Investments / (Record no. 14590)

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International Standard Book Number 9780077161149
International Standard Book Number 0077161149
Transcribing agency JTL
Classification number HG4521
Item number .B564 2014
Personal name Bodie, Zvi.
9 (RLIN) 53038
Title Investments /
Statement of responsibility, etc Zvi Bodie, Alex Kane, Alan J. Marcus.
Edition statement 10th ed.
Place of publication, distribution, etc UK :
Name of publisher, distributor, etc McGraw Hill Education,
Date of publication, distribution, etc 2014
Extent 1 volume (various pagings) :
Other physical details illustrations ;
Dimensions 27 cm.
Title McGraw-Hill/Irwin series in finance, insurance, and real estate.
9 (RLIN) 53039
General note Includes indexes.
Formatted contents note Machine generated contents note: pt. I Introduction --<br/>ch. 1 The Investment Environment --<br/>1.1. Real Assets versus Financial Assets --<br/>1.2. Financial Assets --<br/>1.3. Financial Markets and the Economy --<br/>The Informational Role of Financial Markets/Consumption Timing/Allocation of Risk/Separation of Ownership and Management/Corporate Governance and Corporate Ethics --<br/>1.4. The Investment Process --<br/>1.5. Markets Are Competitive --<br/>The Risk--Return Trade-Off/Efficient Markets --<br/>1.6. The Players --<br/>Financial Intermediaries/Investment Bankers/Venture Capital and Private Equity --<br/>1.7. The Financial Crisis of 2008 --<br/>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 --<br/>1.8. Outline of the Text --<br/>End of Chapter Material --<br/>ch. 2 Asset Classes and Financial Instruments --<br/>2.1. The Money Market. Contents note continued: Treasury Bills/Certificates of Deposit/Commercial Paper/Bankers `Acceptances/Eurodollars/Repos and Reverses/Federal Funds/Brokers' Calls/The LIBOR Market/Yields on Money Market Instruments --<br/>2.2. The Bond Market --<br/>Treasury Notes and Bonds/Inflation-Protected Treasury Bonds/Federal Agency Debt/International Bonds/Municipal Bonds/Corporate Bonds/Mortgages and Mortgage-Backed Securities --<br/>2.3. Equity Securities --<br/>Common Stock as Ownership Shares/Characteristics of Common Stock/Stock Market Listings/Preferred Stock/Depository Receipts --<br/>2.4. Stock and Bond Market Indexes --<br/>Stock Market Indexes/Dow Jones Averages/Standard & Poor's Indexes/Other U.S. Market-Value Indexes/Equally Weighted Indexes/Foreign and International Stock Market Indexes/Bond Market Indicators --<br/>2.5. Derivative Markets --<br/>Options/Futures Contracts --<br/>End of Chapter Material --<br/>ch. 3 How Securities Are Traded --<br/>3.1. How Firms Issue Securities. Contents note continued: Privately Held Firms/Publicly Traded Companies/Shelf Registration/Initial Public Offerings --<br/>3.2. How Securities Are Traded --<br/>Types of Markets --<br/>Direct Search Markets/Brokered Markets/Dealer Markets/Auction Markets --<br/>Types of Orders --<br/>Market Orders/Price-Contingent Orders --<br/>Trading Mechanisms --<br/>Dealer Markets/Electronic Communication Networks (ECNs) --<br/>Specialist Markets --<br/>3.3. The Rise of Electronic Trading --<br/>3.4.U.S. Markets --<br/>NASDAQ/The New York Stock Exchange/ECNs --<br/>3.5. New Trading Strategies --<br/>Algorithmic Trading/High-Frequency Trading/Dark Pools/Bond Trading --<br/>3.6. Globalization of Stock Markets --<br/>3.7. Trading Costs --<br/>3.8. Buying on Margin --<br/>3.9. Short Sales --<br/>3.10. Regulation of Securities Markets --<br/>Self-Regulation/The