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投资分析与组合管理/高等学校金融学类英文版教材
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作者林海
出版社高等教育出版社
出版时间2005-03
装帧其他
货号A7
上书时间2025-01-09
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图书标准信息
- 作者 林海
- 出版社 高等教育出版社
- 出版时间 2005-03
- ISBN 9787040161649
- 定价 39.00元
- 装帧 其他
- 开本 其他
- 纸张 其他
- 页数 496页
- 丛书 销售经典知识读本；高等学校金融学类英文版教材
- 【目录】
- *
BACKGROUND
Chapter I The Investment Setting
What Is an Investment?
Investment Defined
Measures of Return and Risk
Measures of Historical Rates of Return
Computing Mean Historical Returns
Calculating Expected Rates of Return
Measuring the Risk of Expected Rates of Return
Risk Measures for Historical Returns
Determinants of Required Rates of Return
The Real Risk-Free Rate
Factors Influencing the Nominal Risk-Free
Rate (NRFR)
Risk Premium
Risk Premium and Portfolio Theory
Fundamental Risk versus Systematic Risk
Relationship between Risk and Return
Movements along the SML
Changes in the Slope of the SML
Changes in Capital Market Conditions
or Expected Inflation
Chapter 2 The Asset Allocation Decision
Individual Investor Life Cycle
The Preliminaries
Life Cycle Net Worth and Investment Strategies
Life Cycle Investment Goals
The Portfolio Management Process
The Need for a Policy Statement
Understand and Articulate Realistic Investor Goals
Standards for Evaluating Portfolio Performance
Other Benefits
Input to the Policy Statement
Investment Objectives
Investment Constraints
Constructing the Policy Statement
The Importance of Asset Allocation
Real Investment Returns after Taxes and Costs
Returns and Risks of Different Asset Classes
Asset Allocation and Cultural Differences
Chapter 3 Selecting Investments
in a Global Market
Global Investment Choices
Fixed-lncome Investments
International Bond Investing
Equity Instruments
Special Equity Instruments: Options
Futures Contracts
Investment Companies
Real Estate
Low-Liquidity Investments
Historical Risk-Returns on Alternative
Investments
Stocks, Bonds, and T-Bills
World Portfolio Performance
Chapter 4 Organization and Functioning
of Securities Markets
What Is a Market?
Characteristics of a Good Market
Organization of the Securities Market
Primary Capital Markets
Government Bond Issues
Municipal Bond Issues
Corporate Bond Issues
Corporate Stock Issues
Private Placements
Secondary Financial Markets
Why Secondary Markets Are Important
Secondary Bond Markets
Financial Futures
Secondary Equity Markets
Regional Exchanges and the Over-the-Counter
Market
Regional Securities Exchanges
Over-the-Counter (OTC) Market
Third Market
Fourth Market
Changes in the Securities Markets
Evidence and Effect of Institutionalization
Negotiated Commission Rates
The Impact of Block Trades
Institutions and Stock Price Volatility
National Market System (NMS)
New Trading Systems
Global Market Changes
Future Developments
Part 2 DEVELOPMENTS IN
INVESTMENT THEORY
Chapter 5 Efficient Capital Markets
Why Should Capital Markets Be Efficient?
Alternative Efficient Market Hypotheses
Weak-Form Efficient Market Hypothesis
Semistrong-Form Efficient Market Hypothesis
Strong-Form Efficient Market Hypothesis
Tests and Results of Efficient Market
Hypotheses
Weak-Form Hypothesis: Tests and Results
Semistrong-Form Hypothesis: Tests and Results
Strong-Form Hypothesis: Tests and Results
Behavioral Finance
Explaining Biases
Implications of Efficient Capital Markets
Efficient Markets and Technical Analysis
Efficient Markets and Fundamental Analysis
Chapter 6 An Introduction to Portfolio
Management
Some Background Assumptions
Risk Aversion
Definition of Risk
Markowitz Portfolio Theory
Alternative Measures of Risk
Expected Rates of Return
Variance (Standard Deviation) of Returns
for an Individual Investment
Variance (Standard Deviation) of Returns
for a Portfolio
Standard Deviation of a Portfolio
A Three-Asset Portfolio
Estimation Issues
The Efficient Frontier
The Efficient Frontier and Investor Utility
Chapter 7 An introduction to Asset
Pricing Models
Capital Market Theory: An Overview
Background for Capital Market Theory
Risk-Free Asset
The Market Portfolio
The Capitol Asset Pricing Model:
Expected Return and Risk
The Security Market Line (SML)
Relaxing the Assumptions
Differential Borrowing and Lending Rates
Zero-Beta Model
Transaction Costs
Heterogeneous Expectations and Planning Periods
Taxes
Empirical Tests of the CAPM
Stability of Beta
Relationship between Systematic Risk
and Return
Effect of Skewness on the Relationship
Effect of Size, P/E, and Leverage
Effect of Book-to-Market Value:
The Fama-French Study
Summary of CAPM Risk-Return Empirical Results
The Market Portfolio: Theory versus Practice
What Is Next?
