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Bibliographic Details
Main Authors:	Bodie, Zvi 1943- (Author), Kane, Alex 1942- (Author), Marcus, Alan J. (Author)
Format:	Book
Language:	English
Published:	New York, NY McGraw-Hill Irwin 2013
Edition:	9. ed., global ed.
Series:	The McGraw-Hill/Irwin series in finance, insurance, and real estate
Subjects:	Investments Portfoliomanagement Wertpapier Option Termingeschäft Kapitalanlage Einführung
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026069611&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Item Description:	Includes index
Physical Description:	XXVIII, 743, 22 S. graph. Darst.
ISBN:	007714824X 9780077148249

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MARC


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Record in the Search Index

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adam_text	BRIEF CONTENTS PART ONE ELEMENTS OF INVESTMENTS 1 1 INVESTMENTS: BACKGROUND AND ISSUES 2 2 ASSET CLASSES AND FINANCIAL INSTRUMENTS 26 3 SECURITIES MARKETS 54 4 MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES 84 PART TWO PORTFOLIO THEORY 109 5 RISK AND RETURN: PAST AND PROLOGUE 110 6 EFFICIENT DIVERSIFICATION 148 7 CAPITAL ASSET PRICING AND ARBITRAGE PRICING THEORY 193 8 THE EFFICIENT MARKET HYPOTHESIS 234 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSIS 265 PART THREE DEBT SECURITIES 291 10 BOND PRICES AND YIELDS 292 11 MANAGING BOND PORTFOLIOS 337 PART FOUR SECURITY ANALYSIS 12 MACROECONOMIC AND INDUSTRY ANALYSIS 372 13 EQUITY VALUATION 405 14 FINANCIAL STATEMENT ANALYSIS 446 PART FIVE DERIVATIVE MARKETS 485 371 15 OPTIONS MARKETS 486 16 OPTION VALUATION 522 17 FUTURES MARKETS AND RISK MANAGEMENT 561 PART SIX ACTIVE INVESTMENT MANAGEMENT 595 18 PORTFOLIO PERFORMANCE EVALUATION 596 19 GLOBALIZATION AND INTERNATIONAL INVESTING 630 20 HEDGE FUNDS 666 21 TAXES, INFLATION, AND INVESTMENT STRATEGY 689 22 INVESTORS AND THE INVESTMENT PROCESS 714 APPENDIXES A REFERENCES 736 B REFERENCES TO CFA QUESTIONS 742 INDEX I VI CONTENTS PART ONE ELEMENTS OF INVESTMENTS 1 1 INVESTMENTS: BACKGROUND AND ISSUES 2 1.1 REAL ASSETS VERSUS FINANCIAL ASSETS 3 1-2 FINANCIAL ASSETS 5 1 -3 FINANCIAL MARKETS AND THE ECONOMY 6 THE INFORMATIONAL ROLE OF FINANCIAL MARKETS 6 CONSUMPTION TIMING 7 ALLOCATION OF RISK 7 SEPARATION OF OWNERSHIP AND MANAGEMENT 7 CORPORATE GOVERNANCE AND CORPORATE ETHICS 8 1 -4 THE INVESTMENT PROCESS 9 1.5 MARKETS ARE COMPETITIVE 10 THE RISK-RETURN TRADE-OFF 10 EFFICIENT MARKETS 11 1.6 THE PLAYERS 11 FINANCIAL INTERMEDIARIES 12 INVESTMENT BANKERS 14 VENTURE CAPITAL AND PRIVATE EQUITY 15 1.7 THE FINANCIAL CRISIS OF 2008 15 ANTECEDENTS OF THE CRISIS 15 CHANGES IN HOUSING FINANCE 17 MORTGAGE DERIVATIVES 19 CREDIT DEFAULT SWAPS 20 THE RISE OF