield code="a">Option</subfield><subfield code="0">(DE-588)4115452-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="3"><subfield code="a">Termingeschäft</subfield><subfield code="0">(DE-588)4117190-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2=" "><subfield code="8">1\p</subfield><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Kane, Alex</subfield><subfield code="d">1942-</subfield><subfield code="e">Sonstige</subfield><subfield code="0">(DE-588)130111341</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Marcus, Alan J.</subfield><subfield code="e">Sonstige</subfield><subfield code="0">(DE-588)130111392</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018649874&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-018649874</subfield></datafield><datafield tag="883" ind1="1" ind2=" "><subfield code="8">1\p</subfield><subfield code="a">cgwrk</subfield><subfield code="d">20201028</subfield><subfield code="q">DE-101</subfield><subfield code="u">https://d-nb.info/provenance/plan#cgwrk</subfield></datafield></record></collection> |
| genre | (DE-588)4151278-9 Einführung gnd-content |
| genre_facet | Einführung |
| id | DE-604.BV035790525 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:04:38Z |
| institution | BVB |
| isbn | 9780073382401 |
| language | English |
| lccn | 2009020016 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018649874 |
| oclc_num | 323199706 |
| open_access_boolean | |
| owner | DE-20 DE-19 DE-BY-UBM |
| owner_facet | DE-20 DE-19 DE-BY-UBM |
| physical | XXVII, 724 S. graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | McGraw-Hill Irwin |
| record_format | marc |
| spelling | Bodie, Zvi 1943- Verfasser (DE-588)129369926 aut Essentials of investments Zvi Bodie, Alex Kane, Alan J. Marcus 8. ed. New York, NY McGraw-Hill Irwin 2010 XXVII, 724 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Investments Termingeschäft (DE-588)4117190-1 gnd rswk-swf Wertpapier (DE-588)4065674-3 gnd rswk-swf Option (DE-588)4115452-6 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Kapitalanlage (DE-588)4073213-7 s DE-604 Portfoliomanagement (DE-588)4115601-8 s Wertpapier (DE-588)4065674-3 s Option (DE-588)4115452-6 s Termingeschäft (DE-588)4117190-1 s 1\p DE-604 Kane, Alex 1942- Sonstige (DE-588)130111341 oth Marcus, Alan J. Sonstige (DE-588)130111392 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018649874&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 | Bodie, Zvi 1943- Essentials of investments Investments Termingeschäft (DE-588)4117190-1 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Portfoliomanagement (DE-588)4115601-8 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4117190-1 (DE-588)4065674-3 (DE-588)4115452-6 (DE-588)4115601-8 (DE-588)4073213-7 (DE-588)4151278-9 |
| title | Essentials of investments |
| title_auth | Essentials of investments |
| title_exact_search | Essentials of investments |
| title_full | Essentials of investments Zvi Bodie, Alex Kane, Alan J. Marcus |
| title_fullStr | Essentials of investments Zvi Bodie, Alex Kane, Alan J. Marcus |
| title_full_unstemmed | Essentials of investments Zvi Bodie, Alex Kane, Alan J. Marcus |
| title_short | Essentials of investments |
| title_sort | essentials of investments |
| topic | Investments Termingeschäft (DE-588)4117190-1 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Portfoliomanagement (DE-588)4115601-8 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Investments Termingeschäft Wertpapier Option Portfoliomanagement Kapitalanlage Einführung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018649874&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bodiezvi essentialsofinvestments AT kanealex essentialsofinvestments AT marcusalanj essentialsofinvestments |