投资管理基础:英文

内容概要

作者简介

?芨ダ铩.赫特，迪保尔大学金融系主任，教授。

固估.布洛克，得克萨斯克里斯第安大学教授。

书籍目录

PART ONE

INTROOUCTlON TO INVESTMENTS

1 THE INVESTMENT SETTlNG

2 SECURITYMARKETS:P5ESENTANDFUTURE

3 PARTOPATlNGlNTHEMARKET

4 SOURCES OF INVESTMENT

INFORMATlON

PARTTWO

ANAIYSIS AND VALUATON OF EQUlTY

SECURmEs

5 ECONOMlCACTlVlTY

6 INDUSTRYANALYSlS

7 VALUATlON OF THE INDMDUAL

FlRM

8 FlNANClAL STATEMENT ANALYSlS

PART THREE

ISSUES IN EFFlClENT MARKETS

9 A BASlC VlEW OF TECHNlCAL ANALYSlS

ANDMARKETEFFlClENCY

10 INVESTMENTS IN SPEClAL

SlTUATlONS Zoi

PART FouR

FlXED-lNCOME AND LVERAGED SECURmES

11 BONDS AND FlXED-lNCOME

FUNDAMENTALS

12 PRlNClPLES OF BOND VALUATlON AND

INVESTMENT

l3 DURATlON AND RElNVESTMENT

CONCEPTS

14 CONVERTlBLE SECURmES AND

WARRANTS

PART FivE

DERlVAlVE PROOUCTS

15 PUTANDCALLOPTlONS

16 COMMODmESANDFlNANClAL

FUTURES

17 STOCKlNDEXFUTURESAND

opnoNS

PART SlX

BROADENlNG THE INVESTMENT PERSPECTlVE

18 INTERNATlONALSECURmES

MARKETS

l9 MUTUALFUNDS

20 INVESTMENTSlNREALASSETS

PARTSEVlN

INTRODUCTlON TO PORTTOUO MANAGEMENT

21 A BASlC LOOK AT PORTFOUO

MANAGEMENT AND CAPlTAL MARKET

THEORY

22 MEASURlNG RlSKS AND RETURNS OF

PORTFOUO MANAGERS

APPENDlXES

GLOSSARY

INDEX

ONTENTS

PART ONE

INTRODUCTlON TO INVESTMENTS

l THE INVESTMENT SETTlNG

Forms of Investment

The Setting of Investment Obiectives

Risk and Safety ofPrincipal

Current Income versus Capital

Appreciation

Liquidity Considerations

Short-Term versus Long-Term

Orientation

Tax Factors

Ease ofManagement

Relirement and Estate Planning

Considerations

Profile Analysis

Measures of Risk and Return

Risk

Actual Consideration of Required

Returns

Real Rate ofRetum

Anticipated inflation Factor

Risk Premium

Systematic and Unsystematic Risk

Summary ofRetum Considerations

WhatYouWillLearn

Appendix lA: Investor Risk Profile

Appendix l B: Career Opportunities in

Investments

2 SECURITY MARKETS: PRESENT AND FUTURE

The Market Environment

Market Functions

Market Efficiency and Liquidity

Competition cnd Allocation of Capital

Secondary Markets

Primary Markets

Organization of the Primary Markets: The

Investment Banker

Underwriting Function

Distribution

Investment Bankmg Competition

Organization of the Secondary

Markets

Organized Exchanges

Consolidated Tape

Listing Requirements for Firms

Membership for Market Participants

Other Organized Exchanges

The American Stock Exchange

The Chicago Board Options

Exchange

Futures Markets

Over-the-Counter Markets

NASDAQ

Debt Securities Traded Over-the-

Counter

The Third and Fourth Markets: Part of

Over-the-Counter Trading

The Future of the Capital Markets

The National Market System

Regulation of the Security Markets

Securities Act of l933

Securities Exchange Act of l934

The Securities Acts Amendments

0/7975

Other Legislation

Insider Trading

Program Trading and Market Price

Limits

3 PARTOPATlNG IN THE MARKET

Meosures of Price Performonce: Market

Indexes

Indexes and Averages

Dow Jones Averages

Standard & Poor's Indexes

Value Line Average

Other Market Indexes

Buying and Selling in the Market

Cash or Margin Account

Long or Short?-That Is the Question

Types of Orders

Cost of Trading

Taxes

Capital Gains and Loss Treatment

IRAs and Taxes

4 SOURCES OF INVESTMENT INFORMATlON

Aggregate Economic Data

Federal Reserve Bulletin

Federal Reserve Banks

Federal Reserve Bank of St. Louis

Survey of Current Business

Other Sources ofEconomic Data

