ISE Investments
Námskeið
- VIÐ604G Stýring fjármálasafna
- FJÁ2206 Fjármál II (fjármálamarkaðir)
- V-862-PORT Portfolio Management
- VIÐ503G Fjármálagerningar
Ensk lýsing:
The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts.
Lýsing:
Investments set the standardas a graduate (MBA) text intended primarily for courses in investment analysis. The guiding principle has been to present the material in a framework that isorganized by a central core of consistent fundamental principles and will introducestudents to major issues currently of concern to all investors. In an effort to link theory to practice, the authorsmake their approach consistent with that of the CFA Institute.
Many features ofthis text make it consistent with and relevant to the CFA curriculum. The common unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. Investments is alsoorganized around several important themes: The central theme is the near informational-efficiency of well-developed security markets and the general awareness that competitive markets do not offer "free lunches" to participants.
Annað
- Höfundur: Zvi Bodie, Alex Kane, Alan J. Marcus
- Útgáfa:13
- Útgáfudagur: 2023-02-02
- Engar takmarkanir á útprentun
- Engar takmarkanir afritun
- Format:ePub
- ISBN 13: 9781266505966
- Print ISBN: 9781266085963
- ISBN 10: 1266505962
Efnisyfirlit
- Front Matter
- Half Title
- The McGraw Hill Series in Finance, Insurance, and Real Estate
- Financial Management
- Investments
- Financial Institutions and Markets
- International Finance
- Real Estate
- Financial Planning and Insurance
- Titlepage
- Copyright
- About the Authors
- ZVI BODIE
- ALEX KANE
- ALAN J. MARCUS
- Brief Contents
- Contents
- Preface
- UNDERLYING PHILOSOPHY
- NEW IN THE THIRTEENTH EDITION
- ORGANIZATION AND CONTENT
- Distinctive Features
- Connect
- Instructors Student Success Starts with You
- Students Get Learning That Fits You
- Supplements
- INSTRUCTOR LIBRARY
- STUDENT STUDY CENTER
- STUDENT PROGRESS TRACKING
- MCGRAW HILL CUSTOMER CARE CONTACT INFORMATION
- Acknowledgments
- Chapter 1: The Investment Environment
- Introduction
- 1.1: Real Assets versus Financial Assets
- 1.2: Financial Assets
- 1.3: Financial Markets and the Economy
- The Informational Role of Financial Markets
- Consumption Timing
- Allocation of Risk
- Separation of Ownership and Management
- Corporate Governance and Corporate Ethics
- 1.4: The Investment Process
- 1.5: Markets Are Competitive
- The Risk–Return Trade-Off
- Efficient Markets
- 1.6: The Players
- Financial Intermediaries
- Investment Bankers
- Venture Capital and Private Equity
- Fintech, Financial Innovation and Decentralized Finance
- 1.7: The Financial Crisis of 2008–2009
- Antecedents of the Crisis
- Changes in Housing Finance
- Mortgage Derivatives
- Credit Default Swaps
- The Rise of Systemic Risk
- The Shoe Drops
- The Dodd–Frank Reform Act
- 1.8: Outline of the Text
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Chapter 2: Asset Classes and Financial Instruments
- Introduction
- 2.1: The Money Market
- Treasury Bills
- Certificates of Deposit
- Commercial Paper
- Bankers’ Acceptances
- Eurodollars
- Repos and Reverses
- Federal Funds
- Brokers’ Calls
- LIBOR, SOFR, and SONIA
- Yields on Money Market Instruments
- Money Market Funds
- 2.2: The Bond Market
- Treasury Notes and Bonds
- Inflation-Protected Treasury Bonds
- Federal Agency Debt
- International Bonds
- Municipal Bonds
- Corporate Bonds
- Mortgage and Asset-Backed Securities
- 2.3: Equity Securities
- Common Stock as Ownership Shares
- Characteristics of Common Stock
- Stock Market Listings
- Preferred Stock
- Depositary Receipts
- 2.4: Stock and Bond Market Indexes
- Stock Market Indexes
- Dow Jones Industrial Average
- The Standard & Poor’s 500 Index
- Russell Indexes
- Other U.S. Market-Value Indexes
- Equally Weighted Indexes
- Foreign and International Stock Market Indexes
- Bond Market Indicators
- 2.5: Derivative Markets
- Options
- Futures Contracts
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Chapter 3: How Securities Are Traded
- Introduction
- 3.1: How Firms Issue Securities
- Privately Held Firms
- Publicly Traded Companies
- Shelf Registration
- Initial Public Offerings
- SPACs versus Traditional IPOs
- 3.2: How Securities Are Traded
- Types of Markets
- Types of Orders
- Trading Mechanisms
- 3.3: The Rise of Electronic Trading
- 3.4: U.S. Markets
- NASDAQ
- The New York Stock Exchange
- ECNs
- 3.5: New Trading Strategies
- Algorithmic Trading
- High-Frequency Trading
- Dark Pools
- Internalization
- Bond Trading
- 3.6: Globalization of Stock Markets
- 3.7: Trading Costs
- 3.8: Buying on Margin
- 3.9: Short Sales
- 3.10: Regulation of Securities Markets
- Self-Regulation
- The Sarbanes-Oxley Act
- Insider Trading
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Chapter 4: Mutual Funds and Other Investment Companies
- Introduction
- 4.1: Investment Companies
- 4.2: Types of Investment Companies
- Unit Investment Trusts
- Managed Investment Companies
- Exchange-Traded Funds
- Other Investment Organizations
- 4.3: Mutual Funds
- Investment Policies
- How Funds Are Sold
- 4.4: Costs of Investing in Mutual Funds
- Fee Structure
- Fees and Mutual Fund Returns
- 4.5 Taxation of Mutual Fund Income
- 4.6 Exchange-Traded Funds
- 4.7 Mutual Fund Investment Performance: A First Look
- 4.8 Information on Mutual Funds
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Chapter 5: Risk, Return, and the Historical Record
