Analysis of investments and management of portfolios:
Gespeichert in:
| Vorheriger Titel: | Reilly, Frank K. Investment analysis and portfolio management |
|---|---|
| Hauptverfasser: | , |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
[Mason, Ohio Andover]
South-Western Cengage Learning
[2012]
|
| Ausgabe: | Tenth edition, international edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 1066 Seiten Illustrationen, Diagramme |
| ISBN: | 9780538482486 0538482486 |
Internformat
MARC
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| 245 | 1 | 0 | |a Analysis of investments and management of portfolios |c Frank K. Reilly, Keith C. Brown |
| 250 | |a Tenth edition, international edition | ||
| 264 | 1 | |a [Mason, Ohio Andover] |b South-Western Cengage Learning |c [2012] | |
| 300 | |a XXVI, 1066 Seiten |b Illustrationen, Diagramme | ||
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| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Investments | |
| 650 | 4 | |a Investment analysis | |
| 650 | 4 | |a Portfolio management | |
| 650 | 0 | 7 | |a Portfolio Selection |0 (DE-588)4046834-3 |2 gnd |9 rswk-swf |
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| 780 | 0 | 0 | |i Vorangegangen ist |a Reilly, Frank K. |t Investment analysis and portfolio management |b 8th edition |
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Datensatz im Suchindex
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| adam_text | Titel: Analysis of investments and management of portfolios
Autor: Reilly, Frank K.
Jahr: 2012
Contents
Preface.......................................xvii CHAPTER 3
Acknowledgments.............................xxi The Global Market Investment Decision........ 57
About the Authors.............................xxv The Case for Global Investments 58
Relative Size of U.S. Financial Markets 59, Rates of Return
PART 1 The Investment Background 1
on U.S. and Foreign Securities 60, Risk of Combined
Country Investments 60
Global Investment Choices 65
CHAPTER 1 Fixed-Income Investments 66, International Bond
An Overview of the Investment Process ......... 3 investing 69, Equity Instruments 70, Special Equity
What Is an Investment? 3 Instruments: Options 72, Futures Contracts 72,
Investment Defined 4 Investment Companies 73, Real Estate 75,
Measures of Return and Risk 5 Low-Liquidity Investments 76
Measures of Historical Rates of Return 5, Computing Historical Risk-Returns on Alternative
Mean Historical Returns 7, Calculating Expected Rates of Investments 77
Return 9, Measuring the Risk of Expected Rates of World Portfolio Performance 77, Art and Antiques 81,
Return 12, Risk Measures for Historical Returns 14 Real Estate 81
Determinants of Required Rates of Return 14 CHAPTFR 4
The Real Risk-Free Rate 15, Factors Influencing the Securities Markets: Organization and Operation 87
Nominal Risk-Free Rate (NRFR) 15, Risk Premium 17,
Risk Premium and Portfolio Theory 20, Fundamental what Is a Market? 88
Risk versus Systematic Risk 20, Summary of Required Characteristics of a Good Market 88, Decimal Pricing 89,
Rate of Return 20 Organization of the Securities Market 90
Relationship between Risk and Return 21 Primary Capital Markets 90
Movements along the SML 22, Changes in the Slope of Government Bond Issues 90, Municipal Bond Issues 90,
the SML 22, Changes in Capital Market Conditions or Corporate Bond Issues 91, Corporate Stock Issues 91,
Expected Inflation 24, Summary of Changes in the Private Placements and Rule 144A 93
Required Rate of Return 24 Secondary Financial Markets 93
Why Secondary Markets Are Important 93, Secondary
CHAPTER 2 Bond Markets 94, Financial Futures 94, Secondary Equity
The Asset Allocation Decision................. 31 Markets 94
Individual Investor Life Cycle 32 Classification of U.S. Secondary Equity Markets 97
The Preliminaries 32, Investment Strategies over an Primary Listing Markets 97, Regional Stock Exchanges
Investor s Lifetime 33, Life Cycle Investment Goals 35 101, The Third Market 101, The Significant Transition of
the U.S. Equity Markets 101
The Portfolio Management Process 35
Alternative Types of Orders Available 104
The Need for a Policy Statement 36 Market Orders 104, Limit Orders 104, Special Orders 105,