Investment Advisory Services

Moody's

Standard & Poor's

Value Line

Momingstar

Other Investment Services

Indexes, SEC Filings, Periodicals, and

Journals

Indexes

Securities and Exchange Commission

Filings

Periodicals and Newspapers

Joumals

Computer Databases

The Use ofMainframe Computers

The Use ofPersonal Computers

information on Nontraditional Markets

Commodity Yearbook

Appendix 4A: Names and Addresses of

Appendix 46: Regional and Branch

OfficesoftheSEC

PART Two

NALYSlS AND VALUATON OF EoUlTY

SECURlTlES

5 ECQNOMlC ACITVTY

Economic Activity and the Business Cycle

Federal Govemment Economic

Policy

Fiscal Policy

Monetary Policy

Govemment Policy, Real Growth and

Inflation

Business Cycles and Cyclical Indicaors

Leading Indicators

Money Supply and Stock Prices

Business Cycles and industry Relationships

6 INDUSTRY ANALYSlS

Industry Life Cycles

Development-Stage l

Growth--Stage H

Expansion-Stage lll

Maturity-Stage IV

Decline-Stage V

Growth in Nongrowth Industries

Industry Structure

Economic Structure

Competitive Structure

Industry Trend Analysis

Industry Groups and Rotational investing

APPENDlX 6A Sustainable Growth

7 VALUATON OF THE INDMDUAL FlRM

Basic Vauation Concepts

Review of Risk and Required Return

Concepts

Dividend Valuation Models

General Dividen5 Model

Constant Growth Model

A Nonconstant Growth Model

Earnings Valuation Models

The Combined Eamings and Dividend

Model

The Price-Earnings Ratio

The P/E Ratiofor Individual Stocks

The Pure, Short-Term Eamings Model

Relating an Individual Stock's P/E Ratio

to the Market

Othtsr Valuation Models Using Averaqe

Price Ratios and 10-YearAverages

Forecasting Eamings Per Share

Least Squares Trendline

The Income Statement Method

Growth Stocks and Growth Companies

199

Assets as a Source of Stock Value

Natural Resources

8 FlNANClAL STATEMENT ANALYSIS

The MaIor Financial Statements

Income Statement

Balance Sheet

Statement of Cash Flows

Key Financial Ratios for the Securily

Analyst

Ratio Anatysis

Bankruptcy Studies

Classification System

Uses of Ratios

Comparing Long-Term Trends

Deficiencies of Financial Statements

Infiation Effects

Inventory Valuation

Extraordinary Gains and Losses

Pension Fund Liabilities

Foreign Exchange Transactions

Other Distortions

PART THREE

IsSUES IN EFFlClENT MARKETS

9 A BASIC VlEW Of TECHNKAL ANlAlYSlS AND MARKET

EFFlClENCY

Technical Analysis

The Use of Charting

Essential Elements of the Dow

Theory

Support and Resistance Levels

Volume

Types of Charts

Key Indicator Series

Contrary Opinion Rules

Smart Money Rules

Overall Market Rules

Efficient Market Hypothesis

Weak Form of the Efficient Market

Hypothesis

Tests of Independence

Trading Rule Tests

Implications for Technical Analysis

Semistrong Form of the Efficient Market

Hypothesis

Implications for Fwidamental Analysis

Strong Form of the Efficient Market

Hypothesis

10 INVESTMENTS IN SPEclAL SITTUATONS

Mergers and Acquisitions

Premiwns for Acquired Company

Acquiring Company Performance

Form ofPayment

Leveraged Buyouts

New Stock Issues

Performance oflnvestment Bankers

Factors to Consider in a New Issue

Exchange Listings

Stock Repurchase

Reasonsfor Repurchase

Actual Market Effect

The Small-Firm and Low-P/E-Ratio Eflect

The Latest Theory-The Book Value to

MarketValueEffect

Other Stock-Related Special Situations

Truly Superior Retums or Mismeasurement?

