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ISE eBook Online Access for Essentials of InvestmentsAnnað
- Höfundar: Zvi Bodie, Alex Kane, Alan Marcus
- Útgáfa:12
- Útgáfudagur: 2021-05-03
- Engar takmarkanir á útprentun
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- Format:ePub
- ISBN 13: 9781264363629
- Print ISBN: 9781265450090
- ISBN 10: 1264363621
Efnisyfirlit
- Cover
- Halftitle
- The McGraw Hill Education Series in Finance, Insurance, and Real Estate
- Title
- Copyright
- About the Authors
- Brief Contents
- Contents
- Organization of the Twelfth Edition
- Pedagogical Features
- Excel Integration
- End-of-Chapter Features
- Supplements
- Acknowledgments
- A Note from the Authors
- Part ONE: Elements of Investments
- Chapter 1: Investments: Background and Issues
- 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 and Financial Innovation
- 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
- End-of-Chapter Material
- Chapter 2: Asset Classes and Financial Instruments
- 2.1 The Money Market
- Treasury Bills
- Certificates of Deposit
- Commercial Paper
- Bankers’ Acceptances
- Eurodollars
- Repos and Reverses
- Brokers’ Calls
- Federal Funds
- The LIBOR Market
- Money Market Funds
- Yields on Money Market Instruments
- 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
- The Dow Jones Industrial Average
- The Standard & Poor’s 500 Index
- 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
- End-of-Chapter Material
- 2.1 The Money Market
- Chapter 3: Securities Markets
- 3.1 How Firms Issue Securities
- Privately Held Firms
- Publicly Traded Companies
- Shelf Registration
- Initial Public Offerings
- 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
- 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
- End-of-Chapter Material
- 3.1 How Firms Issue Securities
- Chapter 4: Mutual Funds and Other Investment Companies
- 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
- End-of-Chapter Material
- Chapter 1: Investments: Background and Issues
- Chapter 5: Risk, Return, and the Historical Record
- 5.1 Rates of Return
- Measuring Investment Returns over Multiple Periods
- Conventions for Annualizing Rates of Return
- 5.2 Inflation and the Real Rate of Interest
- The Equilibrium Nominal Rate of Interest
- 5.3 Risk and Risk Premiums
- Scenario Analysis and Probability Distributions
- The Normal Distribution
- Normality and the Investment Horizon
- Deviation from Normality and Tail Risk
- Risk Premiums and Risk Aversion
- The Sharpe Ratio
- 5.4 The Historical Record
- Using Time Series of Returns
- Risk and Return: A First Look
- 5.5 Asset Allocation Across Risky and Risk-Free Portfolios
- The Risk-Free Asset
- Portfolio Expected Return and Risk
- The Capital Allocation Line
- Risk Aversion and Capital Allocation
- 5.6 Passive Strategies and the Capital Market Line
- Historical Evidence on the Capital Market Line
- Costs and Benefits of Passive Investing
- End-of-Chapter Material
- 5.1 Rates of Return
- Chapter 6: Efficient Diversification
- 6.1 Diversification and Portfolio Risk
- 6.2 Asset Allocation with Two Risky Assets
- Covariance and Correlation
- Using Historical Data
- The Three Rules of Two-Risky-Assets Portfolios
- The Risk-Return Trade-Off with Two-Risky-Assets Portfolios
- The Mean-Variance Criterion
- 6.3 The Optimal Risky Portfolio with a Risk-Free Asset
- 6.4 Efficient Diversification with many Risky Assets
- The Efficient Frontier of Risky Assets
- Choosing the Optimal Risky Portfolio
- The Preferred Complete Portfolio and a Separation Property
- Constructing the Optimal Risky Portfolio: an Illustration
- 6.5 A Single-Index Stock Market
- Statistical Interpretation of the Single-Index Model
- Learning from the Index Model
- Using Security Analysis with the Index Model
- 6.6 Risk Pooling, Risk Sharing, and Time Diversification
- Time Diversification
- End-of-Chapter Material
- Chapter 7: Capital Asset Pricing and Arbitrage Pricing Theory
- 7.1 The Capital Asset Pricing Model
- The Model: Assumptions and Implications
- Why All Investors Would Hold the Market Portfolio
- The Passive Strategy Is Efficient
- The Risk Premium of the Market Portfolio
- Expected Returns on Individual Securities
- The Security Market Line
- Applications of the CAPM
- 7.2 The CAPM and Index Models
- 7.3 How Well Does the CAPM Predict Risk Premiums?
