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Fundamentals.of.Investments-Valuation.and.Management.5th Jordan, Miller.pdf

Fundamentals.of.Investments-Val…

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简介:本文档为《Fundamentals.of.Investments-Valuation.and.Management.5th Jordan, Millerpdf》,可适用于经济金融领域,主题内容包含BradfordDJordan|ThomasWMiller,JrVALUATIONANDMANAGEMENTfiftheditionVALUATION符等。

BradfordDJordan|ThomasWMiller,JrVALUATIONANDMANAGEMENTfiftheditionVALUATIONANDMANAGEMENTfundamentalsofTIONANDMANAGEMENTTIONANDMANAGEMENTinvestmentsISBNMHIDPartofISBNMHIDwwwmhhecomEANhowwillyougrowyourportfolioWhetheryouplanonmanagingaclient’sportfolioorinvestingyourownpersonalassets,JordanMiller’sFundamentalsofInvestments:ValuationandManagement,ewillgiveyoutheresearch,tools,andskillsyouneedtomakewellinformedandcompetentdecisionsSomeofthefeaturesfoundinFundamentalsofInvestments,e…theditionincludes:anewsectionontheadvantagesanddrawbacksofmutualfundinvestingdiscussionofthecurrentstructurethematerialyoujustlearnedFundamentalsofInvestmentsmakinginvestmentdecisionsCommentsfromusersofFundamentalsofInvestments…JordanMillerpresentanorganized,thematicapproachofreturnandriskthroughoutLearnmoreaboutFundamentalsofInvestments,eatwwwmhhecomjmefiftheditionfundamentalsofinvestmentsentalsofvestmentsinvinvestmentsVALUATIONANDMANAGEMENTJordanMillerMdDalim#CyanMagYeloBlackISBN:FrontEndsheetsAuther:BradfordDJordan,ThomasWMillerJrColor:cTitle:FundamentalsofInvestmentsPages:,BecauseyourparentsAREN’TGOINGTOLOANYOU$,topracticewhatyoulearnedinclasstodayStock–TrakPortfolioSimulationAndcanyoublamethemLearningtomakegoodinvestmentdecisionscomesfromexperienceexperiencemakingbadinvestmentdecisionsGetthosebaddecisionsoverwithbeforemanagingrealmoney(yourparents’oryourown)byusingtheStock–TrakPortfolioSimulationprovidedfreewiththistextAfterall,learningtoeffectivelymanagerealmoneyandmakeinvestmentdecisionsiswhatthistextisallaboutStock–Trakgivesstudents$,inplaymoneytotradestocks,options,futures,bonds,mutualfunds,andinternationalstocks(noothersimulationofferssomany!)StudentscanimmediatelyapplyinvestmentmaterialfromthetextorclassbymanagingtheirStock–Trakportfolio,accessibleonlinethroughthetext’sWebsiteatwwwmhhecomjmeIfyouboughtanewbook,youalreadyhaveasubscriptiontoStock–Trak(itcomesfreewiththistext),sofollowthedirectionsontheinsertcardtosetupyourtradingaccounttoday!Professors:UseitasaClassWhopickedthebeststockWhomadethebesttradeSeetheInstructor’sManualforinformationonStock–Trak’sreportingsystemsoyoucanseehowyourstudentsandclassdocomparedtoothersStudents:UseitonyourOwnYourprofessordoesn’thavetosignupinorderforyoutoparticipate–theinsertcardfoundwiththistextisyourfreesubscriptiontothissimulationStock–TrakexercisesintheOLCbrieflysummarizekeytopicsandtradesandpromptyoutotrytheseoutyourself!UseitRightAwayJordanandMillercoverthebasicsearlysoyoucanstarttradingthroughStock–Trakwithinthefirsttwoweeksofclass!ResearchcompanieswithSPjorFrontinddjorFrontindd::PM::PMthentradethemonStock–Trak!StandardPoor’sEducationalVersionofMarketInsightAfree(witheachnewtextpurchased)exclusivepartnershipthroughMcGrawHillIrwinandtheInstitutionalMarketServicesdivisionofStandardPoor’sallowsyoutoaccessthisrichonlinedatabaseContainingsixyearsoffundamentalfinancialdataforover,companies,youcanusethisdatabasetoresearchandhelpanswerthecorrespondingendofchapterSPproblemsFormoredetailsandtoregister,pleaseseetheboundincardinsidethefrontcoverofthistextorvisitwwwmhhecomedumarketinsightjorFrontinddjorFrontindd::PM::PMFundamentalsofInvestmentsVALUATIONANDMANAGEMENTjorfminddijorfminddi::PM::PMTheMcGrawHillIrwinSeriesinFinance,InsuranceandRealEstateStephenARossFrancoModiglianiProfessorofFinanceandEconomicsSloanSchoolofManagementMassachusettsInstituteofTechnologyConsultingEditorFinancialManagementAdairExcelApplicationsforCorporateFinanceFirstEditionBlock,Hirt,andDanielsenFoundationsofFinancialManagementThirteenthEditionBrealey,Myers,andAllenPrinciplesofCorporateFinanceNinthEditionBrealey,Myers,andAllenPrinciplesofCorporateFinance,ConciseEditionFirstEditionBrealey,Myers,andMarcusFundamentalsofCorporateFinanceSixthEditionBrooksFinGameOnlineBrunerCaseStudiesinFinance:ManagingforCorporateValueCreationFifthEditionChewTheNewCorporateFinance:WhereTheoryMeetsPracticeThirdEditionCornett,Adair,andNofsingerFinance:ApplicationsandTheoryFirstEditionDeMelloCasesinFinanceSecondEditionGrinblatt(editor)StephenARoss,Mentor:InfluencethroughGenerationsGrinblattandTitmanFinancialMarketsandCorporateStrategySecondEditionHigginsAnalysisforFinancialManagementNinthEditionKellisonTheoryofInterestThirdEditionKester,Ruback,andTufanoCaseProblemsinFinanceTwelfthEditionRoss,Westerfield,andJaffeCorporateFinanceEighthEditionRoss,Westerfield,Jaffe,andJordanCorporateFinance:CorePrinciplesandApplicationsSecondEditionRoss,Westerfield,andJordanEssentialsofCorporateFinanceSixthEditionRoss,Westerfield,andJordanFundamentalsofCorporateFinanceEighthEditionShefrinBehavioralCorporateFinance:DecisionsthatCreateValueFirstEditionWhiteFinancialAnalysiswithanElectronicCalculatorSixthEditionInvestmentsBodie,Kane,andMarcusEssentialsofInvestmentsSeventhEditionBodie,Kane,andMarcusInvestmentsEighthEditionHirscheyandNofsingerInvestments:AnalysisandBehaviorFirstEditionHirtandBlockFundamentalsofInvestmentManagementNinthEditionJordanandMillerFundamentalsofInvestments:ValuationandManagementFifthEditionFinancialInstitutionsandMarketsRoseandHudginsBankManagementandFinancialServicesSeventhEditionRoseandMarquisMoneyandCapitalMarkets:FinancialInstitutionsandInstrumentsinaGlobalMarketplaceTenthEditionSaundersandCornettFinancialInstitutionsManagement:ARiskManagementApproachSixthEditionSaundersandCornettFinancialMarketsandInstitutions:AnIntroductiontotheRiskManagementApproachFourthEditionInternationalFinanceEunandResnickInternationalFinancialManagementFifthEditionKuemmerleCaseStudiesinInternationalEntrepreneurship:ManagingandFinancingVenturesintheGlobalEconomyFirstEditionRealEstateBrueggemanandFisherRealEstateFinanceandInvestmentsThirteenthEditionLingandArcherRealEstatePrinciples:AValueApproachSecondEditionFinancialPlanningandInsuranceAllen,Melone,Rosenbloom,andMahoneyRetirementPlans:(k)s,IRAs,andOtherDeferredCompensationApproachesTenthEditionAltfestPersonalFinancialPlanningFirstEditionHarringtonandNiehausRiskManagementandInsuranceSecondEditionKapoor,Dlabay,andHughesFocusonPersonalFinance:AnActiveApproachtoHelpYouDevelopSuccessfulFinancialSkillsSecondEditionKapoor,Dlabay,andHughesPersonalFinanceNinthEditionjorfminddiijorfminddii::PM::PMFifthEditionFundamentalsofInvestmentsVALUATIONANDMANAGEMENTBradfordDJordanUniversityofKentuckyThomasWMillerJrSaintLouisUniversityBostonBurrRidge,ILDubuque,IANewYorkSanFranciscoStLouisBangkokBogotáCaracasKualaLumpurLisbonLondonMadridMexicoCityMilanMontrealNewDelhiSantiagoSeoulSingaporeSydneyTaipeiTorontojorfminddiiijorfminddiii::PM::PMwwwmhhecomFUNDAMENTALSOFINVESTMENTSPublishedbyMcGrawHillIrwin,abusinessunitofTheMcGrawHillCompanies,Inc,AvenueoftheAmericas,NewYork,NY,Copyright,,,,byTheMcGrawHillCompanies,IncAllrightsreservedNopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenconsentofTheMcGrawHillCompanies,Inc,including,butnotlimitedto,inanynetworkorotherelectronicstorageortransmission,orbroadcastfordistancelearningSomeancillaries,includingelectronicandprintcomponents,maynotbeavailabletocustomersoutsidetheUnitedStatesThisbookisprintedonacidfreepaperVNHVNHISBNMHIDVicepresidentandeditorinchief:BrentGordonExecutiveeditor:MicheleJanicekDevelopmentaleditorI:ElizabethHughesMarketingmanager:AshleySmithSeniorprojectmanager:BruceGinProductionsupervisor:GinaHangosLeaddesigner:MatthewBaldwinLeadmediaprojectmanager:BrianNacikCoverdesign:CaraHawthorneInteriordesign:KieraPohlTypeface:TimesRomanCompositor:ICCMacmillanIncPrinter:RRDonnelleyLibraryofCongressCataloginginPublicationDataJordan,BradfordDFundamentalsofinvestments:valuationandmanagementBradfordDJordan,ThomasWMillerthedpcm(TheMcGrawHillIrwinseriesinfinance,insuranceandrealestate)IncludesindexISBN:(alkpaper)ISBN:(alkpaper)InvestmentsIMiller,ThomasWIITitleHGCdcjorfminddivjorfminddiv::PM::PMTomylatefather,SKellyJordanSr,agreatstockpickerBDJTomyparents,TomandKathyMiller,mywifeCarolyn,and#ThomasWMillerIIITWMJrjorfminddvjorfminddv::PM::PMAbouttheAuthorsviBradfordDJordanGattonCollegeofBusinessandEconomics,UniversityofKentuckyBradfordDJordanisProfessorofFinanceandholderoftheRichardWandJanisHFurstEndowedChairinFinanceattheUniversityofKentuckyHehasalongstandinginterestinbothappliedandtheoreticalissuesininvestments,andhehasextensiveexperienceteachingalllevelsofinvestmentsProfessorJordanhaspublishednumerousresearcharticlesonissuessuchasvaluationoffixedincomesecurities,taxeffectsininvestmentsanalysis,thebehaviorofsecurityprices,IPOvaluation,andpricingofexoticoptionsHeiscoauthorofFundamentalsofCorporateFinanceandEssentialsofCorporateFinance,twoofthemostwidelyusedfinancetextbooksintheworldThomasWMillerJrJohnCookSchoolofBusiness,SaintLouisUniversityTomMilleristheSeniorAssociateDeanforAcademicProgramsandProfessorofFinanceattheJohnCookSchoolofBusinessatSaintLouisUniversityProfessorMillerhasalongstandinginterestinderivativesecuritiesandinvestmentsandhaspublishednumerousarticlesonvarioustopicsintheseareasProfessorMillerhasbeenhonoredwithmanyresearchandteachingawardsProfessorMillerisacoauthor(withDavidDubofsky)ofDerivatives:ValuationandRiskManagement(OxfordUniversityPress)ProfessorMiller’sinterestsincludegolf,skiing,andAmericansaddlebredhorsesjorfminddvijorfminddvi::PM::PMPrefaceviiSowhydidwewritethisbookAswetoiledaway,weaskedourselvesthisquestionmanytimes,andtheanswerwasalwaysthesame:OurstudentsmadeusTraditionally,investmentstextbookstendtofallintooneoftwocampsThefirsttypehasagreaterfocusonportfoliomanagementandcoversasignificantamountofportfoliotheoryThesecondtypeismoreconcernedwithsecurityanalysisandgenerallycontainsfairlydetailedcoverageoffundamentalanalysisasatoolforequityvaluationToday,mosttextstrytocoverallthebasesbyincludingsomechaptersdrawnfromonecampandsomefromanotherTheresultoftryingtocovereverythingiseitheraverylongbookoronethatforcestheinstructortobouncebackandforthbetweenchaptersThisfrequentlyleadstoanoticeablelackofconsistencyintreatmentDifferentchaptershavecompletelydifferentapproaches:Somearecomputational,somearetheoretical,andsomearedescriptiveSomedomacroeconomicforecasting,somedomeanvarianceportfoliotheoryandbetaestimation,andsomedofinancialstatementsanalysisOptionsandfuturesareoftenessentiallytackedonthebacktoroundoutthisdisconnectedassortmentThegoalofthesebooksisdifferentfromthegoalofourstudentsOurstudentstoldustheycomeintoaninvestmentscoursewantingtolearnhowtomakeinvestmentdecisionsAstimewentby,wefoundourselvessupplyingmoreandmoresupplementalmaterialstothetextswewereusingandconstantlyvaryingchaptersequenceswhilechasingthiselusivegoalWefinallycametorealizethatthefinancialworldhadchangedtremendously,andinvestmentstextbookshadfallenfarbehindincontentandrelevanceWhatwereallywanted,andwhatourstudentsreallyneeded,wasabookthatwoulddoseveralkeythings:•Focusonthestudentsasinvestmentmanagersbygivingtheminformationtheycanactoninsteadofconcentratingontheoriesandresearchwithoutthepropercontext•Offerstrong,consistentpedagogy,includingabalanced,unifiedtreatmentofthemaintypesoffinancialinvestmentsasmirroredintheinvestmentworld•OrganizetopicsinawaythatwouldmakethemeasytoapplywhethertoaportfoliosimulationortoreallifeandsupportthesetopicswithhandsonactivitiesWemadethesethreegoalstheguidingprinciplesinwritingthisbookThenextseveralsectionsexplainourapproachtoeachandwhywethinktheyaresoimportantWhoIsThisBookForThisbookisaimedatintroductoryinvestmentsclasseswithstudentswhohaverelativelylittlefamiliaritywithinvestmentsAtypicalstudentmayhavetakenaprinciplesoffinanceclassandhadsomeexposuretostocksandbonds,butnotmuchbeyondthebasicsTheintroductoryinvestmentsclassisoftenarequiredcourseforfinancemajors,butstudentsfromotherareasoftentakeitasanelectiveOnefactofwhichweareacutelyawareisthatthismaybetheonlyinvestmentsclassmanystudentswillevertakeWeintentionallywrotethisbookinarelaxed,informalstylethatengagesthestudentandtreatshimorherasanactiveparticipantratherthanapassiveinformationabsorberWethinktheworldofinvestmentsisexcitingandfascinating,andwehopetoshareourconsiderableenthusiasmforinvestingwiththestudentWeappealtointuitionandbasicprinciplesjorfminddviijorfminddvii::PM::PMwheneverpossiblebecausewehavefoundthatthisapproacheffectivelypromotesunderstandingWealsomakeextensiveuseofexamplesthroughout,drawingonmaterialfromtheworldaroundusandusingfamiliarcompanieswhereverappropriateBydesign,thetextisnotencyclopedicAsthetableofcontentsindicates,wehaveatotalofchaptersChapterlengthisabouttopages,sothetextisaimedatasingletermcoursemostofthebookcanbecoveredinatypicalquarterorsemesterAimingthebookataonesemestercoursenecessarilymeanssomepickingandchoosing,withregardtobothtopicsanddepthofcoverageThroughout,westrikeabalancebyintroducingandcoveringtheessentialswhileleavingsomeofthedetailstofollowupcoursesinsecurityanalysis,portfoliomanagement,andoptionsandfuturesHowDoestheFifthEditionofThisBookExpandupontheGoalsDescribedAboveBasedonuserfeedback,wehavemadenumerousimprovementsandrefinementsinthefiftheditionofFundamentalsofInvestments:ValuationandManagementWehaveincludedanappendixcontainingusefulformulasWeupdatedeverychaptertoreflectcurrentmarketpracticesandconditions,andwesignificantlyexpandedandimprovedtheendofchaptermaterialAlso,ourchaptersdevotedtomarketefficiencyandtobehavioralfinancecontinuetoratehighlyamongreadersTogivesomeexamplesofouradditionalnewcontent:•ChaptercontainsagreatlyexpandedsectiononinvestmentfraudandtheSecurityInvestorsProtectionCorporation(SIPC)Inaddition,anewsectionhasbeenaddedtoshowstudentsonewaytoformaninvestmentportfolio•Chaptercontainsanewsectionontheadvantagesanddrawbacksofmutualfundinvestingandagreatlyexpandedsectiononexchangetradedfunds,whichincludesexchangetradednotes(ETNs)•ChapterincludesagreatlyexpandedsectiononprivateequityversussellingsecuritiestothepublicInaddition,discussionofthecurrentstructureoftheNYSEandtheNASDAQisenhancedwithnewmaterial•ChaptercontainsasectiononhowwegettheformulaforconstantperpetualgrowthAlso,adetaileddiscussionofthetwostagedividendgrowthmodelispresented•ChaptercontainsnewmaterialonaneventstudyusingactualeventssurroundingAdvancedMedicalOptics•Chaptercontainsagreatlyrevampedsectionondedicatedportfoliosandreinvestmentrisk•Chapternowincludesadetailedexampleofhowtohedgeaninventoryusingfuturescontracts•ChaptercontainsanexpandeddiscussionoftheOptionsClearingCorporation(OCC)Inaddition,thechapterhasbeenextensivelyreorganizedsothatitnaturallyculminatesintheputcallparitycondition•ChapterhasbeenextensivelyreworkedItnowcontainssectionsonasimplewaytovalueoptionstheoneperiodbinomialoptionpricingmodelthetwoperiodoptionpricingmodelthebinomialoptionpricingmodelwithmanyperiodsandtheBlackScholesmodelThischapteralsodescribesemployeestockoptions(ESOs)andtheirvaluationusingamodifiedBlackScholesMertonmodel•Chapter(Websiteonly)includesadiscussionofreversemortgagesInaddition,wehavewrittenasetoflearningobjectivesforeachchapterWehaveextensivelyreworkedourchaptersummariestoreflectthechapter’slearningobjectivesForthefifthedition,wesignificantlyexpandedandimprovedtheendofchaptermaterialWeaddednewproblemsthroughout,andweincreasedthenumberofCFAquestionsWecreatednewquestionsthattestunderstandingofconceptswithnocalculationsinvolvedInaddition,ourWhat’sontheWebquestionsgivestudentsassignmentstoperformbasedonviiiPrefacejorfminddviiijorfminddviii::PM::PMinformationtheyretrievefromvariousWebsitesOurSPProblemsrequiretheuseoftheeducationalversionofMarketInsight,whichprovidesaccesstoSP’swellknownCompustatdatabase,andtheyprovideinstructorswithaneasywaytoincorporatecurrent,realworlddataFinally,inselectedchapters,wehavecreatedspreadsheetassignments,whichaskstudentstocreatecertaintypesofspreadsheetstosolveproblemsWecontinuetoemphasizethe

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