PART FOUR

FlXED-lNCOME AND LEVERAGED SECURlTlES

ll BOND AND FlXED-lNCOME FUNDAMENTALS

The Bond Contract

Secured and Unsecured Bonds

The Composition of the Bond Market

U.S. Govemment Securities

Federally Sponsored Credit Agency

Issues

State and Local Govemment

Securities

Corporate Securities

Bond Market Unvestors

Distribution Procedures

Private Placement

Bond Ratings

Actual Rating System

Junk Bonds

Bond Quotes

Bond Markets, Capital Market Theory, and

Efficiency

Other Forms of Fixed-lncome Securities

Preferred Stock as an Altemative to Debt

Features ofPreferred Stock

Appendix l lA: Evaluation of Debt

Innovations

12 PRlNClPlES Of BOND VALUATlON AND

iNVESTMENT

Fundamentals of the Bond Valuation

Process

Rates of Retum

Current Yield

Yield to Maturity

Yield to Call

Anticipated Realized Yield

Reinvestment Assumption

The Movement of interest Rates

Term Structure oflnterest Rates

investment Strategy: interest-Rate

Considerations

Bond-Pricing Rules

Example of interest-Rate Change

Deep Discount versus Par Bonds

Yield Spread Considerations

Bond Swaps

Appendix l 2A: Interpolating to Find Yield

to Maturity

13 DURATON AND RElNVESTMENT CONCEPTS

Review of Basic Bond Valuation Concepb

Duration

Duration and Price Sensitivity

Duration and Market Rates

Duration and Coupon Rates

Bringing Togerfier the Influences on

Duration

Duration and Zero-Coupon Bonds

The Uses of Duration

Bond Reinvestment Assumptions and

Terminal Wealth Analysis

Reinvestment Assumptions

Terminal Wealth A.nalysis

Zeiv-Coupon Bonds and Tenninal

Wealth

14 CoNVERTlBlE SECURlHES AND WARRANTS

Convertible Securities

Conversion Price and Cohversion Ratio

Value ofthe Convertible Bond

Bond Price and Premiums

Comparison with Common Stock

Disadvantages of Convertibles

When to Convert into Common Stock

Advantages and Disadvantaqes to the

Issuing Corporation

Accounting Considerations With

Convertibles

Innovations in Convertible Securities

Speculating Through Warrants

Valuation of Warrants

Use of Warrants by Corporations

Accounting Considerations with Warrants

PART FIVE

DERlVATlVE PRODUCTS

15 PuTANDCAllOlTlONS

Options Markets

Listed Options Exchanges

The Options Clearing Corporation

Option Premiums

Intrinsic Value

Speculative Premium

Basic Option Strategies

Buying Call Options

Writing Call Options

Buying Put Options

Using Options in Combinations

Spreads

Straddles

Other Option Considerations

Appendix 15A: The Black-Scholes Option

Pricing Model

16 CoMMODlTlES AND FlNANClAL FUTURES

Types of Commodities and Exchanges

Types of Commodities Contracts

Actual Commodities Contract

Margin Requirements

Market Conditions

Gains and Losses

Price Movement Limitations

Reading Market Quotes

The Cash Market and the Futures Market

The Futures Market for Financial

Instruments

Currency Futures

lnterestRate Futures

Hedging with Interest-Rate Futures

An Actual Example

Options as Well as Futures

Interest-Rate Swaps

l7 STOCK INDEX FUWRES AND OlTlONS

The Concept of Derivative Products

Trading Stock Index Futures

Trading Cycle

Margin Requirement

Minimum Price Change

Cash Settlement

Basis

Overall Feature

Use of Stock index Futures

Speculation

Hedging

Arbitraging

Trading Stock Index Options

