Efnisyfirlit

• Investments: Principles of Portfolio and Equity Analysis
• Contents
• Foreword
• Acknowledgments
• Introduction
• Chapter 1: Market Organization and Structure
  • Learning Outcomes
  • 1. Introduction
  • 2. The Functions of the Financial System
    • 2.1. Helping People Achieve Their Purposes in Using the Financial System
    • 2.2. Determining Rates of Return
    • 2.3. Capital Allocation Efficiency
  • 3. Assets and Contracts
    • 3.1. Classifications of Assets and Markets
    • 3.2. Securities
    • 3.3. Currencies
    • 3.4. Contracts
    • 3.5. Commodities
    • 3.6. Real Assets
  • 4. Financial Intermediaries
    • 4.1. Brokers, Exchanges, and Alternative Trading Systems
    • 4.2. Dealers
    • 4.3. Securitizers
    • 4.4. Depository Institutions and Other Financial Corporations
    • 4.5. Insurance Companies
    • 4.6. Arbitrageurs
    • 4.7. Settlement and Custodial Services
    • 4.8. Summary
  • 5. Positions
    • 5.1. Short Positions
    • 5.2. Levered Positions
  • 6. Orders
    • 6.1. Execution Instructions
    • 6.2. Validity Instructions
    • 6.3. Clearing Instructions
  • 7. Primary Security Markets
    • 7.1. Public Offerings
    • 7.2. Private Placements and Other Primary Market Transactions
    • 7.3. Importance of Secondary Markets to Primary Markets
  • 8. Secondary Security Market and Contract Market Structures
    • 8.1. Trading Sessions
    • 8.2. Execution Mechanisms
    • 8.3. Market Information Systems
  • 9. Well-Functioning Financial Systems
  • 10. Market Regulation
  • 11. Summary
  • Problems
• Chapter 2: Security Market Indices
  • Learning Outcomes
  • 1. Introduction
  • 2. Index Definition and Calculations of Value and Returns
    • 2.1. Calculation of Single-Period Returns
    • 2.2. Calculation of Index Values over Multiple Time Periods
  • 3. Index Construction and Management
    • 3.1. Target Market and Security Selection
    • 3.2. Index Weighting
    • 3.3. Index Management: Rebalancing and Reconstitution
  • 4. Uses of Market Indices
    • 4.1. Gauges of Market Sentiment
    • 4.2. Proxies for Measuring and Modeling Returns, Systematic Risk, and Risk-Adjusted Performance
    • 4.3. Proxies for Asset Classes in Asset Allocation Models
    • 4.4. Benchmarks for Actively Managed Portfolios
    • 4.5. Model Portfolios for Investment Products
  • 5. Equity Indices
    • 5.1. Broad Market Indices
    • 5.2. Multimarket Indices
    • 5.3. Sector Indices
    • 5.4. Style Indices
  • 6. Fixed-Income Indices
    • 6.1. Construction
    • 6.2. Types of Fixed-Income Indices
  • 7. Indices for Alternative Investments
    • 7.1. Commodity Indices
    • 7.2. Real Estate Investment Trust Indices
    • 7.3. Hedge Fund Indices
  • 8. Summary
  • Problems
• Chapter 3: Market Efficiency
  • Learning Outcomes
  • 1. Introduction
  • 2. The Concept of Market Efficiency
    • 2.1. The Description of Efficient Markets
    • 2.2. Market Value versus Intrinsic Value
    • 2.3. Factors Contributing to and Impeding a Market's Efficiency
    • 2.4. Transaction Costs and Information-Acquisition Costs
  • 3. Forms of Market Efficiency
    • 3.1. Weak Form
    • 3.2. Semistrong Form
    • 3.3. Strong Form
    • 3.4. Implications of the Efficient Market Hypothesis
  • 4. Market Pricing Anomalies
    • 4.1. Time-Series Anomalies
    • 4.2. Cross-Sectional Anomalies