Sarbanes-Oxley Act/Insider Trading --<br/>End of Chapter Material --<br/>ch. 4 Mutual Funds and Other Investment Companies --<br/>4.1. Investment Companies --<br/>4.2. Types of Investment Companies. Contents note continued: Unit Investment Trusts/Managed Investment Companies/Other Investment Organizations --<br/>Commingled Funds/Real Estate Investment Trusts (REITs)/Hedge Funds --<br/>4.3. Mutual Funds --<br/>Investment Policies --<br/>Money Market Funds/Equity Funds/Sector Funds/Bond Funds/International Funds/Balanced Funds/Asset Allocation and Flexible Funds/Index Funds How Funds Are Sold --<br/>4.4. Costs of Investing in Mutual Funds --<br/>Fee Structure --<br/>Operating Expenses/Front-End Load/Back-End Load/12b-1 Charges --<br/>Fees and Mutual Fund Returns --<br/>4.5. Taxation of Mutual Fund Income --<br/>4.6. Exchange-Traded Funds --<br/>4.7. Mutual Fund Investment Performance: A First Look --<br/>4.8. Information on Mutual Funds --<br/>End of Chapter Material --<br/>pt. II Portfolio Theory and Practice --<br/>ch. 5 Risk, Return, and the Historical Record --<br/>5.1. Determinants of the Level of Interest Rates. Contents note continued: Real and Nominal Rates of Interest/The Equilibrium Real Rate of Interest/The Equilibrium Nominal Rate of Interest/Taxes and the Real Rate of Interest --<br/>5.2.Comparing Rates of Return for Different Holding Periods --<br/>Annual Percentage Rates/Continuous Compounding --<br/>5.3. Bills and Inflation, 1926--2012 --<br/>5.4. Risk and Risk Premiums --<br/>Holding-Period Returns/Expected Return and Standard Deviation/Excess Returns and Risk Premiums --<br/>5.5. Time Series Analysis of Past Rates of Return --<br/>Time Series versus Scenario Analysis/Expected Returns and the Arithmetic Average/The Geometric (Time-Weighted) Average Return/Variance and Standard Deviation/Mean and Standard Deviation Estimates from Higher-Frequency Observations/The Reward-to-Volatility (Sharpe) Ratio --<br/>5.6. The Normal Distribution --<br/>5.7. Deviations from Normality and Risk Measures. Contents note continued: Value at Risk/Expected Shortfall/Lower Partial Standard Deviation and the Sortino Ratio/Relative Frequency of Large, Negative 3-Sigma Returns --<br/>5.8. Historic Returns on Risky Portfolios --<br/>Portfolio Returns/A Global View of the Historical Record --<br/>5.9. Long-Term Investments --<br/>Normal and Lognormal Returns/Simulation of Long-Term Future Rates of Return/The Risk-Free Rate Revisited/Where Is Research on Rates of Return Headed?/Forecasts for the Long Haul --<br/>End of Chapter Material --<br/>ch. 6 Capital Allocation to Risky Assets --<br/>6.1. Risk and Risk Aversion --<br/>Risk, Speculation, and Gambling/Risk Aversion and Utility Values/Estimating Risk Aversion --<br/>6.2. Capital Allocation across Risky and Risk-Free Portfolios --<br/>6.3. The Risk-Free Asset --<br/>6.4. Portfolios of One Risky Asset and a Risk-Free Asset --<br/>6.5. Risk Tolerance and Asset Allocation --<br/>Nonnormal Returns --<br/>6.6. Passive Strategies: The Capital Market Line --<br/>End of Chapter Material. Contents note continued: Appendix A Risk Aversion, Expected Utility, and the St. Petersburg Paradox --<br/>Appendix B Utility Functions and Equilibrium Prices of Insurance Contracts --<br/>Appendix C The Kelly Criterion --<br/>ch. 7 Optimal Risky Portfolios --<br/>7.1. Diversification and Portfolio Risk --<br/>7.2. Portfolios of Two Risky Assets --<br/>7.3. Asset Allocation with Stocks, Bonds, and Bills --<br/>Asset