SYSTEMIC RISK 20 THE SHOE DROPS 20 THE DODD-FRANK REFORM ACT 21 1.8 OUTLINE OF THE TEXT 22 END OF CHAPTER MATERIAL 22-25 2 ASSET CLASSES AND FINANCIAL INSTRUMENTS 26 2.1 THE MONEY MARKET 27 TREASURY BILLS 27 CERTIFICATES OF DEPOSIT 28 COMMERCIAL PAPER 28 BANKERS ACCEPTANCES 29 EURODOLLARS 29 REPOS AND REVERSES 29 BROKERS CALLS 29 FEDERAL FUNDS 30 THE LIBOR MARKET 30 YIELDS ON MONEY MARKET INSTRUMENTS 30 2.2 THE BOND MARKET 31 TREASURY NOTES AND BONDS 31 INFLATION-PROTECTED TREASURY BONDS 32 FEDERAL AGENCY DEBT 32 INTERNATIONAL BONDS 33 MUNICIPAL BONDS 33 CORPORATE BONDS 36 MORTGAGES AND MORTGAGE-BACKED SECURITIES 36 2.3 EQUITY SECURITIES 37 COMMON STOCK AS OWNERSHIP SHARES 37 CHARACTERISTICS OF COMMON STOCK 38 STOCK MARKET LISTINGS 38 PREFERRED STOCK 39 DEPOSITORY RECEIPTS 40 2.4 STOCK AND BOND MARKET INDEXES 40 STOCK MARKET INDEXES 40 DOW JONES AVERAGES 40 STANDARD & POOR S INDEXES 42 OTHER U.S. MARKET VALUE INDEXES 44 EQUALLY WEIGHTED INDEXES 44 FOREIGN AND INTERNATIONAL STOCK MARKET INDEXES 45 BOND MARKET INDICATORS 45- 2.5 DERIVATIVE MARKETS 46 OPTIONS 46 FUTURES CONTRACTS 47 END OF CHAPTER MATERIAL 48-53 VII VIII CONTENTS 3 SECURITIES MARKETS 54 3.1 HOW FIRMS ISSUE SECURITIES 55 PRIVATELY HELD FIRMS 55 PUBLICLY TRADED COMPANIES 56 SHELF REGISTRATION 56 INITIAL PUBLIC OFFERINGS 57 3.2 HOW SECURITIES ARC TRADED 57 TYPES OF MARKETS 58 TYPES OF ORDERS 59 TRADING MECHANISMS 61 3.3 THE RISE OF ELECTRONIC TRADING 62 3.4 U.S. MARKETS 64 NASDAQ 64 THE NEW YORK STOCK EXCHANGE 65 ECNS 65 3.5 NEW TRADING STRATEGIES 65 ALGORITHMIC TRADING 66 HIGH-FREQUENCY TRADING 66 DARK POOLS 67 BOND TRADING 67 3.6 GLOBALIZATION OF STOCK MARKETS 68 3.7 TRADING COSTS 68 3.8 BUYING ON MARGIN 69 3.9 SHORT SALES 72 3.10 REGULATION OF SECURITIES MARKETS 74 SELF-REGULATION 76 THE SARBANES-OXLEY ACT 76 INSIDER TRADING 78 END OF CHAPTER MATERIAL 78-83 4 MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES 84 4.1 INVESTMENT COMPANIES 85 4.2 TYPES OFLNVESTMCNT COMPANIES 86 UNIT INVESTMENT TRUSTS 86 MANAGED INVESTMENT COMPANIES 86 OTHER INVESTMENT ORGANIZATIONS 87 4.3 MUTUAL FUNDS 88 INVESTMENT POLICIES 88 HOW FUNDS ARE SOLD 91 4.4 COSTS OF INVESTING IN MUTUAL FUNDS 91 FEE STRUCTURE 91 FEES AND MUTUAL FUND RETURNS 93 4.5 TAXATION OF MUTUAL FUND INCOME 94 4.6 EXCHANGE-TRADED FUNDS 95 4.7 MUTUAL FUND INVESTMENT PERFORMANCE: A FIRST LOOK 98 4.8 INFORMATION ON MUTUAL FUNDS 101 END OF CHAPTER MATERIAL 104-108 PART TWO PORTFOLIO THEORY 109 5 RISK AND RETURN: PAST AND PROLOGUE 110 5.1 RATES OF RETURN 111 MEASURING INVESTMENT RETURNS OVER MULTIPLE PERIODS 111 CONVENTIONSFOR ANNUALIZING RATES OF RETURN 113 5.2 RISK AND RISK PREMIUMS 115 SCENARIO ANALYSIS AND PROBABILITY DISTRIBUTIONS 115 THE NORMAL DISTRIBUTION 116 NORMALITY OVER TIME 119 DEVIATION FROM