Investments ISE

Höfundar: Zvi Bodie; Alex Kane; Alan Marcus; Nicholas Racculia (Útgáfa: 14)
Investments ISE

Kaup valmöguleikar

Investments er kennslubók fyrir framhaldsnám (MBA), einkum ætluð námskeiðum í fjárfestingargreiningu. Efnið er sett fram út frá grundvallarreglum og fjallað um helstu viðfangsefni sem skipta fjárfesta máli. Höfundarnir fylgja áherslum CFA Institute og tryggja þannig að bókin styðji við námsefni CFA. Meginþemað er að verðbréfamarkaðir séu því sem næst skilvirkir: Flest verðbréf séu rétt verðlögð með hliðsjón af áhættu og ávöxtun og samkeppnismarkaðir bjóði þátttakendum ekki upp á „ókeypis hádegisverð“.

Nánar um bókina

Útgefandi
McGraw-Hill Higher Education (International)
ISBN
9781264516971
Print ISBN
9781265417550
Format
ePub
Útgáfa
14
Höfundar
Zvi Bodie; Alex Kane; Alan Marcus; Nicholas Racculia
Tungumál
English
Útgefið
2026-01-13
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Front Matter
  • Cover Page
  • Titlepage
  • Copyright
  • About the Authors
  • ZVI BODIE
  • ALEX KANE
  • ALAN J. MARCUS
  • NICHOLAS M. RACCULIA
  • Brief Contents
  • PART I
  • PART II
  • PART III
  • PART IV
  • PART V
  • PART VI
  • PART VII
  • Contents
  • PART I Introduction 1
  • PART IIPortfolio Theory and Practice 125
  • PART IIIEquilibrium in Capital Markets 291
  • PART IVFixed-Income Securities 445
  • PART VSecurity Analysis 559
  • PART VIOptions, Futures, and Other Derivatives 683
  • PART VIIApplied Portfolio Management 839
  • Preface
  • UNDERLYING PHILOSOPHY
  • NEW IN THE 2026 RELEASE
  • ORGANIZATION AND CONTENT
  • Distinctive Features
  • CONCEPT CHECKS
  • Connect
  • Supplements
  • INSTRUCTOR LIBRARY
  • ADDITIONAL STUDENT RESOURCES
  • STUDENT PROGRESS TRACKING
  • MCGRAW HILL CUSTOMER CARE CONTACT INFORMATION
  • Acknowledgments
  • Chapter 1: The Investment Environment
  • Introduction
  • Chapter 1The Investment Environment
  • 1.1: Real Assets versus Financial Assets
  • 1.2: Financial Assets
  • 1.3: Financial Markets and the Economy
  • The Informational Role of Financial Markets
  • Consumption Timing
  • Allocation of Risk
  • Separation of Ownership and Management
  • Stakeholder Capitalism and ESG Investing
  • Corporate Governance and Corporate Ethics
  • 1.4: The Investment Process
  • 1.5: Markets Are Competitive
  • The Risk–Return Trade-Off
  • Efficient Markets
  • 1.6: The Players
  • Financial Intermediaries
  • Investment Bankers
  • Venture Capital and Private Equity
  • Fintech, Artificial Intelligence, and Decentralized Finance
  • Cryptowinter, 2022
  • 1.7: The Financial Crisis of 2008–2009
  • 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
  • 1.8: Outline of the Text
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 2: Asset Classes and Financial Instruments
  • Introduction
  • 2.1: The Money Market
  • Treasury Bills
  • Certificates of Deposit
  • Commercial Paper
  • Bankers’ Acceptances
  • Eurodollars
  • Repos and Reverses
  • Federal Funds
  • Brokers’ Calls
  • LIBOR and Its Replacements
  • Yields on Money Market Instruments
  • Money Market Funds
  • 2.2: The Bond Market
  • Treasury Notes and Bonds
  • Inflation-Protected Treasury Bonds
  • Federal Agency Debt
  • International Bonds
  • Municipal Bonds
  • Corporate Bonds
  • Mortgage and Asset-Backed Securities
  • 2.3: Equity Securities
  • Common Stock as Ownership Shares
  • Characteristics of Common Stock
  • Stock Market Listings
  • Preferred Stock
  • Depositary Receipts
  • 2.4: Stock and Bond Market Indexes
  • Stock Market Indexes
  • Dow Jones Industrial Average
  • The Standard & Poor’s 500 Index
  • Russell Indexes
  • Other U.S. Market-Value Indexes
  • Equally Weighted Indexes
  • Foreign and International Stock Market Indexes
  • Bond Market Indicators
  • 2.5: Derivative Markets
  • Options
  • Futures Contracts
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 3: How Securities Are Traded
  • Introduction
  • 3.1: How Firms Issue Securities
  • Privately Held Firms
  • Publicly Traded Companies
  • Shelf Registration
  • Initial Public Offerings
  • SPACs versus Traditional IPOs
  • 3.2: How Securities Are Traded
  • Types of Markets
  • Types of Orders
  • Trading Mechanisms
  • 3.3: The Rise of Electronic Trading
  • 3.4: U.S. Markets
  • NASDAQ
  • The New York Stock Exchange
  • ECNs
  • 3.5: New Trading Strategies
  • Algorithmic Trading
  • High-Frequency Trading
  • Dark Pools
  • Internalization
  • Bond Trading
  • 3.6: Globalization of Stock Markets
  • 3.7: Trading Costs
  • 3.8: Buying on Margin
  • 3.9: Short Sales
  • 3.10: Regulation of Securities Markets
  • Self-Regulation
  • The Sarbanes–Oxley Act
  • Insider Trading
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 4: Mutual Funds and Other Investment Companies
  • Introduction
  • 4.1: Investment Companies
  • 4.2: Types of Investment Companies
  • Unit Investment Trusts
  • Managed Investment Companies
  • Exchange-Traded Funds
  • Other Investment Organizations
  • 4.3: Mutual Funds
  • Investment Policies
  • How Funds Are Sold
  • 4.4: Costs of Investing in Mutual Funds
  • Fee Structure
  • Fees and Mutual Fund Returns
  • 4.5 Taxation of Mutual Fund Income
  • 4.6 Exchange-Traded Funds
  • 4.7 Mutual Fund Investment Performance: A First Look
  • 4.8 Information on Mutual Funds
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 5: Risk, Return, and the Historical Record
  • Introduction
  • Chapter 5Risk, Return, and the Historical Record
  • 5.1: Measuring Returns over Different Holding Periods
  • Annual Percentage Rates
  • Continuous Compounding