Allocation with Two Risky Asset Classes --<br/>7.4. The Markowitz Portfolio Optimization Model --<br/>Security Selection/Capital Allocation and the Separation Property/The Power of Diversification/Asset Allocation and Security Selection/Optimal Portfolios and Nonnormal Returns --<br/>7.5. Risk Pooling, Risk Sharing, and the Risk of Long-Term Investments --<br/>Risk Pooling and the Insurance Principle/Risk Sharing/Investment for the Long Run --<br/>End of Chapter Material --<br/>Appendix A A Spreadsheet Model for Efficient Diversification --<br/>Appendix B Review of Portfolio Statistics --<br/>ch. 8 Index Models. Contents note continued: 8.1.A Single-Factor Security Market --<br/>The Input List of the Markowitz Model/Normality of Returns and Systematic Risk --<br/>8.2. The Single-Index Model --<br/>The Regression Equation of the Single-Index Model/The Expected Return-Beta Relationship/Risk and Covariance in the Single-Index Model/The Set of Estimates Needed for the Single-Index Model/The Index Model and Diversification --<br/>8.3. Estimating the Single-Index Model --<br/>The Security Characteristic Line for Hewlett-Packard/The Explanatory Power of the SCL for HP/Analysis of Variance/The Estimate of Alpha/The Estimate of Beta/Firm-Specific Risk/Correlation and Covariance Matrix --<br/>8.4. Portfolio Construction and the Single-Index Model --<br/>Alpha and Security Analysis/The Index Portfolio as an Investment Asset/The Single-Index-Model Input List/The Optimal Risky Portfolio in the Single-Index Model/The Information Ratio/Summary of Optimization Procedure/An Example. Contents note continued: Risk Premium Forecasts/The Optimal Risky Portfolio --<br/>8.5. Practical Aspects of Portfolio Management with the Index Model --<br/>Is the Index Model Inferior to the Full-Covariance Model?/The Industry Version of the Index Model/Predicting Betas/Index Models and Tracking Portfolios --<br/>End of Chapter Material --<br/>pt. III Equilibrium in Capital Markets --<br/>ch. 9 The Capital Asset Pricing Model --<br/>9.1. The Capital Asset Pricing Model --<br/>Why Do All Investors 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/The CAPM and the Single-Index Market --<br/>9.2. Assumptions and Extensions of the CAPM --<br/>Assumptions of the CAPM/Challenges and Extensions to the CAPM/The Zero-Beta Model/Labor Income and Nontraded Assets/A Multiperiod Model and Hedge Portfolios/A Consumption-Based CAPM/Liquidity and the CAPM --<br/>9.3. The CAPM and the Academic World. Contents note continued: 9.4. The CAPM and the Investment Industry --<br/>End of Chapter Material --<br/>ch. 10 Arbitrage Pricing Theory and Multifactor Models of Risk and Return --<br/>10.1. Multifactor Models: An Overview --<br/>Factor Models of Security Returns --<br/>10.2. Arbitrage Pricing Theory --<br/>Arbitrage, Risk Arbitrage, and Equilibrium/Well-Diversified Portfolios/Diversification and Residual Risk in Practice/Executing Arbitrage/The No-Arbitrage Equation of the APT --<br/>10.3. The APT, the CAPM, and the Index Model --<br/>The APT and the CAPM/The APT and Portfolio Optimization in a Single-Index Market --<br/>10.4.A Multifactor APT --<br/>10.5. The Fama-French (FF) Three-Factor Model --<br/>End of Chapter Material --<br/>ch. 11 The Efficient Market Hypothesis --<br/>11.1. Random Walks and the Efficient Market Hypothesis --<br/>Competition as the Source of Efficiency/Versions of the Efficient Market Hypothesis --<br/>11.2. Implications of the EMH. Contents note continued: Technical