NORMALITY AND VALUE AT RISK 119 USING TIME SERIES OF RETURN 121 RISK PREMIUMS AND RISK AVERSION 122 THE SHARPE (REWARD-TO-VOLATILITY) RATIO 123 5.3 THE HISTORICAL RECORD 126 WORLD AND U.S. RISKY STOCK AND BOND PORTFOLIOS 126 5.4 INFLATION AND REAL RATES OF RETURN 130 THE EQUILIBRIUM NOMINAL RATE OF INTEREST 131 U.S. HISTORY OF INTEREST RATES, INFLATION, AND REAL INTEREST RATES 132 5.5 ASSET ALLOCATION ACROSS RISKY AND RISK-FREE PORTFOLIOS 133 THE RISK-FREE ASSET 134 PORTFOLIO EXPECTED RETURN AND RISK 134 THE CAPITAL ALLOCATION LINE 136 RISK AVERSION AND CAPITAL ALLOCATION 137 5.6 PASSIVE STRATEGIES AND THE CAPITAL MARKET LINE 138 HISTORICAL EVIDENCE ON THE CAPITAL MARKET LINE 138 COSTS AND BENEFITS OF PASSIVE INVESTING 139 END OF CHAPTER MATERIAL 140-147 6 EFFICIENT DIVERSIFICATION 148 6.1 DIVERSIFICATION AND PORTFOLIO RISK 149 CONTENTS IX 6.2 ASSET ALLOCATION WITH TWO RISKY ASSETS 150 COVARIANCE AND CORRELATION 151 USING HISTORICAL DATA 154 THE THREE RULES OF TWO-RISKY-ASSETS PORTFOLIOS 156 THE RISK-RETURN TRADE-OFF WITH TWO-RISKY-ASSETS PORTFOLIOS 157 THE MEAN-VARIANCE CRITERION 158 6.3 THE OPTIMAL RISKY PORTFOLIO WITH A RISK-FREE ASSET 161 6.4 EFFICIENT DIVERSIFICATION WITH MANY RISKY ASSETS 164 THE EFFICIENT FRONTIER OF RISKY ASSETS 164 CHOOSING THE OPTIMAL RISKY PORTFOLIO 167 THE PREFERRED COMPLETE PORTFOLIO AND THE SEPARATION PROPERTY 167 CONSTRUCTING THE OPTIMAL RISKY PORTFOLIO: AN ILLUSTRATION 167 6.5 A SINGLE-INDEX STOCK MARKET 170 STATISTICAL AND GRAPHICAL REPRESENTATION OF THE SINGLE-INDEX MODEL 171 DIVERSIFICATION IN A SINGLE-INDEX SECURITY MARKET 173 USING SECURITY ANALYSIS WITH THE INDEX MODEL 176 6.6 RISK OF LONG-TERM INVESTMENTS 179 RISK AND RETURN WITH ALTERNATIVE LONG-TERM INVESTMENTS 179 WHY THE UNENDING CONFUSION? 181 END OF CHAPTER MATERIAL 181-192 7 CAPITAL ASSET PRICING AND ARBITRAGE PRICING THEORY 193 7.1 THE CAPITAL ASSET PRICING MODEL 194 THE MODEL: ASSUMPTIONS AND IMPLICATIONS 194 WHY ALL INVESTORS WOULD HOLD THE MARKET PORTFOLIO 195 THE PASSIVE STRATEGY IS EFFICIENT 196 THE RISK PREMIUM OF THE MARKET PORTFOLIO 197 EXPECTED RETURNS ON INDIVIDUAL SECURITIES 197 THE SECURITY MARKET LINE 199 APPLICATIONS OF THE CAPM 200 7.2 THE CAPM AND INDEX MODELS 201 THE INDEX MODEL, REALIZED RETURNS, AND THE MEAN-BETA EQUATION 201 ESTIMATING THE INDEX MODEL 203 PREDICTING BETAS 209 7.3 THE CAPM AND THE REAL WORLD 210 7.4 MULTIFACTOR MODELS AND THE CAPM 211 THE FAMA-FRENCH THREE-FACTOR MODEL 213 MULTIFACTOR MODELS AND THE VALIDITY OF THE CAPM 216 7.5 ARBITRAGE PRICING THEORY 217 WELL-DIVERSIFIED PORTFOLIOS AND ARBITRAGE PRICING THEORY 217 THE APT AND THE CAPM 220 MULTIFACTOR GENERALIZATION OF THE APT AND CAPM 221 END OF CHAPTER MATERIAL 223-233 8 THE EFFICIENT MARKET HYPOTHESIS 234 8.1 RANDOM WALKS AND THE EFFICIENT MARKET HYPOTHESIS 235 COMPETITION AS THE SOURCE OF EFFICIENCY 237 VERSIONS OF THE EFFICIENT MARKET HYPOTHESIS 238 8.2 IMPLICATIONS OF THE EMH 239 TECHNICAL ANALYSIS 239 FUNDAMENTAL ANALYSIS 240 ACTIVE VERSUS PASSIVE PORTFOLIO MANAGEMENT 241 THE ROLE OF PORTFOLIO MANAGEMENT IN AN EFFICIENT MARKET 242 RESOURCE ALLOCATION 242 8.3 ARC MARKETS EFFICIENT? 