图书介绍
FUNDAMENTALS OF INVESTMENTS:VALUATION AND MANAGEMENTpdf电子书版本下载
- CHARLES J.CORRADO BRADFORD D.JORDAN 著
- 出版社：
- ISBN：
- 出版时间：2000
- 标注页数：594页
- 文件大小：194MB
- 文件页数：618页
- 主题词：
PDF下载
下载说明
FUNDAMENTALS OF INVESTMENTS:VALUATION AND MANAGEMENTPDF格式电子书版下载
下载的文件为RAR压缩包。需要使用解压软件进行解压得到PDF格式图书。建议使用BT下载工具Free Download Manager进行下载,简称FDM(免费,没有广告,支持多平台）。本站资源全部打包为BT种子。所以需要使用专业的BT下载软件进行下载。如 BitComet qBittorrent uTorrent等BT下载工具。迅雷目前由于本站不是热门资源。不推荐使用！后期资源热门了。安装了迅雷也可以迅雷进行下载！
（文件页数 要大于 标注页数，上中下等多册电子书除外）
注意：本站所有压缩包均有解压码： 点击下载压缩包解压工具
图书目录
Part1 Introduction 3
Chapter1 A Brief History of Risk and Return 3
1.1 Returns 4
Dollar Returns 4
Percentage Returns 6
1.2 The Historical Record 7
A First Look 7
A Look Overseas 9
A Longer Range Look 9
A Closer Look 10
1.3 Average Returns: The First Lesson 13
Calculating Average Returns 14
Average Returns: The Historical Record 14
Risk Premiums 14
Risk Premiums: An International Perspective 14
The First Lesson 15
1.4 Return Variability: The Second Lesson 16
Frequency Distributions and Variability 16
The Historic Variance and Standard Deviation 17
The Historical Record 19
The Second Lesson 19
1.5 Risk and Return 20
The Risk-Return Trade-Off 20
A Look Ahead 21
1.6 Summary and Conclusions 22
Chapter2 Buying and Selling Securities 31
2.1 Getting Started 32
Choosing a Broker 32
Online Brokers 33
Security Investors Protection Corporation 34
Broker-Customer Relations 34
2.2 Brokerage Accounts 35
Cash Accounts 35
Margin Accounts 35
Initial Margin 37
Maintenance Margin 37
The Effects of Margin 38
Hypothecation and Street Name Registration 39
Hypothecation 40
Street Name Registration 40
Other Account Issues 40
2.3 Short Sales 41
Basics of a Short Sale 41
Short Sales: Some Details 42
2.4 Investor Objectives, Constraints, and Strategies 48
Risk and Return 48
Investor Constraints 49
Resources 49
Horizon 49
Liquidity 49
Taxes 49
Special Circumstances 50
Strategies and Policies 50
Investment Management 50
Market Timing 51
Asset Allocation 51
Security Selection 51
2.5 Summary and Conclusions 53
Chapter3 Security Types 63
3.1 Classifying Securities 64
3.2 Interest-Bearing Assets 64
Money Market Instruments 65
Fixed-Income Securities 65
Examples of Fixed-Income Securities 65
Fixed-Income Price Quotes 66
3.3 Equities 68
Common Stock 68
Preferred Stock 68
Common and Preferred Stock Price Quotes 69
3.4 Derivatives 70
Futures Contracts 71
Futures Price Quotes 71
Gains and Losses on Futures Contracts 72
3.5 Option Contracts 73
Option Terminology 73
Options versus Futures 74
Option Price Quotes 74
Gains and Losses on Option Contracts 75
3.6 Summary and Conclusions 76
Chapter4 Mutual Funds 83
4.1 Investment Companies and Fund Types 84
Open-End versus Closed-End Funds 84
Net Asset Value 85
4.2 Mutual Fund Operations 86
Mutual Fund Organization and Creation 86
Taxation of Investment Companies 87
The Fund Prospectus and Annual Report 87
4.3 Mutual Fund Costs and Fees 87
pes of Expenses and Fees 88
Sales Charges 88
12b-1 Fees 88
Management Fees 89
Trading Costs 89
Expense Reporting 89
Why Pay Loads and Fees? 92
4.4 Short-Term Funds 92
Money Market Mutual Funds 92
Money Market Fund Accounting 93
Taxes and Money Market Funds 93
Money Market Deposit Accounts 93
4.5 Long-Term Funds 94
Stock Funds 95
Capital Appreciation versus Income 95
Company Size-Based Funds 96
International Funds 96
Sector Funds 96
Other Fund Types and Issues 97
Taxable and Municipal Bond Funds 98
Short-Term and Intermediate-Term Funds 98
General Funds 98
High-Yield Funds 98
Mortgage Funds 98
World Funds 98
Insured Funds 98
Single-State Municipal Funds 99
Stock and Bond Funds 99
Balanced Funds 99
Asset Allocation Funds 99
Convertible Funds 100
Income Funds 100
4.6 Mutual Fund Performance 100
Mutual Fund Performance Information 100
