Fundamentals of investments Gordon J. Alexander, William F. Sharpe, Jeffery V. Bailey.

Por:

Alexander, Gordon J

Colaborador(es):

Detalles de publicación: Englewood Cliffs, N.J. Prentice Hall c1993.Edición: 2nd edDescripción: xx, 875 p. illISBN:

0133354490

Tema(s):

Investments

Clasificación CDD:

332.6 20

Clasificación LoC:

HG4521 .A419 1993

Existencias
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	Libro	Biblioteca Encarnación Valdés Colección General bev				332.6 A376f2 (Navegar estantería(Abre debajo))					Disponible			80000001729931

Total de reservas: 0

Descripciones mejoradas de Syndetics:

This introductory text provides a clear framework for understanding and analyzing securities. It also covers the major institutional features and theories of investing in the current economy. This edition has a more international perspective, reflecting the authors' belief that the field of investment is destined to become more global than it currently is.

Includes bibliographical references and index.

Tabla de contenidos provista por Syndetics

Preface(p. xxvii)
About the Authors(p. xxxi)
Part I Introduction(p. 1)
Chapter 1 Introduction(p. 1)
1.1 The Investment Environment(p. 2)
1.2 The Investment Process(p. 11)
1.3 Globalization(p. 13)
Part II The Investment Environment(p. 17)
Chapter 2 Buying and Selling Securities(p. 17)
2.1 Order Size(p. 18)
2.2 Time Limit(p. 18)
2.3 Types of Orders(p. 18)
2.4 Margin Accounts(p. 20)
Chapter 3 Security Markets(p. 35)
3.1 Call and Continuous Markets(p. 35)
3.2 Major Markets in the United States(p. 36)
3.3 Stock Quotations(p. 51)
3.4 Information-Motivated and Liquidity-Motivated Traders(p. 52)
3.5 Central Market(p. 56)
3.6 Clearing Procedures(p. 57)
3.7 Insurance(p. 57)
3.8 Commissions(p. 58)
3.9 Transaction Costs(p. 59)
3.10 Regulation of Security Markets(p. 61)
Chapter 4 Efficient Markets, Investment Value, and Market Price(p. 67)
4.1 Demand and Supply Schedules(p. 67)
4.2 Market Efficiency(p. 72)
4.3 Testing for Market Efficiency(p. 76)
4.4 Market Efficiency Test Results(p. 82)
Chapter 5 Taxes(p. 86)
5.1 Corporate Income Taxes(p. 86)
5.2 Personal Income Taxes(p. 90)
5.3 Before-Tax Investing(p. 98)
Chapter 6 Inflation(p. 104)
6.1 Measuring Inflation(p. 104)
6.2 Price Indices(p. 105)
6.3 Nominal and Real Returns(p. 107)
6.4 Interest Rates and Inflation(p. 108)
6.5 The Effect of Inflation on Borrowers and Lenders(p. 111)
6.6 Indexation(p. 111)
6.7 Stock Returns and Inflation(p. 114)
Part III Modern Investment Theory(p. 119)
Chapter 7 The Portfolio Selection Problem(p. 119)
7.1 Initial and Terminal Wealth(p. 120)
7.2 Nonsatiation and Risk Aversion(p. 121)
7.3 Utility(p. 122)
7.4 Indifference Curves(p. 124)
7.5 Calculating Expected Returns and Standard Deviations for Portfolios(p. 128)
Appendix A Characteristics of Probability Distributions(p. 139)
Appendix B Risk-Neutral and Risk-Seeking Investors(p. 144)
Chapter 8 Portfolio Analysis(p. 147)
8.1 The Efficient Set Theorem(p. 147)
8.2 Concavity of the Efficient Set(p. 152)