243 THE ISSUES 243 WEAK-FORM TESTS: PATTERNS IN STOCK RETURNS 245 PREDICTORS OF BROAD MARKET RETURNS 246 SEMISTRONG TESTS: MARKET ANOMALIES 246 STRONG-FORM TESTS: INSIDE INFORMATION 251 INTERPRETING THE ANOMALIES 251 8.4 MUTUAL FUND AND ANALYST PERFORMANCE 253 STOCK MARKET ANALYSTS 253 , MUTUAL FUND MANAGERS 254 SO, ARE MARKETS EFFICIENT? 257 END OF CHAPTER MATERIAL 257-264 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSIS 265 9.1 THE BEHAVIORAL CRITIQUE 266 CONTENTS INFORMATION PROCESSING 267 BEHAVIORAL BIASES 268 LIMITS TO ARBITRAGE 269 LIMITS TO ARBITRAGE AND THE LAW OF ONE PRICE 271 BUBBLES AND BEHAVIORAL ECONOMICS 273 EVALUATING THE BEHAVIORAL CRITIQUE 274 9.2 TECHNICAL ANALYSIS AND BEHAVIORAL FINANCE 275 TRENDS AND CORRECTIONS 276 SENTIMENT INDICATORS 280 A WARNING 281 END OF CHAPTER MATERIAL 283-290 PART THREE DEBT SECURITIES 291 10 BOND PRICES AND YIELDS 292 10.1 BOND CHARACTERISTICS 293 TREASURY BONDS AND NOTES 293 CORPORATE BONDS 295 PREFERRED STOCK 296 OTHER DOMESTIC ISSUERS 297 INTERNATIONAL BONDS 297 INNOVATION IN THE BOND MARKET 297 10.2 BOND PRICING 299 BOND PRICING BETWEEN COUPON DATES 302 BOND PRICING IN EXCEL 303 10.3 BOND YIELDS 304 YIELD TO MATURITY 304 YIELD TO CALL 306 REALIZED COMPOUND RETURN VERSUS YIELD TO MATURITY 308 10.4 BOND PRICES OVER TIME 310 YIELD TO MATURITY VERSUS HOLDING-PERIOD RETURN 311 ZERO-COUPON BONDS AND TREASURY STRIPS 312 AFTER-TAX RETURNS 312 10.5 DEFAULT RISK AND BOND PRICING 314 JUNK BONDS 314 DETERMINANTS OF BOND SAFETY 314 BOND INDENTURES 316 YIELD TO MATURITY AND DEFAULT RISK 317 CREDIT DEFAULT SWAPS 319 10.6 THE YIELD CURVE 322 THE EXPECTATIONS THEORY 322 THE LIQUIDITY PREFERENCE THEORY 324 A SYNTHESIS 325 END OF CHAPTER MATERIAL 327-336 11 MANAGING BOND PORTFOLIOS 337 11.1 INTEREST RATE RISK 338 INTEREST RATE SENSITIVITY 338 DURATION 340 WHAT DETERMINES DURATION? 344 11.2 PASSIVE BOND MANAGEMENT 346 IMMUNIZATION 346 CASH FLOW MATCHING AND DEDICATION 351 11.3 CONVEXITY 353 WHY DO INVESTORS LIKE CONVEXITY? 355 11.4 ACTIVE BOND MANAGEMENT 356 SOURCES OF POTENTIAL PROFIT 356 HORIZON ANALYSIS 358 AN EXAMPLE OF A FIXED-INCOME INVESTMENT STRATEGY 358 END OF CHAPTER MATERIAL 359-370 PART FOUR SECURITY ANALYSIS 371 12 MACROECONOMIC AND INDUSTRY ANALYSIS 372 12.1 THE GLOBAL ECONOMY 373 12.2 THE DOMESTIC MACROECONOMY 375 GROSS DOMESTIC PRODUCT 376 EMPLOYMENT 376 INFLATION 376 INTEREST RATES 376 BUDGET DEFICIT 376 SENTIMENT 377 