- Introduction
- 5.1: Measuring Returns over Different Holding Periods
- Annual Percentage Rates
- Continuous Compounding
- 5.2 Interest Rates and Inflation Rates
- Real and Nominal Rates of Interest
- The Equilibrium Real Rate of Interest
- Interest Rates and Inflation
- Taxes and the Real Rate of Interest
- Treasury Bills and Inflation, 1926–2021
- 5.3 Risk and Risk Premiums
- Holding-Period Returns
- Expected Return and Standard Deviation
- Excess Returns and Risk Premiums
- The Reward-to-Volatility (Sharpe) Ratio
- 5.4 The Normal Distribution
- 5.5 Deviations from Normality and Tail Risk
- Value at Risk
- Expected Shortfall
- Lower Partial Standard Deviation and the Sortino Ratio
- Relative Frequency of Large, Negative 3-Sigma Returns
- 5.6 Learning from Historical Returns
- Time Series versus Scenario Analysis
- Expected Returns and the Arithmetic Average
- The Geometric (Time-Weighted) Average Return
- Estimating Variance and Standard Deviation
- Mean and Standard Deviation Estimates from Higher-Frequency Observations
- 5.7 Historic Returns on Risky Portfolios
- A Global View of the Historical Record
- 5.8 Normality and Long-Term Investments
- Short-Run versus Long-Run Risk
- Forecasts for the Long Haul
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Chapter 6: Capital Allocation to Risky Assets
- Introduction
- 6.1: Risk and Risk Aversion
- Risk, Speculation, and Gambling
- Risk Aversion and Utility Values
- Estimating Risk Aversion
- 6.2: Capital Allocation across Risky and Risk-Free Portfolios
- 6.3: The Risk-Free Asset
- 6.4: Portfolios of One Risky Asset and a Risk-Free Asset
- 6.5: Risk Tolerance and Asset Allocation
- Non-normal Returns
- 6.6: Passive Strategies: The Capital Market Line
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Appendix A: Risk Aversion, Expected Utility, and the St. Petersburg Paradox
- Problems: Appendix A
- Solutions To Concept Checks
- Chapter 7: Efficient Diversification
- Introduction
- 7.1: Diversification and Portfolio Risk
- 7.2: Portfolios of Two Risky Assets
- 7.3: Asset Allocation with Stocks, Bonds, and Bills
- Asset Allocation with Two Risky Asset Classes
- 7.4: The Markowitz Portfolio Optimization Model
- Security Selection
- Capital Allocation and the Separation Property
- The Power of Diversification
- Asset Allocation and Security Selection
- 7.5: Risk Pooling, Risk Sharing, and Time Diversification
- Risk Sharing versus Risk Pooling
- Time Diversification
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Appendix A: A Spreadsheet Model for Efficient Diversification
- The Input List
- Using Excel's Solver
- Finding the Optimal Risky Portfolio on the Efficient Frontier
- The Optimal CAL
- The Optimal Risky Portfolio and the Short-Sales Constraint
- Appendix B: Review of Portfolio Statistics
- Expected Returns
- Variance and Standard Deviation
- Covariance
- Correlation Coefficient
- Portfolio Variance
- Introduction
- 8.1 A Single-Factor Security Market
- The Input List of the Markowitz Model
- Systematic versus Firm-Specific Risk
- 8.2 The Single-Index Model
- The Regression Equation of the Single-Index Model
- The Expected Return–Beta Relationship
- Risk and Covariance in the Single-Index Model
- The Set of Estimates Needed for the Single-Index Model
- The Index Model and Diversification
- 8.3 Estimating the Single-Index Model
- The Security Characteristic Line for U.S. Steel
- The Explanatory Power of U.S. Steel’s SCL
- The Estimate of Alpha
- The Estimate of Beta
- Firm-Specific Risk
- 8.4 The Industry Version of the Index Model
- Predicting Betas
- 8.5 Portfolio Construction Using the Single-Index Model
- Alpha and Security Analysis
- The Index Portfolio as an Investment Asset
- The Single-Index Model Input List
- The Optimal Risky Portfolio in the Single-Index Model
- The Information Ratio
- Summary of Optimization Procedure
- An Example
- Correlation and Covariance Matrix
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 9.1 The Capital Asset Pricing Model
- The Market Portfolio
- The Passive Strategy Is Efficient
- The Risk Premium of the Market Portfolio
- Expected Returns on Individual Securities
- The Security Market Line
- The CAPM and the Single-Index Market
- 9.2 Assumptions and Extensions of the CAPM
- Identical Input Lists
- Risk-Free Borrowing and the Zero-Beta Model
- Labor Income and Other Nontraded Assets
- A Multiperiod Model and Hedge Portfolios
- A Consumption-Based CAPM
- Liquidity and the CAPM
- 9.3 Issues in Testing the CAPM
- 9.4 The CAPM and the Investment Industry
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 10.1 Multifactor Models: A Preview
- Factor Models of Security Returns
- 10.2 Arbitrage Pricing Theory
- Arbitrage, Risk Arbitrage, and Equilibrium
- The Security Market Line of the APT
- Well-Diversified Portfolios in Practice
- 10.3 The APT and the CAPM
- 10.4 A Multifactor APT
- 10.5 The Fama-French (FF) Three-Factor Model
- Estimating and Implementing a Three-Factor SML
- Extensions of the Three-Factor Model: A First Look
- Smart Betas and Multifactor Models
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 11.1: Random Walks and Efficient Markets
- Competition as the Source of Efficiency
- Versions of the Efficient Market Hypothesis
- 11.2: Implications of the EMH
- Technical Analysis
- Fundamental Analysis
- Active versus Passive Portfolio Management
- The Role of Portfolio Management in an Efficient Market
- Resource Allocation
- 11.3: Event Studies
- 11.4: Are Markets Efficient?
