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投资分析与组合管理（送教学课件）

暂无简介

作者：

Frank K. Reilly

定价：

39.00 元

出版时间：

2004年12月

ISBN：

978-7-04-016164-9

物料号：

16164-00

读者对象：

高等教育

一级分类：

经济

二级分类：

金融学

三级分类：

投资学

重点项目：

暂无

版面字数：

930千字

开本：

16开

装帧形式：

平装

页数：

496

最新
印次时间：

暂无

目录
- Part 1 THE INVESTMENT BACKGROUND
  - Chapter 1 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-Income 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 Capital 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 Fa ma-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 (k)
      - Estimating the Required Return for Foreign
      - Securities
      - Expected Growth Rates
  - Chapter 11 Macroeconomic and Market Analysis
    - Economic Activity 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
    - Estimating 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 Value
    - Estimating Expected Earnings per Share
      - Estimating Gross Domestic Product
      - Estimating Sales per Share for a Market Series
      - Alternative Estimates of Corporate Net Profits
      - Estimating Aggregate Operating Profit Margin
      - Estimating Depreciation Expense
      - Estimating Interest Expense
      - Estimating the Tax Rate
      - Calculating Earnings per Share: An Example
    - Estimating the Earnings Multiplier for a Stock Market Series
      - Determinants of the Earnings Multiplier
      - Estimating the Required Rate of Retum (k)
      - Estimating the Growth Rate of Dividends (g)
      - Estimating the Dividend-Payout Ratio (D1/E1)
    - Calculating the Expected Rate of Return on Common Stocks
      - Other Relative Valuation Ratios
  - Chapter 13 Industry Analysis
    - Why Do Industry Analysis?
      - Cross-Sectional Industry Performance
      - Industry Performance over Time
      - Performance of the Companies
      - within an Industry
      - Differences in Industry Risk
      - Summary of Research on Industry Analysis
      - Industry Analysis Process
    - The Business Cycle and Industry Sectors
      - Inflation
      - Interest Rates
      - International Economics
      - Consumer Sentiment
    - Structural Economic Changes and Alternative Industries
      - Demographics
      - Lifestyles
      - Technology
      - Politics and Regulations
    - Evaluating the Industry Life Cycle Analysis of Industry Competition
      - Competition and Expected Industry Retums
    - Estimating Industry Rates of Return
      - Valuation Using the Reduced Form DDM
    - Industry Analysis Using the Relative Valuation Approach
      - The Earnings Multiple Technique
    - Other Relative valuation Ratios
    - Global Industry Analysis
  - Chapter 14 Company Analysis and Stock Valuation
    - Company Analysis versus the Valuation of Stock
      - Growth Companies and Growth Stocks
      - Defensive Companies and Stocks
      - Cyclical Companies and Stocks
      - Speculative Companies and Stocks
      - Value versus Growth Investing
    - Economic, Industry, and Structural Links to Company Analysis
      - Economic and Industry Influences
      - Structural Influences
    - Company Analysis
      - Firm Competitive Strategies
      - Focusing a Strategy
      - SWOT Analysis
      - Some Lessons from Lynch
      - Tenets of Warren Buffett
    - Estimating Intrinsic Value
    - Analysis of Growth Companies
      - Growth Company Defined
      - Actual Returns above Required Returns
      - Growth Companies and Growth Stocks
      - Growth Companies and the Dividend
      - Discount Model
      - Alternative Growth Models
      - No-Growth Firm
      - Long-Run Growth Models
      - The Real World
    - Measures of Value Added
      - Economic Value Added (EVA)
      - Market Value Added (MVA)
      - Relationships between EVA and MVA
      - The Franchise Factor
      - Growth Duration Model
    - Influences on Analysts
      - Efficient Markets
      - Paralysis of Analysis
      - Analyst Conflicts of Interest
    - Global Company and Stock Analysis
      - Availability of Data
      - Differential Accounting Conventions
      - Currency Differences (Exchange Rate Risk)
      - Political (Country) Risk
      - Transaction Costs
      - Valuation Differences
      - Summary
  - Chapter 15 Technical Analysis
    - Underlying Assumptions of Technical Analysis
    - Advantages of Technical Analysis
    - Challenges to Technical Analysis
      - Challenges to Technical Analysis Assumptions
      - Challenges to Technical Trading Rules
    - Technical Trading Rules and Indicators
      - Contrary-Opinion Rules
      - Follow the Smart Money
      - Other Market Environment Indicators
      - Stock Price and volume Techniques
  - Chapter 16 Equity Portfolio Management Strategies
    - Passive versus Active Management An Overview of Passive Equity Portfolio Management Strategies
      - Index Portfolio Construction Techniques
      - Tracking Error and Index Portfolio Construction
      - Methods of Index Portfolio Investing
    - An Overview of Active Equity Portfolio Management Strategies
      - Fundamental Strategies
      - Technical Strategies
      - Anomalies and Attributes