- 7.4 Multifactor Models and the CAPM
- The Fama-French Three-Factor Model
- Estimating a Three-Factor SML
- Multifactor Models and the Validity of the CAPM
- 7.5 Arbitrage Pricing Theory
- Diversification in a Single-Index Security Market
- Well-Diversified Portfolios
- The Security Market Line of the APT
- Individual Assets and the APT
- Well-Diversified Portfolios in Practice
- The APT and the CAPM
- Multifactor Generalization of the APT
- Smart Betas and Multifactor Models
- End-of-Chapter Material
- 7.1 The Capital Asset Pricing Model
- Chapter 8: The Efficient Market Hypothesis
- 8.1 Random Walks and Efficient Markets
- Competition as the Source of Efficiency
- Versions of the Efficient Market Hypothesis
- 8.2 Implications of the EMH
- Technical Analysis
- Fundamental Analysis
- Active versus Passive Portfolio Management
- The Role of Portfolio Management in an Efficient Market
- Resource Allocation
- 8.3 Are Markets Efficient?
- The Issues
- Weak-Form Tests: Patterns in Stock Returns
- Predictors of Broad Market Returns
- Semistrong Tests: Market Anomalies
- Other Predictors of Stock Returns
- Strong-Form Tests: Inside Information
- Interpreting the Anomalies
- Bubbles and Market Efficiency
- 8.4 Mutual Fund and Analyst Performance
- Stock Market Analysts
- Mutual Fund Managers
- So, Are Markets Efficient?
- End-of-Chapter Material
- 8.1 Random Walks and Efficient Markets
- Chapter 9: Behavioral Finance and Technical Analysis
- 9.1 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
- 9.2 Technical Analysis and Behavioral Finance
- Trends and Corrections
- Sentiment Indicators
- A Warning
- End-of-Chapter Material
- 9.1 The Behavioral Critique
- Chapter 10: Bond Prices and Yields
- 10.1 Bond Characteristics
- Treasury Bonds and Notes
- Corporate Bonds
- Preferred Stock
- Other Domestic Issuers
- International Bonds
- Innovation in the Bond Market
- 10.2 Bond Pricing
- Bond Pricing between Coupon Dates
- Bond Pricing in Excel
- 10.3 Bond Yields
- Yield to Maturity
- Yield to Call
- Realized Compound Return versus Yield to Maturity
- 10.4 Bond Prices Over Time
- Yield to Maturity versus Holding-Period Return
- Zero-Coupon Bonds and Treasury STRIPS
- After-Tax Returns
- 10.5 Default Risk and Bond Pricing
- Junk Bonds
- Determinants of Bond Safety
- Bond Indentures
- Yield to Maturity and Default Risk
- Credit Default Swaps
- 10.6 The Yield Curve
- The Expectations Theory
- The Liquidity Preference Theory
- A Synthesis
- End-of-Chapter Material
- 10.1 Bond Characteristics
- Chapter 11: Managing Bond Portfolios
- 11.1 Interest Rate Risk
- Interest Rate Sensitivity
- Duration
- What Determines Duration?
- 11.2 Passive Bond Management
- Immunization
- Cash Flow Matching and Dedication
- 11.3 Convexity
- Why Do Investors Like Convexity?