Analysis/Fundamental Analysis/Active versus Passive Portfolio Management/The Role of Portfolio Management in an Efficient Market/Resource Allocation --<br/>11.3. Event Studies --<br/>11.4. Are Markets Efficient? --<br/>The Issues --<br/>The Magnitude Issue/The Selection Bias Issue/The Lucky Event Issue --<br/>Weak-Form Tests: Patterns in Stock Returns --<br/>Returns over Short Horizons/Returns over Long Horizons --<br/>Predictors of Broad Market Returns/Semistrong Tests: Market Anomalies --<br/>The Small-Firm-in-January Effect/The Neglected-Firm Effect and Liquidity Effects/Book-to-Market Ratios/Post-Earnings-Announcement Price Drift --<br/>Strong-Form Tests: Inside Information/Interpreting the Anomalies --<br/>Risk Premiums or Inefficiencies?/Anomalies or Data --<br/>Mining?/Anomalies over Time --<br/>Bubbles and Market Efficiency --<br/>11.5. Mutual Fund and Analyst Performance --<br/>Stock Market Analysts/Mutual Fund Managers/So, Are Markets Efficient? --<br/>End of Chapter Material. Contents note continued: ch. 12 Behavioral Finance and Technical Analysis --<br/>12.1. The Behavioral Critique --<br/>Information Processing --<br/>Forecasting Errors/Overconfidence/Conservatism/Sample Size Neglect and Representativeness --<br/>Behavioral Biases --<br/>Framing/Mental Accounting/Regret Avoidance Affect --<br/>Prospect Theory --<br/>Limits to Arbitrage --<br/>Fundamental Risk/Implementation Costs/Model Risk --<br/>Limits to Arbitrage and the Law of One Price --<br/>"Siamese Twin" Companies/Equity Carve-Outs/Closed-End Funds --<br/>Bubbles and Behavioral Economics/Evaluating the Behavioral Critique --<br/>12.2. Technical Analysis and Behavioral Finance --<br/>Trends and Corrections --<br/>Momentum and Moving Averages/Relative Strength/Breadth --<br/>Sentiment Indicators --<br/>Trin Statistic/Confidence Index/Put/Call Ratio --<br/>A Warning --<br/>End of Chapter Material --<br/>ch. 13 Empirical Evidence on Security Returns --<br/>13.1. The Index Model and the Single-Factor APT --<br/>The Expected Return-Beta Relationship. Contents note continued: Setting Up the Sample Data/Estimating the SCL/Estimating the SML Tests of the CAPM/The Market Index/Measurement Error in Beta --<br/>13.2. Tests of the Multifactor CAPM and APT --<br/>Labor Income/Private (Nontraded) Business/Early Versions of the Multifactor CAPM and APT/A Macro Factor Model --<br/>13.3. Fama-French-Type Factor Models --<br/>Size and B/M as Risk Factors/Behavioral Explanations/Momentum: A Fourth Factor --<br/>13.4. Liquidity and Asset Pricing --<br/>13.5. Consumption-Based Asset Pricing and the Equity Premium Puzzle --<br/>Consumption Growth and Market Rates of Return/Expected versus Realized Returns/Survivorship Bias/Extensions to the Capm May Resolve the Equity Premium Puzzle/Liquidity and the Equity Premium Puzzle/Behavioral Explanations of the Equity Premium Puzzle --<br/>End of Chapter Material --<br/>pt. IV Fixed-Income Securities --<br/>ch. 14 Bond Prices and Yields --<br/>14.1. Bond Characteristics --<br/>Treasury Bonds and Notes --<br/>Accrued Interest and Quoted Bond Prices. Contents note continued: Corporate Bonds --<br/>Call Provisions on Corporate Bonds/Convertible Bonds/Puttable Bonds/Floating-Rate Bonds --<br/>Preferred Stock/Other Domestic Issuers/International Bonds/Innovation in the Bond Market --<br/>Inverse Floaters/Asset-Backed Bonds/Catastrophe --<br/>Bonds/Indexed Bonds --<br/>14.2. Bond Pricing --<br/>Bond Pricing between Coupon Dates --<br/>14.3. Bond Yields --<br/>Yield to