    • 4.3. Other Anomalies
    • 4.4. Implications for Investment Strategies
  • 5. Behavioral Finance
    • 5.1. Loss Aversion
    • 5.2. Overconfidence
    • 5.3. Other Behavioral Biases
    • 5.4. Information Cascades
    • 5.5. Behavioral Finance and Efficient Markets
  • 6. Summary
  • Problems
• Chapter 4: Portfolio Management: An Overview
  • Learning Outcomes
  • 1. Introduction
  • 2. A Portfolio Perspective on Investing
    • 2.1. Portfolio Diversification: Avoiding Disaster
    • 2.2. Portfolios: Reduce Risk
    • 2.3. Portfolios: Composition Matters for the Risk–Return Tradeoff
    • 2.4. Portfolios: Not Necessarily Downside Protection
    • 2.5. Portfolios: The Emergence of Modern Portfolio Theory
  • 3. Investment Clients
    • 3.1. Individual Investors
    • 3.2. Institutional Investors
  • 4. Steps in the Portfolio Management Process
    • 4.1. Step One: The Planning Step
    • 4.2. Step Two: The Execution Step
    • 4.3. Step Three: The Feedback Step
  • 5. Pooled Investments
    • 5.1. Mutual Funds
    • 5.2. Types of Mutual Funds
    • 5.3. Other Investment Products
  • 6. Summary
  • Problems
• Chapter 5: Portfolio Risk and Return: Part I
  • Learning Outcomes
  • 1. Introduction
  • 2. Investment Characteristics of Assets
    • 2.1. Return
    • 2.2. Other Major Return Measures and Their Applications
    • 2.3. Variance and Covariance of Returns
    • 2.4. Historical Return and Risk
    • 2.5. Other Investment Characteristics
  • 3. Risk Aversion and Portfolio Selection
    • 3.1. The Concept of Risk Aversion
    • 3.2. Utility Theory and Indifference Curves
    • 3.3. Application of Utility Theory to Portfolio Selection
  • 4. Portfolio Risk
    • 4.1. Portfolio of Two Risky Assets
    • 4.2. Portfolio of Many Risky Assets
    • 4.3. The Power of Diversification
  • 5. Efficient Frontier and Investor's Optimal Portfolio
    • 5.1. Investment Opportunity Set
    • 5.2. Minimum-Variance Portfolios
    • 5.3. A Risk-Free Asset and Many Risky Assets
    • 5.4. Optimal Investor Portfolio
  • 6. Summary
  • Problems
• Chapter 6: Portfolio Risk and Return: Part II
  • Learning Outcomes
  • 1. Introduction
  • 2. Capital Market Theory
    • 2.1. Portfolio of Risk-Free and Risky Assets
    • 2.2. The Capital Market Line
  • 3. Pricing of Risk and Computation of Expected Return
    • 3.1. Systematic Risk and Nonsystematic Risk
    • 3.2. Calculation and Interpretation of Beta
  • 4. The Capital Asset Pricing Model
    • 4.1. Assumptions of the CAPM
    • 4.2. The Security Market Line
    • 4.3. Applications of the CAPM
  • 5. Beyond the Capital Asset Pricing Model
    • 5.1. The CAPM
    • 5.2. Limitations of the CAPM
    • 5.3. Extensions to the CAPM
    • 5.4. The CAPM and Beyond
  • 6. Summary
  • Problems
• Chapter 7: Basics of Portfolio Planning and Construction
  • Learning Outcomes
  • 1. Introduction
  • 2. Portfolio Planning
    • 2.1. The Investment Policy Statement
    • 2.2. Major Components of an IPS
    • 2.3. Gathering Client Information
  • 3. Portfolio Construction
    • 3.1. Capital Market Expectations
    • 3.2. The Strategic Asset Allocation
    • 3.3. Steps toward an Actual Portfolio
    • 3.4. Additional Portfolio Organizing Principles
  • 4. Summary
  • Problems
• Chapter 8: Overview of Equity Securities
  • Learning Outcomes
  • 1. Introduction
