关闭

关闭

关闭

封号提示

内容

首页 投资学精要(博迪,马库斯,凯恩)

投资学精要(博迪,马库斯,凯恩).pdf

投资学精要(博迪,马库斯,凯恩)

cleverkatty
2010-03-10 0人阅读 0 0 0 暂无简介 举报

简介:本文档为《投资学精要(博迪,马库斯,凯恩)pdf》,可适用于高等教育领域

FinanceMcGraw−HillPrimisISBN:−−−Text:Investments,FifthEditionBodie−Kane−MarcusCourse:InvestmentsInstructor:DavidWhitehurstUMISTVolumeMcGrawHillIrwin���Financehttp:wwwmhhecomprimisonlineCopyright©byTheMcGraw−HillCompanies,IncAllrightsreservedPrintedintheUnitedStatesofAmericaExceptaspermittedundertheUnitedStatesCopyrightActof,nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutpriorwrittenpermissionofthepublisherThisMcGraw−HillPrimistextmayincludematerialssubmittedtoMcGraw−HillforpublicationbytheinstructorofthiscourseTheinstructorissolelyresponsiblefortheeditorialcontentofsuchmaterialsFINAISBN:−−−ThisbookwasprintedonrecycledpaperFinanceVolumeBodie−Kane−Marcus•Investments,FifthEditionFrontMatterPrefaceWalkThroughIIntroductionTheInvestmentEnvironmentMarketsandInstrumentsHowSecuritiesAreTradedMutualFundsandOtherInvestmentCompaniesHistoryofInterestRatesandRiskPremiumsIIPortfolioTheoryRiskandRiskAversionCapitalAllocationbetweentheRiskyAssetandtheRisk−FreeAssetOptimalRiskyPortfolioIIIEquilibriumInCapitalMarketsTheCapitalAssetPricingModelSingle−IndexandMultifactorModelsArbitragePricingTheoryMarketEfficiencyEmpiricalEvidenceonSecurityReturnsIVFixed−IncomeSecuritiesBondPricesandYieldsTheTermStructureofInterestRatesManagingBondPortfoliosVSecurityAnalysisMacroeconomicsandIndustryAnalysisEquityandValuationModelsFinancialStatementAnalysisVIOptions,Futures,andOtherDerivativesOptionsMarkets:IntroductionOptionValuationFuturesMarketsFuturesandSwaps:ACloserLookiiiVIIActivePortfolioManagementPortfolioPerformanceEvaluationInternationalDiversificationTheProcessofPortfolioManagementivBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,PREFACEWewrotethefirsteditionofthistextbookmorethantenyearsagoTheinterveningyearshavebeenaperiodofrapidandprofoundchangeintheinvestmentsindustryThisisdueinparttoanabundanceofnewlydesignedsecurities,inparttothecreationofnewtradingstrategiesthatwouldhavebeenimpossiblewithoutconcurrentadvancesincomputertechnology,andinparttorapidadvancesinthetheoryofinvestmentsthathavecomeoutoftheacademiccommunityInnootherfield,perhaps,isthetransmissionoftheorytorealworldpracticeasrapidasisnowcommonplaceinthefinancialindustryThesedevelopmentsplacenewburdensonpractitionersandteachersofinvestmentsfarbeyondwhatwasrequiredonlyashortwhileagoInvestments,FifthEdition,isintendedprimarilyasatextbookforcoursesininvestmentanalysisOurguidingprinciplehasbeentopresentthematerialinaframeworkthatisorganizedbyacentralcoreofconsistentfundamentalprinciplesWemakeeveryattempttostripawayunnecessarymathematicalandtechnicaldetail,andwehaveconcentratedonprovidingtheintuitionthatmayguidestudentsandpractitionersastheyconfrontnewideasandchallengesintheirprofessionallivesThistextwillintroduceyoutomajorissuescurrentlyofconcerntoallinvestorsItcangiveyoutheskillstoconductasophisticatedassessmentofcurrentissuesanddebatescoveredbyboththepopularmediaaswellasmorespecializedfinancejournalsWhetheryouplantobecomeaninvestmentprofessional,orsimplyasophisticatedindividualinvestor,youwillfindtheseskillsessentialOurprimarygoalistopresentmaterialofpracticalvalue,butallthreeofusareactiveresearchersinthescienceoffinancialeconomicsandfindvirtuallyallofthematerialinthisbooktobeofgreatintellectualinterestFortunately,wethink,thereisnocontradictioninthefieldofinvestmentsbetweenthepursuitoftruthandthepursuitofmoneyQuitetheoppositeThecapitalassetpricingmodel,thearbitragepricingmodel,theefficientmarketshypothesis,theoptionpricingmodel,andtheothercenterpiecesofmodernfinancialresearchareasmuchintellectuallysatisfyingsubjectsofscientificinquiryastheyareofimmensepracticalimportanceforthesophisticatedinvestorInourefforttolinktheorytopractice,wealsohaveattemptedtomakeourapproachconsistentwiththatoftheInstituteofCharteredFinancialAnalysts(ICFA),asubsidiaryoftheAssociationofInvestmentManagementandResearch(AIMR)Inadditiontofosteringresearchinfinance,theAIMRandICFAadministeraneducationandcertificationprogramtocandidatesseekingthetitleofCharteredFinancialAnalyst(CFA)TheCFAcurriculumrepresentstheconsensusofacommitteeofdistinguishedscholarsandpractitionersregardingthecoreofknowledgerequiredbytheinvestmentprofessionalTherearemanyfeaturesofthistextthatmakeitconsistentwithandrelevanttotheCFAcurriculumTheendofchapterproblemsetscontainquestionsfrompastCFAexams,and,forstudentswhowillbetakingtheexam,AppendixBisausefultoolthatlistseachCFAquestioninthetextandtheexamfromwhichithasbeentakenChapterincludesexcerptsfromthe“CodeofEthicsandStandardsofProfessionalConduct”oftheICFAChapter,whichdiscussesinvestorsandtheinvestmentprocess,ismodeledaftertheICFAoutlineIntheFifthEdition,wehaveintroducedasystematiccollectionofExcelspreadsheetsthatgivestudentstoolstoexploreconceptsmoredeeplythanwaspreviouslypossibleTheseviBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,PREFACEviispreadsheetsareavailablethroughtheWorldWideWeb,andprovideatasteofthesophisticatedanalytictoolsavailabletoprofessionalinvestorsUNDERLYINGPHILOSOPHYOfnecessity,ourtexthasevolvedalongwiththefinancialmarketsIntheFifthEdition,weaddressmanyofthechangesintheinvestmentenvironmentAtthesametime,manybasicprinciplesremainimportantWebelievethatattentiontothesefewimportantprinciplescansimplifythestudyofotherwisedifficultmaterialandthatfundamentalprinciplesshouldorganizeandmotivateallstudyTheseprinciplesarecrucialtounderstandingthesecuritiesalreadytradedinfinancialmarketsandinunderstandingnewsecuritiesthatwillbeintroducedinthefutureForthisreason,wehavemadethisbookthematic,meaningweneverofferrulesofthumbwithoutreferencetothecentraltenetsofthemodernapproachtofinanceThecommonthemeunifyingthisbookisthatsecuritymarketsarenearlyefficient,meaningmostsecuritiesareusuallypricedappropriatelygiventheirriskandreturnattributesTherearefewfreelunchesfoundinmarketsascompetitiveasthefinancialmarketThissimpleobservationis,nevertheless,remarkablypowerfulinitsimplicationsforthedesignofinvestmentstrategiesasaresult,ourdiscussionsofstrategyarealwaysguidedbytheimplicationsoftheefficientmarketshypothesisWhilethedegreeofmarketefficiencyis,andalwayswillbe,amatterofdebate,wehopeourdiscussionsthroughoutthebookconveyagooddoseofhealthycriticismconcerningmuchconventionalwisdomDistinctiveThemesInvestmentsisorganizedaroundseveralimportantthemes:Thecentralthemeisthenearinformationalefficiencyofwelldevelopedsecuritymarkets,suchasthoseintheUnitedStates,andthegeneralawarenessthatcompetitivemarketsdonotoffer“freelunches”toparticipantsAsecondthemeistherisk–returntradeoffThistooisanofreelunchnotion,holdingthatincompetitivesecuritymarkets,higherexpectedreturnscomeonlyataprice:theneedtobeargreaterinvestmentriskHowever,thisnotionleavesseveralquestionsunansweredHowshouldonemeasuretheriskofanassetWhatshouldbethequantitativetradeoffbetweenrisk(properlymeasured)andexpectedreturnTheapproachwepresenttotheseissuesisknownasmodernportfoliotheory,whichisanotherorganizingprincipleofthisbookModernportfoliotheoryfocusesonthetechniquesandimplicationsofefficientdiversification,andwedevoteconsiderableattentiontotheeffectofdiversificationonportfolioriskaswellastheimplicationsofefficientdiversificationforthepropermeasurementofriskandtherisk–returnrelationshipThistextplacesgreateremphasisonassetallocationthanmostofitscompetitorsWepreferthisemphasisfortwoimportantreasonsFirst,itcorrespondstotheprocedurethatmostindividualsactuallyfollowTypically,youstartwithallofyourmoneyinabankaccount,onlythenconsideringhowmuchtoinvestinsomethingriskierthatmightofferahigherexpectedreturnThelogicalstepatthispointistoconsiderotherriskyassetclasses,suchasstock,bonds,orrealestateThisisanassetallocationdecisionSecond,inmostcases,theassetallocationchoiceisfarmoreimportantindeterminingoverallinvestmentperformancethanisthesetofBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,securityselectiondecisionsAssetallocationistheprimarydeterminantoftheriskreturnprofileoftheinvestmentportfolio,andsoitdeservesprimaryattentioninastudyofinvestmentpolicyThistextoffersamuchbroaderanddeepertreatmentoffutures,options,andotherderivativesecuritymarketsthanmostinvestmentstextsThesemarketshavebecomebothcrucialandintegraltothefinancialuniverseandarethemajorsourcesofinnovationinthatuniverseYouronlychoiceistobecomeconversantinthesemarketswhetheryouaretobeafinanceprofessionalorsimplyasophisticatedindividualinvestorNEWINTHEFIFTHEDITIONFollowingisasummaryofthecontentchangesintheFifthEdition:HowSecuritiesAreTraded(Chapter)Chapterhasbeenthoroughlyupdatedtoreflectchangesinfinancialmarketssuchaselectroniccommunicationnetworks(ECNs),onlineandInternettrading,InternetIPOs,andtheimpactoftheseinnovationsonmarketintegrationThechapteralsocontainsnewmaterialonglobalizationofstockmarketsCapitalAllocationbetweentheRiskyAssetandtheRiskFreeAsset(Chapter)ChaptercontainsnewspreadsheetmaterialtoillustratethecapitalallocationdecisionusingindifferencecurvesthatthestudentcanconstructandmanipulateinExcelTheCapitalAssetPricingModel(Chapter)Thischaptercontainsanewsectionshowingthelinksamongthedeterminationofoptimalportfolios,securityanalysis,investors’buyselldecisions,andequilibriumpricesandexpectedratesofreturnWeillustratehowtheactionsofinvestorsengagedinsecurityanalysisandoptimalportfolioconstructionleadtothestructureofequilibriumpricesMarketEfficiency(Chapter)WehaveaddedanewsectiononbehavioralfinanceanditsimplicationsforsecuritypricingEmpiricalEvidenceonSecurityReturns(Chapter)ThischaptercontainssubstantialnewmaterialontheequitypremiumpuzzleItreviewsnewevidencequestioningwhetherthehistoricalaverageexcessreturnonthestockmarketisindicativeoffutureperformanceThechapteralsoexaminestheimpactofsurvivorshipbiasinourassessmentofsecurityreturnsItconsidersthepotentialeffectsofsurvivorshipbiasonourestimateofthemarketriskpremiumaswellasonourevaluationoftheperformanceofprofessionalportfoliomanagersviiiPREFACEBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,PREFACEixBondPricesandYields(Chapter)ThischapterhasbeenreorganizedtounifythecoverageofthecorporatebondsectorItalsocontainsnewmaterialoninnovationinthebondmarket,includingmorematerialoninflationprotectedbondsTheTermStructureofInterestRates(Chapter)ThischaptercontainsnewmaterialillustratingthelinkbetweenforwardinterestratesandinterestrateforwardandfuturescontractsManagingBondPortfolios(Chapter)Wehaveaddednewmaterialshowinggraphicalandspreadsheetapproachestoduration,haveextendedourdiscussiononwhyinvestorsareattractedtobondconvexity,andhaveshownhowtogeneralizetheconceptofbonddurationinthepresenceofcallprovisionsEquityValuationModels(Chapter)WehaveaddednewmaterialoncomparativevaluationratiossuchaspricetosalesorpricetocashflowWealsohaveaddednewmaterialontheimportanceofgrowthopportunitiesinsecurityvaluationFinancialStatementAnalysis(Chapter)Thischaptercontainsnewmaterialoneconomicvalueadded,onqualityofearnings,oninternationaldifferencesinaccountingpractices,andoninterpretingfinancialratiosusingindustryorhistoricalbenchmarksOptionValuation(Chapter)WehaveintroducedspreadsheetmaterialontheBlackScholesmodelandestimationofimpliedvolatilityWealsohaveintegratedmaterialondeltahedgingthatpreviouslyappearedinaseparatechapteronhedgingFuturesandSwaps:ACloserLook(Chapter)RiskmanagementtechniquesusingfuturescontractsthatpreviouslyappearedinaseparatechapteronhedginghavebeenintegratedintothischapterInaddition,thischaptercontainsnewmaterialontheEurodollarandotherfuturescontractswrittenoninterestratesPortfolioPerformanceEvaluation(Chapter)WehaveaddedadiscussionofstyleanalysistothischapterTheTheoryofActivePortfolioManagement(Chapter)WehaveexpandedthediscussionoftheTreynorBlackmodelofactiveportfoliomanagement,payingattentiontohowoneshouldoptimallyintegrate“noisy”analystforecastsintotheportfolioconstructionproblemBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,Inadditiontothesechanges,wehaveupdatedandeditedourtreatmentoftopicswhereveritwaspossibletoimproveexpositionorcoverageORGANIZATIONANDCONTENTThetextiscomposedofsevensectionsthatarefairlyindependentandmaybestudiedinavarietyofsequencesSincethereisenoughmaterialinthebookforatwosemestercourse,clearlyaonesemestercoursewillrequiretheinstructortodecidewhichpartstoincludePartIisintroductoryandcontainsimportantinstitutionalmaterialfocusingonthefinancialenvironmentWediscussthemajorplayersinthefinancialmarkets,provideanoverviewofthetypesofsecuritiestradedinthosemarkets,andexplainhowandwheresecuritiesaretradedWealsodiscussindepthmutualfundsandotherinvestmentcompanies,whichhavebecomeanincreasinglyimportantmeansofinvestingforindividualinvestorsChapterisageneraldiscussionofriskandreturn,makingthegeneralpointthathistoricalreturnsonbroadassetclassesareconsistentwitharisk–returntradeoffThematerialpresentedinPartIshouldmakeitpossibleforinstructorstoassigntermprojectsearlyinthecourseTheseprojectsmightrequirethestudenttoanalyzeindetailaparticulargroupofsecuritiesManyinstructorsliketoinvolvetheirstudentsinsomesortofinvestmentgameandthematerialinthesechapterswillfacilitatethisprocessPartsIIandIIIcontainthecoreofmodernportfoliotheoryWefocusmorecloselyinChapteronhowtodescribeinvestors’riskpreferencesInChapterweprogresstoassetallocationandtheninChaptertoportfoliooptimizationAfterourtreatmentofmodernportfoliotheoryinPartII,weinvestigateinPartIIItheimplicationsofthattheoryfortheequilibriumstructureofexpectedratesofreturnonriskyassetsChaptersandtreatthecapitalassetpricingmodelanditsimplementationusingindexmodels,andChaptercoversthearbitragepricingtheoryWecompletePartIIwithachapterontheefficientmarketshypothesis,includingitsrationaleaswellastheevidenceforandagainstit,andachapteronempiricalevidenceconcerningsecurityreturnsTheempiricalevidencechapterinthiseditionfollowstheefficientmarketschaptersothatthestudentcanusetheperspectiveofefficientmarkettheorytoputotherstudiesonreturnsincontextPartIVisthefirstofthreepartsonsecurityvaluationThisParttreatsfixedincomesecuritiesbondpricing(Chapter),termstructurerelationships(Chapter),andinterestrateriskmanagement(Chapter)ThenexttwoPartsdealwithequitysecuritiesandderivativesecuritiesForacourseemphasizingsecurityanalysisandexcludingportfoliotheory,onemayproceeddirectlyfromPartItoPartIIIwithnolossincontinuityPartVisdevotedtoequitysecuritiesWeproceedina“topdown”manner,startingwiththebroadmacroeconomicenvironment(Chapter),nextmovingontoequityvaluation(Chapter),andthenusingthisanalyticalframework,wetreatfundamentalanalysisincludingfinancialstatementanalysis(Chapter)PartVIcoversderivativeassetssuchasoptions,futures,swaps,andcallableandconvertiblesecuritiesItcontainstwochaptersonoptionsandtwoonfuturesThismaterialcoversbothpricingandriskmanagementapplicationsofderivativesFinally,PartVIIpresentsextensionsofpreviousmaterialTopicscoveredinthisPartincludeevaluationofportfolioperformance(Chapter),portfoliomanagementinaninternationalsetting(Chapter),ageneralframeworkfortheimplementationofinvestmentstrategyinanontechnicalmannermodeledaftertheapproachpresentedinCFAstudymaterials(Chapter),andanoverviewofactiveportfoliomanagement(Chapter)xPREFACEBodie−Kane−Marcus:Investments,FifthEditionFrontMatterPreface©TheMcGraw−HillCompanies,PREFACExvSUPPLEMENTSFortheInstructorInstructor’sManualTheInstructor’sManual,preparedbyRichardDJohnson,ColoradoStateUniversity,hasbeenrevisedandimprovedinthiseditionEachchapterincludesachapteroverview,areviewoflearningobjectives,anannotatedchapteroutline(organizedtoincludetheTransparencyMastersPowerPointpackage),andteachingtipsandinsightsTransparencyMastersarelocatedatthebackofthebookPowerPointPresentationSoftwareThesepresentationslides,alsodevelopedbyRichardDJohnson,providetheinstructorwithanelectronicformatoftheTransparencyMastersTheseslidesfollowtheorderofthechapters,butifyouhavePowerPointsoftware,youmaycustomizetheprogramtofityourlecturepresentationTestBankTheTestBank,preparedbyMaryellenEpplin,UniversityofCentralOklahoma,hasbeenrevisedtoincreasethequantityandvarietyofquestionsShortansweressayquestionsarealsoprovidedforeachchaptertofurtherteststudentcomprehensionandcriticalthinkingabilitiesTheTestBankisalsoavailableincomputerizedversionTestbankdisksareavailableinWindowscompatibleformatsFortheStudentSolutionsManualTheSolutionsManual,preparedbytheauthors,includesadetailedsolutiontoeachendofchapterproblemThismanualisavailableforpackagingwiththetextPle

用户评价(2)

关闭

新课改视野下建构高中语文教学实验成果报告(32KB)

抱歉,积分不足下载失败,请稍后再试!

提示

试读已结束,如需要继续阅读或者下载,敬请购买!

评分:

/49

意见
反馈

立即扫码关注

爱问共享资料微信公众号

返回
顶部

举报
资料