- 11.4 Active Bond Management
- Sources of Potential Profit
- Horizon Analysis
- An Example of a Fixed-Income Investment Strategy
- End-of-Chapter Material
- 11.1 Interest Rate Risk
- Chapter 12: Macroeconomic and Industry Analysis
- 12.1 The Global Economy
- 12.2 The Domestic Macroeconomy
- Gross Domestic Product
- Employment
- Inflation
- Interest Rates
- Budget Deficit
- Sentiment
- 12.3 Interest Rates
- 12.4 Demand and Supply Shocks
- 12.5 Federal Government Policy
- Fiscal Policy
- Monetary Policy
- Supply-Side Policies
- 12.6 Business Cycles
- The Business Cycle
- Economic Indicators
- Other Indicators
- 12.7 Industry Analysis
- Defining an Industry
- Sensitivity to the Business Cycle
- Sector Rotation
- Industry Life Cycles
- Industry Structure and Performance
- End-of-Chapter Material
- Chapter 13: Equity Valuation
- 13.1 Valuation by Comparables
- Limitations of Book Value
- 13.2 Intrinsic Value Versus Market Price
- 13.3 Dividend Discount Models
- The Constant-Growth DDM
- Stock Prices and Investment Opportunities
- Life Cycles and Multistage Growth Models
- Multistage Growth Models
- 13.4 Price–Earnings Ratios
- 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
- 13.5 Free Cash Flow Valuation Approaches
- Comparing the Valuation Models
- The Problem with DCF Models
- 13.6 The Aggregate Stock Market
- End-of-Chapter Material
- 13.1 Valuation by Comparables
- Chapter 14: Financial Statement Analysis
- 14.1 The Major Financial Statements
- The Income Statement
- The Balance Sheet
- The Statement of Cash Flows
- 14.2 Measuring Firm Performance
- 14.3 Profitability Measures
- Return on Assets
- Return on Capital
- Return on Equity
- Financial Leverage and ROE
- Economic Value Added
- 14.4 Ratio Analysis
- Decomposition of ROE
- Turnover and Asset Utilization
- Liquidity Ratios
- Market Price Ratios
- Choosing a Benchmark
- 14.5 An Illustration of Financial Statement Analysis
- 14.6 Comparability Problems
- Inventory Valuation
- Depreciation
- Inflation and Interest Expense
- Fair Value Accounting
- Quality of Earnings and Accounting Practices
- International Accounting Conventions
- 14.7 Value Investing: The Graham Technique
- End-of-Chapter Material
- 14.1 The Major Financial Statements
- Chapter 15: Options Markets
- 15.1 The Option Contract
- Options Trading
- American versus European Options
- The Option Clearing Corporation
- Other Listed Options
- 15.2 Values of Options at Expiration
- Call Options
- Put Options
- Options versus Stock Investments
- 15.3 Option Strategies
- 15.4 Optionlike Securities
- Callable Bonds
- Convertible Securities
- Warrants
- Collateralized Loans
- Leveraged Equity and Risky Debt
- 15.5 Exotic Options
- Asian Options
- Currency-Translated Options
- Digital Options
- End-of-Chapter Material
- 15.1 The Option Contract
- Chapter 16: Option Valuation
- 16.1 Option Valuation: Introduction
- Intrinsic and Time Values
- Determinants of Option Values
- 16.2 Binomial Option Pricing
- Two-State Option Pricing
- Generalizing the Two-State Approach
- Making the Valuation Model Practical
- 16.3 Black-Scholes Option Valuation
- The Black-Scholes Formula
- The Put-Call Parity Relationship
- Put Option Valuation
- 16.4 Using the Black-Scholes Formula
- Hedge Ratios and the Black-Scholes Formula
- Portfolio Insurance
- Option Pricing and the Financial Crisis
- 16.5 Empirical Evidence
- End-of-Chapter Material
- 16.1 Option Valuation: Introduction
- Chapter 17: Futures Markets and Risk Management
- 17.1 The Futures Contract
- The Basics of Futures Contracts
- Existing Contracts
- 17.2 Trading Mechanics
- The Clearinghouse and Open Interest
- Marking to Market and the Margin Account
- Cash versus Actual Delivery
- Regulations
- Taxation