Understand and Articulate Realistic Investor Goals 36, Margin Transactions 105, Short Sales 107, Exchange
Standards for Evaluating Portfolio Performance 37, Other Market-Makers 109, New Trading Systems 109, Exchange
Benefits 38
Merger Mania 110
Input to the Policy Statement 39
Investment Objectives 39, Investment Constraints 43 CHAPTERS
Constructing the Policy Statement 47
Security-Market Indexes...................... 115
General Guidelines 47, Some Common Mistakes 47 Uses of Security-Market Indexes 116
The Importance of Asset Allocation 47 Differentiating Factors in Constructing Market
Investment Returns after Taxes and Inflation 49, Returns Indexes 117
and Risks of Different Asset Classes 50, Asset Allocation The Sample 117, Weighting Sample Members 117,
Summary 51 Computational Procedure 117
Stock-Market Indexes 117 CHAPTER 8
Price-Weighted Index 118, Value-Weighted Index 119, An Introduction to Asset Pricing Models...... 195
Unweighted Index 121, Fundamental Weighted Index Caphal Market Theory. An overview 195
122, Style Indexes 122, Global Equity Indexes 123 Background for Capital Market Theory 196, Developing
Bond-Market Indexes 125 the Capital Market Line 196, Risk, Diversification, and the
U.S. Investment-Grade Bond Indexes 127, High-Yield Market Portfolio 200, Investing with the CML: An
Bond Indexes 127, Global Government Bond Example 203
Indexes 127 The Capital Asset Pricing Model 204
Composite Stock-Bond Indexes 129 A Conceptual Development of the CAPM 205, The
Comparison of Indexes over Time 130 Security Market Line 206
Correlations between Monthly Equity Price Changes 130, Relaxing the Assumptions 213
Correlations between Monthly Bond Index Returns 131, Differential Borrowing and Lending Rates 213,
Mean Annual Security Returns and Risk 131 Zero-Beta Model 214, Transaction Costs 215,
Heterogeneous Expectations and Planning
Periods 216, Taxes 216
PART 2 Developments in Investment Addional EmpiricaI Tests of the CAPM 217
______________Theory 137____________________ Stability of Beta 217, Relationship between Systematic
Risk and Return 217, Summary of CAPM Risk-Return
CHAPTER 6 Empirical Results 219
The Market Portfolio: Theory versus Practice 220
Efficient Capital Markets..................... 139
Why Should Capital Markets Be Efficient? 140
Alternative Efficient Market Hypotheses 141 CHAPTER 9
Weak-Form Efficient Market Hypothesis 141, Multifactor Models of Risk and Return........ 229
Semistrong-Form Efficient Market Hypothesis 142, Arbitrage Pricing Theory 230
Strong-Form Efficient Market Hypothesis 142 Using the APT 232 Security valuation with the
Tests and Results of Efficient Market Hypotheses 142 APT: An Example 233, Empirical Tests of the
Weak-Form Hypothesis: Tests and Results 142, APT 235
Semistrong-Form Hypothesis: Tests and Results 145, Multifactor Models and Risk Estimation 238
Strong-Form Hypothesis: Tests and Results 155 Multifactor Models in Practice 238, Estimating Risk in a
Behavioral Finance 159 Multifactor Setting: Examples 244
Explaining Biases 160, Fusion Investing 161
Implications of Efficient Capital Markets 161
Efficient Markets and Technical Analysis 161, Efficient PART 3 Val«atlOn Principles and
Markets and Fundamental Analysis 162, Efficient Markets ______________Practices 257_________________
and Portfolio Management 164
CHAPTER 10
CHAPTER 7 Analysis of Financial Statements.............. 259
An Introduction to Portfolio Management..... 171 Major Financial Statements 260
Some Background Assumptions 171 Generally Accepted Accounting Principles 260, Balance
Risk Aversion 172, Definition of Risk 172 Sheet 261, Income Statement 261, Statement of Cash
Markowitz Portfolio Theory 172 Flows 261 Measures of Cash Flow 263 PurPose of
Alternative Measures of Risk 173, Expected Rates of Financial Statement Analysis 265
Return 173, Variance (Standard Deviation) of Returns for Analysis of Financial Ratios 265
an Individual Investment 174, Variance (Standard Importance of Relative Financial Ratios 266
Deviation) of Returns for a Portfolio 175, Standard Computation of Financial Ratios 267
Deviation of a Portfolio 180, A Three-Asset Portfolio 187, Common Size Statements 267