  • 5.2 Interest Rates and Inflation Rates
  • Real and Nominal Rates of Interest
  • The Equilibrium Real Rate of Interest
  • Interest Rates and Inflation
  • Taxes and the Real Rate of Interest
  • Treasury Bills and Inflation, 1927–2024
  • 5.3 Risk and Risk Premiums
  • Holding-Period Returns
  • Expected Return and Standard Deviation
  • Excess Returns and Risk Premiums
  • The Reward-to-Volatility (Sharpe) Ratio
  • 5.4 The Normal Distribution
  • 5.5 Deviations from Normality and Tail Risk
  • Value at Risk
  • Expected Shortfall
  • Lower Partial Standard Deviation and the Sortino Ratio
  • Relative Frequency of Large, Negative 3-Sigma Returns
  • 5.6 Learning from Historical Returns
  • Time Series versus Scenario Analysis
  • Expected Returns and the Arithmetic Average
  • The Geometric (Time-Weighted) Average Return
  • Estimating Variance and Standard Deviation
  • Mean and Standard Deviation Estimates from Higher-Frequency Observations
  • 5.7 Historic Returns on Risky Portfolios
  • A Global View of the Historical Record
  • 5.8 Normality and Long-Term Investments
  • Forecasts for the Long Haul
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Python Questions
  • Solutions to Concept Checks
  • Appendix A: Monte Carlo Simulation
  • Chapter 6: Capital Allocation to Risky Assets
  • Introduction
  • 6.1: Risk and Risk Aversion
  • Risk, Speculation, and Gambling
  • Risk Aversion and Utility Values
  • Estimating Risk Aversion
  • 6.2: Capital Allocation across Risky and Risk-Free Portfolios
  • 6.3: The Risk-Free Asset
  • 6.4: Portfolios of One Risky Asset and a Risk-Free Asset
  • 6.5: Risk Tolerance and Asset Allocation
  • Non-Normal Returns
  • 6.6: Passive Strategies: The Capital Market Line
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Appendix A: Risk Aversion, Expected Utility, and the St. Petersburg Paradox
  • Problems: Appendix A
  • Solutions to Concept Checks
  • Chapter 7: Efficient Diversification
  • Introduction
  • 7.1: Diversification and Portfolio Risk
  • 7.2: Portfolios of Two Risky Assets
  • 7.3: Asset Allocation with Stocks, Bonds, and Bills
  • Asset Allocation with Two Risky Asset Classes
  • 7.4: The Markowitz Portfolio Optimization Model
  • Security Selection
  • Capital Allocation and the Separation Property
  • The Power of Diversification
  • Asset Allocation versus Security Selection
  • 7.5: Risk Pooling, Risk Sharing, and Time Diversification
  • Risk Sharing versus Risk Pooling
  • Time Diversification
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Appendix A: A Spreadsheet Model for Efficient Diversification
  • The Input List
  • Using Excel’s Solver
  • Finding the Optimal Risky Portfolio on the Efficient Frontier
  • The Optimal CAL
  • The Optimal Risky Portfolio and the Short-Sales Constraint
  • Appendix B: Python Code for Efficient Diversification
  • Python Libraries
  • Create the Investable Universe
  • Building the Efficient Frontier
  • Finding the Optimal Capital Allocation Line
  • Generate the Output
  • Appendix C: Review of Portfolio Statistics
  • Expected Returns
  • Variance and Standard Deviation
  • Covariance
  • Correlation Coefficient
  • Portfolio Variance
  • Chapter 8: Index Models
  • Introduction
  • 8.1 A Single-Factor Security Market
  • The Input List of the Markowitz Model
  • Systematic versus Firm-Specific Risk
  • 8.2 The Single-Index Model
  • 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
  • 8.3 Estimating the Single-Index Model
  • The Security Characteristic Line for U.S. Steel
  • The Explanatory Power of U.S. Steel’s SCL
  • The Estimate of Alpha
  • The Estimate of Beta
  • Firm-Specific Risk
  • 8.4 The Industry Version of the Index Model
  • 8.5 Portfolio Construction Using the Single-Index Model
  • 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
  • Correlation and Covariance Matrix
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 9: The Capital Asset Pricing Model
  • Introduction
  • Chapter 9 The Capital Asset PART III Pricing Model
  • 9.1 The Capital Asset Pricing Model
  • 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
  • 9.2 Assumptions and Extensions of the CAPM
  • Identical Input Lists
  • Risk-Free Borrowing and the Zero-Beta Model
  • Labor Income and Other Nontraded Assets
  • A Multiperiod Model and Hedge Portfolios
  • A Consumption-Based CAPM
  • Liquidity and the CAPM
  • 9.3 Issues in Testing the CAPM
  • 9.4 The CAPM and the Investment Industry
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 10: Arbitrage Pricing Theory and Multifactor Models of Risk and Return
  • Introduction
  • 10.1 Multifactor Models: A Preview
  • Factor Models of Security Returns
  • 10.2 Arbitrage Pricing Theory
  • Arbitrage, Risk Arbitrage, and Equilibrium
  • The Security Market Line of the APT
  • Well-Diversified Portfolios in Practice
  • 10.3 The APT and the CAPM
  • 10.4 A Multifactor APT
  • 10.5 The Fama-French (FF) Three-Factor Model
  • Estimating and Implementing a Three-Factor SML
  • Extensions of the Three-Factor Model: A First Look
  • Smart Betas and Multifactor Models
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 11: The Efficient Market Hypothesis
  • Introduction
  • 11.1: Random Walks and Efficient Markets
  • Competition as the Source of Efficiency
  • Versions of the Efficient Market Hypothesis
  • 11.2: Implications of the EMH
  • Technical Analysis
  • Fundamental Analysis
  • Active versus Passive Portfolio Management
  • The Role of Portfolio Management in an Efficient Market
  • Resource Allocation
  • 11.3: Event Studies
  • 11.4: Are Markets Efficient?
