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
  • 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
  • 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
• Part TWO: Portfolio Theory
  • 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
  • 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
  • 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
  • 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
• Part THREE: Debt Securities
  • 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
  • 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
• Part FOUR: Security Analysis
  • 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
  • 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
• Part FIVE: Derivative Markets
  • 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
  • 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
  • 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
• Part SIX: Active Investment Management
  • 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
  • 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
  • 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
  • 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
• Appendixes
  • Appendix A: References
  • Appendix B: References to CFA Questions
• Index

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