- 17.3 Futures Market Strategies
- Hedging and Speculation
- Basis Risk and Hedging
- 17.4 Futures Prices
- Spot-Futures Parity
- Spreads
- 17.5 Financial Futures
- Stock-Index Futures
- Foreign Exchange Futures
- Interest Rate Futures
- 17.6 Swaps
- Swaps and Balance Sheet Restructuring
- The Swap Dealer
- End-of-Chapter Material
- 17.1 The Futures Contract
- Chapter 18: Evaluating Investment Performance
- 18.1 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
- Selection Bias and Portfolio Evaluation
- 18.2 Style Analysis
- 18.3 Morningstar’s Risk-Adjusted Rating
- 18.4 Performance Measurement with Changing Portfolio Composition
- 18.5 Market Timing
- The Potential Value of Market Timing
- Valuing Market Timing as a Call Option
- The Value of Imperfect Forecasting
- 18.6 Performance Attribution Procedures
- Asset Allocation Decisions
- Sector and Security Selection Decisions
- Summing Up Component Contributions
- End-of-Chapter Material
- 18.1 The Conventional Theory of Performance Evaluation
- Chapter 19: International Diversification
- 19.1 Global Markets for Equities
- Developed Countries
- Emerging Markets
- Market Capitalization and GDP
- Home-Country Bias
- 19.2 Exchange Rate Risk and International Diversification
- Exchange Rate Risk
- Imperfect Exchange Rate Risk Hedging
- Investment Risk in International Markets
- International Diversification
- Are Benefits from International Diversification Preserved in Bear Markets? 634
- 19.3 Political Risk
- 19.4 International Investing and Performance Attribution
- Constructing a Benchmark Portfolio of Foreign Assets
- Performance Attribution
- End-of-Chapter Material
- 19.1 Global Markets for Equities
- Chapter 20: Hedge Funds
- 20.1 Hedge Funds versus Mutual Funds
- 20.2 Hedge Fund Strategies
- Directional versus Nondirectional Strategies
- Statistical Arbitrage
- High-Frequency Strategies
- 20.3 Portable Alpha
- An Example of a Pure Play
- 20.4 Style Analysis for Hedge Funds
- 20.5 Performance Measurement for Hedge Funds
- Liquidity and Hedge Fund Performance
- Hedge Fund Performance and Selection Bias
- Hedge Fund Performance and Changing Factor Loadings
- Tail Events and Hedge Fund Performance
- 20.6 Fee Structure in Hedge Funds
- End-of-Chapter Material
- Chapter 21: Taxes, Inflation, and Investment Strategy
- 21.1 Taxes and Investment Returns
- Equity, Debt, and Tax Deferral
- Tax-Protected Retirement Plans
- Deferred Annuities
- Sheltered versus Unsheltered Savings
- 21.2 Saving for the Long Run
- A Hypothetical Household
- The Retirement Annuity
- 21.3 Accounting for Inflation
- A Real Savings Plan
- An Alternative Savings Plan
- 21.4 Accounting for Taxes
- 21.5 Tax Shelters and the Savings Plan
- A Benchmark Tax Shelter
- The Effect of the Progressive Nature of the Tax Code
- Roth Accounts with the Progressive Tax Code
- 21.6 Social Security
- 21.7 Home Ownership: The Rent-Versus-Buy Decision
- 21.8 Uncertain Longevity and Other Contingencies
- End-of-Chapter Material
- 21.1 Taxes and Investment Returns
- Chapter 22: Investors and the Investment Process
- 22.1 The Investment Management Process
- 22.2 Investor Objectives
- Individual Investors
- Professional Investors
- 22.3 Investor Constraints
- Liquidity
- Investment Horizon
- Regulations
- Tax Considerations
- Unique Needs
- 22.4 Investment Policies
- Taxes and Investment Policies for Individual Investors
- Top-Down Policies for Institutional Investors
- Active versus Passive Policies
- 22.5 Monitoring and Revising Investment Portfolios
- End-of-Chapter Material
- Appendix A: References
- Appendix B: References to CFA Questions
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- Gerð : 208
- Höfundur : 8616
- Útgáfuár : 2018
- Leyfi : 379