  • The Issues
  • Weak-Form Tests: Patterns in Stock Returns
  • Predictors of Broad Market Returns
  • Semistrong Tests: Market Anomalies
  • Strong-Form Tests: Inside Information
  • Interpreting the Anomalies
  • Bubbles and Market Efficiency
  • 11.5: Mutual Fund and Analyst Performance
  • Stock Market Analysts
  • Mutual Fund Managers
  • So, Are Markets Efficient?
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 12: Behavioral Finance, Technical Analysis, and Artificial Intelligence
  • Introduction
  • 12.1: The Behavioral Critique
  • Information Processing
  • Behavioral Biases
  • Limits to Arbitrage
  • Limits to Arbitrage and the Law of One Price
  • Bubbles and Behavioral Economics
  • Evaluating the Behavioral Critique
  • 12.2: Technical Analysis and Behavioral Finance
  • Trends and Corrections
  • Sentiment Indicators
  • A Warning
  • 12.3: Artificial Intelligence, Machine Learning, and Technical Analysis
  • Other Applications of Artificial Intelligence
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 13: Empirical Evidence on Security Returns
  • Introduction
  • 13.1 Two-Pass Tests of Asset Pricing
  • Testing the Single-Factor SML
  • The Market Index
  • Measurement Error in Beta
  • 13.2 Tests of the Multifactor Models
  • Private (Nontraded) Business
  • Macroeconomic Risk Factors
  • 13.3 Fama-French-Type Factor Models
  • Size and B/M as Risk Factors
  • Behavioral Explanations
  • Momentum: A Fourth Factor
  • The Factor Zoo
  • 13.4 Liquidity and Asset Pricing
  • 13.5 The Equity Premium Puzzle
  • Expected versus Realized Returns
  • Survivorship Bias
  • Extensions to the CAPM May Mitigate the Equity Premium Puzzle
  • Liquidity and the Equity Premium Puzzle
  • Behavioral Explanations of the Equity Premium Puzzle
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 14: Bond Prices and Yields
  • Introduction
  • Chapter 14Bond Prices and Yields
  • 14.1 Bond Characteristics
  • Treasury Bonds and Notes
  • Corporate Bonds
  • Preferred Stock
  • Other Domestic Issuers
  • International Bonds
  • Innovation in the Bond Market
  • 14.2 Bond Pricing
  • Bond Pricing between Coupon Dates
  • 14.3 Bond Yields
  • Yield to Maturity
  • Yield to Call
  • Realized Compound Return versus Yield to Maturity
  • 14.4 Bond Prices over Time
  • Yield to Maturity versus Holding-Period Return
  • Zero-Coupon Bonds and Treasury Strips
  • After-Tax Returns
  • 14.5 Default Risk and Bond Pricing
  • Junk Bonds
  • Determinants of Bond Safety
  • Bond Indentures
  • Yield to Maturity and Default Risk
  • Credit Default Swaps
  • Credit Risk and Collateralized Debt Obligations
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 15: The Term Structure of Interest Rates
  • Introduction
  • 15.1 The Yield Curve
  • Bond Pricing
  • 15.2 The Yield Curve and Future Interest Rates
  • The Yield Curve under Certainty
  • Holding-Period Returns
  • Forward Rates
  • 15.3 Interest Rate Uncertainty and Forward Rates
  • 15.4 Theories of the Term Structure
  • The Expectations Hypothesis
  • Liquidity Preference Theory
  • Market Segmentation
  • 15.5 Interpreting the Term Structure
  • 15.6 Forward Rates as Forward Contracts
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • PYTHON QUESTIONS
  • Solutions to Concept Checks
  • Chapter 16: Managing Bond Portfolios
  • Introduction
  • 16.1 Interest Rate Risk
  • Interest Rate Sensitivity
  • Duration
  • What Determines Duration?
  • 16.2 Convexity
  • Why Do Investors Like Convexity?