Maturity/Yield to Call/Realized Compound Return versus Yield to Maturity --<br/>14.4. Bond Prices over Time --<br/>Yield to Maturity versus Holding-Period Return/Zero-Coupon Bonds and Treasury Strips/After-Tax Returns --<br/>14.5. Default Risk and Bond Pricing --<br/>Junk Bonds/Determinants of Bond Safety/Bond Indentures --<br/>Sinking Funds/Subordination of Further Debt/Dividend Restrictions/Collateral --<br/>Yield to Maturity and Default Risk/Credit Default Swaps/Credit Risk and Collateralized Debt Obligations --<br/>End of Chapter Material --<br/>ch. 15 The Term Structure of Interest Rates --<br/>15.1. The Yield Curve. Contents note continued: Bond Pricing --<br/>15.2. The Yield Curve and Future Interest Rates --<br/>The Yield Curve under Certainty/Holding-Period Returns/Forward Rates --<br/>15.3. Interest Rate Uncertainty and Forward Rates --<br/>15.4. Theories of the Term Structure --<br/>The Expectations Hypothesis/Liquidity Preference --<br/>15.5. Interpreting the Term Structure --<br/>15.6. Forward Rates as Forward Contracts --<br/>End of Chapter Material --<br/>ch. 16 Managing Bond Portfolios --<br/>16.1. Interest Rate Risk --<br/>Interest Rate Sensitivity/Duration/What Determines Duration? --<br/>Rule 1 for Duration/Rule 2 for Duration/Rule 3 for Duration/Rule 4 for Duration/Rule 5 for Duration --<br/>16.2. Convexity --<br/>Why Do Investors Like Convexity?/Duration and Convexity of Callable Bonds/Duration and Convexity of Mortgage-Backed Securities --<br/>16.3. Passive Bond Management --<br/>Bond-Index Funds/Immunization/Cash Flow Matching and Dedication/Other Problems with Conventional Immunization --<br/>16.4. Active Bond Management. Contents note continued: Sources of Potential Profit/Horizon Analysis --<br/>End of Chapter Material --<br/>pt. V Security Analysis --<br/>ch. 17 Macroeconomic and Industry Analysis --<br/>17.1. The Global Economy --<br/>17.2. The Domestic Macroeconomy --<br/>17.3. Demand and Supply Shocks --<br/>17.4. Federal Government Policy --<br/>Fiscal Policy/Monetary Policy/Supply-Side Policies --<br/>17.5. Business Cycles --<br/>The Business Cycle/Economic Indicators/Other Indicators --<br/>17.6. Industry Analysis --<br/>Defining an Industry/Sensitivity to the Business Cycle/Sector Rotation/Industry Life Cycles --<br/>Start-Up Stage/Consolidation Stage/Maturity Stage/Relative Decline --<br/>Industry Structure and Performance --<br/>Threat of Entry/Rivalry between Existing Competitors/Pressure from Substitute Products/Bargaining Power of Buyers/Bargaining Power of Suppliers --<br/>End of Chapter Material --<br/>ch. 18 Equity Valuation Models --<br/>18.1. Valuation by Comparables --<br/>Limitations of Book Value --<br/>18.2. Intrinsic Value versus Market Price. Contents note continued: 18.3. Dividend Discount Models --<br/>The Constant-Growth DDM/Convergence of Price to Intrinsic Value/Stock Prices and Investment Opportunities/Life Cycles and Multistage Growth Models/Multistage Growth Models --<br/>18.4. Price-Earnings Ratio --<br/>The Price-Earnings Ratio and Growth Opportunities/P/E Ratios and Stock Risk/Pitfalls in P/E Analysis/Combining P/E Analysis and the DDM/Other Comparative Valuation Ratios --<br/>Price-to-Book Ratio/Price-to-Cash-Flow Ratio/Price-to-Sales Ratio --<br/>18.5. Free Cash Flow Valuation Approaches --<br/>Comparing the Valuation Models/The Problem with DCF Models --<br/>18.6. The Aggregate Stock Market --<br/>End of Chapter Material --<br/>ch. 19 Financial Statement Analysis --<br/>19.1. The Major