8.3 The Market Model(p. 157)
8.4 Diversification(p. 160)
Chapter 9 Riskfree Lending and Borrowing(p. 169)
9.1 Defining the Riskfree Asset(p. 169)
9.2 Allowing for Riskfree Lending(p. 170)
9.3 Allowing for Riskfree Borrowing(p. 176)
9.4 Allowing for Both Riskfree Borrowing and Lending(p. 180)
Appendix Allowing for Different Borrowing and Lending Rates(p. 187)
Chapter 10 The Capital Asset Pricing Model(p. 190)
10.1 Assumptions(p. 190)
10.2 The Capital Market Line(p. 191)
10.3 The Security Market Line(p. 196)
10.4 The Market Model(p. 201)
Chapter 11 Factor Models(p. 208)
11.1 Factor Models and Return-Generating Processes(p. 208)
11.2 One-Factor Models(p. 209)
11.3 Multiple-Factor Models(p. 214)
11.4 Estimating Factor Models(p. 220)
11.5 Factor Models and Equilibrium(p. 223)
Chapter 12 Arbitrage Pricing Theory(p. 228)
12.1 Factor Models(p. 228)
12.2 Pricing Effects(p. 231)
12.3 Multiple-Factor Models(p. 234)
12.4 Identifying the Factors(p. 236)
Part IV Common Stocks(p. 241)
Chapter 13 Characteristics of Common Stocks(p. 241)
13.1 The Corporate Form(p. 241)
13.2 Cash Dividends(p. 248)
13.3 Stock Dividends and Stock Splits(p. 249)
13.4 Preemptive Rights(p. 251)
13.5 Ex Ante and Ex Post Values(p. 252)
13.6 Common Stock Betas(p. 252)
13.7 Growth versus Value(p. 257)
13.8 Primary Markets(p. 260)
Appendix Empirical Regularities in the Stock Market(p. 272)
Chapter 14 Financial Analysis of Common Stocks(p. 282)
14.1 Professional Organizations(p. 282)
14.2 Reasons for Financial Analysis(p. 284)
14.3 Technical Analysis(p. 287)
14.4 Fundamental Analysis(p. 292)
14.5 Financial Statement Analysis(p. 294)
14.6 Analysts' Recommendations and Stock Prices(p. 310)
14.7 Analyst Following and Stock Returns(p. 313)
14.8 Insider Trading(p. 313)
14.9 Sources of Investment Information(p. 315)
Appendix Technical Analysis(p. 321)
Chapter 15 Dividend Discount Models(p. 329)
15.1 Capitalization of Income Method of Valuation(p. 329)
15.2 The Zero-Growth Model(p. 332)
15.3 The Constant-Growth Model(p. 333)
15.4 The Multiple-Growth Model(p. 335)
15.5 Valuation Based on a Finite Holding Period(p. 339)
15.6 Models Based on Price-Earnings Ratios(p. 340)
15.7 Sources of Earnings Growth(p. 345)
15.8 Alpha and the Security Market Line(p. 349)
15.9 Dividend Discount Models and Expected Returns(p. 351)
Chapter 16 Dividends and Earnings(p. 358)
16.1 Stock Valuation Based on Earnings(p. 358)
16.2 Determinants of Dividends(p. 363)
16.3 The Information Content of Dividends(p. 365)
16.4 Accounting Earnings versus Economic Earnings(p. 368)
16.5 Relative Growth Rates of Firms' Earnings(p. 371)
16.6 Earnings Announcements and Price Changes(p. 373)
Chapter 17 Investment Management(p. 390)
17.1 Traditional Investment Management Organizations(p. 390)
17.2 Investment Management Functions(p. 392)
17.3 Setting Investment Policy(p. 392)
17.4 Security Analysis and Portfolio Construction(p. 397)
17.5 Portfolio Revision(p. 402)
17.6 Manager-Client Relations(p. 410)
Chapter 18 Portfolio Performance Evaluation(p. 415)
