Essentials of investments:
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY
McGraw-Hill Irwin
2013
|
| Edition: | 9. ed., global ed. |
| Series: | The McGraw-Hill/Irwin series in finance, insurance, and real estate
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes index |
| Physical Description: | XXVIII, 743, 22 S. graph. Darst. |
| ISBN: | 007714824X 9780077148249 |
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MARC
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| 245 | 1 | 0 | |a Essentials of investments |c Zvi Bodie ; Alex Kane ; Alan J. Marcus |
| 250 | |a 9. ed., global ed. | ||
| 264 | 1 | |a New York, NY |b McGraw-Hill Irwin |c 2013 | |
| 300 | |a XXVIII, 743, 22 S. |b graph. Darst. | ||
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Record in the Search Index
| _version_ | 1804150469664178176 |
|---|---|
| adam_text | BRIEF CONTENTS
PART ONE
ELEMENTS OF INVESTMENTS 1
1 INVESTMENTS: BACKGROUND AND
ISSUES 2
2 ASSET CLASSES AND FINANCIAL
INSTRUMENTS 26
3 SECURITIES MARKETS 54
4 MUTUAL FUNDS AND OTHER INVESTMENT
COMPANIES 84
PART TWO
PORTFOLIO THEORY
109
5 RISK AND RETURN: PAST AND
PROLOGUE 110
6 EFFICIENT DIVERSIFICATION 148
7 CAPITAL ASSET PRICING AND ARBITRAGE
PRICING THEORY 193
8 THE EFFICIENT MARKET HYPOTHESIS 234
9 BEHAVIORAL FINANCE AND TECHNICAL
ANALYSIS 265
PART THREE
DEBT SECURITIES
291
10 BOND PRICES AND YIELDS 292
11 MANAGING BOND PORTFOLIOS 337
PART FOUR
SECURITY ANALYSIS
12 MACROECONOMIC AND INDUSTRY
ANALYSIS 372
13 EQUITY VALUATION 405
14 FINANCIAL STATEMENT ANALYSIS 446
PART FIVE
DERIVATIVE MARKETS
485
371
15 OPTIONS MARKETS 486
16 OPTION VALUATION 522
17 FUTURES MARKETS AND RISK
MANAGEMENT 561
PART SIX
ACTIVE INVESTMENT
MANAGEMENT 595
18 PORTFOLIO PERFORMANCE
EVALUATION 596
19 GLOBALIZATION AND INTERNATIONAL
INVESTING 630
20 HEDGE FUNDS 666
21 TAXES, INFLATION, AND INVESTMENT
STRATEGY 689
22 INVESTORS AND THE INVESTMENT
PROCESS 714
APPENDIXES
A REFERENCES 736
B REFERENCES TO CFA QUESTIONS 742
INDEX I
VI
CONTENTS
PART ONE
ELEMENTS OF INVESTMENTS 1
1 INVESTMENTS: BACKGROUND
AND ISSUES 2
1.1 REAL ASSETS VERSUS FINANCIAL ASSETS 3
1-2 FINANCIAL ASSETS 5
1 -3 FINANCIAL MARKETS AND THE ECONOMY 6
THE INFORMATIONAL ROLE OF FINANCIAL
MARKETS 6
CONSUMPTION TIMING 7
ALLOCATION OF RISK 7
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 11
1.6 THE PLAYERS 11
FINANCIAL INTERMEDIARIES 12
INVESTMENT BANKERS 14
VENTURE CAPITAL AND PRIVATE EQUITY 15
1.7 THE FINANCIAL CRISIS OF 2008 15
ANTECEDENTS OF THE CRISIS 15
CHANGES IN HOUSING FINANCE 17
MORTGAGE DERIVATIVES 19
CREDIT DEFAULT SWAPS 20
THE RISE OF SYSTEMIC RISK 20
THE SHOE DROPS 20
THE DODD-FRANK REFORM ACT 21
1.8 OUTLINE OF THE TEXT 22
END OF CHAPTER MATERIAL 22-25
2 ASSET CLASSES AND FINANCIAL
INSTRUMENTS 26
2.1 THE MONEY MARKET 27