Financial Statements --<br/>The Income Statement/The Balance Sheet/The Statement of Cash Flows --<br/>19.2. Measuring Firm Performance --<br/>19.3. Profitability Measures. Contents note continued: Return on Assets, ROA/Return on Capital, ROC/Return on Equity, ROE/Financial Leverage and ROE/Economic Value Added --<br/>19.4. Ratio Analysis --<br/>Decomposition of ROE/Turnover and Other Asset Utilization Ratios/Liquidity Ratios/Market Price Ratios: Growth versus Value/Choosing a Benchmark --<br/>19.5. An Illustration of Financial Statement Analysis --<br/>19.6.Comparability Problems --<br/>Inventory Valuation/Depreciation/Inflation and Interest Expense/Fair Value Accounting/Quality of Earnings and Accounting Practices/International Accounting Conventions --<br/>19.7. Value Investing: The Graham Technique --<br/>End of Chapter Material --<br/>pt. VI Options, Futures, and Other Derivatives --<br/>ch. 20 Options Markets: Introduction --<br/>20.1. The Option Contract --<br/>Options Trading/American and European Options/Adjustments in Option Contract Terms/The Options Clearing Corporation/Other Listed Options --<br/>Index Options/Futures Options/Foreign Currency Options/Interest Rate Options. Contents note continued: 20.2. Values of Options at Expiration --<br/>Call Options/Put Options/Option versus Stock Investments --<br/>20.3. Option Strategies --<br/>Protective Put/Covered Calls/Straddle/Spreads/Collars --<br/>20.4. The Put-Call Parity Relationship --<br/>20.5. Option-Like Securities --<br/>Callable Bonds/Convertible Securities/Warrants/Collateralized Loans/Levered Equity and Risky Debt --<br/>20.6. Financial Engineering --<br/>20.7. Exotic Options --<br/>Asian Options/Barrier Options/Lookback Options/Currency-Translated Options/Digital Options --<br/>End of Chapter Material --<br/>ch. 21 Option Valuation --<br/>21.1. Option Valuation: Introduction --<br/>Intrinsic and Time Values/Determinants of Option Values --<br/>21.2. Restrictions on Option Values --<br/>Restrictions on the Value of a Call Option/Early Exercise and Dividends/Early Exercise of American Puts --<br/>21.3. Binomial Option Pricing --<br/>Two-State Option Pricing/Generalizing the Two-State Approach/Making the Valuation Model Practical. Contents note continued: 21.4. Black-Scholes Option Valuation --<br/>The Black-Scholes Formula/Dividends and Call Option Valuation/Put Option Valuation/Dividends and Put Option Valuation --<br/>21.5. Using the Black-Scholes Formula --<br/>Hedge Ratios and the Black-Scholes Formula/Portfolio Insurance/Option Pricing and the Crisis of 2008--2009/Option Pricing and Portfolio Theory/Hedging Bets on Mispriced Options --<br/>21.6. Empirical Evidence on Option Pricing --<br/>End of Chapter Material --<br/>ch. 22 Futures Markets --<br/>22.1. The Futures Contract --<br/>The Basics of Futures Contracts/Existing Contracts --<br/>22.2. Trading Mechanics --<br/>The Clearinghouse and Open Interest/The Margin Account and Marking to Market/Cash versus Actual Delivery/Regulations/Taxation --<br/>22.3. Futures Markets Strategies --<br/>Hedging and Speculation/Basis Risk and Hedging --<br/>22.4. Futures Prices --<br/>The Spot-Futures Parity Theorem/Spreads/Forward versus Futures Pricing --<br/>22.5. Futures Prices versus Expected Spot Prices. Contents note continued: Expectations Hypothesis/Normal Backwardation/Contango/Modem Portfolio Theory --<br/>End of Chapter Material --<br/>ch. 23 Futures, Swaps, and Risk Management --<br/>23.1. Foreign Exchange Futures --<br/>The