- The Issues
- Weak-Form Tests: Patterns in Stock Returns
- Predictors of Broad Market Returns
- Semistrong Tests: Market Anomalies
- Strong-Form Tests: Inside Information
- Interpreting the Anomalies
- 11.5: Mutual Fund and Analyst Performance
- Stock Market Analysts
- Mutual Fund Managers
- So, Are Markets Efficient?
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 12.1: The Behavioral Critique
- Information Processing
- Behavioral Biases
- Limits to Arbitrage
- Limits to Arbitrage and the Law of One Price
- Bubbles and Behavioral Economics
- Evaluating the Behavioral Critique
- 12.2: Technical Analysis and Behavioral Finance
- Trends and Corrections
- Machine Learning and Technical Analysis
- Sentiment Indicators
- A Warning
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 13.1 The Index Model and the Single-Factor SML
- Testing the Single-Factor SML
- The Market Index
- Measurement Error in Beta
- 13.2 Tests of the Multifactor Models
- Labor Income
- Private (Nontraded) Business
- Macroeconomic Risk Factors
- 13.3 Fama-French-Type Factor Models
- Size and B/M as Risk Factors
- Behavioral Explanations
- Momentum: A Fourth Factor
- The Factor Zoo
- 13.4 Liquidity and Asset Pricing
- 13.5 Consumption-Based Asset Pricing and the Equity Premium Puzzle
- Expected versus Realized Returns
- Survivorship Bias
- Extensions to the CAPM May Mitigate the Equity Premium Puzzle
- Liquidity and the Equity Premium Puzzle
- Behavioral Explanations of the Equity Premium Puzzle
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 14.1 Bond Characteristics
- Treasury Bonds and Notes
- Corporate Bonds
- Preferred Stock
- Other Domestic Issuers
- International Bonds
- Innovation in the Bond Market
- 14.2 Bond Pricing
- Bond Pricing between Coupon Dates
- 14.3 Bond Yields
- Yield to Maturity
- Yield to Call
- Realized Compound Return versus Yield to Maturity
- 14.4 Bond Prices over Time
- Yield to Maturity versus Holding-Period Return
- Zero-Coupon Bonds and Treasury Strips
- After-Tax Returns
- 14.5 Default Risk and Bond Pricing
- Junk Bonds
- Determinants of Bond Safety
- Bond Indentures
- Yield to Maturity and Default Risk
- Credit Default Swaps
- Credit Risk and Collateralized Debt Obligations
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 15.1 The Yield Curve
- Bond Pricing
- 15.2 The Yield Curve and Future Interest Rates
- The Yield Curve under Certainty
- Holding-Period Returns
- Forward Rates
- 15.3 Interest Rate Uncertainty and Forward Rates
- 15.4 Theories of the Term Structure
- The Expectations Hypothesis
- Liquidity Preference Theory
- Market Segmentation
- 15.5 Interpreting the Term Structure
- 15.6 Forward Rates as Forward Contracts
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 16.1 Interest Rate Risk
- Interest Rate Sensitivity
- Duration
- What Determines Duration?
- 16.2 Convexity
- Why Do Investors Like Convexity?