TREASURY BILLS 27
CERTIFICATES OF DEPOSIT 28
COMMERCIAL PAPER 28
BANKERS ACCEPTANCES 29
EURODOLLARS 29
REPOS AND REVERSES 29
BROKERS CALLS 29
FEDERAL FUNDS 30
THE LIBOR MARKET 30
YIELDS ON MONEY MARKET INSTRUMENTS 30
2.2 THE BOND MARKET 31
TREASURY NOTES AND BONDS 31
INFLATION-PROTECTED TREASURY BONDS 32
FEDERAL AGENCY DEBT 32
INTERNATIONAL BONDS 33
MUNICIPAL BONDS 33
CORPORATE BONDS 36
MORTGAGES AND MORTGAGE-BACKED SECURITIES 36
2.3 EQUITY SECURITIES 37
COMMON STOCK AS OWNERSHIP SHARES 37
CHARACTERISTICS OF COMMON STOCK 38
STOCK MARKET LISTINGS 38
PREFERRED STOCK 39
DEPOSITORY RECEIPTS 40
2.4 STOCK AND BOND MARKET INDEXES 40
STOCK MARKET INDEXES 40
DOW JONES AVERAGES 40
STANDARD & POOR S INDEXES 42
OTHER U.S. MARKET VALUE INDEXES 44
EQUALLY WEIGHTED INDEXES 44
FOREIGN AND INTERNATIONAL STOCK MARKET
INDEXES 45
BOND MARKET INDICATORS 45-
2.5 DERIVATIVE MARKETS 46
OPTIONS 46
FUTURES CONTRACTS 47
END OF CHAPTER MATERIAL 48-53
VII
VIII
CONTENTS
3 SECURITIES MARKETS 54
3.1 HOW FIRMS ISSUE SECURITIES 55
PRIVATELY HELD FIRMS 55
PUBLICLY TRADED COMPANIES 56
SHELF REGISTRATION 56
INITIAL PUBLIC OFFERINGS 57
3.2 HOW SECURITIES ARC TRADED 57
TYPES OF MARKETS 58
TYPES OF ORDERS 59
TRADING MECHANISMS 61
3.3 THE RISE OF ELECTRONIC TRADING 62
3.4 U.S. MARKETS 64
NASDAQ 64
THE NEW YORK STOCK EXCHANGE 65
ECNS 65
3.5 NEW TRADING STRATEGIES 65
ALGORITHMIC TRADING 66
HIGH-FREQUENCY TRADING 66
DARK POOLS 67
BOND TRADING 67
3.6 GLOBALIZATION OF STOCK MARKETS 68
3.7 TRADING COSTS 68
3.8 BUYING ON MARGIN 69
3.9 SHORT SALES 72
3.10 REGULATION OF SECURITIES MARKETS 74
SELF-REGULATION 76
THE SARBANES-OXLEY ACT 76
INSIDER TRADING 78
END OF CHAPTER MATERIAL 78-83
4 MUTUAL FUNDS AND OTHER
INVESTMENT COMPANIES 84
4.1 INVESTMENT COMPANIES 85
4.2 TYPES OFLNVESTMCNT COMPANIES 86
UNIT INVESTMENT TRUSTS 86
MANAGED INVESTMENT COMPANIES 86
OTHER INVESTMENT ORGANIZATIONS 87
4.3 MUTUAL FUNDS 88
INVESTMENT POLICIES 88
HOW FUNDS ARE SOLD 91
4.4 COSTS OF INVESTING IN MUTUAL
FUNDS 91
FEE STRUCTURE 91
FEES AND MUTUAL FUND RETURNS 93
4.5 TAXATION OF MUTUAL FUND INCOME 94
4.6 EXCHANGE-TRADED FUNDS 95
4.7 MUTUAL FUND INVESTMENT PERFORMANCE: A FIRST
LOOK 98
4.8 INFORMATION ON MUTUAL FUNDS 101
END OF CHAPTER MATERIAL 104-108
PART TWO
PORTFOLIO THEORY
109
5 RISK AND RETURN: PAST
AND PROLOGUE 110
5.1 RATES OF RETURN 111
MEASURING INVESTMENT RETURNS OVER MULTIPLE
PERIODS 111
CONVENTIONSFOR ANNUALIZING RATES OF RETURN 113
5.2 RISK AND RISK PREMIUMS 115
SCENARIO ANALYSIS AND PROBABILITY DISTRIBUTIONS 115
THE NORMAL DISTRIBUTION 116
NORMALITY OVER TIME 119
DEVIATION FROM NORMALITY AND VALUE AT RISK 119
USING TIME SERIES OF RETURN 121
RISK PREMIUMS AND RISK AVERSION 122
THE SHARPE (REWARD-TO-VOLATILITY) RATIO 123
5.3 THE HISTORICAL RECORD 126
WORLD AND U.S. RISKY STOCK AND BOND
PORTFOLIOS 126