  • Duration and Convexity of Callable Bonds
  • Duration and Convexity of Mortgage-Backed Securities
  • 16.3 Passive Bond Management
  • Bond-Index Funds
  • Immunization
  • Cash Flow Matching and Dedication
  • Other Problems with Conventional Immunization
  • 16.4 Active Bond Management
  • Sources of Potential Profit
  • Horizon Analysis
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 17: Macroeconomic and Industry Analysis
  • Introduction
  • Chapter 17Macroeconomic and Industry Analysis
  • 17.1 The Global Economy
  • 17.2 The Domestic Macroeconomy
  • Key Economic Indicators
  • 17.3 Demand and Supply Shocks
  • 17.4 Federal Government Policy
  • Fiscal Policy
  • Monetary Policy
  • Supply-Side Policies
  • 17.5 Business Cycles
  • The Business Cycle
  • Economic Indicators
  • 17.6 Industry Analysis
  • Defining an Industry
  • Sensitivity to the Business Cycle
  • Sector Rotation
  • Industry Life Cycles
  • Industry Structure and Performance
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 18: Equity Valuation Models
  • Introduction
  • 18.1 Valuation by Comparables
  • Limitations of Book Value
  • 18.2 Intrinsic Value versus Market Price
  • 18.3 Dividend Discount Models
  • The Constant-Growth DDM
  • Convergence of Price to Intrinsic Value
  • Stock Prices and Investment Opportunities
  • Life Cycles and Multistage Growth Models
  • Multistage Growth Models
  • 18.4 The Price–Earnings Ratio
  • The Price–Earnings Ratio and Growth Opportunities
  • P/E Ratios and Stock Risk
  • Pitfalls in P/E Analysis
  • The Cyclically Adjusted P/E Ratio
  • Combining P/E Analysis and the DDM
  • Other Comparative Valuation Ratios
  • 18.5 Free Cash Flow Valuation Approaches
  • Comparing the Valuation Models
  • The Problem with DCF Models
  • 18.6 The Aggregate Stock Market
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 19: Financial Statement Analysis
  • Introduction
  • 19.1 The Major Financial Statements
  • The Income Statement
  • The Balance Sheet
  • The Statement of Cash Flows
  • 19.2 Measuring Firm Performance
  • 19.3 Profitability Measures
  • Return on Assets, ROA
  • Return on Capital, ROC
  • Return on Equity, ROE
  • Financial Leverage and ROE
  • Economic Value Added
  • 19.4 Ratio Analysis
  • Decomposition of ROE
  • Turnover and Other Asset Utilization Ratios
  • Liquidity Ratios
  • Market Price Ratios: Growth versus Value
  • Choosing a Benchmark
  • 19.5 An Illustration of Financial Statement Analysis
  • 19.6 Comparability Problems
  • Inventory Valuation
  • Depreciation
  • Inflation and Interest Expense
  • Fair Value Accounting
  • Quality of Earnings and Accounting Practices
  • International Accounting Conventions
  • 19.7 Value Investing: The Graham Technique
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 20: Options Markets: Introduction
  • Introduction
  • Chapter 20Options Markets: Introduction
  • 20.1 The Option Contract
  • Options Trading
  • American versus European Options
  • Adjustments in Option Contract Terms
  • The Options Clearing Corporation
  • Other Listed Options
  • 20.2 Values of Options at Expiration
  • Call Options
  • Put Options
  • Option versus Stock Investments
  • 20.3 Option Strategies
  • Protective Put
  • Covered Calls
  • Straddle
  • Spreads
  • Collars
  • 20.4 The Put-Call Parity Relationship
  • 20.5 Option-Like Securities
  • Callable Bonds
  • Convertible Securities
  • Warrants
  • Collateralized Loans
  • Levered Equity and Risky Debt
  • 20.6 Financial Engineering
  • 20.7 Exotic Options
  • Asian Options
  • Barrier Options
  • Lookback Options
  • Currency-Translated Options
  • Digital Options
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 21: Option Valuation
  • Introduction
  • 21.1 Option Valuation: Introduction
  • Intrinsic and Time Values
  • Determinants of Option Values
  • 21.2 Restrictions on Option Values
  • Restrictions on the Value of a Call Option
  • Early Exercise and Dividends
  • Early Exercise of American Puts
  • 21.3 Binomial Option Pricing
  • Two-State Option Pricing
  • Generalizing the Two-State Approach
  • Making the Valuation Model Practical
  • 21.4 Black-Scholes Option Valuation
  • The Black-Scholes Formula
  • Implied Volatility
  • Dividends and Call Option Valuation
  • Put Option Valuation
  • Dividends and Put Option Valuation
  • 21.5 Using the Black-Scholes Formula
  • Hedge Ratios and the Black-Scholes Formula
  • Portfolio Insurance
  • Option Pricing and the Financial Crisis
  • Option Pricing and Portfolio Theory
  • Hedging Bets on Mispriced Options
  • 21.6 Empirical Evidence on Option Pricing
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • PYTHON QUESTIONS
  • Solutions To Concept Checks
  • Chapter 22: Futures Markets
  • Introduction
  • 22.1 The Futures Contract
  • The Basics of Futures Contracts
  • Existing Contracts
  • 22.2 Trading Mechanics
  • The Clearinghouse and Open Interest
  • The Margin Account and Marking to Market
  • The Convergence Property
  • Cash versus Actual Delivery
  • Regulations
  • Taxation
  • 22.3 Futures Markets Strategies
  • Hedging and Speculation
  • Basis Risk and Hedging
  • 22.4 Futures Prices
  • The Spot-Futures Parity Relationship
  • Spreads
  • Forward versus Futures Pricing
  • 22.5 Futures Prices versus Expected Spot Prices
  • Expectations Hypothesis
  • Normal Backwardation
  • Contango
  • Modern Portfolio Theory
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 23: Futures, Swaps, and Risk Management
  • Introduction
  • 23.1 Foreign Exchange Futures
  • The Markets
  • Interest Rate Parity
  • Direct versus Indirect Quotes
  • Using Futures to Manage Exchange Rate Risk
  • 23.2 Stock-Index Futures
  • The Contracts
  • Creating Synthetic Stock Positions: An Asset Allocation Tool
  • Index Arbitrage
  • Using Index Futures to Hedge Market Risk
  • 23.3 Interest Rate Futures
  • Hedging Interest Rate Risk
  • 23.4 Swaps
  • Swaps and Balance Sheet Restructuring
  • The Swap Dealer
  • Other Interest Rate Contracts
  • Swap Pricing
  • Credit Risk in the Swap Market
  • Credit Default Swaps
  • 23.5 Commodity Futures Pricing
  • Pricing with Storage Costs
  • Discounted Cash Flow Analysis for Commodity Futures
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 24: Portfolio Performance Evaluation
  • Introduction
  • Chapter 24Portfolio Performance Evaluation
  • 24.1 The Conventional Theory of Performance Evaluation
  • Average Rates of Return
  • Time-Weighted Returns versus Dollar-Weighted Returns
  • Adjusting Returns for Risk
  • Risk-Adjusted Performance Measures
  • The Sharpe Ratio for Overall Portfolios
  • The Treynor Ratio
  • The Information Ratio
  • The Role of Alpha in Performance Measures
  • Implementing Performance Measurement: An Example
  • Realized Returns versus Expected Returns
  • Selection Bias and Portfolio Evaluation
  • 24.2 Style Analysis
  • 24.3 Performance Measurement with Changing Portfolio Composition
  • Performance Manipulation and the Morningstar Risk-Adjusted Rating
  • 24.4 Market Timing
  • The Potential Value of Market Timing
  • Valuing Market Timing as a Call Option
  • The Value of Imperfect Forecasting
  • 24.5 Performance Attribution Procedures
  • Asset Allocation Decisions
  • Sector and Security Selection Decisions
  • Summing Up Component Contributions
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions to Concept Checks
  • Chapter 25: International Diversification
  • Introduction
  • 25.1 Global Markets for Equities
  • Developed Countries
  • Emerging Markets
  • Market Capitalization and GDP
  • Home-Country Bias
  • 25.2 Exchange Rate Risk and International Diversification
  • Exchange Rate Risk
  • Investment Risk in International Markets
  • International Diversification
  • Are Benefits from International Diversification Preserved in Bear Markets?