- Duration and Convexity of Callable Bonds
- Duration and Convexity of Mortgage-Backed Securities
- 16.3 Passive Bond Management
- Bond-Index Funds
- Immunization
- Cash Flow Matching and Dedication
- Other Problems with Conventional Immunization
- 16.4 Active Bond Management
- Sources of Potential Profit
- Horizon Analysis
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 17.1 The Global Economy
- 17.2 The Domestic Macroeconomy
- Key Economic Indicators
- 17.3 Demand and Supply Shocks
- 17.4 Federal Government Policy
- Fiscal Policy
- Monetary Policy
- Supply-Side Policies
- 17.5 Business Cycles
- The Business Cycle
- Economic Indicators
- 17.6 Industry Analysis
- Defining an Industry
- Sensitivity to the Business Cycle
- Sector Rotation
- Industry Life Cycles
- Industry Structure and Performance
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 18.1 Valuation by Comparables
- Limitations of Book Value
- 18.2 Intrinsic Value versus Market Price
- 18.3 Dividend Discount Models
- The Constant-Growth DDM
- Convergence of Price to Intrinsic Value
- Stock Prices and Investment Opportunities
- Life Cycles and Multistage Growth Models
- Multistage Growth Models
- 18.4 The Price–Earnings Ratio
- The Price–Earnings Ratio and Growth Opportunities
- P/E Ratios and Stock Risk
- Pitfalls in P/E Analysis
- The Cyclically Adjusted P/E Ratio
- Combining P/E Analysis and the DDM
- Other Comparative Valuation Ratios
- 18.5 Free Cash Flow Valuation Approaches
- Comparing the Valuation Models
- The Problem with DCF Models
- 18.6 The Aggregate Stock Market
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 19.1 The Major Financial Statements
- The Income Statement
- The Balance Sheet
- The Statement of Cash Flows
- 19.2 Measuring Firm Performance
- 19.3 Profitability Measures
- Return on Assets, ROA
- Return on Capital, ROC
- Return on Equity, ROE
- Financial Leverage and ROE
- Economic Value Added
- 19.4 Ratio Analysis
- Decomposition of ROE
- Turnover and Other Asset Utilization Ratios
- Liquidity Ratios
- Market Price Ratios: Growth versus Value
- Choosing a Benchmark
- 19.5 An Illustration of Financial Statement Analysis
- 19.6 Comparability Problems
- Inventory Valuation
- Depreciation
- Inflation and Interest Expense
- Fair Value Accounting
- Quality of Earnings and Accounting Practices
- International Accounting Conventions
- 19.7 Value Investing: The Graham Technique
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 20.1 The Option Contract
- Options Trading
- American versus European Options
- Adjustments in Option Contract Terms
- The Options Clearing Corporation
- Other Listed Options
- 20.2 Values of Options at Expiration
- Call Options
- Put Options
- Option versus Stock Investments
- 20.3 Option Strategies
- Protective Put
- Covered Calls
- Straddle
- Spreads
- Collars
- 20.4 The Put-Call Parity Relationship
- 20.5 Option-like Securities
- Callable Bonds
- Convertible Securities
- Warrants
- Collateralized Loans
- Levered Equity and Risky Debt
- 20.6 Financial Engineering
- 20.7 Exotic Options
- Asian Options
- Barrier Options
- Lookback Options
- Currency-Translated Options
- Digital Options
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 21.1 Option Valuation: Introduction
- Intrinsic and Time Values
- Determinants of Option Values
- 21.2 Restrictions on Option Values
- Restrictions on the Value of a Call Option
- Early Exercise and Dividends
- Early Exercise of American Puts
- 21.3 Binomial Option Pricing
- Two-State Option Pricing
- Generalizing the Two-State Approach
- Making the Valuation Model Practical
- 21.4 Black-Scholes Option Valuation
- The Black-Scholes Formula
- Implied Volatility
- Dividends and Call Option Valuation
- Put Option Valuation
- Dividends and Put Option Valuation
- 21.5 Using the Black-Scholes Formula
- Hedge Ratios and the Black-Scholes Formula
- Portfolio Insurance
- Option Pricing and the Financial Crisis
- Option Pricing and Portfolio Theory
- Hedging Bets on Mispriced Options
- 21.6 Empirical Evidence on Option Pricing
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 22.1 The Futures Contract
- The Basics of Futures Contracts
- Existing Contracts
- 22.2 Trading Mechanics
- The Clearinghouse and Open Interest
- The Margin Account and Marking to Market
- The Convergence Property
- Cash versus Actual Delivery
- Regulations
- Taxation
- 22.3 Futures Markets Strategies
- Hedging and Speculation
- Basis Risk and Hedging
- 22.4 Futures Prices
- The Spot-Futures Parity Theorem
- Spreads
- Forward versus Futures Pricing
- 22.5 Futures Prices versus Expected Spot Prices
- Expectations Hypothesis
- Normal Backwardation
- Contango
- Modern Portfolio Theory
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 23.1 Foreign Exchange Futures
- The Markets
- Interest Rate Parity
- Direct versus Indirect Quotes
- Using Futures to Manage Exchange Rate Risk
- 23.2 Stock-Index Futures
- The Contracts
- Creating Synthetic Stock Positions: An Asset Allocation Tool
- Index Arbitrage
- Using Index Futures to Hedge Market Risk
- 23.3 Interest Rate Futures
- Hedging Interest Rate Risk
- 23.4 Swaps
- Swaps and Balance Sheet Restructuring
- The Swap Dealer
- Other Interest Rate Contracts
- Swap Pricing
- Credit Risk in the Swap Market
- Credit Default Swaps
- 23.5 Commodity Futures Pricing
- Pricing with Storage Costs
- Discounted Cash Flow Analysis for Commodity Futures
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 24.1 The Conventional Theory of Performance Evaluation
- Average Rates of Return
- Time-Weighted Returns versus Dollar-Weighted Returns
- Adjusting Returns for Risk
- Risk-Adjusted Performance Measures
- The Sharpe Ratio for Overall Portfolios
- The Treynor Ratio
- The Information Ratio
- The Role of Alpha in Performance Measures
- Implementing Performance Measurement: An Example
- Realized Returns versus Expected Returns
- Selection Bias and Portfolio Evaluation
- 24.2 Style Analysis
- 24.3 Performance Measurement with Changing Portfolio Composition
- Performance Manipulation and the Morningstar Risk-Adjusted Rating
- 24.4 Market Timing
- The Potential Value of Market Timing
- Valuing Market Timing as a Call Option
- The Value of Imperfect Forecasting
- 24.5 Performance Attribution Procedures
- Asset Allocation Decisions
- Sector and Security Selection Decisions
- Summing Up Component Contributions
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 25.1 Global Markets for Equities
- Developed Countries
- Emerging Markets
- Market Capitalization and GDP
- Home-Country Bias
- 25.2 Exchange Rate Risk and International Diversification
- Exchange Rate Risk
- Investment Risk in International Markets
- International Diversification
- Are Benefits from International Diversification Preserved in Bear Markets?
- 25.3 Political Risk
- 25.4 International Investing and Performance Attribution
- Constructing a Benchmark Portfolio of Foreign Assets
- Performance Attribution
- Summary
- Key Terms
- Key Equations
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 26.1 Hedge Funds versus Mutual Funds
- The Alternative Asset Universe
- 26.2 Hedge Fund Strategies
- Statistical Arbitrage
- High-Frequency Strategies
- 26.3 Venture Capital and Angel Investors
- Venture Syndication
- Venture Capital and Innovation
- 26.4 Leveraged Buyout Funds
- Exits
- Leveraged Buyouts and Innovation
- 26.5 Performance Measurement for Hedge Funds
- Liquidity and Performance
- Liquidity and Hedge Fund Performance
- Liquidity and Private Equity
- Survivorship Bias and Backfill Bias
- Tail Events
- Historical Hedge Fund Performance
- Style Analysis
- Historical Performance of Private Equity
- 26.6 Fee Structure in Hedge Funds
- Incentive Fees
- Private Equity Chasing Waterfalls
- Funds of Funds
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- Introduction
- 27.1 Optimal Portfolios and Alpha Values
- Forecasts of Alpha Values and Extreme Portfolio Weights
- Restriction of Tracking Risk
- 27.2 The Treynor-Black Model and Forecast Precision
- Adjusting Forecasts for the Precision of Alpha
- Distribution of Alpha Values
- Organizational Structure and Performance
- 27.3 The Black-Litterman Model
- Black-Litterman Asset Allocation Decision
- Step 1: The Covariance Matrix from Historical Data
- Step 2: Determination of a Baseline Forecast
- Step 3: Integrating the Manager’s Private Views
- Step 4: Revised (Posterior) Expectations
- Step 5: Portfolio Optimization
- 27.4 Treynor-Black versus Black-Litterman: Complements, Not Substitutes
- The BL Model as Icing on the TB Cake
- Why Not Replace the Entire TB Cake with the BL Icing?
- 27.5 The Value of Active Management
- A Model for the Estimation of Potential Fees
- Results from the Distribution of Actual Information Ratios
- Results from Distribution of Actual Forecasts
- 27.6 Concluding Remarks on Active Management
- Summary
- Key Terms
- Problem Sets
- APPENDIX A: Forecasts and Realizations of Alpha
- APPENDIX B: The General Black-Litterman Model
- Steps 1 and 2: The Covariance Matrix and Baseline Forecasts
- Step 3: The Manager’s Private Views
- Step 4: Revised (Posterior) Expectations
- Step 5: Portfolio Optimization
- Introduction
- 28.1 The Investment Management Process
- 28.2 Major Investor Types
- Individual Investors
- Personal Trusts
- Mutual Funds
- Pension Funds
- Endowment Funds
- Life Insurance Companies
- Non–Life Insurance Companies
- Banks
- 28.3 Constraints
- Liquidity
- Investment Horizon
- Regulations
- Tax Considerations
- Unique Needs
- 28.4 Policy Statements
- Sample Policy Statements for Individual Investors
- 28.5 Asset Allocation
- Top-Down Asset Allocation for Institutional Investors
- Monitoring and Revising the Portfolio
- 28.6 Managing Portfolios of Individual Investors
- Investment in Residence
- Saving for Retirement and the Assumption of Risk
- Retirement Planning Models
- Target Date Funds
- Tax Sheltering and Asset Allocation
- 28.7 Pension Funds
- Defined Contribution Plans
- Defined Benefit Plans
- Pension Investment Strategies
- Summary
- Key Terms
- Problem Sets
- Solutions To Concept Checks
- References to CFA Problems
- Glossary
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- U
- V
- W
- Y
- Z
- Commonly Used Notation
- Useful Formulas
- Measures of Risk
- Portfolio Theory
- Market Equilibrium
- Fixed-Income Analysis
- Equity Analysis
- Derivative Assets
- Performance Evaluation
- Name Index
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- R
- S
- T
- V
- W
- X
- Y
- Z
- Subject Index
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- Y
- Z
- Additional Student Resources
- Figure 1.1 Text Alternative (Chapter 1)
- Figure 1.2 Text Alternative (Chapter 1)
- Figure 1.3 Text Alternative (Chapter 1)