Estimation Issues 188, The Efficient Frontier 188, The
Efficient Frontier and Investor Utility 190 Evaluating Internal Liquidity 267
Internal Liquidity Ratios 268, Inventory Turnover 271
Evaluating Operating Performance 272 Estimating the Inputs: The Required Rate of Return
Operating Efficiency Ratios 273, Operating Profitability and the Expected Growth Rate of Valuation
Ratios 275 Variables 334
Risk Analysis 281 Required Rate of Return (k) 334, Estimating the
Business Risk 282, Financial Risk 283, External Market Required Return for Foreign Securities 336, Expected
Liquidity Risk 291 Growth Rates 338, Estimating Dividend Growth for
Foreign Stocks 341
Analysis of Growth Potential 292
Importance of Growth Analysis 292, Determinants of ___________________________________________________
Growth 293 PART 4 Analysis and Management of
Comparative Analysis of Ratios 295 Common Stocks 347
Internal Liquidity 295, Operating Performance 295, Risk
Analysis 297, Growth Analysis 297
CHAPTER 12
Analysis of Non-U.S. Financial Statements 297 Macroanalysis and Microvaluation of the Stock
The Quality of Financial Statements 297 Market................................... 349
Balance Sheet 297, Income Statement 298, Footnotes 298 The Components of Market Analysis 349
The Value of Financial Statement Analysis 298 Macromarket Analysis 350
Specific Uses of Financial Ratios 299 Economic Activity and Security Markets 350,
Stock Valuation Models 299, Estimating the Ratings on Economic Series and Stock Prices 351, The Cyclical
Bonds 300, Predicting Insolvency (Bankruptcy) 301, Indicator Approach 351, Monetary Variables, the
Limitations of Financial Ratios 301 Economy, and Stock Prices 354, Money Supply and the
Economy 354, Money Supply and Stock Prices 355,
CHAPTER 11 Monetary Policy and Stock Returns 355, Inflation, Interest
Security Valuation Principles................. 309 Rates, and Security Prices 356, Analysis of World Security
An Overview of the Valuation Process 311 Markets 358
Why a Three-Step Valuation Process? 311 Microvaluation Analysis 359
General Economic Influences 311, Industry Applying the DDM Valuation Model to the Market 359,
Influences 313, Company Analysis 314, Does the Market Valuation Using the Free Cash Flow to Equity
Three-Step Process Work? 314 (FCFE) Model 366
Theory of Valuation 315 Valuation Using the Earnings Multiplier Approach 369
Stream of Expected Returns (Cash Flows) 315, Required Two-Part Valuation Procedure 369, Importance of Both
Rate of Return 315, Investment Decision Process: A Components of Value 369
Comparison of Estimated Values and Market Prices 316 Estimating Expected Earnings per Share 372
Valuation of Alternative Investments 316 Estimating Gross Domestic Product 372, Estimating
Valuation of Bonds 316, Valuation of Preferred Stock 317, Sales Per share for a Market Series 373,
Approaches to the Valuation of Common Stock 318 Alternative Estimates of Corporate Net Profits 374,
Why and When to Use the Discounted Cash Flow Estimating Aggregate Operating Profit Margin 375,
Valuation Approach 319, Why and When to Use the Estimating Interest Expense 378, Estimating the
Relative Valuation Techniques 320, Discounted Cash Tax Rate 380, Calculating Earnings per Share: An
Flow Valuation Techniques 321, Infinite Period DDM Example 380
and Growth Companies 325, Valuation with Temporary Estimating the Stock Market Earnings Multiplier 381
Supernormal Growth 326, Present Value of Operating Determinants of the Earnings Multiplier 382, Estimating
Free Cash Flows 328, Present Value of Free Cash Flows to the Required Rate of Return (it) 382, Estimating the
Equity 329 Growth Rate of Dividends (g) 382, Estimating the
Relative Valuation Techniques 329 Dividend-Payout Ratio {DJE^) 383, Estimating an
Earnings Multiplier Model 329, The Price/Cash Flow Earnings Multiplier: An Example 384, Calculating an
Ratio 332, The Price/Book Value Ratio 332, The Price/ Estimate of the Value for the Market Series 387, Using
Sales Ratio 333, Implementing the Relative Valuation 0ther Relative Valuation Ratios 388
Technique 333 Microvaluation of World Markets 390
CHAPTER 13 Free Cash Flow 452, Relative Valuation Ratio
Industry Analysis............................ 395 Techniques 455