Chapter 8 Multifactor Models of Risk
and Return
Arbitrage Pricing Theory
Security Valuation with the APT: An Example
Empirical Tests of the APT
Multifactor Models and Risk Estimation
Multifactor Models in Practice
Part 3 VALUATION PRINCIPLES
AND PRACTICES
Chapter 9 Analysis of Financial
Statements
Major Financial Statements
Generally Accepted Accounting Principles
Balance Sheet
Income Statement
Statement of Cash Flows
Purpose of Financial Statement Analysis
Analysis of Financial Ratios
Importance of Relative Financial Ratios
Computation of Financial Ratios
Common-Size Statements
Evaluating Internal Liquidity
Internal Liquidity Ratios
Evaluating Operating Performance
Operating Efficiency Ratios
Operating Profitability Ratios
Risk Analysis
Business Risk
Financial Risk
Proportion of Debt (Balance Sheet) Ratios
Earnings Flow Ratios
Cash Flow Ratios
External Liquidity Risk
Analysis of Growth Potential
Importance of Growth Potential
Determinants of Growth
Comparative Analysis of Ratios
Internal Liquidity
Operating Performance
Risk Analysis
Growth Analysis
The Value of Financial Statement Analysis
Specific Uses of Financial Ratios
Stock Valuation Models
Estimating Systematic Risk
Estimating the Credit Ratings on Bonds
Predicting Insolvency (Bankruptcy)
Limitations of Financial Ratios
Chapter 10 An Introduction to Security
Valuation
An Overview of the Valuation Process
Why a Three-Step Valuation Process?
General Economic Influences
Industry Influences
Company Analysis
Does the Three-Step Process Work?
Theory of Valuation
Stream of Expected Returns (Cash Flows)
Required Rate of Return
Investment Decision Process: A Comparison
of Estimated Values and Market Prices
Valuation of Alternative Investments
Valuation of Bonds
Valuation of Preferred Stock
Approaches to the Valuation of Common Stock
Why and When to Use the Discounted Cash Flow
Valuation Approach
Why and When to Use the Relative Valuation
Techniques
Discounted Cash Flow Valuation Techniques
Valuation with Temporary Supernormal Growth
Present Value of Operating Free Cash Flows
Present Value of Free Cash Flows to Equity
Relative Valuation Techniques
Earnings Multiplier Model
The Price/cash Flow Ratio
The Price/Book Value Ratio
The Price/Sales Ratio
Implementing the Relative Valuation Technique
Estimating the Inputs: The Required Rate
of Return and the Expected Growth Rate
of Valuation Variables
Required Rate of Return (it‘)
Estimating the Required Return for Foreign
Securities
Expected Growth Rates
Chapter 11 Macroeconomic and Market
Analysis
Economic Activib/ and Security Markets
Cyclical Indicator Approach to Forecasting
the Economy
Cyclical Indicator Categories
Analytical Measures of Performance
Limitations of the Cyclical Indicator Approach
Other Leading Indicator Series
Monetary Variables, the Economy,
and Stock Prices
Money Supply and the Economy
Financial Conditions Index
Money Supply and Stock Prices
Other Economic Variables and Stock Prices
Inflation, Interest Rates, and Security Prices
Summary of Macroeconomic Analysis
Part 4 ANALYSIS AND MANAGEMENT
OF COMMON STOCKS
Chapter 12 Stock Market Analysis
Applying the DDM Valuation Model
to the Market
Market Valuation Using the Reduced Form DDM
Estimoling the Growth Rate of Dividends (g)
Market Valuation Using the Free Cash Flow
to Equity (FCFE) Model
Valuation Using the Relative Valuation
Approach
Two-Part Valuation Procedure
Importance of Both Components of Val
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