5.4 INFLATION AND REAL RATES OF RETURN 130
THE EQUILIBRIUM NOMINAL RATE OF INTEREST 131
U.S. HISTORY OF INTEREST RATES, INFLATION, AND REAL
INTEREST RATES 132
5.5 ASSET ALLOCATION ACROSS RISKY AND RISK-FREE
PORTFOLIOS 133
THE RISK-FREE ASSET 134
PORTFOLIO EXPECTED RETURN AND RISK 134
THE CAPITAL ALLOCATION LINE 136
RISK AVERSION AND CAPITAL ALLOCATION 137
5.6 PASSIVE STRATEGIES AND THE CAPITAL MARKET
LINE 138
HISTORICAL EVIDENCE ON THE CAPITAL MARKET
LINE 138
COSTS AND BENEFITS OF PASSIVE INVESTING 139
END OF CHAPTER MATERIAL 140-147
6 EFFICIENT DIVERSIFICATION 148
6.1 DIVERSIFICATION AND PORTFOLIO RISK 149
CONTENTS
IX
6.2 ASSET ALLOCATION WITH TWO RISKY ASSETS 150
COVARIANCE AND CORRELATION 151
USING HISTORICAL DATA 154
THE THREE RULES OF TWO-RISKY-ASSETS
PORTFOLIOS 156
THE RISK-RETURN TRADE-OFF WITH TWO-RISKY-ASSETS
PORTFOLIOS 157
THE MEAN-VARIANCE CRITERION 158
6.3 THE OPTIMAL RISKY PORTFOLIO WITH A RISK-FREE
ASSET 161
6.4 EFFICIENT DIVERSIFICATION WITH MANY RISKY
ASSETS 164
THE EFFICIENT FRONTIER OF RISKY ASSETS 164
CHOOSING THE OPTIMAL RISKY PORTFOLIO 167
THE PREFERRED COMPLETE PORTFOLIO AND THE SEPARATION
PROPERTY 167
CONSTRUCTING THE OPTIMAL RISKY PORTFOLIO: AN
ILLUSTRATION 167
6.5 A SINGLE-INDEX STOCK MARKET 170
STATISTICAL AND GRAPHICAL REPRESENTATION
OF THE SINGLE-INDEX MODEL 171
DIVERSIFICATION IN A SINGLE-INDEX SECURITY
MARKET 173
USING SECURITY ANALYSIS WITH THE INDEX MODEL 176
6.6 RISK OF LONG-TERM INVESTMENTS 179
RISK AND RETURN WITH ALTERNATIVE LONG-TERM
INVESTMENTS 179
WHY THE UNENDING CONFUSION? 181
END OF CHAPTER MATERIAL 181-192
7 CAPITAL ASSET PRICING AND ARBITRAGE
PRICING THEORY 193
7.1 THE CAPITAL ASSET PRICING MODEL 194
THE MODEL: ASSUMPTIONS AND IMPLICATIONS 194
WHY ALL INVESTORS WOULD HOLD THE MARKET
PORTFOLIO 195
THE PASSIVE STRATEGY IS EFFICIENT 196
THE RISK PREMIUM OF THE MARKET
PORTFOLIO 197
EXPECTED RETURNS ON INDIVIDUAL SECURITIES 197
THE SECURITY MARKET LINE 199
APPLICATIONS OF THE CAPM 200
7.2 THE CAPM AND INDEX MODELS 201
THE INDEX MODEL, REALIZED RETURNS, AND THE
MEAN-BETA EQUATION 201
ESTIMATING THE INDEX MODEL 203
PREDICTING BETAS 209
7.3 THE CAPM AND THE REAL WORLD 210
7.4 MULTIFACTOR MODELS AND THE CAPM 211
THE FAMA-FRENCH THREE-FACTOR MODEL 213
MULTIFACTOR MODELS AND THE VALIDITY OF
THE CAPM 216
7.5 ARBITRAGE PRICING THEORY 217
WELL-DIVERSIFIED PORTFOLIOS AND ARBITRAGE PRICING
THEORY 217
THE APT AND THE CAPM 220
MULTIFACTOR GENERALIZATION OF THE APT
AND CAPM 221
END OF CHAPTER MATERIAL 223-233
8 THE EFFICIENT MARKET
HYPOTHESIS 234
8.1 RANDOM WALKS AND THE EFFICIENT MARKET
HYPOTHESIS 235
COMPETITION AS THE SOURCE OF EFFICIENCY 237
VERSIONS OF THE EFFICIENT MARKET
HYPOTHESIS 238
8.2 IMPLICATIONS OF THE EMH 239
TECHNICAL ANALYSIS 239
FUNDAMENTAL ANALYSIS 240
ACTIVE VERSUS PASSIVE PORTFOLIO