12.3 INTEREST RATES 377 12.4 DEMAND AND SUPPLY SHOCKS 378 12.5 FEDERAL GOVERNMENT POLICY 379 FISCAL POLICY 379 MONETARY POLICY 380 SUPPLY-SIDE POLICIES 381 12.6 BUSINESS CYCLES 382 THE BUSINESS CYCLE 382 CONTENTS XI ECONOMIC INDICATORS 384 OTHER INDICATORS 386 12.7 INDUSTRY ANALYSIS 387 DEFINING AN INDUSTRY 389 SENSITIVITY TO THE BUSINESS CYCLE 390 SECTOR ROTATION 391 INDUSTRY LIFE CYCLES 392 INDUSTRY STRUCTURE AND PERFORMANCE 395 END OF CHAPTER MATERIAL 396-404 13 EQUITY VALUATION 405 13.1 VALUATION BY COMPARABLES 406 LIMITATIONS OF BOOK VALUE 406 13.2 INTRINSIC VALUE VERSUS MARKET PRICE 408 13.3 DIVIDEND DISCOUNT MODELS 409 THE CONSTANT-GROWTH DDM 410 STOCK PRICES AND INVESTMENT OPPORTUNITIES 413 LIFE CYCLES AND MULTISTAGE GROWTH MODELS 416 MULTISTAGE GROWTH MODELS 420 13.4 PRICE-EARNINGS RATIOS 420 THE PRICE-EARNINGS RATIO AND GROWTH OPPORTUNITIES 420 P/E RATIOS AND STOCK RISK 424 PITFALLS IN P/E ANALYSIS 425 COMBINING P/E ANALYSIS AND THE DDM 428 OTHER COMPARATIVE VALUATION RATIOS 428 13.5 FREE CASH FLOW VALUATION APPROACHES 428 COMPARING THE VALUATION MODELS 432 THE PROBLEM WITH DCFMODELS 432 13.6 THE AGGREGATE STOCK MARKET 433 END OF CHAPTER MATERIAL 435-445 14 FINANCIAL STATEMENT ANALYSIS 446 14.1 THE MAJOR FINANCIAL STATEMENTS 447 THE INCOME STATEMENT 447 THE BALANCE SHEET 448 THE STATEMENT OF CASH FLOWS 448 14.2 MEASURING FIRM PERFORMANCE 451 14.3 PROFITABILITY MEASURES 451 RETURN ON ASSETS 452 RETURN ON CAPITAL 452 RETURN ON EQUITY 452 FINANCIAL LEVERAGE AND ROE 452 ECONOMIC VALUE ADDED 454 14.4 RATIO ANALYSIS 455 DECOMPOSITION OF ROE 455 TURNOVER AND ASSET UTILIZATION 458 LIQUIDITY RATIOS 460 MARKET PRICE RATIOS 461 CHOOSING A BENCHMARK 462 14.5 AN ILLUSTRATION OF FINANCIAL STATEMENT ANALYSIS 464 14.6 COMPARABILITY PROBLEMS 466 INVENTORY VALUATION 467 DEPRECIATION 467 INFLATION AND INTEREST EXPENSE 468 FAIR VALUE ACCOUNTING 468 QUALITY OF EARNINGS AND ACCOUNTING PRACTICES 469 INTERNATIONAL ACCOUNTING CONVENTIONS 471 14.7 VALUE INVESTING: THE GRAHAM TECHNIQUE 472 END OF CHAPTER MATERIAL 473-484 PART FIVE DERIVATIVE MARKETS 485 15 OPTIONS MARKETS 486 15.1 THE OPTION CONTRACT 487 OPTIONS TRADING 488 AMERICAN AND EUROPEAN OPTIONS 490 THE OPTION CLEARING CORPORATION 490 OTHER LISTED OPTIONS 490 15.2 VALUES OF OPTIONS AT EXPIRATION 491 CALL OPTIONS 491 PUT OPTIONS 492 OPTIONS VERSUS STOCK INVESTMENTS 494 OPTION STRATEGIES 497 15.3 OPTIONLIKE SECURITIES 505 CALLABLE BONDS 505 CONVERTIBLE SECURITIES 506 WARRANTS 508 COLLATERALIZED LOANS 508 LEVERAGED EQUITY AND RISKY DEBT 509 15.4 EXOTIC OPTIONS 509 ASIAN OPTIONS 510 CURRENCY-TRANSLATED OPTIONS 510 DIGITAL OPTIONS 511 END OF CHAPTER MATERIAL 511-521 XII CONTENTS 16 OPTION VALUATION 522 16.1 OPTION VALUATION: INTRODUCTION 523 INTRINSIC AND TIME VALUES 523 DETERMINANTS