How Useful are Fund Performance Ratings? 102
4.7 Closed-End Funds 103
Closed-End Funds Performance Information 103
The Closed-End Fund Discount Mystery 103
4.8 Summary and Conclusions 105
Part2 Stock Mmarkets 113
Chapter5 The Stock Market 113
5.1 Who Owns Stocks? 114
5.2 The Primary and Secondary Stock Markets 115
The Primary Market for Common Stock 115
The Secondary Market for Common Stock 118
Dealers and Brokers 119
5.3 The New York Stock Exchange 120
NYSE Membership 120
Types of Members 121
NYSE-Listed Stocks 122
5.4 Operation of the New York Stock Exchange 123
NYSE Floor Activity 123
Special Order Types 125
5.5 Nasdaq 127
Nasdaq Operations 127
The Nasdaq System 128
5.6 NYSE and Nasdaq Competitors 129
5.7 Stock Market Information 130
The Dow Jones Industrial Average 130
Stock Market Indexes 130
More on Price-Weighted Indexes 134
The Dow Jones Divisors 135
5.8 Summary and Conclusions 136
Chapter6 Common Stock Valuation 145
6.1 Security Analysis: Be Careful Out There 146
6.2 The Dividend Discount Model 147
Constant Dividend Growth Rate Model 148
Constant Perpetual Growth 149
Applications of the Constant Perpetual Growth Model 150
The Sustainable Growth Rate 151
6.3 The Two-Stage Dividend Growth Model 152
Discount Rates for Dividend Discount Modeis 155
Observations Dividend Discount Models 156
6.4 Price Ratio Analysis 157
Price-Earnings Ratios 157
Price-Cash Flow Ratios 158
Price-Sales Ratios 159
Price-Book Ratios 160
Applications of Price Ratio Analysis 161
6.5 An Analysis of the McGraw-Hill Company 164
6.6 Summary and Conclusions 169
Chapter7 Earnings and Cash Flow Analysis 179
7.1 Sources of Financial Information 180
7.2 Financial Statements 180
The Balance Sheet 181
The Income Statement 184
The Cash Flow Statement 185
Performance Ratios and Price Ratios 186
7.3 Financial Statement Forecasting 187
The Pro Forma Income Statement 188
The Pro Forma Cash Flow Statement 189
The Pro Forma Balance Sheet 190
Projected Profitability and Price Ratios 190
7.4 Adolph Coors Company Case Study 192
7.5 Summary and Conclusions 197
Chapter8 Stock Price Behavior and Market Efficiency 207
8.1 Technical Analysis 208
Dow Theory 208
Support and Resistance Levels 208
Technical Indicators 209
Charting 211
Relative Strength Charts 211
Moving Average Charts 212
Hi-Lo-Close and Candlestick Charts 213
Point-and-Figure Charts 214
Chart Formations 215
Other Technical Indicators 216
8.2 Market Efficiency 217
What Does “Beat the Market” Mean? 217
Forms of Market Efficiency 218
Why Would a Market Be Efficient? 219
Are Financial Markets Efficient? 219
Some Implications of Market Efficiency 222
8.3 Stock Price Behavior and Market Efficiency 224
The Day-of-the-Week Effect 224
The Amazing January Effect 224
The October 1987 Crash 227
Performance of Professional Money Managers 228
8.4 Summary and Conclusions 230
Part3 Interest Pates and Bond Markets 241
Chapter9 Interest Rates 241
9.1 Interest Rate History and Money Market Rates 242
Interest Rate History 242
Money Market Rates 243
9.2 Money Market Prices and Rates 247
Bank Discount Rate Quotes 247
Treasury Bill Quotes 248
Bank Discount Yields versus Bond Equivalent Yields 250
Bond Equivalent Yields, APRs, and EARS 251
9.3 Rates and Yields on Fixed-Income Securities 253
The Treasury Yield Curve 254
Rates on Other Fixed-Income Investments 255
9.4 The Term Structure of Interest Rates 256
Treasury STRIPS 256
Yields for U.S. Treasury STRIPS 258
9.5 Nominal versus Real Interest Rates 259
Real Interest Rates 259
The Fisher Hypothesis 260
9.6 Traditional Theories of the Term Structure 261
Expectations Theory 261
Expectations and Forward Rates 262
Expectations Theory and the Fisher Hypothesis 263
Maturity Preference Theory 263
Market Segmentation Theory 264