  • 2. Equity Securities in Global Financial Markets
  • 3. Types and Characteristics of Equity Securities
    • 3.1. Common Shares
    • 3.2. Preference Shares
  • 4. Private versus Public Equity Securities
  • 5. Investing in Nondomestic Equity Securities
    • 5.1. Direct Investing
    • 5.2. Depository Receipts
  • 6. Risk and Return Characteristics of Equity Securities
    • 6.1. Return Characteristics of Equity Securities
    • 6.2. Risk of Equity Securities
  • 7. Equity Securities and Company Value
    • 7.1. Accounting Return on Equity
    • 7.2. The Cost of Equity and Investors' Required Rates of Return
  • 8. Summary
  • Problems
• Chapter 9: Introduction to Industry and Company Analysis
  • Learning Outcomes
  • 1. Introduction
  • 2. Uses of Industry Analysis
  • 3. Approaches to Identifying Similar Companies
    • 3.1. Products and/or Services Supplied
    • 3.2. Business-Cycle Sensitivities
    • 3.3. Statistical Similarities
  • 4. Industry Classification Systems
    • 4.1. Commercial Industry Classification Systems
    • 4.2. Governmental Industry Classification Systems
    • 4.3. Strengths and Weaknesses of Current Systems
    • 4.4. Constructing a Peer Group
  • 5. Describing and Analyzing an Industry
    • 5.1. Principles of Strategic Analysis
    • 5.2. External Influences on Industry Growth, Profitability, and Risk
  • 6. Company Analysis
    • 6.1. Elements That Should Be Covered in a Company Analysis
    • 6.2. Spreadsheet Modeling
  • 7. Summary
  • Problems
• Chapter 10: Equity Valuation: Concepts and Basic Tools
  • Learning Outcomes
  • 1. Introduction
  • 2. Estimated Value and Market Price
  • 3. Major Categories of Equity Valuation Models
  • 4. Present Value Models: The Dividend Discount Model
    • 4.1. Preferred Stock Valuation
    • 4.2. The Gordon Growth Model
    • 4.3. Multistage Dividend Discount Models
  • 5. Multiplier Models
    • 5.1. Relationships among Price Multiples, Present Value Models, and Fundamentals
    • 5.2. The Method of Comparables
    • 5.3. Illustration of a Valuation Based on Price Multiples
    • 5.4. Enterprise Value
  • 6. Asset-Based Valuation
  • 7. Summary
  • Problems
• Chapter 11: Equity Market Valuation
  • Learning Outcomes
  • 1. Introduction
  • 2. Estimating a Justified P/E Ratio
    • 2.1. Neoclassical Approach to Growth Accounting
    • 2.2. The China Economic Experience
    • 2.3. Quantifying China's Future Economic Growth
    • 2.4. Equity Market Valuation
  • 3. Top-Down and Bottom-Up Forecasting
    • 3.1. Portfolio Suitability of Each Forecasting Type
    • 3.2. Using Both Forecasting Types
    • 3.3. Top-Down and Bottom-Up Forecasting of Market Earnings per Share
  • 4. Relative Value Models
    • 4.1. Earnings-Based Models
    • 4.2. Asset-Based Models
  • 5. Summary
    • Problems
• Chapter 12: Technical Analysis
  • Learning Outcomes
  • 1. Introduction
  • 2. Technical Analysis: Definition and Scope
    • 2.1. Principles and Assumptions
    • 2.2. Technical and Fundamental Analysis
  • 3. Technical Analysis Tools
    • 3.1. Charts
    • 3.2. Trend
    • 3.3. Chart Patterns
    • 3.4. Technical Indicators
    • 3.5. Cycles
  • 4. Elliott Wave Theory
  • 5. Intermarket Analysis
  • 6. Summary
  • Problems
• Glossary
• References
• About the Authors
• About the CFA Program
• Index

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