18.1 Measures of Return(p. 415)
18.2 Making Relevant Comparisons(p. 418)
18.3 Market Indices(p. 420)
18.4 Risk-Adjusted Measures of Performance(p. 425)
18.5 Market Timing(p. 438)
18.6 Criticisms of Risk-Adjusted Performance Measures(p. 442)
Part V Fixed-Income Securities(p. 451)
Chapter 19 Types of Fixed-Income Securities(p. 451)
19.1 Money Market Instruments(p. 451)
19.2 U.S. Government Securities(p. 455)
19.3 Federal Agency Securities(p. 464)
19.4 State and Local Government Securities(p. 470)
19.5 Corporate Bonds(p. 475)
19.6 Foreign Bonds(p. 484)
19.7 Eurobonds(p. 484)
19.8 Preferred Stock(p. 485)
Chapter 20 Fundamentals of Bond Valuation(p. 490)
20.1 Yield-to-Maturity(p. 490)
20.2 Spot Rates(p. 494)
20.3 Discount Factors(p. 495)
20.4 Forward Rates(p. 496)
20.5 Forward Rates and Discount Factors(p. 498)
20.6 Compounding(p. 498)
20.7 The Bank Discount Method(p. 499)
20.8 Yield Curves(p. 500)
20.9 Term Structure Theories(p. 501)
Appendix Continuous Compounding(p. 511)
Chapter 21 Bond Analysis(p. 514)
21.1 Applying the Capitalization of Income Method to Bonds(p. 514)
21.2 Bond Attributes(p. 516)
21.3 The Risk Structure of Interest Rates(p. 528)
21.4 Determinants of Yield Spreads(p. 530)
21.5 Financial Ratios as Predictors of Default(p. 531)
Chapter 22 Bond Portfolio Management(p. 537)
22.1 Bond Market Efficiency(p. 537)
22.2 Bond Pricing Theorems(p. 540)
22.3 Convexity(p. 543)
22.4 Duration(p. 544)
22.5 Immunization(p. 548)
22.6 Active Management(p. 553)
22.7 Passive Management(p. 558)
22.8 Bond Portfolio Performance Evaluation(p. 558)
22.9 Bonds versus Stocks(p. 563)
Appendix Empirical Regularities in the Bond Market(p. 567)
Part VI Other Investments(p. 573)
Chapter 23 Investment Companies(p. 573)
23.1 Net Asset Value(p. 574)
23.2 Major Types of Investment Companies(p. 574)
23.3 Investment Policies(p. 583)
23.4 Mutual Fund Taxation(p. 586)
23.5 Mutual Fund Performance(p. 585)
23.6 Evaluating Mutual Funds(p. 592)
23.7 Closed-End Fund Premiums and Discounts(p. 598)
Chapter 24 Options(p. 605)
24.1 Types of Option Contracts(p. 605)
24.2 Option Trading(p. 608)
24.3 Margin(p. 613)
24.4 Valuation of Options(p. 614)
24.5 The Binomial Option Pricing Model(p. 618)
24.6 The Black-Scholes Model for Call Options(p. 625)
24.7 The Valuation of Put Options(p. 632)
24.8 Index Options(p. 635)
Chapter 25 Futures(p. 641)
25.1 Hedgers and Speculators(p. 641)
25.2 The Futures Contract(p. 642)
25.3 Futures Markets(p. 643)
25.4 Basis(p. 651)
25.5 Returns on Futures(p. 652)
25.6 Futures Prices and Expected Spot Prices(p. 654)
25.7 Futures Prices and Current Spot Prices(p. 656)
25.8 Financial Futures(p. 658)
25.9 Futures versus Options(p. 666)
Chapter 26 International Investing(p. 672)
26.1 The Total Investable Capital Market Portfolio(p. 672)
26.2 Risk and Return from Foreign Investing(p. 675)
26.3 International Listings(p. 683)
26.4 Correlations between Markets(p. 686)
Glossary(p. 693)
References(p. 715)
Selected Solutions to End-of-Chapter Questions and Problems(p. 759)
Index(p. 763)