9.7 Determinants of Nominal Interest Rates: A Modern Perspective 264
Problems with Traditional Theories 264
Modern Term Structure Theory 265
Liquidity and Default Risk 266
9.8 Summary and Conclusions 266
Chapter10 Bond Prices and Yields 275
10.1 Bond Basics 276
Straight Bonds 276
Coupon Rate and Current Yield 276
10.2 Straight Bond Prices and Yield to Maturity 277
Straight Bond Prices 277
Premium and Discount Bonds 279
Relationships among Yield Measures 281
10.3 More on Yields 281
Calculating Yields 281
Yield to Call 282
10.4 Interest Rate Risk and Malkiel's Theorems 284
Promised Yield and Realized Yield 284
Interest Rate Risk and Maturity 284
Malkiel's Theorems 285
10.5 Duration 287
Macaulay Duration 287
Modified Duration 288
Calculating Macaulay's Duration 289
Properties of Duration 291
10.6 Dedicated Portfolios and Reinvestment Risk 292
Dedicated Portfolios 292
Reinvestment Risk 293
10.7 Immunization 294
Price Risk versus Reinvestment Rate Risk 294
Immunization by Duration Matching 295
Dynamic Immunization 296
10.8 Summary and Conclusions 296
Chapter11 Corporate Bonds 305
11.1 Corporate Bond Basics 306
11.2 Types of Corporate Bonds 307
11.3 Bond Indentures 310
Bond Seniority Provisions 310
Call Provisions 311
Graphical Analysis of Callable Bond Prices 312
Put Provisions 313
Bond-to-Stock Conversion Provisions 313
Graphical Analysis of Convertible Bond Prices 316
Bond Maturity and Principal Payment Provisions 317
Sinking Fund Provisions 319
Coupon Payment Provisions 320
11.4 Protective Covenants 321
11.5 Event Risk 322
11.6 Bonds without Indentures 322
11.7 Preferred Stock 323
11.8 Adjustable-Rate Bonds and Adjustable-Rate Preferred Stock 324
11.9 Corporate Bond Credit Ratings 326
Why Bond Ratings Are Important 327
11.10 Junk Bonds 328
11.11 Bond Market Trading 329
11.12 Summary and Conclusions 332
Chapter12 Government Bonds 339
12.1 Government Bond Basics 340
12.2 U.S. Treasury Bills, Notes, Bonds, and STRIPS 340
Treasury Bond and Note Prices 344
Inflation-Indexed Treasury Securities 346
12.3 U.S. Treasury Auctions 347
12.4 U.S. Savings Bonds 348
Series EE Savings Bonds 348
Series I Savings Bonds 348
12.5 Federal Government Agency Securities 349
12.6 Municipal Bonds 351
Municipal Bond Features 353
pes of Municipal Bonds 356
Municipal Bond Credit Ratings 357
Municipal Bond Insurance 358
12.7 Equivalent Taxable Yield 359
12.8 Taxable Municipal Bonds 360
12.9 Summary and Conclusions 360
Chapter13 Mortgage-Backed Securities 369
13.1 A Brief History of Mortgage-Backed Securities 370
13.2 Fixed-Rate Mortgages 370
Fixed-Rate Mortgage Amortization 372
Fixed-Rate Mortgage Prepayment and Refinancing 375
13.3 Government National Mortgage Association 357
GNMA Clones 377
13.4 Public Securities Association Mortgage Prepayment Model 378
13.5 Cash Flow Analysis of GNMA Fully Modified Mortgage Pools 380
Macaulay Durations for GNMA Mortgage-Backed Bonds 381
13.6 Collateralized Mortgage Obligations 383
Interest-Only and Principal-Only Mortgage Strips 384
Sequential Collateralized Mortgage Obligations 386
Protected Amortization Class Bonds 388
13.7 Yields for Mortgage-Backed Securities and Collateralized Mortgage Obligations 390
13.8 Summary and Conclusions 391
Part4 Options and Futures 401
Chapter14 Stock Options 401
14.1 Options on Common Stock 402
Option Basics 402
Option Price Quotes 403
14.2 Why Options? 405
14.3 Options Payoffs and Profits 407
Option Writing 407
Option Payoffs 407
Payoff Diagrams 408
Options Profits 410
14.4 Option Strategies 410
The Protective Put Strategy 410
The Covered Call Strategy 412
Straddles 412
14.5 Option Prices, Intrinsic Values, and Arbitrage 413
The Upper Bound for a Call Option Price 413
The Upper Bound for a Put Option 413
The Lower Bounds on Option Prices 414