Actual Trade in the S&P l00 Index

Hedging with Stock Iindex Options

Options on Stock Index Futures

PART SIx

BROADENlNG THE INVESTMENT PERSPECTlVE

18 INTERNATlONAL SeCURlTIES MARKETS

The World Equity Market

Diversification Benefits

Retum Potential in International Markets

Current Quotations on Foreign Market

Performance

Other Market Differences

Currency Fluctuations and Rates of Return

Other Obstacles to Intemational Investments

Political Risks

Tax Problems

Lack ofMarket Efficiency

Administrative Problems

Information Difficulties

Methods of Participating in Foreign

Investments

Direct Investments

Indirect Investments

19 MUTUAL FUNDS

Advantages and Disadvantages of Mutual

Funds

Closed-End Versus Open-End Funds

Investing in Open-End Funds

Load versus No-Load Funds

No-Load Funds

Differing ObIectives and the Diversity of

Mutual Funds

Matching Investment Objectives with

Fund Types

The Prospectus

Distribution and Taxation

Shareholder Services

Investment Funds, Long-Tenn Planning, and

Dollar-Cost Averaging

Evaluating Fund Performance

Lipper Mutual Fund Performance

Averages

Computing Total Retum on Your

Investment

Appendix l 19A: Unit Investment Trusts (UlTs)

20 INVESTMENTS IN REAL ASSETS

Advantages and Disadvantages of Real

Assets

Real Estate as an Investment

Real Estate in the Last Decade and the

Future Outlook

An Actual Example

Depreciation Effects

Cash Flow Considerations

Financing of Real Estate

New Types ofMortgages

Forms of Real Estate Ownership

Individual or Regular Partnership

Syndicate or Limited Partnership

Real Estate Investment Trust

Gold and Silver

Gold

Silver

Precious Gems

Other Collectibles

PART SEVKN

INTROOUCTlON

TO PORTFOUO MANAGEMENT

2l A BASIC LOOK AT PORTFOUO MANAGEMENT AND

CAPlTAL MARKET THEORY

Formal Measurement of Risk

Expected Value

Standard Deviation

Portfolio Effect

Standard Deviation for a Two-Asset

Portfolio

Developing an Efficient Portfolio

Risk-Retum Indifference Curves

Optimum Portfolio

Capital Asset Pricing Model

Capital Market Line

Retum on an Individual Security

Systematic and Unsystematic Risk

Security Market Line

Assumptions of the Capital Asset Pricing

Model

Arbitrage Pricing Theory

Application to Portfolio

Management

Appendix21A: The Correlation Coefficient

Appendix 21B: Least Squares Regression

Analysis

Appendix 21C: Derivation of the Security

Market Line (SML)

22 MEASUMNG RlSKS AND RETURNS OF PORTFOUO

MANAGERS

Stated Obiectives and Risk

Measurement of Return in Relation to Risk

Sharpe Approach

Treynor Approach

Jensen Approach

Adequacy of Performance

Diversification

Other Assets as Well as Stocks

A Specific Example-Asset Allocation

The Makeup of institutional investors

investment Companies (including Mutual

Funds)

Other Institutional Investors

APPENDHXES

APPENDlX A COMPOUND SUM OF $1

ApPENDlX B COMPOUND SUM Of AN ANNUlTY

Of$l

APPENMX C PRESENT VALUE OF $!

ApPENDlX D PRESENT VALUE OF AN ANNUlTY

OfSl

ApPENDlX E TlME VALUE OF MONEY AND

INVESTMENT APPUCATONS

ApKNDlX F USING CALCUlATORS FOR FlNANClAl

ANAlYSlS

GtOSSARY

INDEX

作者简介

这是一本著名的本科生投资学主流教材，在设计上注

意了理论与应用的平衡。它向学生指出了投资学所有重要

领域的概貌：价值、市场、组合工具和市场、股票工具和市

场、衍生工具以及一系列特别话题。

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