OF OPTION VALUES 523 16.2 BINOMIAL OPTION PRICING 525 TWO-STATE OPTION PRICING 525 GENERALIZING THE TWO-STATE APPROACH 528 MAKING THE VALUATION MODEL PRACTICAL 529 16.3 BLACK-SCHOLCS OPTION VALUATION 532 THE BLACK-SCHOLES FORMULA 533 THE PUT-CALL PARITY RELATIONSHIP 540 PUT OPTION VALUATION 542 16.4 USING THE BLACK-SCHOLES FORMULA 543 HEDGE RATIOS AND THE BLACK-SCHOLES FORMULA 543 PORTFOLIO INSURANCE 545 OPTION PRICING AND THE CRISIS OF 2008-2009 548 16.5 EMPIRICAL EVIDENCE 549 END OF CHAPTER MATERIAL 550-560 17 FUTURES MARKETS AND RISK MANAGEMENT 561 17.1 THE FUTURES CONTRACT 562 THE BASICS OF FUTURES CONTRACTS 562 EXISTING CONTRACTS 565 17.2 TRADING MECHANICS 567 THE CLEARINGHOUSE AND OPEN INTEREST 56 7 MARKING TO MARKET AND THE MARGIN ACCOUNT 569 CASH VERSUS ACTUAL DELIVERY 571 REGULATIONS 571 TAXATION 571 17.3 FUTURES MARKET STRATEGICS 572 HEDGING AND SPECULATION 572 BASIS RISK AND HEDGING 574 17.4 FUTURES PRICES 575 SPOT-FUTURES PARITY 575 SPREADS 579 17.5 FINANCIAL FUTURES 579 STOCK-INDEX FUTURES 579 CREATING SYNTHETIC STOCK POSITIONS 580 INDEX ARBITRAGE 581 FOREIGN EXCHANGE FUTURES 581 INTEREST RATE FUTURES 582 17.6 SWAPS 584 SWAPS AND BALANCE SHEET RESTRUCTURING 585 THE SWAP DEALER 586 END OF CHAPTER MATERIAL PART SIX ACTIVE INVESTMENT MANAGEMENT 595 587-594 18 PORTFOLIO PERFORMANCE EVALUATION 596 18.1 RISK-ADJUSTED RETURNS 597 INVESTMENT CLIENTS, SERVICE PROVIDERS, AND OBJECTIVES OF PERFORMANCE EVALUATION 597 COMPARISON GROUPS 597 BASIC PERFORMANCE-EVALUATION STATISTICS 598 PERFORMANCE EVALUATION OF ENTIRE-WEALTH PORTFOLIOS USING THE SHARPE RATIO AND M-SQUARE 599 PERFORMANCE EVALUATION OF FUND OF FUNDS USING THE TREYNOR MEASURE 601 PERFORMANCE EVALUATION OF A PORTFOLIO ADDED TO THE BENCHMARK USING THE INFORMATION RATIO 602 THE RELATION OF ALPHA TO PERFORMANCE MEASURES 603 ALPHA CAPTURE AND ALPHA TRANSPORT 604 PERFORMANCE EVALUATION WITH A MULTI-INDEX MODEL 605 18.2 STYLE ANALYSIS 607 18.3 MORNINGSTAR S RISK-ADJUSTED RATING 608 18.4 RISK ADJUSTMENTS WITH CHANGING PORTFOLIO COMPOSITION 610 PERFORMANCE MANIPULATION 611 18.5 PERFORMANCE ATTRIBUTION PROCEDURES 612 ASSET ALLOCATION DECISIONS 614 SECTOR AND SECURITY SELECTION DECISIONS 614 SUMMING UP COMPONENT CONTRIBUTIONS 616 18.6 MARKET TIMING 617 VALUING MARKET TIMING AS AN OPTION 618 THE VALUE OF IMPERFECT FORECASTING 619 MEASUREMENT OF MARKET-TIMING PERFORMANCE 620 END OF CHAPTER MATERIAL 621-629 CONTENTS XIII 19 GLOBALIZATION AND INTERNATIONAL INVESTING 630 19.1 GLOBAL MARKETS FOR EQUITIES 631 DEVELOPED COUNTRIES 631 EMERGING MARKETS 631 MARKET CAPITALIZATION AND GDP 634 HOME-COUNTRY BIAS 635 19.2 RISK FACTORS IN INTERNATIONAL INVESTING 635 EXCHANGE RATE RISK 635 IMPERFECT EXCHANGE RATE RISK HEDGING 640 COUNTRY-SPECIFIC RISK 640 19.3 INTERNATIONAL INVESTING: RISK, RETURN, AND BENEFITS FROM DIVERSIFICATION 642 RISK AND RETURN: SUMMARY STATISTICS 644 ARE INVESTMENTS IN EMERGING MARKETS RISKIER? 