- Figure 1.4 Text Alternative (Chapter 1)
- Figure 2.2 Text Alternative (Chapter 2)
- Figure 2.3 Text Alternative (Chapter 2)
- Figure 2.1 Text Alternative (Chapter 2)
- Figure 2.4 Text Alternative (Chapter 2)
- Figure 2.5 Text Alternative (Chapter 2)
- Figure 2.6 Text Alternative (Chapter 2)
- Figure 2.7 Text Alternative (Chapter 2)
- Figure 2.8 Text Alternative (Chapter 2)
- Figure 2.9 Text Alternative (Chapter 2)
- Figure 3.1 Text Alternative (Chapter 3)
- Figure 3.2 Text Alternative (Chapter 3)
- Figure 3.3 Text Alternative (Chapter 3)
- Figure 3.4 Text Alternative (Chapter 3)
- Figure 3.5 Text Alternative (Chapter 3)
- Figure 3.6 Text Alternative (Chapter 3)
- Figure 3.7 Text Alternative (Chapter 3)
- APPLICATIONS: Buying on Margin 3.1 Text Alternative (Chapter 3)
- APPLICATIONS: Short Sale 3.1 Text Alternative (Chapter 3)
- Figure 4.2 Text Alternative (Chapter 4)
- Figure 4.1 Text Alternative (Chapter 4)
- Figure 4.1 Text Alternative (Chapter 4)
- Figure 4.3 Text Alternative (Chapter 4)
- Figure 4.4 Text Alternative (Chapter 4)
- Figure 4.5 Text Alternative (Chapter 4)
- PROBLEM SETS image 1 Text Alternative (Chapter 4)
- Figure 5.1 Text Alternative (Chapter 5)
- Figure 5.2 Text Alternative (Chapter 5)
- Figure 5.3 Text Alternative (Chapter 5)
- Figure 5.4 Text Alternative (Chapter 5)
- Figure 5.5 Text Alternative (Chapter 5)
- Figure 5.6 Text Alternative (Chapter 5)
- Figure 5.7 Text Alternative (Chapter 5)
- Figure 5.8 Text Alternative (Chapter 5)
- Figure 5.9 Text Alternative (Chapter 5)
- Figure 5.10 Text Alternative (Chapter 5)
- Figure 5.11 Text Alternative (Chapter 5)
- Figure 6.1 Text Alternative (Chapter 6)
- Figure 6.2 Text Alternative (Chapter 6)
- Figure 6.3 Text Alternative (Chapter 6)
- Figure 6.4 Text Alternative (Chapter 6)
- Figure 6.6 Text Alternative (Chapter 6)
- Figure 6.7 Text Alternative (Chapter 6)
- CFA Problems 6.1 Text Alternative (Chapter 6)
- Equities Versus Risk-Free T-Bills Text Alternative (Chapter 6)
- Solutions to concept check 6.1 Text Alternative (Chapter 6)
- Figure 6A.1 Text Alternative (Chapter 6)
- Figure 6A.2 Text Alternative (Chapter 6)
- Figure 7.1 Text Alternative (Chapter 7)
- Figure 7.2 Text Alternative (Chapter 7)
- Figure 7.3 Text Alternative (Chapter 7)
- Figure 7.4 Text Alternative (Chapter 7)
- Figure 7.5 Text Alternative (Chapter 7)
- Figure 7.6 Text Alternative (Chapter 7)
- Figure 7.7 Text Alternative (Chapter 7)
- Figure 7.8 Text Alternative (Chapter 7)
- Figure 7.9 Text Alternative (Chapter 7)
- APPLICATIONS: Two–Security Model 7.1 Text Alternative (Chapter 7)
- Figure 7.10 Text Alternative (Chapter 7)
- Figure 7.11 Text Alternative (Chapter 7)
- Figure 7.12 Text Alternative (Chapter 7)
- Figure 7.13 Text Alternative (Chapter 7)
- APPLICATIONS: Optimal Portfolios 7.1 Text Alternative (Chapter 7)
- Figure 8.1 Text Alternative (Chapter 8)
- Figure 8.2 Text Alternative (Chapter 8)
- Figure 8.3 Text Alternative (Chapter 8)
- Figure 8.4 Text Alternative (Chapter 8)
- Problems 8.1 Text Alternative (Chapter 8)
- Figure 9.1 Text Alternative (Chapter 9)
- Figure 9.2 Text Alternative (Chapter 9)
- Figure 9.3 Text Alternative (Chapter 9)
- Figure 9.4 Text Alternative (Chapter 9)
- Solutions to concept check 9.1 Text Alternative (Chapter 9)
- Figure 10.1 Text Alternative (Chapter 10)
- Figure 10.2 Text Alternative (Chapter 10)
- Figure 10.3 Text Alternative (Chapter 10)
- Figure 10.4 Text Alternative (Chapter 10)
- Problems 10.1 Text Alternative (Chapter 10)
- Figure 11.1 Text Alternative (Chapter 11)
- Figure 11.2 Text Alternative (Chapter 11)
- Figure 11.4 Text Alternative (Chapter 11)
- Figure 11.5 Text Alternative (Chapter 11)
- Figure 11.6 Text Alternative (Chapter 11)
- Figure 11.7 Text Alternative (Chapter 11)
- Figure 11.8 Text Alternative (Chapter 11)
- Problem 11.1 Text Alternative (Chapter 11)
- Figure 12.1 Text Alternative (Chapter 12)
- Figure 12.2 Text Alternative (Chapter 12)
- Figure 12.3 Text Alternative (Chapter 12)