  • 25.3 Political Risk
  • 25.4 International Investing and Performance Attribution
  • Constructing a Benchmark Portfolio of Foreign Assets
  • Performance Attribution
  • Summary
  • Key Terms
  • Key Equations
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 26: Alternative Assets
  • Introduction
  • 26.1 Alternative Assets
  • The Alternative Asset Universe
  • Alternative Assets versus Traditional Assets
  • Role of Alternative Assets in Diversified Portfolios
  • 26.2 Hedge Funds
  • Hedge Fund Strategies
  • Statistical Arbitrage
  • High-Frequency Strategies
  • Portable Alpha
  • 26.3 Venture Capital and Angel Investors
  • Angel Investors
  • Private Equity Valuation
  • Venture Syndication
  • Venture Capital and Innovation
  • 26.4 Leveraged Buyout Funds
  • Leveraged Buyout Firm Structure
  • Exits
  • Leveraged Buyouts and Innovation
  • 26.5 Performance Measurement for Alternative Investment Funds
  • Liquidity and Performance
  • Liquidity and Hedge Fund Performance
  • Liquidity and Private Equity
  • Survivorship Bias and Backfill Bias
  • Tail Events
  • Historical Hedge Fund Performance
  • Style Analysis
  • Historical Performance of Private Equity
  • 26.6 Fee Structure in Alternative Investments
  • Incentive Fees
  • Private Equity Chasing Waterfalls
  • Funds of Funds
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions To Concept Checks
  • Chapter 27: The Theory of Active Portfolio Management
  • Introduction
  • 27.1 Optimal Portfolios and Alpha Values
  • Forecasts of Alpha Values and Extreme Portfolio Weights
  • Restriction of Tracking Risk
  • 27.2 The Treynor-Black Model and Forecast Precision
  • Adjusting Forecasts for the Precision of Alpha
  • Distribution of Alpha Values
  • Organizational Structure and Performance
  • 27.3 The Black-Litterman Model
  • 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
  • 27.4 Treynor-Black versus Black-Litterman: Complements, Not Substitutes
  • Security-Specific versus More General Views
  • Why Not Replace Treynor-Black with Black-Litterman?
  • 27.5 Concluding Remarks on Active Management
  • Summary
  • Key Terms
  • Problem Sets
  • Appendix A: Forecasts and Realizations of Alpha
  • Appendix B: The General Black-Litterman Model
  • Steps 1 and 2: The Covariance Matrix and Baseline Forecasts
  • Step 3: The Manager’s Private Views
  • Step 4: Revised (Posterior) Expectations
  • Step 5: Portfolio Optimization
  • Chapter 28: Investment Policy and the Framework of the CFA Institute
  • Introduction
  • 28.1 The Investment Management Process
  • 28.2 Investor Objectives
  • Individual Investors
  • Personal Trusts
  • Mutual Funds
  • Pension Funds
  • Endowment Funds
  • Life Insurance Companies
  • Non–Life Insurance Companies
  • Banks
  • 28.3 Investor Constraints
  • Liquidity
  • Investment Horizon
  • Regulations
  • Tax Considerations
  • Unique Needs
  • 28.4 Policy Statements
  • Sample Policy Statements for Individual Investors
  • 28.5 Asset Allocation
  • Top-Down Asset Allocation for Institutional Investors
  • Monitoring and Revising the Portfolio
  • 28.6 Managing Portfolios of Individual Investors
  • Investment in Residence
  • Saving for Retirement and the Assumption of Risk
  • Retirement Planning Models
  • Target Date Funds
  • Tax Sheltering and Asset Allocation
  • 28.7 Pension Funds
  • Defined Contribution Plans
  • Defined Benefit Plans
  • Pension Investment Strategies
  • Summary
  • Key Terms
  • Problem Sets
  • Solutions to Concept Checks
  • References to CFA Problems
  • References to CFA Problems
  • Glossary
  • Glossary
  • A
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  • Notation, Formulas
  • Commonly Used Notation
  • Useful Formulas
  • Measures of Risk
  • Portfolio Theory
  • Market Equilibrium
  • Fixed-Income Analysis
  • Equity Analysis
  • Derivative Assets
  • Performance Evaluation
  • Name Index
  • Name Index
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  • Subject Index
  • Subject Index
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  • Student Resources
  • Additional Student Resources
  • Accessibility Content: Extended Dscriptions for Images
  • Concept Check Extended Description (Frontmatter)
  • Examples Extended Description (Frontmatter)
  • Words Extended Description (Frontmatter)
  • Excel Extended Description (Frontmatter)
  • Excel 1 Extended Description (Frontmatter)
  • Python Extended Description (Frontmatter)
  • On the web Extended Description (Frontmatter)
  • Problem sets Extended Description (Frontmatter)
  • Exam prep questions Extended Description (Frontmatter)
  • CFA Problems Extended Description (Frontmatter)
  • Excel Problems Extended Description (Frontmatter)