MANAGEMENT 241
THE ROLE OF PORTFOLIO MANAGEMENT IN AN EFFICIENT
MARKET 242
RESOURCE ALLOCATION 242
8.3 ARC MARKETS EFFICIENT? 243
THE ISSUES 243
WEAK-FORM TESTS: PATTERNS IN STOCK
RETURNS 245
PREDICTORS OF BROAD MARKET RETURNS 246
SEMISTRONG TESTS: MARKET ANOMALIES 246
STRONG-FORM TESTS: INSIDE INFORMATION 251
INTERPRETING THE ANOMALIES 251
8.4 MUTUAL FUND AND ANALYST PERFORMANCE 253
STOCK MARKET ANALYSTS 253 ,
MUTUAL FUND MANAGERS 254
SO, ARE MARKETS EFFICIENT? 257
END OF CHAPTER MATERIAL 257-264
9 BEHAVIORAL FINANCE AND TECHNICAL
ANALYSIS 265
9.1 THE BEHAVIORAL CRITIQUE 266
CONTENTS
INFORMATION PROCESSING 267
BEHAVIORAL BIASES 268
LIMITS TO ARBITRAGE 269
LIMITS TO ARBITRAGE AND THE LAW OF ONE
PRICE 271
BUBBLES AND BEHAVIORAL ECONOMICS 273
EVALUATING THE BEHAVIORAL CRITIQUE 274
9.2 TECHNICAL ANALYSIS AND BEHAVIORAL
FINANCE 275
TRENDS AND CORRECTIONS 276
SENTIMENT INDICATORS 280
A WARNING 281
END OF CHAPTER MATERIAL 283-290
PART THREE
DEBT SECURITIES
291
10 BOND PRICES AND YIELDS 292
10.1 BOND CHARACTERISTICS 293
TREASURY BONDS AND NOTES 293
CORPORATE BONDS 295
PREFERRED STOCK 296
OTHER DOMESTIC ISSUERS 297
INTERNATIONAL BONDS 297
INNOVATION IN THE BOND MARKET 297
10.2 BOND PRICING 299
BOND PRICING BETWEEN COUPON DATES 302
BOND PRICING IN EXCEL 303
10.3 BOND YIELDS 304
YIELD TO MATURITY 304
YIELD TO CALL 306
REALIZED COMPOUND RETURN VERSUS YIELD TO
MATURITY 308
10.4 BOND PRICES OVER TIME 310
YIELD TO MATURITY VERSUS HOLDING-PERIOD
RETURN 311
ZERO-COUPON BONDS AND TREASURY
STRIPS 312
AFTER-TAX RETURNS 312
10.5 DEFAULT RISK AND BOND PRICING 314
JUNK BONDS 314
DETERMINANTS OF BOND SAFETY 314
BOND INDENTURES 316
YIELD TO MATURITY AND DEFAULT RISK 317
CREDIT DEFAULT SWAPS 319
10.6 THE YIELD CURVE 322
THE EXPECTATIONS THEORY 322
THE LIQUIDITY PREFERENCE THEORY 324
A SYNTHESIS 325
END OF CHAPTER MATERIAL 327-336
11 MANAGING BOND PORTFOLIOS 337
11.1 INTEREST RATE RISK 338
INTEREST RATE SENSITIVITY 338
DURATION 340
WHAT DETERMINES DURATION? 344
11.2 PASSIVE BOND MANAGEMENT 346
IMMUNIZATION 346
CASH FLOW MATCHING AND DEDICATION 351
11.3 CONVEXITY 353
WHY DO INVESTORS LIKE CONVEXITY? 355
11.4 ACTIVE BOND MANAGEMENT 356
SOURCES OF POTENTIAL PROFIT 356
HORIZON ANALYSIS 358
AN EXAMPLE OF A FIXED-INCOME INVESTMENT
STRATEGY 358
END OF CHAPTER MATERIAL 359-370
PART FOUR
SECURITY ANALYSIS 371
12 MACROECONOMIC AND INDUSTRY
ANALYSIS 372
12.1 THE GLOBAL ECONOMY 373
12.2 THE DOMESTIC MACROECONOMY 375
GROSS DOMESTIC PRODUCT 376
EMPLOYMENT 376
INFLATION 376
INTEREST RATES 376
BUDGET DEFICIT 376
SENTIMENT 377
12.3 INTEREST RATES 377
12.4 DEMAND AND SUPPLY SHOCKS 378
12.5 FEDERAL GOVERNMENT POLICY 379
FISCAL POLICY 379
MONETARY POLICY 380
SUPPLY-SIDE POLICIES 381
12.6 BUSINESS CYCLES 382
THE BUSINESS CYCLE 382
CONTENTS
XI
ECONOMIC INDICATORS 384