Why Do Industry Analysis? 396 Estimating Company Earnings per Share 458
Cross-Sectional Industry Performance 397, Industry Company Sales Forecast 458, Estimating the Company
Performance over Time 398, Performance of the Profit Margin 461
Companies within an Industry 398, Differences in Walgreen Co. s Competitive Strategies 461
Industry Risk 398, Summary of Research on Industry The Internal Performance 461, Importance of Quarterly
Analysis 399, Industry Analysis Process 399 Estimates 463
The Business Cycle and Industry Sectors 399 Estimating Company Earnings Multipliers 465
Inflation 401, Interest Rates 401, International Economics Macroanalysis of the Earnings Multiple 465,
401, Consumer Sentiment 401 Microanalysis of the Earnings Multiplier 466, Making the
Structural Economic Changes and Alternative Investment Decision 470
Industries 402 Additional Measures of Relative Value 472
Demographics 402, Lifestyles 420, Technology 402, Price/Book Value (PIBV) Ratio 472, Price/Cash Flow
Politics and Regulations 403 (P/CF) Ratio 474; prices/Sales (PIS) Ratio 475, Summary
Evaluating the Industry Life Cycle 404 of Relative Valuation Ratios 477
Analysis of Industry Competition 405 Analysis of Growth Companies 477
Competition and Expected Industry Returns 405 Growth Company Defined 478, Actual Returns
Estimating Industry Rates of Return 407 above Required Returns 478, Growth Companies
Valuation Using the Reduced Form DDM 408, Industry and Growth Stocks 478, Alternative Growth
Valuation Using the Free Cash Flow to Equity (FCFE) ModeIs 479 No-Growth Firm 479, Long-Run Growth
Model 415 Models 479, The Real World 482
Industry Analysis Using the Relative Valuation Measures of Value Added 482
Approach 417 Economic Value Added (EVA) 483, Market Value
The Earnings Multiple Technique 417 Added (MVA) 485, Relationships between EVA and
MVA 485, The Franchise Factor 485, Growth Duration
Other Relative Valuation Ratios 428
The Price/Book Value Ratio 428, The Price/Cash Flow 486
Ratio 431, The Price/Sales Ratio 431, Summary of Site visits and the Art of the Interview 490
Industry/Market Ratios 433 When to Sell 490
Global Industry Analysis 433 Influences on Analysts 491
Efficient Markets 491, Paralysis of Analysis 492, Analyst
CHAPTER 14 Conflicts of Interest 492
Company Analysis and Stock Valuation....... 437 Global Company and Stock Analysis 492
Company Analysis versus Stock Valuation 438 Availability of Data 492, Differential Accounting
Growth Companies and Growth Stocks 438, Defensive Conventions 493, Currency Differences (Exchange
Companies and Stocks 439, Cyclical Companies and Rate Risk 493, Political (Country) Risk 493, Transaction
Stocks 439, Speculative Companies and Stocks 440, Value Costs and Liquidity 493, Valuation Differences 493,
versus Growth Investing 440 Summary 493
Economic, Industry, and Structural Links to Company
Analysis 440 CHAPTER 15
Economic and Industry Influences 440, Structural Equity Portfolio Management Strategies....... 503
Influences 441 Passive versus Active Management 504
Company Analysis 441 An Overview of Passive Equity Portfolio Management
Firm Competitive Strategies 442, Focusing a Strategy 443, Strategies 505
SWOT Analysis 444, Some Lessons from Lynch 444, Index Portfolio Construction Techniques 506, Tracking
Tenets of Warren Buffett 445 Error and Index Portfolio Construction 507, Methods of
Estimating Intrinsic Value 445 Index Portfolio Investing 509
Present Value of Dividends 446, Present Value of An Overview of Active Equity Portfolio Management
Dividends Model (DDM) 449, Present Value of Free Strategies 512
Cash Flow to Equity 450, Present Value of Operating
Fundamental Strategies 513, Technical Strategies 516, Computing Bond Yields 605
Anomalies and Attributes 517, Forming Momentum- Nominal Yield 605, Current Yield 606, Promised Yield to
Based Stock Portfolios: Two Examples 519, Tax Efficiency Maturity 606, Promised Yield to Call 608, Realized
and Active Equity Management 522 (Horizon) Yield 609
Value versus Growth Investing: A Closer Look 523 Calculating Future Bond Prices 610
An Overview of Style Analysis 527 Realized (Horizon) Yield with Differential Reinvestment
Rates 611, Price and Yield Determination on Noninterest
Dates 613, Yield Adjustments for Tax-Exempt Bonds 613,
Integrated Asset Allocation 532, Strategic Asset Allocation Bond Yield Books 614
534, Tactical Asset Allocation 535, Insured Asset
Allocation 536, Selecting an Active Allocation Method 537 Bond Valuation Using Spot Rates 614
What Determines Interest Rates? 616
CHAPTER 16 Forecasting Interest Rates 617, Fundamental
Technical Analysis........................... 543 Determinants of Interest Rates 618, The Term Structure
Underlying Assumptions of Technical Analysis 544 of Interest Rates 621
Advantages of Technical Analysis 545 Calculating Forward Rates from the Spot Rate
Challenges to Technical Analysis 546
Challenges to the Assumptions of Technical Analysis 546,
Curve 625
Term Structure Theories 628
Challenges to Technical Trading Rules 547 Expectations Hypothesis 628, Liquidity Preference (Term
Premium) Hypothesis 630, Segmented Market Hypothesis
Technical Trading Rules and Indicators 547 630 Trading Implications of the Term Structure 631;
Contrary-Opinion Rules 548, Follow the Smart Money Yield Snreads 631
550, Momentum Indicators 551, Stock Price and Volume
Techni s cg2 What Determines the Price Volatility for Bonds? 632
Trading Strategies 635, Duration Measures 635,
Technical Analysis of Foreign Markets 559 Modified Duration and Bond price Volatility 639, Bond
Foreign Stock Market Indexes 559, Technical Analysis of Convexity 640, Duration and Convexity for Callable
Foreign Exchange Rates 560 Bonds 645 Limitations of Macaulay and Modified
Technical Analysis of Bond Markets 560 Duration 648
----------------------------------------------------------------------- Yield Spreads with Embedded Options 656
PART 5 Analysis and Management Of Static Yield Spreads 656, Option-Adjusted Spread 657
Bonds 567
CHAPTER 19
CHAPTER 17 Bond Portfolio Management Strategies........ 669
Bond Fundamentals.......................... 569
Bond Portfolio Performance, Style, and Strategy 669
Basic Features of a Bond 569
Bond Characteristics 570, Rates of Return on Bonds 572 Passive Moment Strategies 672
Buy-and-Hold Strategy 672, Indexing Strategy 673, Bond
The Global Bond Market Structure 572 Indexing in Practice: An Example 674
Participating Issuers 573, Participating Investors 575,
Bond Ratings 575
Active Management Strategies 675
Interest Rate Anticipation 676, Valuation Analysis 678,
Alternative Bond Issues 576 Credit Analysis 678, Yield Spread Analysis 683,
Domestic Government Bonds 577, Government Agency Implementing an Active Bond Transaction 683, Active
Issues 580, Municipal Bonds 582, Corporate Bonds 584, Global Bond Investing: An Example 687
International Bonds 591
Core-Plus Management Strategies 689
Obtaining Information on Bond Prices 592 Matched-Fundmg Management Strategies 691
Interpreting Bond Quotes 593
Dedicated Portfolios 691, Immunization Strategies 693,
Horizon Matching 701
The Analysis and Valuation of Bonds......... 601 Contingent and Structured Management Strategies 702
Contingent Immunization 702
The Fundamentals of Bond Valuation 602
The Present Value Model 602, The Yield Model 604
Contingent Immunization 702
Option Market Conventions 796, Price Quotations for
PART 6 Derivative Security Exchange-Traded Options 797
______________Analysis 715___________________ The Fundamentals of Option Valuation 804
The Basic Approach 805, Improving Forecast
CHAPTER 20 Accuracy 806, The Binomial Option Pricing Model 811,
An Introduction to Derivative Markets and The Black-Scholes Valuation Model 813,
Securities................................. 717 Estimating Volatility 816, Problems with Black-Scholes
Overview of Derivative Markets 718 Valuation 818
The Language and Structure of Forward and Futures Option Valuation: Extensions and Advanced
Markets 719, Interpreting Futures Price Quotations: An Topics 819
Example 720, The Language and Structure of Option Valuing European-Style Put Options 819, Valuing
Markets 723, Interpreting Option Price Quotations: An Options on Dividend-Bearing Securities 819, Valuing
Example 724 American-Style Options 821, Other Extensions of the
Investing with Derivative Securities 726 Black-Scholes Model 822
The Basic Nature of Derivative Investing 726, Basic Payoff Option Trading Strategies 824
and Profit Diagrams for Forward Contracts 730, Basic Protective Put Options 824, Covered Call Options 826,
Payoff and Profit Diagrams for Call and Put Options 731, Straddles, Strips, and Straps 827, Strangles 829, Chooser
Option Profit Diagrams: An Example 734 Options 830, Spreads 831, Range Forwards 833
The Relationship between Forward and Option
Contracts 736 CHAPTER 23
Put-Call-Spot Parity 736, Put-Call Parity: An Example Swap Contracts, Convertible Securities, and
738, Creating Synthetic Securities Using Put-Call Parity Other Embedded Derivatives............... 841
739, Adjusting Put-Call-Spot Parity for Dividends 740, OTC Interest Rate A ents 842
Put-Call-Forward Parity 741 Forward-Based Interest Rate Contracts 842, Option-Based
An Introduction to the Use of Derivatives in Portfolio Interest Rate Contracts 849
Management 743
Swap Contracting Extensions 852
Restructuring Asset Portfolios with Forward Contracts Equity Index-Linked Swaps 852, Credit-Related
743, Protecting Portfolio Value with Put Options 744, An 853
Alternative Way to Pay for a Protective Put 747 SWAPS
Warrants and Convertible Securities 857
CHAPTER 21 Warrants 857, Convertible Securities 859, Convertible
Forward and Futures Contracts 757 Preferred Stock 859, Convertible Bonds 860
An Overview of Forward and Futures Trading 758 0ther Embedded Derivatives 864
Futures Contract Mechanics 759, Comparing Forward Dual Currency Bonds 865 Equity-Index Linked Notes
and Futures Contracts 761 866, Commodity-Linked Bull and Bear Bonds 868,
Hedging with Forwards and Futures 762 Swap-Linked Notes 870
Hedging and the Basis 762, Understanding Basis Risk 763, Valuing Flexibility: An Introduction to Real
Calculating the Optimal Hedge Ratio 763 Options 872
Forward and Futures Contracts: Basic Valuation Company Valuation with Real Options 873
Concepts 764
Valuing Forwards and Futures 765, The Relationship
between Spot and Forward Prices 766 pART 7 Specification and Evaluation of
FlSJe°sm 67 d FUtUreS! AppUcations Md ___________Asset Management 883
Interest Rate Forwards and Futures 768, Long-Term
Interest Rate Futures 768, Short-Term Interest Rate CHAPTER 24
Futures 772, Stock Index Futures 776, Currency Forwards Professional Money Management, Alternative
and Futures 782 Assets, and Industry Ethics................ 885
CHAPTER 22 The Asset Management Industry: Structure and
Evolution 886
Option Contracts.................. 795
Private Management and Advisory Firms 890
and Investment Strategy at a Private Money Management
Firm 892
Organization and Management of Investment Performance Measure 942, Comparing the Composite
Companies 893 Performance Measures 944
Valuing Investment Company Shares 893, Closed-End Application of Portfolio Performance Measures 946
versus Open-End Investment Companies 894, Portfolio Performance Evaluation: Some Extensions 952
Fund Management Fees 897, Investment Company
Components of Investment Performance 952,
Portfolio Objectives 897, Breakdown by Fund Performance Measurement with Downside Risk 954,
Characteristics 898, Global Investment Companies 901, Holdings-Based Performance Measurement 956,
Mutual Fund Organization and Strategy: Performance Attribution Analysis 960, Measuring Market
An Example 901 Timing Skills 963
Factors That Affect Use of Performance Measures 964
Demonstration of the Global Benchmark Problem 964,
Investing in Alternative Asset Classes 903
Hedge Funds 905, Characteristics of a Hedge Fund 906,
Hedge Fund Strategies 907, Risk Arbitrage Investing: A Implications of the Benchmark Problems 966, Required
Closer Look 909, Hedge Fund Performance 910, Private
Equity 912
Ethics and Regulation in the Professional Asset
Management Industry 920
Regulation in the Asset Management Industry 920,
Standards for Ethical Behavior 922, Examples of Ethical Reporting Investment Performance 971
Conflicts 923 Time-Weighted and Money-Weighted Returns 971
Characteristics of Benchmarks 966
Evaluation of Bond Portfolio Performance 967
Returns-Based Bond Performance Measurement 967,
Bond Performance Attribution 968
What Do You Want from a Professional Asset
Manager? 924
Performance Presentation Standards 972
Chapter Appendices.......................... 983