647 ARE AVERAGE RETURNS HIGHER IN EMERGING MARKETS? 648 IS EXCHANGE RATE RISK IMPORTANT IN INTERNATIONAL PORTFOLIOS? 649 BENEFITS FROM INTERNATIONAL DIVERSIFICATION 652 MISLEADING REPRESENTATION OF DIVERSIFICATION BENEFITS 653 REALISTIC BENEFITS FROM INTERNATIONAL DIVERSIFICATION 654 ARE BENEFITS FROM INTERNATIONAL DIVERSIFICATION PRESERVED IN BEAR MARKETS? 655 ACTIVE MANAGEMENT AND INTERNATIONAL DIVERSIFICATION 656 19.4 INTERNATIONAL INVESTING AND PERFORMANCE ATTRIBUTION 658 CONSTRUCTING A BENCHMARK PORTFOLIO OF FOREIGN ASSETS 658 PERFORMANCE ATTRIBUTION 658 END OF CHAPTER MATERIAL 661-665 20 HEDGE FUNDS 666 20.1 HEDGE FUNDS VERSUS MUTUAL FUNDS 667 20.2 HEDGE FUND STRATEGIES 668 DIRECTIONAL ANDNONDIRECTIONAL STRATEGIES 668 STATISTICAL ARBITRAGE 670 20.3 PORTABLE ALPHA 670 AN EXAMPLE OF A PURE PLAY 671 20 A STYLE ANALYSIS FOR HEDGE FUNDS 673 20.5 PERFORMANCE MEASUREMENT FOR HEDGE FUNDS 674 LIQUIDITY AND HEDGE FUND PERFORMANCE 6 75 ( HEDGE FUND PERFORMANCE AND SURVIVORSHIP BIAS 677 HEDGE FUND PERFORMANCE AND CHANGING FACTOR LOADINGS 678 TAIL EVENTS AND HEDGE FUND PERFORMANCE 679 20.6 FEE STRUCTURE IN HEDGE FUNDS 681 END OF CHAPTER MATERIAL 684-688 21 TAXES, INFLATION, AND INVESTMENT STRATEGY 689 21.1 SAVING FOR THE LONG RUN 690 A HYPOTHETICAL HOUSEHOLD 690 THE RETIREMENT ANNUITY 690 21.2 ACCOUNTING FOR INFLATION 691 A REAL SAVINGS PLAN 692 AN ALTERNATIVE SAVINGS PLAN 693 21.3 ACCOUNTING FOR TAXES 694 21.4 THE ECONOMICS OF TAX SHELTERS 695 A BENCHMARK TAX SHELTER 696 THE EFFECT OF THE PROGRESSIVE NATURE OF THE TAX CODE 697 21.5 A MENU OF TAX SHELTERS 699 DEFINED BENEFIT PLANS 699 EMPLOYEE DEFINED CONTRIBUTION PLANS 699 INDIVIDUAL RETIREMENT ACCOUNTS 700 ROTH ACCOUNTS WITH THE PROGRESSIVE TAX CODE 700 RISKY INVESTMENTS AND CAPITAL GAINS AS TAX SHELTERS 702 SHELTERED VERSUS UNSHELTERED SAVINGS 702 21.6 SOCIAL SECURITY 704 THE INDEXING FACTOR SERIES 704 THE AVERAGE INDEXED MONTHLY EARNINGS (AIME) 705 THE PRIMARY INSURANCE AMOUNT (PIA) 705 21.7 CHILDREN S EDUCATION AND LARGE PURCHASES 707 21.8 HOME OWNERSHIP: THE RENT-VERSUS-BUY DECISION 708 21.9 UNCERTAIN LONGEVITY AND OTHER CONTINGENCIES 709 21.10 MATRIMONY, BEQUEST, AND INTERGENERATIONAL TRANSFERS 710 END OF CHAPTER MATERIAL 711-713 XIV CONTENTS 22 INVESTORS AND THE INVESTMENT PROCESS 714 22.1 THE INVESTMENT MANAGEMENT PROCESS 715 22.2 INVESTOR OBJECTIVES 717 INDIVIDUAL INVESTORS 717 PROFESSIONAL INVESTORS 718 LIFE INSURANCE COMPANIES 720 NON-LIFE-INSURANCE COMPANIES 721 BANKS 721 ENDOWMENT FUNDS 721 22.3 INVESTOR CONSTRAINTS 722 LIQUIDITY 722 INVESTMENT HORIZON 723 REGULATIONS 723 TAX CONSIDERATIONS 723 UNIQUE NEEDS 723 22.4 INVESTMENT POLICIES 725 TOP-DOWN POLICIES FOR INSTITUTIONAL INVESTORS 725 ACTIVE VERSUS PASSIVE POLICIES 727 22.5 MONITORING AND REVISING INVESTMENT PORTFOLIOS 728 END OF CHAPTER MATERIAL 729-735 APPENDIXES A REFERENCES 736 B REFERENCES TO CFA QUESTIONS 742 INDEX I