OTHER INDICATORS 386
12.7 INDUSTRY ANALYSIS 387
DEFINING AN INDUSTRY 389
SENSITIVITY TO THE BUSINESS CYCLE 390
SECTOR ROTATION 391
INDUSTRY LIFE CYCLES 392
INDUSTRY STRUCTURE AND PERFORMANCE 395
END OF CHAPTER MATERIAL 396-404
13 EQUITY VALUATION 405
13.1 VALUATION BY COMPARABLES 406
LIMITATIONS OF BOOK VALUE 406
13.2 INTRINSIC VALUE VERSUS MARKET PRICE 408
13.3 DIVIDEND DISCOUNT MODELS 409
THE CONSTANT-GROWTH DDM 410
STOCK PRICES AND INVESTMENT
OPPORTUNITIES 413
LIFE CYCLES AND MULTISTAGE GROWTH MODELS 416
MULTISTAGE GROWTH MODELS 420
13.4 PRICE-EARNINGS RATIOS 420
THE PRICE-EARNINGS RATIO AND GROWTH
OPPORTUNITIES 420
P/E RATIOS AND STOCK RISK 424
PITFALLS IN P/E ANALYSIS 425
COMBINING P/E ANALYSIS AND THE DDM 428
OTHER COMPARATIVE VALUATION RATIOS 428
13.5 FREE CASH FLOW VALUATION APPROACHES 428
COMPARING THE VALUATION MODELS 432
THE PROBLEM WITH DCFMODELS 432
13.6 THE AGGREGATE STOCK MARKET 433
END OF CHAPTER MATERIAL 435-445
14 FINANCIAL STATEMENT ANALYSIS 446
14.1 THE MAJOR FINANCIAL STATEMENTS 447
THE INCOME STATEMENT 447
THE BALANCE SHEET 448
THE STATEMENT OF CASH FLOWS 448
14.2 MEASURING FIRM PERFORMANCE 451
14.3 PROFITABILITY MEASURES 451
RETURN ON ASSETS 452
RETURN ON CAPITAL 452
RETURN ON EQUITY 452
FINANCIAL LEVERAGE AND ROE 452
ECONOMIC VALUE ADDED 454
14.4 RATIO ANALYSIS 455
DECOMPOSITION OF ROE 455
TURNOVER AND ASSET UTILIZATION 458
LIQUIDITY RATIOS 460
MARKET PRICE RATIOS 461
CHOOSING A BENCHMARK 462
14.5 AN ILLUSTRATION OF FINANCIAL STATEMENT
ANALYSIS 464
14.6 COMPARABILITY PROBLEMS 466
INVENTORY VALUATION 467
DEPRECIATION 467
INFLATION AND INTEREST EXPENSE 468
FAIR VALUE ACCOUNTING 468
QUALITY OF EARNINGS AND ACCOUNTING
PRACTICES 469
INTERNATIONAL ACCOUNTING CONVENTIONS 471
14.7 VALUE INVESTING: THE GRAHAM TECHNIQUE 472
END OF CHAPTER MATERIAL 473-484
PART FIVE
DERIVATIVE MARKETS
485
15 OPTIONS MARKETS 486
15.1 THE OPTION CONTRACT 487
OPTIONS TRADING 488
AMERICAN AND EUROPEAN OPTIONS 490
THE OPTION CLEARING CORPORATION 490
OTHER LISTED OPTIONS 490
15.2 VALUES OF OPTIONS AT EXPIRATION 491
CALL OPTIONS 491
PUT OPTIONS 492
OPTIONS VERSUS STOCK INVESTMENTS 494
OPTION STRATEGIES 497
15.3 OPTIONLIKE SECURITIES 505
CALLABLE BONDS 505
CONVERTIBLE SECURITIES 506
WARRANTS 508
COLLATERALIZED LOANS 508
LEVERAGED EQUITY AND RISKY DEBT 509
15.4 EXOTIC OPTIONS 509
ASIAN OPTIONS 510
CURRENCY-TRANSLATED OPTIONS 510
DIGITAL OPTIONS 511
END OF CHAPTER MATERIAL 511-521
XII
CONTENTS
16 OPTION VALUATION 522
16.1 OPTION VALUATION: INTRODUCTION 523
INTRINSIC AND TIME VALUES 523
DETERMINANTS OF OPTION VALUES 523
16.2 BINOMIAL OPTION PRICING 525
TWO-STATE OPTION PRICING 525
GENERALIZING THE TWO-STATE APPROACH 528
MAKING THE VALUATION MODEL PRACTICAL 529
16.3 BLACK-SCHOLCS OPTION VALUATION 532
THE BLACK-SCHOLES FORMULA 533
THE PUT-CALL PARITY RELATIONSHIP 540