  • Figure 1.1 Extended Description (Chapter 1)
  • Figure 1.2 Extended Description (Chapter 1)
  • Figure 1.3 Extended Description (Chapter 1)
  • Figure 1A Extended Description (Chapter 1)
  • Figure 2.1 Extended Description (Chapter 2)
  • Figure 2.2 Extended Description (Chapter 2)
  • Figure 2.3 Extended Description (Chapter 2)
  • Figure 2.4 Extended Description (Chapter 2)
  • Figure 2.5 Extended Description (Chapter 2)
  • Figure 2.6 Extended Description (Chapter 2)
  • Figure 2.7 Extended Description (Chapter 2)
  • Figure 2.8 Extended Description (Chapter 2)
  • Figure 2.9 Extended Description (Chapter 2)
  • Figure 3.1 Extended Description (Chapter 3)
  • Figure 3.2 Extended Description (Chapter 3)
  • Figure 3.3 Extended Description (Chapter 3)
  • Figure 3.5 Extended Description (Chapter 3)
  • Figure 3.6 Extended Description (Chapter 3)
  • Figure 3.7 Extended Description (Chapter 3)
  • APPLICATIONS: Buying on Margin 3.1 Extended Description (Chapter 3)
  • APPLICATIONS: Short Sale 3.1 Extended Description (Chapter 3)
  • Figure 4.1 Extended Description (Chapter 4)
  • Figure 4.2 Extended Description (Chapter 4)
  • Figure 4.3 Extended Description (Chapter 4)
  • Figure 4.4 Extended Description (Chapter 4)
  • Figure 4.5 Extended Description (Chapter 4)
  • Figure 4.6 Extended Description (Chapter 4)
  • Figure 5.1 Extended Description (Chapter 5)
  • Figure 5.2 Extended Description (Chapter 5)
  • Spreadsheet 5.1 Extended Description (Chapter 5)
  • Figure 5.3 Extended Description (Chapter 5)
  • Figure 5.4 Extended Description (Chapter 5)
  • Figure 5.5 Extended Description (Chapter 5)
  • Figure 5.6 Extended Description (Chapter 5)
  • Spreadsheet 5.2 Extended Description (Chapter 5)
  • Figure 5.7 Extended Description (Chapter 5)
  • Figure 5.8 Extended Description (Chapter 5)
  • Figure 5.9 Extended Description (Chapter 5)
  • Figure 5.10 Extended Description (Chapter 5)
  • Figure 5.11 Extended Description (Chapter 5)
  • Portfolio 1 Extended Description (Chapter 5)
  • Table image Extended Description (Chapter 5)
  • Portfolio 2 Extended Description (Chapter 5)
  • Figure 6.1 Extended Description (Chapter 6)
  • Figure 6.2 Extended Description (Chapter 6)
  • Figure 6.3 Extended Description (Chapter 6)
  • Figure 6.4 Extended Description (Chapter 6)
  • Figure 6.5 Extended Description (Chapter 6)
  • Figure 6.6 Extended Description (Chapter 6)
  • CFA Problems 6.1 Extended Description (Chapter 6)
  • Equities Versus Risk-Free T-Bills Extended Description (Chapter 6)
  • Solutions to concept check 6.1 Extended Description (Chapter 6)
  • Figure 6A.1 Extended Description (Chapter 6)
  • Binomial 1 Extended Description (Chapter 6)
  • Figure 6A.2 Extended Description (Chapter 6)
  • Figure 7.1 Extended Description (Chapter 7)
  • Figure 7.2 Extended Description (Chapter 7)
  • Figure 7.3 Extended Description (Chapter 7)
  • Figure 7.4 Extended Description (Chapter 7)
  • Figure 7.5 Extended Description (Chapter 7)
  • Figure 7.6 Extended Description (Chapter 7)
  • Figure 7.7 Extended Description (Chapter 7)
  • Figure 7.8 Extended Description (Chapter 7)
  • Figure 7.9 Extended Description (Chapter 7)
  • Two Secrurity Model Extended Description (Chapter 7)
  • APPLICATIONS: Two–Security Model 7.1 Extended Description (Chapter 7)
  • Figure 7.10 Extended Description (Chapter 7)
  • Figure 7.11 Extended Description (Chapter 7)
  • Figure 7.12 Extended Description (Chapter 7)
  • Figure 7.13 Extended Description (Chapter 7)
  • APPLICATIONS: Optimal Portfolios 7.1 Extended Description (Chapter 7)
  • Spreadsheet 7A.1 Extended Description (Chapter 7)
  • Figure 7A.2 Extended Description (Chapter 7)
  • Figure 7B.1 Extended Description (Chapter 7)
  • Figure 7C.1 Extended Description (Chapter 7)
  • Figure 7C.2 Extended Description (Chapter 7)
  • Figure 7C.3 Extended Description (Chapter 7)
  • Figure 7C.4 Extended Description (Chapter 7)
  • Figure 7C.5 Extended Description (Chapter 7)
  • Figure 7C.6 Extended Description (Chapter 7)
  • Figure 8.1 Extended Description (Chapter 8)
  • Figure 8.2 Extended Description (Chapter 8)
  • Figure 8.3 Extended Description (Chapter 8)
  • Spreadsheet 8.1 Extended Description (Chapter 8)
  • Figure 8.4 Extended Description (Chapter 8)
  • Problems 8.1 Extended Description (Chapter 8)
  • Figure 9.1 Extended Description (Chapter 9)
  • Figure 9.2 Extended Description (Chapter 9)
  • Figure 9.3 Extended Description (Chapter 9)
  • Figure 9.4 Extended Description (Chapter 9)
  • Solutions to concept check 9.1 Extended Description (Chapter 9)
  • Figure 10.1 Extended Description (Chapter 10)
  • Figure 10.2 Extended Description (Chapter 10)
  • Figure 10.3 Extended Description (Chapter 10)