- Figure 12.4 Text Alternative (Chapter 12)
- Figure 12.5 Text Alternative (Chapter 12)
- Figure 12.6 Text Alternative (Chapter 12)
- Figure 12.7 Text Alternative (Chapter 12)
- Figure 13.1 Text Alternative (Chapter 13)
- Figure 13.2 Text Alternative (Chapter 13)
- Figure 13.3 Text Alternative (Chapter 13)
- Figure 13.4 Text Alternative (Chapter 13)
- Figure 13.5 Text Alternative (Chapter 13)
- Figure 13.6 Text Alternative (Chapter 13)
- Figure 13.7 Text Alternative (Chapter 13)
- Figure 13.8 Text Alternative (Chapter 13)
- Figure 14.1 Text Alternative (Chapter 11)
- Figure 14.3 Text Alternative (Chapter 14)
- Figure 14.4 Text Alternative (Chapter 14)
- Figure 14.5 Text Alternative (Chapter 14)
- Figure 14.6 Text Alternative (Chapter 14)
- Figure 14.7 Text Alternative (Chapter 14)
- Figure 14.8 Text Alternative (Chapter 14)
- Figure 14.9 Text Alternative (Chapter 14)
- Figure 14.10 Text Alternative (Chapter 14)
- Figure 14.11 Text Alternative (Chapter 14)
- Figure 14.12 Text Alternative (Chapter 14)
- Figure 15.1 Text Alternative (Chapter 15)
- Figure 15.2 Text Alternative (Chapter 15)
- Figure 15.3 Text Alternative (Chapter 15)
- Figure 15.4 Image 1 Text Alternative (Chapter 15)
- Figure 15.4 Image 2 Text Alternative (Chapter 15)
- Figure 15.5 Text Alternative (Chapter 15)
- Figure 15.6 Text Alternative (Chapter 15)
- Figure 15.7 Text Alternative (Chapter 15)
- Figure 16.1 Text Alternative (Chapter 16)
- Figure 16.2 Text Alternative (Chapter 16)
- Figure 16.3 Text Alternative (Chapter 16)
- Figure 16.4 Text Alternative (Chapter 16)
- Figure 16.5 Text Alternative (Chapter 16)
- Figure 16.6 Text Alternative (Chapter 16)
- Figure 16.7 Text Alternative (Chapter 16)
- Figure 16.8 Text Alternative (Chapter 16)
- Figure 16.9 Text Alternative (Chapter 16)
- Figure 16.10 Text Alternative (Chapter 16)
- Figure 17.1 Text Alternative (Chapter 17)
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- Figure 17.5 Text Alternative (Chapter 17)
- Figure 17.6 Text Alternative (Chapter 17)
- Figure 17.7 Text Alternative (Chapter 17)
- Figure 17.8 Text Alternative (Chapter 17)
- Figure 17.10 Text Alternative (Chapter 17)
- Figure 17.11 Text Alternative (Chapter 17)
- Spreadsheet 18.2 Text Alternative (Chapter 18)
- Figure 18.1 Text Alternative (Chapter 18)
- Figure 18.3 Text Alternative (Chapter 18)
- Figure 18.4 Text Alternative (Chapter 18)
- Figure 18.5 Text Alternative (Chapter 18)
- Figure 18.6 Text Alternative (Chapter 18)
- Figure 18.7 Text Alternative (Chapter 18)
- Figure 18.8 Text Alternative (Chapter 18)
- Figure 18.9 Text Alternative (Chapter 18)
- Figure 19.1 Text Alternative (Chapter 19)
- Figure 19.2 Text Alternative (Chapter 19)
- Figure 19.3 Text Alternative (Chapter 19)
- Figure 19.4 Text Alternative (Chapter 19)
- Figure 20.2 Text Alternative (Chapter 20)
- Figure 20.3 Text Alternative (Chapter 20)
- Figure 20.4 Text Alternative (Chapter 20)
- Figure 20.5 Text Alternative (Chapter 20)
- Figure 20.6 Text Alternative (Chapter 20)
- Figure 20.7 Text Alternative (Chapter 20)
- Figure 20.8 Text Alternative (Chapter 20)
- Figure 20.9 Text Alternative (Chapter 20)
- Figure 20.10 Text Alternative (Chapter 20)
- Figure 20.11 Text Alternative (Chapter 20)
- Figure 20.12 Text Alternative (Chapter 20)
- Figure 20.13 Text Alternative (Chapter 20)
- Solutions To Concept Checks 1 Text Alternative (Chapter 20)
- Solutions To Concept Checks 2 Text Alternative (Chapter 20)
- Solutions To Concept Checks 3 Text Alternative (Chapter 20)
- Two-State Option Pricing (Chapter 21)
- Two-State Option Pricing Figure 1 (Chapter 21)
- Solutions To Concept Checks 4 Text Alternative (Chapter 20)
- Solutions To Concept Checks 5 Text Alternative (Chapter 20)
- Figure 21.1 Text Alternative (Chapter 21)
- Figure 21.2 Text Alternative (Chapter 21)
- Figure 21.4 Text Alternative (Chapter 21)
- Figure 21.5 Text Alternative (Chapter 21)
- Figure 21.8 Text Alternative (Chapter 21)
- Figure 21.9 Text Alternative (Chapter 21)