PUT OPTION VALUATION 542
16.4 USING THE BLACK-SCHOLES FORMULA 543
HEDGE RATIOS AND THE BLACK-SCHOLES
FORMULA 543
PORTFOLIO INSURANCE 545
OPTION PRICING AND THE CRISIS OF
2008-2009 548
16.5 EMPIRICAL EVIDENCE 549
END OF CHAPTER MATERIAL 550-560
17 FUTURES MARKETS AND RISK
MANAGEMENT 561
17.1 THE FUTURES CONTRACT 562
THE BASICS OF FUTURES CONTRACTS 562
EXISTING CONTRACTS 565
17.2 TRADING MECHANICS 567
THE CLEARINGHOUSE AND OPEN INTEREST 56 7
MARKING TO MARKET AND THE MARGIN
ACCOUNT 569
CASH VERSUS ACTUAL DELIVERY 571
REGULATIONS 571
TAXATION 571
17.3 FUTURES MARKET STRATEGICS 572
HEDGING AND SPECULATION 572
BASIS RISK AND HEDGING 574
17.4 FUTURES PRICES 575
SPOT-FUTURES PARITY 575
SPREADS 579
17.5 FINANCIAL FUTURES 579
STOCK-INDEX FUTURES 579
CREATING SYNTHETIC STOCK POSITIONS 580
INDEX ARBITRAGE 581
FOREIGN EXCHANGE FUTURES 581
INTEREST RATE FUTURES 582
17.6 SWAPS 584
SWAPS AND BALANCE SHEET
RESTRUCTURING 585
THE SWAP DEALER 586
END OF CHAPTER MATERIAL
PART SIX
ACTIVE INVESTMENT
MANAGEMENT 595
587-594
18 PORTFOLIO PERFORMANCE
EVALUATION 596
18.1 RISK-ADJUSTED RETURNS 597
INVESTMENT CLIENTS, SERVICE PROVIDERS, AND
OBJECTIVES OF PERFORMANCE EVALUATION 597
COMPARISON GROUPS 597
BASIC PERFORMANCE-EVALUATION STATISTICS 598
PERFORMANCE EVALUATION OF ENTIRE-WEALTH
PORTFOLIOS USING THE SHARPE RATIO AND
M-SQUARE 599
PERFORMANCE EVALUATION OF FUND OF FUNDS
USING THE TREYNOR MEASURE 601
PERFORMANCE EVALUATION OF A PORTFOLIO ADDED
TO THE BENCHMARK USING THE INFORMATION
RATIO 602
THE RELATION OF ALPHA TO PERFORMANCE
MEASURES 603
ALPHA CAPTURE AND ALPHA TRANSPORT 604
PERFORMANCE EVALUATION WITH A MULTI-INDEX
MODEL 605
18.2 STYLE ANALYSIS 607
18.3 MORNINGSTAR S RISK-ADJUSTED RATING 608
18.4 RISK ADJUSTMENTS WITH CHANGING PORTFOLIO
COMPOSITION 610
PERFORMANCE MANIPULATION 611
18.5 PERFORMANCE ATTRIBUTION PROCEDURES 612
ASSET ALLOCATION DECISIONS 614
SECTOR AND SECURITY SELECTION DECISIONS 614
SUMMING UP COMPONENT CONTRIBUTIONS 616
18.6 MARKET TIMING 617
VALUING MARKET TIMING AS AN
OPTION 618
THE VALUE OF IMPERFECT FORECASTING 619
MEASUREMENT OF MARKET-TIMING
PERFORMANCE 620
END OF CHAPTER MATERIAL 621-629
CONTENTS
XIII
19 GLOBALIZATION AND INTERNATIONAL
INVESTING 630
19.1 GLOBAL MARKETS FOR EQUITIES 631
DEVELOPED COUNTRIES 631
EMERGING MARKETS 631
MARKET CAPITALIZATION AND GDP 634
HOME-COUNTRY BIAS 635
19.2 RISK FACTORS IN INTERNATIONAL INVESTING 635
EXCHANGE RATE RISK 635
IMPERFECT EXCHANGE RATE RISK HEDGING 640
COUNTRY-SPECIFIC RISK 640
19.3 INTERNATIONAL INVESTING: RISK, RETURN,
AND BENEFITS FROM DIVERSIFICATION 642
RISK AND RETURN: SUMMARY STATISTICS 644
ARE INVESTMENTS IN EMERGING MARKETS
RISKIER? 647
ARE AVERAGE RETURNS HIGHER IN EMERGING
MARKETS? 648
IS EXCHANGE RATE RISK IMPORTANT IN INTERNATIONAL
PORTFOLIOS? 649