  • Figure 10.4 Extended Description (Chapter 10)
  • Problems 10.1 Extended Description (Chapter 10)
  • Figure 11.1 Extended Description (Chapter 11)
  • Figure 11.2 Extended Description (Chapter 11)
  • Figure 11.3 Extended Description (Chapter 11)
  • Figure 11.4 Extended Description (Chapter 11)
  • Figure 11.5 Extended Description (Chapter 11)
  • Figure 11.6 Extended Description (Chapter 11)
  • Figure 11.7 Extended Description (Chapter 11)
  • Figure 11.8 Extended Description (Chapter 11)
  • Figure 11.9 Extended Description (Chapter 11)
  • Figure 11.10 Extended Description (Chapter 11)
  • Problem 11.1 Extended Description (Chapter 11)
  • Concept check 11.1 Extended Description (Chapter 11)
  • Figure 12.1 Extended Description (Chapter 12)
  • Figure 12.2 Extended Description (Chapter 12)
  • Figure 12.3 Extended Description (Chapter 12)
  • Figure 12.4 Extended Description (Chapter 12)
  • Figure 12.5 Extended Description (Chapter 12)
  • Figure 12.6 Extended Description (Chapter 12)
  • Figure 12.7 Extended Description (Chapter 12)
  • Figure 13.1 Extended Description (Chapter 13)
  • Figure 13.2 Extended Description (Chapter 13)
  • Figure 13.3 Extended Description (Chapter 13)
  • Figure 13.4 Extended Description (Chapter 13)
  • Figure 13.5 Extended Description (Chapter 13)
  • Figure 13.6 Extended Description (Chapter 13)
  • Figure 13.7 Extended Description (Chapter 13)
  • Figure 14.3 Extended Description (Chapter 14)
  • Spreadsheet 14.1 Extended Description (Chapter 14)
  • Spreadsheet 14.2 Extended Description (Chapter 14)
  • Figure 14.4 Extended Description (Chapter 14)
  • Figure 14.5 Extended Description (Chapter 14)
  • Figure 14.6 Extended Description (Chapter 14)
  • Figure 14.7 Extended Description (Chapter 14)
  • Figure 14.8 Extended Description (Chapter 14)
  • Figure 14.9 Extended Description (Chapter 14)
  • Figure 14.10 Extended Description (Chapter 14)
  • Figure 14.11 Extended Description (Chapter 14)
  • Figure 14.12 Extended Description (Chapter 14)
  • Figure 15.1 Extended Description (Chapter 15)
  • Figure 15.2 Extended Description (Chapter 15)
  • Figure 15.3 Extended Description (Chapter 15)
  • Spot and Forward Yields Extended Description (Chapter 15)
  • Figure 15.4 Extended Description (Chapter 15)
  • Figure 15.5 Extended Description (Chapter 15)
  • Figure 15.6 Extended Description (Chapter 15)
  • Figure 15.7 Extended Description (Chapter 15)
  • Figure 16.1 Extended Description (Chapter 16)
  • Spreadsheet 16.1 Extended Description (Chapter 16)
  • Spreadsheet 16.2 Extended Description (Chapter 16)
  • Figure 16.2 Extended Description (Chapter 16)
  • Spreadsheet 16.3 Extended Description (Chapter 16)
  • Figure 16.3 Extended Description (Chapter 16)
  • Figure 16.4 Extended Description (Chapter 16)
  • Figure 16.5 Extended Description (Chapter 16)
  • Figure 16.6 Extended Description (Chapter 16)
  • Figure 16.7 Extended Description (Chapter 16)
  • Figure 16.8 Extended Description (Chapter 16)
  • Figure 16.9 Extended Description (Chapter 16)
  • Holding-Period Immunization Extended Description (Chapter 16)
  • Figure 16.10 Extended Description (Chapter 16)
  • Figure 17.1 Extended Description (Chapter 17)
  • Figure 17.2 Extended Description (Chapter 17)
  • Figure 17.3 Extended Description (Chapter 17)
  • Figure 17.4 Extended Description (Chapter 17)
  • Figure 17.5 Extended Description (Chapter 17)
  • Figure 17.6 Extended Description (Chapter 17)
  • Figure 17.7 Extended Description (Chapter 17)
  • Figure 17.8 Extended Description (Chapter 17)
  • Figure 17.9 Extended Description (Chapter 17)
  • Figure 17.10 Extended Description (Chapter 17)
  • Figure 17.11 Extended Description (Chapter 17)
  • Figure 18.1 Extended Description (Chapter 18)
  • Figure 18.2 Extended Description (Chapter 18)
  • Spreadsheet 18.1 Extended Description (Chapter 18)
  • Figure 18.3 Extended Description (Chapter 18)
  • Figure 18.4 Extended Description (Chapter 18)
  • Figure 18.5 Extended Description (Chapter 18)
  • Figure 18.6 Extended Description (Chapter 18)
  • Figure 18.7 Extended Description (Chapter 18)
  • Figure 18.8 Extended Description (Chapter 18)
  • Spreadsheet 18.2 Extended Description (Chapter 18)
  • Figure 18.9 Extended Description (Chapter 18)
  • Figure 19.1 Extended Description (Chapter 19)
  • Figure 19.2 Extended Description (Chapter 19)
  • Figure 19.3 Extended Description (Chapter 19)
  • Figure 19.4 Extended Description (Chapter 19)
  • Figure 20.1 Extended Description (Chapter 20)
  • Figure 20.2 Extended Description (Chapter 20)
  • Figure 20.3 Extended Description (Chapter 20)
  • Figure 20.4 Extended Description (Chapter 20)
  • Figure 20.5 Extended Description (Chapter 20)
  • Figure 20.6 Extended Description (Chapter 20)