Extracto provisto por Syndetics

Preface Writing a textbook is never easy. For a subject as diverse as investments, the task is particularly difficult. The undisciplined writer could fill volumes and never finish. How does an author best go about organizing the many topics that constitute the field of investments? We chose to start by establishing a basic set of principles to guide our development of Fundamentals of Investments. We sincerely believe that the serious student of investments should acquire a balanced knowledge of both investment theory and practice. Granted, someone desiring only an introductory exposure to investment practice could get by with a minimal discussion of theory and focus almost exclusively on institutional details and personal finance applications. That approach, however, would leave the student unable to appreciate the many subtle and important issues faced daily by the investment professional. We have structured Fundamentals to present students taking their first course in investments with the basic building blocks of modern investment thought. Although the text is meant to present a thorough discussion of investments, we have constantly tried to remain faithful to three principles: Keep the material practical and relevant. Make the text easy to comprehend. Design the text for modular use by instructors. First, we have written Fundamentals to give students a working knowledge of the financial instruments available to investors and the ways in which markets for these instruments operate. We have avoided tangential discussions of issues not germane to the primary subject at hand. Second, we want the text to be accessible to students unfamiliar with investments. Therefore, we have tried to write in a clear, concise style, keeping mathematical notation to a minimum, and including numerous examples to explain the concepts presented. Finally, we want instructors to be able to use the text in a modular fashion. Although we have organized the text in what we believe to be a logical order, some instructors may wish to change that order or skip certain sections or chapters entirely. The organization of the text accommodates such preferences. This is the third edition of Fundamentals. As any textbook author will attest, a previous work can always be improved. Each time after the first and second editions were published, we received many helpful suggestions from instructors, readers, and reviewers regarding ways in which we could make Fundamentals better. In response, we have made a number of changes that we believe substantially enhance Fundamentals in terms of our goals of practicality, ease of comprehension, and flexibility. Specifically, the third edition contains the following differences from the second: Updated material. Where appropriate, we have updated the text to keep students abreast of the latest developments in investments. We have revised tables, graphs, and illustrations to incorporate current information. Furthermore, we have added discussions of recent important academic research. Revised Money Matters. In each chapter we have updated and in some cases replaced the Money Matters features, which are topical discussions designed to show students how some of the concepts described in the text are applied in the "real world." Improved the book's focus. We have concentrated on the most important concepts by eliminating those that have become less important over time. Added statistical concepts review section. In order to understand investments it is important for students to have a solid grounding in basic statistics. We have introduced this review section at the end of Chapter 7 to help refresh the reader's memory. Expanded and improved coverage of efficient markets. This concept plays a central role in modern thinking about investing regardless of ones beliefs. We have approached the subject differently than other texts. Instead of treating the subject in one lengthy section of the book, Chapter 4 provides a concise summary of efficient markets concepts. A review of the literature is then placed in chapters where that discussion is most relevant. Added international content. The globalization of investments is occurring at a rapid pace. It is imperative that students become familiar with an increasingly broad array of international investing concepts. Chapter 26 deals directly with international investing. Moreover, throughout the text we have considerably expanded the discussions of research and data on international securities and securities markets. There are also new discussions of currency management and interest-rate parity. Many people ask us how Fundamentals differs from our other book, Investments. After all, Investments, now in its sixth edition, has been one of the most successful finance textbooks published. Why another version of such a popular text? Both Fundamentals and Investments are comprehensive, covering all of the major aspects and theories of investing, while avoiding excess detail. Furthermore, both books contain similar features, such as a glossary of terms introduced in the text, and both books offer an instructor's manual and investment software. Investments, however, is written primarily for students who have stronger backgrounds in economics, statistics, and accounting. We felt that most students in their first investments course could benefit from a textbook designed to provide a less theoretical and technical approach to investments. Therefore, although we have not ignored the quantitative nature of modern investment theory and practice, we have considerably reduced the mathematical content from that contained in Investments. Moreover, we have organized Fundamentals in a different manner. Specifically, Fundamentals is organized in a modular fashion, as mentioned earlier, whereas Investments has a presentation style that is more integrated. Fundamentals contains several teaching aids that we believe instructors will find valuable. The terms highlighted within the text and noted