      - Miscellaneous Issues
    - Value versus Growth Investing:
    - A Closer Look
    - An Overview of Style Analysis
    - Asset Allocation Strategies
      - Integrated Asset Allocation
      - Strategic Asset Allocation
      - Tactical Asset Allocation
      - Insured Asset Allocation
      - Selecting an Active Allocation Method
    - Using Futures and Options in Equity
    - Portfolio Management: An Overview
      - Modifying Portfolio Risk and Return:
      - An Introduction
      - Using Derivatives in Passive Equity Portfolio Management
      - Using Derivatives in Active Equity Portfolio Management
- Part 5 ANALYSIS AND MANAGEMENT OF BONDS
  - Chapter 17 Bond Fundamentals
    - Basic Features of a Bond
      - Bond Characteristics
      - Rates of Return on Bonds
    - The Global Bond Market Structure
      - Participating Issuers
      - Participating Investors
      - Bond Ratings
    - Alternative Bond Issues
      - Domestic Government Bonds
      - Government Agency Issues
      - Municipal Bonds
      - Corporate Bonds
      - International Bonds
  - Chapter 18 The Analysis and Valuation of Bonds
    - The Fundamentals of Bond Valuation
      - The Present Value Model
      - The Yield Model
    - Computing Bond Yields
      - Nominal Yield
      - Current Yield
      - Promised Yield to Maturity
      - Promised Yield to Call
      - Realized (Horizon) Yield
    - Calculating Future Bond Prices
      - Price and Yield Determination on Noninterest Dates
      - Yield Adjustments for Tax-Exempt Bonds
      - Bond Yield Books
    - Bond Valuation Using Spot Rates
    - What Determines Interest Rates?
      - Forecasting Interest Rates
      - Fundamental Determinants of Interest Rates
      - Term Structure of Interest Rates
    - Calculating Forward Rates from the Spot Rate Curve Term Structure Theories
      - Expectations Hypothesis
      - Liquidity Preference Hypothesis
      - Segmented Market Hypothesis
      - Trading Implications of the Term Structure
      - Yield Spreads
    - What Determines the Price Volatility for Bonds?
      - Trading Strategies
      - Duration Measures
      - Modified Duration and Bond Price Volatility
      - Bond Convexity
      - Limitations of Macaulay and Modified Duration
    - Yield Spreads with Embedded Options
      - Static Yield Spreads
  - Chapter 19 Bond Portfolio Management Strategies
    - Alternative Bond Portfolio Strategies
      - Passive Management Strategies
      - Active Management Strategies
      - A Global Fixed-Income Investment Strategy
      - Core-Plus Bond Portfolio Management
      - Matched-Funding Techniques
    - Implications of Capital Market Theory and the EMH on Bond Portfolio Management
      - Bonds and Total Portfolio Theory
      - Bonds and Capital Market Theory
      - Bond Price Behavior in a CAPM Framework
      - Bond Market Efficiency
- Part 6 SPECIFICATION AND EVALUATION OF ASSET MANAGEMENT
  - Chapter 20 Professional Asset Management
    - The Asset Management Industry:Structure and Evolution
    - Private Management and Advisory Firms
      - Investment Strategy at a Private Money
      - Management Firm
    - Management of Investment Companies
    - Valuing Investment Company Shares
    - Closed-End versus Open-End Investment Companies
      - Closed-End Investment Companies
      - Open-End Investment Companies
      - Fund Management Fees
    - Types of Investment Companies Based on Portfolio Makeup
      - Common Stock Funds
      - Hybrid Funds
      - Bond Funds
      - Money Market Funds
      - Breakdown by Fund Characteristics
    - Global Investment Companies
    - Ethics and Regulation in the Professional
    - Asset Management Industry
    - Performance of Investment Companies
      - Analysis of Overall Performance
      - Investment Style and the Classification of Mutual Funds
      - Investment Style and Performance Persistence
      - What Performance Studies Mean to You
  - Chapter 21 Evaluation of Portfolio Performance
    - What Is Required of a Portfolio Manager?
    - Composite Portfolio Performance Meas Ires
      - Portfolio Evaluation before 1960
      - Peer Group Comparisons
      - Treynor Portfolio Performance Measure
      - Sharpe Portfolio Performance Measure
      - Jensen Portfolio Performance Measure
      - The Information Ratio Performance Measure
  - Application of Portfolio Performance Measures
    - Components of Investment Performance
  - Performance Attribution Analysis
    - Asset Class Attribution Analysis; An Example
  - Measuring Market Timing Skills
  - Factors That Affect Use of Performance Measures
  - A Demonstration of the Global Benchmark Problem
    - Implications of the Benchmark Problems
    - Required Characteristics of Benchmarks
  - Evaluation of Bond Portfolio Performance
    - A Bond Market Line
    - Decomposing Portfolio Returns
    - Analyzing Sources of Return
    - Consistency of Performance
  - Reporting Investment Performance
    - Time-Weighted and Dollar-Weighted Returns

投资分析与组合管理

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投资分析与组合管理（送教学课件）

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