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author	Bodie, Zvi 1943- Kane, Alex 1942- Marcus, Alan J.
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classification_rvk	QK 800
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dewey-full	332.6
dewey-hundreds	300 - Social sciences
dewey-ones	332 - Financial economics
dewey-raw	332.6
dewey-search	332.6
dewey-sort	3332.6
dewey-tens	330 - Economics
discipline	Wirtschaftswissenschaften
edition	9. ed., global ed.
format	Book
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genre	1\p (DE-588)4151278-9 Einführung gnd-content
genre_facet	Einführung
id	DE-604.BV041093056
illustrated	Illustrated
indexdate	2024-12-20T16:30:36Z
institution	BVB
isbn	007714824X 9780077148249
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-026069611
oclc_num	854728564
open_access_boolean
owner	DE-1043 DE-573 DE-92
owner_facet	DE-1043 DE-573 DE-92
physical	XXVIII, 743, 22 S. graph. Darst.
publishDate	2013
publishDateSearch	2013
publishDateSort	2013
publisher	McGraw-Hill Irwin
record_format	marc
series2	The McGraw-Hill/Irwin series in finance, insurance, and real estate
spellingShingle	Bodie, Zvi 1943- Kane, Alex 1942- Marcus, Alan J. Essentials of investments Investments Portfoliomanagement (DE-588)4115601-8 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Termingeschäft (DE-588)4117190-1 gnd Kapitalanlage (DE-588)4073213-7 gnd
subject_GND	(DE-588)4115601-8 (DE-588)4065674-3 (DE-588)4115452-6 (DE-588)4117190-1 (DE-588)4073213-7 (DE-588)4151278-9
title	Essentials of investments
title_auth	Essentials of investments
title_exact_search	Essentials of investments
title_full	Essentials of investments Zvi Bodie ; Alex Kane ; Alan J. Marcus
title_fullStr	Essentials of investments Zvi Bodie ; Alex Kane ; Alan J. Marcus
title_full_unstemmed	Essentials of investments Zvi Bodie ; Alex Kane ; Alan J. Marcus
title_short	Essentials of investments
title_sort	essentials of investments
topic	Investments Portfoliomanagement (DE-588)4115601-8 gnd Wertpapier (DE-588)4065674-3 gnd Option (DE-588)4115452-6 gnd Termingeschäft (DE-588)4117190-1 gnd Kapitalanlage (DE-588)4073213-7 gnd
topic_facet	Investments Portfoliomanagement Wertpapier Option Termingeschäft Kapitalanlage Einführung
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026069611&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT bodiezvi essentialsofinvestments AT kanealex essentialsofinvestments AT marcusalanj essentialsofinvestments

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