marginally in each chapter emphasize important concepts. The glossary allows students to quickly reference terms discussed earlier in the text, thereby creating a continuity of concepts across chapters. The point-by-point chapter summaries permit students to easily identify essential thoughts developed in each chapter. We are particularly proud of the Money Matters articles presented in each chapter. Specifically written for Fundamentals, these articles are designed to give students a sense of how various investment issues are approached by practitioners as well as a glimpse of the techniques that are used. For example, the Money Matters box in Chapter 2 compares the various types of brokers, ranging from full-service to discount to online brokers; Chapter 18 discusses assessing manager skill; and Chapter 26 considers the controversial issue of whether to hedge a foreign investment portfolio. Furthermore, Ann Sherman, a recent faculty member of the Hong Kong University of Science and Technology for six years, wrote the Money Matters feature in Chapter 13 about raising capital in the world's largest emerging economy--The People's Republic of China. In addition, the Chartered Financial Analyst program is described in the Chapter 14 Money Matters. We believe the Money Matters articles provide both interesting reading for students and a stimulating source of classroom discussion material. An extended supplements package accompanies the third edition of Fundamentals. Included in this package are Instructor's Manual. Prepared by the authors, the Instructor's Manual contains detailed solutions to all end-of-chapter questions and problems in the text. A set of course outlines designed to accommodate a variety of teaching approaches is also presented. Test Bank. Completely revised and rewritten by Joseph R Greco of California State University, Fullerton, the test bank contains approximately 1,400 multiple-choice and true/false questions. The third edition Test Bank contains more even coverage of topics and provides three levels of difficulty: knowledge, comprehension, and application/analysis. Prentice Hall Test Manager. The Test Bank is designed for use with the Prentce Hall Test Manager, a computerized package that allows instructors to custom design, save, and generate classroom tests. The test program permits instructors to edit, and, or delete questions from the test bank; organize exams; analyze test results; and create a database of student results. PowerPoint Lecture Presentation. Created by Joseph J. Greco, the PowerPoints provide detailed lecture outlines and summaries that can be tailored for individual use. The PowerPoints can be downloaded from the Fundamentals web site at www.prenhall.com/financecenter. Financial Engines Investment AdvisorsmService. With every new purchase of Fundamentals of Investments, third edition, students can enjoy a 25 percent discount on a subscription to the Financial Engines Investment Advisor Service. With this service students will receive the following: the ability to forecast their investments and see what their results may yield, professional investment advice, and the ability to monitor their investments to stay on track as the markets change. To subscribe or to receive additional information, please go to www.prenhall.com/alexander or www.prenhall.com/financecenter. Many people have assisted us in preparing the third edition of this book, and we would like to acknowledge them as well as those who helped us with earlier editions. Specifically, we would like to thank Seth Anderson, Ted Aronson, Ann Bailey, Ed Baker, Michael Barclay, Kenneth S. Bartunek, Jeffrey Born, E. Taylor Claggett, John Cone, James Conley, Thomas Eyssell, Mark Edwards, Joe Finnerty, Charlie Freund, Ping Hsiao, Robert Jennings, Lee Jones, Steven L. Jones, Dougles R. Kahi, Ed Keon, Jaroslaw Komarynsky, Linda Kramer, K. C. Ma, S. Maheswaran, Linda J. Martin, Carl McGowan, Ronald Melicher, John Nagorniak, Tom Nohel, Thomas O'Brien, Martha Ortiz, James A. Overdahl, Lynne Pi, Maggie Queen, Sailesh Ramamurtie, Peter Robbins, Scott Rosen, Frank Roszkiewicz, Anthony Sanders, Frederick P Schadler, Jandhyala L. Sharma, Arlene Spiegel, Len Washko, Tony Wilkins, Robert Wolf, Steve Wunsch, Fernando Zapatero, Emilio Zarruk, and Ken Zumwalt. We would like to give a special thank you to Henry Hecht for his many constructive comments and sharp-eyed "catches"; to Ann Sherman for writing one of the Money Matters features; and the following reviewers: Victor Abraham, FIDM; Grace Allen, Western Carolina University; Carol Billingham, Central Michigan University; Howard Bohnen, St. Cloud State University; Stephen Brown, New York University; Don Cox, Appalachian State University; Marcus Ingram, Clark Atlanta University; Reinhold Lamb, University of North Carolina at Charlotte; David Louton, Bryant College; Linda Martin, Arizona State University; Byron Menides, Worcester Polytechnic Institute; and David Upton, Virginia Commonwealth University. We are also especially grateful to the people at Prentice Hall, particularly Maureen Riopelle, senior editor; Gladys Soto, managing editor; Cheryl Clayton, editorial assistant; Lori Braumberger, senior marketing manager; Kelly Warsak, production coordinator; and Katherine Evancie, copy editor; and to Robert Howerton of Omegatype Typography, Inc., for their work in preparing the text for publication. We have learned much by writing this book and hope that you will learn much by reading it. Although we have done our best to eliminate errors from the book, experience tells us that perfection is unattainable. Thus, we encourage those students and instructors with constructive comments to send them to us at either galexander@csom.umn.edu, wfsharpe@leland.stanford.edu, or jeff.bailey@target.com. GJA WFS JVB Excerpted from Fundamentals of Investments by Gordon J. Alexander, Jeffery V. Bailey, William F. Sharpe All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

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