- Figure 21.10 Text Alternative (Chapter 21)
- Figure 21.11 Text Alternative (Chapter 21)
- Figure 21.12 Text Alternative (Chapter 21)
- Figure 21.13 Text Alternative (Chapter 21)
- Generalizing the Two-State Approach (Chapter 21)
- Generalizing the Two-State Approach Figure 1 (Chapter 21)
- Making the Valuation Model Practical (Chapter 21)
- Figure 22.2 Text Alternative (Chapter 22)
- Words From The Street Text Alternative (Chapter 22)
- Figure 22.3 Text Alternative (Chapter 22)
- Figure 22.4 Text Alternative (Chapter 22)
- Figure 22.5 Text Alternative (Chapter 22)
- Figure 22.6 Text Alternative (Chapter 22)
- SOLUTIONS TO CONCEPT CHECKS (Chapter 22)
- Figure 22.7 Text Alternative (Chapter 22)
- Figure 23.1 Text Alternative (Chapter 23)
- Figure 23.2 Text Alternative (Chapter 23)
- Figure 23.3 Text Alternative (Chapter 23)
- Figure 23.4 Text Alternative (Chapter 23)
- Figure 23.5 Text Alternative (Chapter 23)
- Figure 23.6 Text Alternative (Chapter 23)
- Figure 23.8 Text Alternative (Chapter 23)
- Other Interest Rate Contracts (Chapter 23)
- Figure 24.1 Text Alternative (Chapter 24)
- Figure 24.2 Text Alternative (Chapter 24)
- Figure 24.3 Text Alternative (Chapter 24)
- Figure 24.4 Text Alternative (Chapter 24)
- Figure 24.6 Text Alternative (Chapter 24)
- Figure 24.7 Text Alternative (Chapter 24)
- Figure 24.8 Text Alternative (Chapter 24)
- Figure 24.9 Text Alternative (Chapter 24)
- Data For Problem 10 Text Alternative (Chapter 24)
- Figure 25.1 Text Alternative (Chapter 25)
- Figure 25.2 Text Alternative (Chapter 25)
- Figure 25.3 Text Alternative (Chapter 25)
- Figure 25.4 Text Alternative (Chapter 25)
- Figure 25.5 Text Alternative (Chapter 25)
- Data For Problem 4 Text Alternative (Chapter 25)
- Figure 26.1 Text Alternative (Chapter 26)
- Figure 26.2 Text Alternative (Chapter 26)
- Figure 26.3 Text Alternative (Chapter 26)
- Figure 26.4 Text Alternative (Chapter 26)
- Figure 26.5 Text Alternative (Chapter 26)
- Figure 26.6 Text Alternative (Chapter 26)
- Figure 26.7 Text Alternative (Chapter 26)
- Figure 26.8 Text Alternative (Chapter 26)
- Figure 27.1 Text Alternative (Chapter 27)
- Figure 27.2 Text Alternative (Chapter 27)
- Figure 27.3 Text Alternative (Chapter 27)
- Figure 27.4 Text Alternative (Chapter 27)
- Figure 28.1 Text Alternative (Chapter 28)
- Figure 28.2 Text Alternative (Chapter 28)
- Figure 28.3 Text Alternative (Chapter 28)
UM RAFBÆKUR Á HEIMKAUP.IS
Bókahillan þín er þitt svæði og þar eru bækurnar þínar geymdar. Þú kemst í bókahilluna þína hvar og hvenær sem er í tölvu eða snjalltæki. Einfalt og þægilegt!Rafbók til eignar
Rafbók til eignar þarf að hlaða niður á þau tæki sem þú vilt nota innan eins árs frá því bókin er keypt.
Þú kemst í bækurnar hvar sem er
Þú getur nálgast allar raf(skóla)bækurnar þínar á einu augabragði, hvar og hvenær sem er í bókahillunni þinni. Engin taska, enginn kyndill og ekkert vesen (hvað þá yfirvigt).
Auðvelt að fletta og leita
Þú getur flakkað milli síðna og kafla eins og þér hentar best og farið beint í ákveðna kafla úr efnisyfirlitinu. Í leitinni finnur þú orð, kafla eða síður í einum smelli.
Glósur og yfirstrikanir
Þú getur auðkennt textabrot með mismunandi litum og skrifað glósur að vild í rafbókina. Þú getur jafnvel séð glósur og yfirstrikanir hjá bekkjarsystkinum og kennara ef þeir leyfa það. Allt á einum stað.
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Þú lagar síðuna að þínum þörfum. Stækkaðu eða minnkaðu myndir og texta með multi-level zoom til að sjá síðuna eins og þér hentar best í þínu námi.
Fleiri góðir kostir
- Þú getur prentað síður úr bókinni (innan þeirra marka sem útgefandinn setur)
- Möguleiki á tengingu við annað stafrænt og gagnvirkt efni, svo sem myndbönd eða spurningar úr efninu
- Auðvelt að afrita og líma efni/texta fyrir t.d. heimaverkefni eða ritgerðir
- Styður tækni sem hjálpar nemendum með sjón- eða heyrnarskerðingu
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