Markets/Interest Rate Parity/Direct versus Indirect Quotes/Using Futures to Manage Exchange Rate Risk --<br/>23.2. Stock-Index Futures --<br/>The Contracts/Creating Synthetic Stock Positions: An Asset Allocation Tool/Index Arbitrage/Using Index Futures to Hedge Market Risk --<br/>23.3. Interest Rate Futures --<br/>Hedging Interest Rate Risk --<br/>23.4. Swaps --<br/>Swaps and Balance Sheet Restructuring/The Swap Dealer/Other Interest Rate Contracts/Swap Pricing/Credit Risk in the Swap Market/Credit Default Swaps --<br/>23.5.Commodity Futures Pricing --<br/>Pricing with Storage Costs/Discounted Cash Flow Analysis for Commodity Futures --<br/>End of Chapter Material --<br/>pt. VII Applied Portfolio Management --<br/>ch. 24 Portfolio Performance Evaluation --<br/>24.1. The Conventional Theory of Performance Evaluation. Contents note continued: Average Rates of Return/Time-Weighted Returns versus Dollar-Weighted Returns/Dollar-Weighted Return and Investment Performance/Adjusting Returns for Risk/The M2 Measure of Performance/Sharpe's Ratio Is the Criterion for Overall Portfolios/Appropriate Performance Measures in Two Scenarios --<br/>Jane's Portfolio Represents Her Entire Risky Investment Fund/Jane's Choice Portfolio Is One of Many Portfolios Combined into a Large-Investment Fund The Role of Alpha in Performance Measures/Actual Performance Measurement: An Example/Performance Manipulation and the Morningstar Risk-Adjusted Rating/Realized Returns versus Expected [ect.] --<br/>24.2. Performance Measurement for Hedge Funds --<br/>24.3. Performance Measurement with Changing Portfolio Composition --<br/>24.4. Market Timing --<br/>The Potential Value of Market Timing/Valuing Market Timing as a Call Option/The Value of Imperfect Forecasting --<br/>24.5. Style Analysis. Contents note continued: Style Analysis and Multifactor Benchmarks/Style Analysis in Excel --<br/>24.6. Performance Attribution Procedures --<br/>Asset Allocation Decisions/Sector and Security Selection Decisions/Summing Up Component Contributions --<br/>End of Chapter Material --<br/>ch. 25 International Diversification --<br/>25.1. Global Markets for Equities --<br/>Developed Countries/Emerging Markets/Market Capitalization and GDP/Home-Country Bias --<br/>25.2. Risk Factors in International Investing --<br/>Exchange Rate Risk/Political Risk --<br/>25.3. International Investing: Risk, Return, and Benefits from Diversification. Contents note continued: Risk and Return: Summary Statistics/Are Investments in Emerging Markets Riskier?/Are Average Returns Higher in Emerging Markets?/Is Exchange Rate Risk Important in International Portfolios?/Benefits from International Diversification/Misleading Representation of Diversification Benefits/Realistic Benefits from International Diversification/Are Benefits from International Diversification Preserved in Bear [ect.] --<br/>25.4. Assessing the Potential of International Diversification --<br/>25.5. International Investing and Performance Attribution --<br/>Constructing a Benchmark Portfolio of Foreign Assets/Performance Attribution --<br/>End of Chapter Material --<br/>ch. 26 Hedge Funds --<br/>26.1. Hedge Funds versus Mutual Funds --<br/>26.2. Hedge Fund Strategies --<br/>Directional and Nondirectional Strategies/Statistical Arbitrage --<br/>26.3. Portable Alpha --<br/>An Example of a Pure Play --<br/>26.4. Style Analysis for Hedge Funds --<br/>26.5. Performance Measurement for Hedge Funds. Contents note continued: Liquidity and Hedge Fund