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Investments: Principles of Portfolio and Equity Analysis

توضیحات

"This most thorough, carefully researched, and splendidly organized book constitutes the most relevant and up-to-date work on portfolio and equity analysis available. It provides masterly coverage of all aspects of portfolio analysis, including index construction, ETFs, modern portfolio theory, behavioral finance, technical analysis, and much more. It is a must-read for practitioners, for those preparing to enter the field of portfolio management, and will also be a standard in the university classroom."—PHILIP FANARA Jr., CFA, Morgan Stanley Foundation Professor of Finance, Department of

Finance, International Business, and Insurance, School of Business, Howard University

"Investments: Principles of Portfolio and Equity Analysis provides a timely and comprehensive guide to equity analysis and an invaluable guide for portfolio management. Anyone with more than a passing interest in portfolio and equity analysis will benefit from the study of this book."—LAVONE F. WHITMER, CFA, Vice President and Investment Manager, Indiana Trust & Investment Management

"The reader will learn how rigorous investment theory can be put efficiently in practice." —JACQUES R. GAGNé, CFA, CIPM, Asset and Risk Manager

"A great refresher of fundamental investment concepts that also covers advanced topics, the latest thinking, and best global practices in financial analysis and portfolio management. Having collected the wisdom of multiple authors from across the globe really sets this book apart." —VICTORIA RATI, CFA, Investment Research Analyst


MICHAEL G. MCMILLAN, CFA is Director, Ethics and Professional Standards in the Education Division of CFA Institute. Dr. McMillan joined CFA Institute in 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University's Carey Business School and The George Washington University's School of Business. He has a doctorate in accounting and finance from The George Washington University, an MBA from Stanford University, and a BA from the University of Pennsylvania. Dr. McMillan is a member of the CFA Society of Washington, DC and the East African Society of Investment Professionals.

JERALD E. PINTO, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and earned his CFA charter in 1992.

WENDY L. PIRIE, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Prior to joining CFA Institute in 2008, she taught finance, accounting, statistics, taxation, business law, and marketing for over twenty years at both large and small, public and private universities, religious colleges, and military academies. Her work has been published in Journal of Financial Research and Journal of Economics and Finance. She holds a PhD from Queen's University in Kingston, Ontario and MBAs fromthe Universities of Toronto and Calgary.

GERHARD VAN DE VENTER, CFA is Deputy Head of the School of Finance and Economics at University of Technology, Sydney. He was previously director, Curriculum Projects, in the Education Division of CFA Institute. He began his career in South Africa as a financial analyst and later as a dealer at the Bond Exchange, where he traded fixed income securities. He holds a PhD in finance from the University of Technology, Sydney. He is a member of CFA Institute and the New York Society of Security Analysts.

Foreword.

Acknowledgments.

Introduction.

Chapter 1 Market Organization and Structure.

Learning Outcomes.

1 Introduction.

2 The Functions of the Financial System.

3 Assets and Contracts.

4 Financial Intermediaries.

5 Positions.

6 Orders.

7 Primary Security Markets.

8 Secondary Security Market and Contract Market Structures.

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.

3 Index Construction and Management.

4 Uses of Market Indices.

5 Equity Indices.

6 Fixed-Income Indices.

7 Indices for Alternative Investments.

8 Summary.

Problems.

Chapter 3 Market Efficiency.

Learning Outcomes.

1 Introduction.

2 The Concept of Market Efficiency.

3 Forms of Market Efficiency.

4 Market Pricing Anomalies.

5 Behavioral Finance.

6 Summary.

Problems.

Chapter 4 Portfolio Management: An Overview.

Learning Outcomes.

1 Introduction.

2 A Portfolio Perspective on Investing.

3 Investment Clients.

4 Steps in the Portfolio Management Process.

5 Pooled Investments.

6 Summary.

Problems.

Chapter 5 Portfolio Risk and Return: Part I.

Learning Outcomes.

1 Introduction.

2 Investment Characteristics of Assets.

3 Risk Aversion and Portfolio Selection.

4 Portfolio Risk.

5 Efficient Frontier and Investor's Optimal Portfolio.

6 Summary.

Problems.

Chapter 6 Portfolio Risk and Return: Part II.

Learning Outcomes.

1 Introduction.

2 Capital Market Theory.

3 Pricing of Risk and Computation of Expected Return.

4 The Capital Asset Pricing Model.

5 Beyond the Capital Asset Pricing Model.

6 Summary.

Problems.

Chapter 7 Basics of Portfolio Planning and Construction.

Learning Outcomes.

1 Introduction.

2 Portfolio Planning.

3 Portfolio Construction.

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.

4 Private versus Public Equity Securities.

5 Investing in Non-Domestic Equity Securities.

6 Risk and Return Characteristics of Equity Securities.

7 Equity Securities and Company Value.

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.

4 Industry Classification Systems.

5 Describing and Analyzing an Industry.

6 Company Analysis.

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.

5 Multiplier Models.

6 Asset-Based Valuation.

7 Summary.

Problems.

Chapter 11 Equity Market Valuation.

Learning Outcomes.

1 Introduction.

2 Estimating a Justified P/E Ratio.

3 Top-down and Bottom-up Forecasting.

4 Relative Value Models.

5 Summary.

Problems.

Chapter 12 Technical Analysis.

Learning Outcomes.

1 Introduction.

2 Technical Analysis: Definition and Scope.

3 Technical Analysis Tools.

4 Elliott Wave Theory.

5 Intermarket Analysis.

6 Summary.

Problems.

Glossary.

References.

About the Authors.

About the CFA Program.

Index.