  • Figure 20.7 Extended Description (Chapter 20)
  • Figure 20.8 Extended Description (Chapter 20)
  • Figure 20.9 Extended Description (Chapter 20)
  • Figure 20.10 Extended Description (Chapter 20)
  • Spreads and Straddles Extended Description (Chapter 20)
  • Figure 20.11 Extended Description (Chapter 20)
  • Figure 20.12 Extended Description (Chapter 20)
  • Figure 20.13 Extended Description (Chapter 20)
  • Solutions To Concept Checks 1 Extended Description (Chapter 20)
  • Solutions To Concept Checks 2 Extended Description (Chapter 20)
  • Solutions To Concept Checks 3 Extended Description (Chapter 20)
  • Two-State Option Pricing Extended Description (Chapter 21)
  • Solutions To Concept Checks 4 Extended Description (Chapter 20)
  • Solutions To Concept Checks 5 Extended Description (Chapter 20)
  • Figure 21.1 Extended Description (Chapter 21)
  • Figure 21.2 Extended Description (Chapter 21)
  • Figure 21.4 Extended Description (Chapter 21)
  • Figure 21.5 Extended Description (Chapter 21)
  • Spreadsheet 21.1 Extended Description (Chapter 21)
  • Figure 21.7 Extended Description (Chapter 21)
  • Figure 21.8 Extended Description (Chapter 21)
  • Figure 21.9 Extended Description (Chapter 21)
  • Black-Scholes Option Valuation Extended Description (Chapter 21)
  • Figure 21.10 Extended Description (Chapter 21)
  • Figure 21.11 Extended Description (Chapter 21)
  • Figure 21.12 Extended Description (Chapter 21)
  • Figure 21.13 Extended Description (Chapter 21)
  • Figure 21.15 Extended Description (Chapter 21)
  • Generalizing the Two-State Approach Extended Description (Chapter 21)
  • Generalizing the Two-State Approach Extended Description Figure 1 (Chapter 21)
  • Making the Valuation Model Practical Extended Description (Chapter 21)
  • Figure 22.1 Extended Description (Chapter 22)
  • Figure 22.2 Extended Description (Chapter 22)
  • Concept Check 22.1 Extended Description (Chapter 22)
  • Words From The Street Extended Description (Chapter 22)
  • Figure 22.3 Extended Description (Chapter 22)
  • Figure 22.4 Extended Description (Chapter 22)
  • Figure 22.5 Extended Description (Chapter 22)
  • Figure 22.6 Extended Description (Chapter 22)
  • Parity and Spreads Extended Description (Chapter 22)
  • SOLUTIONS TO CONCEPT CHECKS Extended Description (Chapter 22)
  • Figure 22.7 Extended Description (Chapter 22)
  • Figure 23.1 Extended Description (Chapter 23)
  • Figure 23.2 Extended Description (Chapter 23)
  • Figure 23.3 Extended Description (Chapter 23)
  • Figure 23.4 Extended Description (Chapter 23)
  • Figure 23.5 Extended Description (Chapter 23)
  • Figure 23.6 Extended Description (Chapter 23)
  • Figure 23.7 Extended Description (Chapter 23)
  • Figure 23.8 Extended Description (Chapter 23)
  • Figure 24.1 Extended Description (Chapter 24)
  • Figure 24.2 Extended Description (Chapter 24)
  • Figure 24.3 Extended Description (Chapter 24)
  • Performance Measurement Extended Description (Chapter 24)
  • Figure 24.4 Extended Description (Chapter 24)
  • Figure 24.5 Extended Description (Chapter 24)
  • Figure 24.6 Extended Description (Chapter 24)
  • Figure 24.7 Extended Description (Chapter 24)
  • Figure 24.8 Extended Description (Chapter 24)
  • Figure 24.9 Extended Description (Chapter 24)
  • Performance Attribution Extended Description (Chapter 24)
  • Data For Problem 10 Extended Description (Chapter 24)
  • Figure 25.1 Extended Description (Chapter 25)
  • Figure 25.2 Extended Description (Chapter 25)
  • Figure 25.3 Extended Description (Chapter 25)
  • Figure 25.4 Extended Description (Chapter 25)
  • Figure 25.5 Extended Description (Chapter 25)
  • Figure 25.6 Extended Description (Chapter 25)
  • International Portfolios Extended Description (Chapter 25)
  • Data For Problem 4 Extended Description (Chapter 25)
  • Figure 26.1 Extended Description (Chapter 26)
  • Figure 26.2 Extended Description (Chapter 26)
  • Figure 26.3 Extended Description (Chapter 26)
  • Figure 26.4 Extended Description (Chapter 26)
  • Figure 26.5 Extended Description (Chapter 26)
  • Figure 26.6 Extended Description (Chapter 26)
  • Figure 26.7 Extended Description (Chapter 26)
  • Figure 26.8 Extended Description (Chapter 26)
  • Spreadsheet 27.1 Extended Description (Chapter 26)
  • Figure 27.1 Extended Description (Chapter 27)
  • Figure 27.2 Extended Description (Chapter 27)
  • Figure 27.3 Extended Description (Chapter 27)
  • Spreadsheet 27.2 Extended Description (Chapter 27)
  • Figure 27.4 Extended Description (Chapter 27)
  • Figure 28.1 Extended Description (Chapter 28)
  • Figure 28.2 Extended Description (Chapter 28)
  • Figure 28.3 Extended Description (Chapter 28)
  • Figure 28.4 Extended Description (Chapter 28)