Performance/Hedge Fund Performance and Survivorship Bias/Hedge Fund Performance and Changing Factor Loadings/Tail Events and Hedge Fund Performance --<br/>26.6. Fee Structure in Hedge Funds --<br/>End of Chapter Material --<br/>ch. 27 The Theory of Active Portfolio Management --<br/>27.1. Optimal Portfolios and Alpha Values --<br/>Forecasts of Alpha Values and Extreme Portfolio Weights/Restriction of Benchmark Risk --<br/>27.2. The Treynor-Black Model and Forecast Precision --<br/>Adjusting Forecasts for the Precision of Alpha/Distribution of Alpha Values/Organizational Structure and Performance --<br/>27.3. The Black-Litterman Model --<br/>Black-Litterman Asset Allocation Decision/Step 1: The Covariance Matrix from Historical Data/Step 2: Determination of a Baseline Forecast/Step 3: Integrating the Manager's Private Views/Step 4: Revised (Posterior) Expectations/Step 5: Portfolio Optimization --<br/>27.4. Treynor-Black versus Black-Litterman: Complements, Not Substitutes. Contents note continued: The BL Model as Icing on the TB Cake/Why Not Replace the Entire TB Cake with the BL Icing? --<br/>27.5. The Value of Active Management --<br/>A Model for the Estimation of Potential Fees/Results from the Distribution of Actual Information Ratios/Results from Distribution of Actual Forecasts/Results with Reasonable Forecasting Records --<br/>27.6. Concluding Remarks on Active Management --<br/>End of Chapter Material --<br/>Appendix A Forecasts and Realizations of Alpha --<br/>Appendix B The General Black-Litterman Model --<br/>ch. 28 Investment Policy and the Framework of the CFA Institute --<br/>28.1. The Investment Management Process --<br/>Objectives/Individual Investors/Personal Trusts/Mutual Funds/Pension Funds/Endowment Funds/Life Insurance Companies/Non-Life Insurance Companies/Banks --<br/>28.2. Constraints --<br/>Liquidity/Investment Horizon/Regulations/Tax Considerations/Unique Needs --<br/>28.3. Policy Statements --<br/>Sample Policy Statements for Individual Investors --<br/>28.4. Asset Allocation. Contents note continued: Taxes and Asset Allocation --<br/>28.5. Managing Portfolios of Individual Investors --<br/>Human Capital and Insurance/Investment in Residence/Saving for Retirement and the Assumption of Risk/Retirement Planning Models/Manage Your Own Portfolio or Rely on Others?/Tax Sheltering --<br/>The Tax-Deferral Option/Tax-Deferred Retirement Plans/Deferred Annuities/Variable and Universal Life Insurance --<br/>28.6. Pension Funds --<br/>Defined Contribution Plans/Defined Benefit Plans/Pension Investment Strategies --<br/>Investing in Equities/Wrong Reasons to Invest in Equities --<br/>28.7. Investments for the Long Run --<br/>Target Investing and the Term Structure of Bonds/Making Simple Investment Choices/Inflation Risk and Long-Term Investors --
Topical term or geographic name as entry element Investments.
9 (RLIN) 53040
Topical term or geographic name as entry element Portfolio management.
9 (RLIN) 53041
Topical term or geographic name as entry element Investitions analyse.
9 (RLIN) 53042
Personal name Kane, Alex
9 (RLIN) 53043
Personal name Marcus, Alan J.
9 (RLIN) 53044
Source of classification or shelving scheme
Koha item type Books
Classification part HG 4521
Item part .B564 2014
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          Books Judith Thomas Library Judith Thomas Library General Stacks 17/03/2016 Bought by JTL 38.01 AUA017606 2 HG 4521 .B564 2014 AUA017606 17/09/2020 20/08/2020 20/08/2020 38.01 17/03/2016 Books