CHAPTER 25
Evaluation of Portfolio Performance.......... 933 APPendix A How to Become a CFA°
Charterholder ............................ 1017
Appendix B Code of Ethics and Standards of
Early Performance Measurement Techniques 935 Professional Conduct...................... 1018
What Is Required of a Portfolio Manager? 934
Portfolio Evaluation before 1960 935, Peer Group
Comparisons 935
Appendix C Interest Tables.................. 1020
Appendix D Standard Normal Probabilities___ 1024
CompOSite Portfolio Performance Measures 935 Comprehensive References List............... 1025
Glossary.................................... 1040
Index...................................... 1053
Treynor Portfolio Performance Measure 937, Sharpe
Portfolio Performance Measure 939, Jensen Portfolio
Performance Measure 941, The Information Ratio
|
| any_adam_object | 1 |
| author | Reilly, Frank K. Brown, Keith C. |
| author_GND | (DE-588)170027376 (DE-588)170187985 |
| author_facet | Reilly, Frank K. Brown, Keith C. |
| author_role | aut aut |
| author_sort | Reilly, Frank K. |
| author_variant | f k r fk fkr k c b kc kcb |
| building | Verbundindex |
| bvnumber | BV039836807 |
| classification_rvk | QK 810 |
| ctrlnum | (OCoLC)773792902 (DE-599)BVBBV039836807 |
| 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 | Tenth edition, international edition |
| format | Book |
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| id | DE-604.BV039836807 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:12:22Z |
| institution | BVB |
| isbn | 9780538482486 0538482486 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024696789 |
| oclc_num | 773792902 |
| open_access_boolean | |
| owner | DE-1050 DE-526 DE-1049 DE-634 |
| owner_facet | DE-1050 DE-526 DE-1049 DE-634 |
| physical | XXVI, 1066 Seiten Illustrationen, Diagramme |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | South-Western Cengage Learning |
| record_format | marc |
| spelling | Reilly, Frank K. Verfasser (DE-588)170027376 aut Analysis of investments and management of portfolios Frank K. Reilly, Keith C. Brown Tenth edition, international edition [Mason, Ohio Andover] South-Western Cengage Learning [2012] XXVI, 1066 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Investments Investment analysis Portfolio management Portfolio Selection (DE-588)4046834-3 gnd rswk-swf Wertpapieranlage (DE-588)4189703-1 gnd rswk-swf Wertpapieranlage (DE-588)4189703-1 s Portfolio Selection (DE-588)4046834-3 s b DE-604 Brown, Keith C. Verfasser (DE-588)170187985 aut Vorangegangen ist Reilly, Frank K. Investment analysis and portfolio management 8th edition HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024696789&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Reilly, Frank K. Brown, Keith C. Analysis of investments and management of portfolios Investments Investment analysis Portfolio management Portfolio Selection (DE-588)4046834-3 gnd Wertpapieranlage (DE-588)4189703-1 gnd |
| subject_GND | (DE-588)4046834-3 (DE-588)4189703-1 |
| title | Analysis of investments and management of portfolios |
| title_auth | Analysis of investments and management of portfolios |
| title_exact_search | Analysis of investments and management of portfolios |
| title_full | Analysis of investments and management of portfolios Frank K. Reilly, Keith C. Brown |
| title_fullStr | Analysis of investments and management of portfolios Frank K. Reilly, Keith C. Brown |
| title_full_unstemmed | Analysis of investments and management of portfolios Frank K. Reilly, Keith C. Brown |
| title_old | Reilly, Frank K. Investment analysis and portfolio management |
| title_short | Analysis of investments and management of portfolios |
| title_sort | analysis of investments and management of portfolios |
| topic | Investments Investment analysis Portfolio management Portfolio Selection (DE-588)4046834-3 gnd Wertpapieranlage (DE-588)4189703-1 gnd |
| topic_facet | Investments Investment analysis Portfolio management Portfolio Selection Wertpapieranlage |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024696789&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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