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Investments: Analysis and Management / Edition 12

Investments: Analysis and Management / Edition 12

by Charles P. Jones
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  • Product Details

    ISBN-13: 2901118363293
    Publisher: Wiley
    Publication date: 12/17/2012
    Edition description: Older Edition
    Pages: 656
    Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

    About the Author

    Charles P. Jones, North Carolina State University

    Table of Contents

    Part 1Background
    1Understanding Investments1
    The Nature of Investments3
    The Importance of Studying Investments4
    Understanding the Investment Decision Process8
    Important Considerations in the Investment Decision Process for Today's Investors12
    Organizing the Text19
    Appendix 1-AThe Chartered Financial Analyst (CFA) Program22
    2Investment Alternatives24
    Organizing Financial Assets25
    Nonmarketable Financial Assets26
    Money Market Securities28
    Fixed-Income Securities29
    Equity Securities38
    Derivative Securities43
    Appendix 2-ATaxes and Investing50
    3Indirect Investing51
    Investing Indirectly53
    What Is an Investment Company?55
    Types of Investment Companies56
    Major Types of Mutual Funds59
    The Mechanics of Investing Indirectly65
    Investment Company Performance69
    Investing Internationally Through Investment Companies74
    Exchange-Traded Funds (ETFs)75
    The Future of Indirect Investing78
    Appendix 3-AObtaining Information on Investment Companies
    4Securities Markets82
    The Importance of Financial Markets83
    The Primary Markets83
    The Secondary Markets86
    U.S. Securities Markets for the Trading of Equities86
    The Changing Securities Markets106
    The Globalization of Securities Markets107
    Appendix 4-AStock Market Indexes
    5How Securities Are Traded111
    Brokerage Transactions112
    How Orders Work118
    Investor Protection in the Securities Markets123
    Short Sales130
    Appendix 5-AThe Details of Margin Accounts137
    Part 2Portfolio and Capital Market Theory
    6The Returns and Risks from Investing139
    Measuring Returns144
    Taking a Global Perspective150
    Measuring Risk155
    Realized Returns and Risks from Investing159
    7Portfolio Theory172
    Dealing with Uncertainty173
    Portfolio Return and Risk176
    Analyzing Portfolio Risk178
    Modern Portfolio Theory (MPT)181
    Measuring Comovements in Security Returns182
    Calculating Portfolio Risk186
    Efficient Portfolios191
    8Portfolio Selection199
    Building a Portfolio Using Markowitz Principles200
    Alternative Methods of Obtaining the Efficient Frontier206
    Selecting Optimal Asset Classes--The Asset Allocation Decision210
    The Impact of Diversification on Risk213
    The Implications of the Markowitz Portfolio Model215
    9Asset Pricing Models220
    Capital Market Theory221
    The Equilibrium Return-Risk Tradeoff224
    Estimating the SML232
    Tests of the CAPM235
    Arbitrage Pricing Theory236
    Some Conclusions About Asset Pricing240
    Part 3Common Stocks: Analysis, Valuation, and Management
    10Common Stock Valuation248
    Discounted Cash-Flow Techniques249
    Relative Valuation Techniques263
    Which Approach to Use?270
    Bursting the Bubble on New Economy Stocks--A Lesson in Valuation271
    Some Final Thoughts on Valuation272
    Appendix 10-AThe Constant-Growth Version of the Dividend Discount Model280
    Appendix 10-BThe Analysis and Valuation of Preferred Stock
    11Common Stocks: Analysis and Strategy282
    Taking a Global Perspective283
    Analyzing Some Important Issues Involving Common Stocks284
    Building Stock Portfolios287
    The Passive Strategy288
    The Active Strategy291
    Approaches for Analyzing and Selecting Stocks302
    A Framework for Fundamental Analysis304
    12Market Efficiency312
    The Concept of an Efficient Market313
    Evidence on Market Efficiency318
    Implications of the Efficient Market Hypothesis325
    Evidence of Market Anomalies327
    Some Conclusions About Market Efficiency336
    Part 4Security Analysis
    13Economy/Market Analysis342
    Taking a Global Perspective343
    Assessing the Economy344
    Understanding the Stock Market351
    Making Market Forecasts355
    Appendix 13-APublished Information About the Economy--Government Publications
    14Sector/Industry Analysis368
    What Is an Industry?369
    The Importance of Industry/Sector Analysis370
    Analyzing Sectors/Industries374
    Using Sector/Industry Analysis as an Investor378
    Appendix 14-ASources of Industry Information
    15Company Analysis386
    Fundamental Analysis387
    The Accounting Aspects of Earnings388
    Analyzing a Company's Profitability400
    Earnings Estimates403
    The P/E Ratio408
    Fundamental Security Analysis in Practice411
    Appendix 15-ASources of Information for Common Stocks
    16Technical Analysis423
    What Is Technical Analysis?424
    Stock Price and Volume Techniques427
    Technical Indicators437
    Testing Technical Analysis Strategies440
    The Ebb and Flow of Technical Analysis441
    Some Conclusions About Technical Analysis442
    Part 5Fixed-Income Securities: Analysis, Valuation, and Management
    17Bond Yields and Prices448
    Bond Yields449
    Bond Prices458
    Bond Price Changes460
    Appendix 17-AConvertible Bonds
    18Bonds: Analysis and Strategy477
    Why Buy Bonds?478
    Important Considerations in Managing a Bond Portfolio480
    Bond Strategies488
    Building a Fixed-Income Portolio496
    Part 6Derivative Securities
    Why Have Derivative Securities?505
    Understanding Options507
    Payoffs and Profits from Basic Option Positions511
    Some Basic Options Strategies515
    Option Valuation522
    An Investor's Perspective on Puts and Calls530
    Stock-Index Options532
    Appendix 19-ASpreads and Combinations
    Appendix 19-BWarrants
    Understanding Futures Markets541
    The Structure of Futures Markets544
    The Mechanics of Trading545
    Using Futures Contracts548
    Financial Futures550
    Appendix 20-AFutures Options
    Part 7Investment Management
    21Portfolio Management565
    Portfolio Management as a Process566
    Formulate an Appropriate Investment Policy569
    Determine and Quantify Capital Market Expectations574
    Developing and Implementing Investing Strategies578
    Monitor Market Conditions and Investor Circumstances580
    Rebalancing the Portfolio581
    Performance Measurement583
    22Evaluation of Investment Performance587
    Framework for Evaluating Portfolio Performance588
    Return and Risk Considerations592
    Risk-Adjusted Measures of Performance594
    Problems with Portfolio Measurement602
    Other Issues in Performance Evaluation603
    Interest Tables619

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