BENEFITS FROM INTERNATIONAL DIVERSIFICATION 652
MISLEADING REPRESENTATION OF DIVERSIFICATION
BENEFITS 653
REALISTIC BENEFITS FROM INTERNATIONAL
DIVERSIFICATION 654
ARE BENEFITS FROM INTERNATIONAL DIVERSIFICATION
PRESERVED IN BEAR MARKETS? 655
ACTIVE MANAGEMENT AND INTERNATIONAL
DIVERSIFICATION 656
19.4 INTERNATIONAL INVESTING AND PERFORMANCE
ATTRIBUTION 658
CONSTRUCTING A BENCHMARK PORTFOLIO OF FOREIGN
ASSETS 658
PERFORMANCE ATTRIBUTION 658
END OF CHAPTER MATERIAL 661-665
20 HEDGE FUNDS 666
20.1 HEDGE FUNDS VERSUS MUTUAL FUNDS 667
20.2 HEDGE FUND STRATEGIES 668
DIRECTIONAL ANDNONDIRECTIONAL STRATEGIES 668
STATISTICAL ARBITRAGE 670
20.3 PORTABLE ALPHA 670
AN EXAMPLE OF A PURE PLAY 671
20 A STYLE ANALYSIS FOR HEDGE FUNDS 673
20.5 PERFORMANCE MEASUREMENT FOR HEDGE
FUNDS 674
LIQUIDITY AND HEDGE FUND PERFORMANCE 6 75
(
HEDGE FUND PERFORMANCE AND SURVIVORSHIP
BIAS 677
HEDGE FUND PERFORMANCE AND CHANGING FACTOR
LOADINGS 678
TAIL EVENTS AND HEDGE FUND
PERFORMANCE 679
20.6 FEE STRUCTURE IN HEDGE FUNDS 681
END OF CHAPTER MATERIAL 684-688
21 TAXES, INFLATION, AND INVESTMENT
STRATEGY 689
21.1 SAVING FOR THE LONG RUN 690
A HYPOTHETICAL HOUSEHOLD 690
THE RETIREMENT ANNUITY 690
21.2 ACCOUNTING FOR INFLATION 691
A REAL SAVINGS PLAN 692
AN ALTERNATIVE SAVINGS PLAN 693
21.3 ACCOUNTING FOR TAXES 694
21.4 THE ECONOMICS OF TAX SHELTERS 695
A BENCHMARK TAX SHELTER 696
THE EFFECT OF THE PROGRESSIVE NATURE OF THE
TAX CODE 697
21.5 A MENU OF TAX SHELTERS 699
DEFINED BENEFIT PLANS 699
EMPLOYEE DEFINED CONTRIBUTION PLANS 699
INDIVIDUAL RETIREMENT ACCOUNTS 700
ROTH ACCOUNTS WITH THE PROGRESSIVE TAX
CODE 700
RISKY INVESTMENTS AND CAPITAL GAINS AS TAX
SHELTERS 702
SHELTERED VERSUS UNSHELTERED SAVINGS 702
21.6 SOCIAL SECURITY 704
THE INDEXING FACTOR SERIES 704
THE AVERAGE INDEXED MONTHLY EARNINGS
(AIME) 705
THE PRIMARY INSURANCE AMOUNT (PIA) 705
21.7 CHILDREN S EDUCATION AND LARGE
PURCHASES 707
21.8 HOME OWNERSHIP: THE RENT-VERSUS-BUY
DECISION 708
21.9 UNCERTAIN LONGEVITY AND OTHER
CONTINGENCIES 709
21.10 MATRIMONY, BEQUEST, AND INTERGENERATIONAL
TRANSFERS 710
END OF CHAPTER MATERIAL 711-713
XIV
CONTENTS
22 INVESTORS AND THE INVESTMENT
PROCESS 714
22.1 THE INVESTMENT MANAGEMENT PROCESS 715
22.2 INVESTOR OBJECTIVES 717
INDIVIDUAL INVESTORS 717
PROFESSIONAL INVESTORS 718
LIFE INSURANCE COMPANIES 720
NON-LIFE-INSURANCE COMPANIES 721
BANKS 721
ENDOWMENT FUNDS 721
22.3 INVESTOR CONSTRAINTS 722
LIQUIDITY 722
INVESTMENT HORIZON 723
REGULATIONS 723
TAX CONSIDERATIONS 723
UNIQUE NEEDS 723
22.4 INVESTMENT POLICIES 725
TOP-DOWN POLICIES FOR INSTITUTIONAL
INVESTORS 725
ACTIVE VERSUS PASSIVE POLICIES 727
22.5 MONITORING AND REVISING INVESTMENT
PORTFOLIOS 728
END OF CHAPTER MATERIAL 729-735
APPENDIXES
A REFERENCES 736
B REFERENCES TO CFA QUESTIONS 742
INDEX I
|
| any_adam_object | 1 |