14.6 Stock Index Options 416
Index Options: Features and Settlement 416
Index Option Price Quotes 416
14.7 The Options Clearing Corporation 419
14.8 Summary and Conclusions 419
Chapter15 Option Valuation 431
15.1 Put-Call Parity 432
15.2 The Black-Scholes-Merton Option Pricing Model 434
15.3 Varying the Option Price Input Values 436
Varying the Underlying Stock Price 437
Varying the Option's Strike Price 438
Varying the Time Remaining until Option Expiration 438
Varying the Volatility of the Stock Price 438
Varying the Interest Rate 439
Varying the Dividend Yield 439
15.4 Measuring the Impact of Input Changes on Option Prices 440
Interpreting Option Deltas 440
Interpreting Option Etas 441
Interpreting Option Vegas 441
Interpreting an Option's Gamma, Theta, and Rho 441
15.5 Implied Standard Deviation 442
15.6 Hedging a Stock Portfolio with Stock Index Options 443
15.7 Implied Volatility Skews 445
15.8 Summary and Conclusions 447
Chapter16 Futures Contracts 455
16.1 Futures Contracts Basics 456
History of Futures Trading 456
Futures Contract Features 457
Futures Prices 458
16.2 Why Futures? 460
Speculating with Futures 462
Hedging with Futures 463
16.3 Futures Trading Accounts 464
16.4 Cash Prices versus Futures Prices 466
Cash Prices 466
Cash-Futures Arbitrage 468
Spot-Futures Parity 469
More on Spot-Futures Parity 470
16.5 Stock Index Futures 471
Basics of Stock Index Futures 471
Index Arbitrage 471
Hedging Stock Market Risk with Futures 472
Hedging Interest Rate Risk with Futures 474
Futures Contract Delivery Options 475
16.6 Summary and Conclusions 475
Part5 Portfolio Management 487
Chapter17 Diversification and Asset Allocation 487
17.1 Expected Returns and Variances 488
Expected Returns 488
Calculating the Variance 490
17.2 Portfolios 491
Portfolio Weights 491
Portfolio Expected Returns 492
Portfolio Variance 493
17.3 Diversification and Portfolio Risk 495
The Effect of Diversification: Another Lesson from Market History 495
The Principle of Diversification 496
17.4 Correlation and Diversification 497
Why Diversification Works 497
Calculating Portfolio Risk 499
More on Correlation and the Risk-Return Trade-Off 504
17.5 The Markowitz Efficient Frontier 506
Risk and Return with Multiple Assets 506
17.6 Summary and Conclusions 507
Chapter18 Return, Risk, and the Security Market Line 517
18.1 Announcements, Surprises, and Expected Returns 518
Expected and Unexpected Returns 518
Announcements and News 519
18.2 Risk: Systematic and Unsystematic 520
Systematic and Unsystematic Risk 521
Systematic and Unsystematic Components of Return 521
18.3 Diversification, Systematic Risk, and Unsystematic Risk 522
Diversification and Unsystematic Risk 522
Diversification and Systematic Risk 523
18.4 Systematic Risk and Beta 523
The Systematic Risk Principle 523
Measuring Systematic Risk 524
Portfolio Betas 525
18.5 The Security Market Line 526
Beta and the Risk Premium 526
The Reward-to-Risk Ratio 527
The Basic Argument 527
The Fundamental Result 528
The Security Market Line 530
Market Portfolios 530
The Capital Asset Pricing Model 531
18.6 More on Beta 534
A Closer Look at Beta 534
Where Do Betas Come From? 535
Why Do Betas Differ? 537
18.7 Summary and Conclusions 538
Chapter19 International Finance and Investments 547
19.1 Currency Exchange Rates 548
19.2 Exchange Rate Changes 551
19.3 Triangular Arbitrage 553
19.4 Forward Currency Contracts 554
19.5 Interest Rate Parity 555
19.6 Purchasing Power Parity 557
19.7 International Diversification 558
19.8 American Depository Receipts 563
19.9 World Equity Benchmark Shares 565
19.10 Summary and Conclusions 566
Appendices 574
Appendix A 574
Answers to Test Your Investment Quotient Questions 574
Appendix B 577
Answers to Selected Problems 577