| author | Bodie, Zvi 1943- Kane, Alex 1942- Marcus, Alan J. |
| author_GND | (DE-588)129369926 (DE-588)130111341 (DE-588)130111392 |
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| author_role | aut aut aut |
| author_sort | Bodie, Zvi 1943- |
| author_variant | z b zb a k ak a j m aj ajm |
| building | Verbundindex |
| bvnumber | BV041093056 |
| classification_rvk | QK 800 |
| ctrlnum | (OCoLC)854728564 (DE-599)BVBBV041093056 |
| 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 | 9. ed., global ed. |
| format | Book |
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| id | DE-604.BV041093056 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:39:25Z |
| institution | BVB |
| isbn | 007714824X 9780077148249 |
| language | English |
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| physical | XXVIII, 743, 22 S. graph. Darst. |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | McGraw-Hill Irwin |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance, and real estate |
| spelling | Bodie, Zvi 1943- Verfasser (DE-588)129369926 aut Essentials of investments Zvi Bodie ; Alex Kane ; Alan J. Marcus 9. ed., global ed. New York, NY McGraw-Hill Irwin 2013 XXVIII, 743, 22 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The McGraw-Hill/Irwin series in finance, insurance, and real estate Includes index Investments Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Wertpapier (DE-588)4065674-3 gnd rswk-swf Option (DE-588)4115452-6 gnd rswk-swf Termingeschäft (DE-588)4117190-1 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content Portfoliomanagement (DE-588)4115601-8 s Wertpapier (DE-588)4065674-3 s Option (DE-588)4115452-6 s Termingeschäft (DE-588)4117190-1 s DE-604 Kapitalanlage (DE-588)4073213-7 s 2\p DE-604 Kane, Alex 1942- Verfasser (DE-588)130111341 aut Marcus, Alan J. Verfasser (DE-588)130111392 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026069611&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Bodie, Zvi 1943- Kane, Alex 1942- Marcus, Alan J. Essentials of investments Investments Portfoliomanagement (DE-588)4115601-8 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Termingeschäft (DE-588)4117190-1 gnd Kapitalanlage (DE-588)4073213-7 gnd |
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| 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 Portfoliomanagement (DE-588)4115601-8 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Termingeschäft (DE-588)4117190-1 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Investments Portfoliomanagement Wertpapier Option Termingeschäft Kapitalanlage Einführung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026069611&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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