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Bodie, kane, marcus - investments[1]. vol

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  Finance McGraw−Hill Primis ISBN: 0−390−32002−1Text: Investments, Fifth Edition Bodie−Kane−Marcus Course: Investments Instructor: David Whitehurst UMIST Volume 1  McGraw-Hill/Irwin   Finance http://www.mhhe.com/primis/online/  Copyright ©2003 by The McGraw−Hill Companies, Inc. All rights reserved.Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials.111FINAISBN: 0−390−32002−1This book was printed on recycled paper.  Finance Volume 1 Bodie−Kane−Marcus • Investments, Fifth Edition Front Matter 1 Preface 1  Walk Through 9 I. Introduction 13 1. The Investment Environment 13 2. Markets and Instruments 38 3. How Securities Are Traded 75 4. Mutual Funds and Other Investment Companies 114 5. History of Interest Rates and Risk Premiums 142 II. Portfolio Theory 163 6. Risk and Risk Aversion 163 7. Capital Allocation between the Risky Asset and the Risk−Free Asset 192 8. Optimal Risky Portfolio 216 III. Equilibrium In Capital Markets 266 9. The Capital Asset Pricing Model 266 10. Single−Index and Multifactor Models 300 11. Arbitrage Pricing Theory 328 12. Market Efficiency 348 13. Empirical Evidence on Security Returns 390 IV. Fixed−Income Securities 421 14. Bond Prices and Yields 421 15. The Term Structure of Interest Rates 459 16. Managing Bond Portfolios 489 V. Security Analysis 537 17. Macroeconomics and Industry Analysis 537 18. Equity and Valuation Models 567 19. Financial Statement Analysis 611 VI. Options, Futures, and Other Derivatives 652 20. Options Markets: Introduction 652 21. Option Valuation 700 22. Futures Markets 743 23. Futures and Swaps: A Closer Look 770 iii  VII. Active Portfolio Management 808 24. Portfolio Performance Evaluation 808 25. International Diversification 850 26. The Process of Portfolio Management 875 iv  Bodie − Kane − Marcus: Investments, Fifth EditionFront MatterPreface1 © The McGraw − Hill Companies, 2001 P R E F A C E We wrote the first edition of this textbook more than ten years ago. The intervening yearshave been a period of rapid and profound change in the investments industry. This is due inpart to an abundance of newly designed securities, in part to the creation of new tradingstrategies that would have been impossible without concurrent advances in computer tech-nology, and in part to rapid advances in the theory of investments that have come out of theacademic community. In no other field, perhaps, is the transmission of theory to real-worldpractice as rapid as is now commonplace in the financial industry. These developmentsplace new burdens on practitioners and teachers of investments far beyond what was re-quired only a short while ago.  Investments, Fifth Edition, is intended primarily as a textbook for courses in investmentanalysis. Our guiding principle has been to present the material in a framework that is or-ganized by a central core of consistent fundamental principles. We make every attempt tostrip away unnecessary mathematical and technical detail, and we have concentrated onproviding the intuition that may guide students and practitioners as they confront new ideasand challenges in their professional lives.This text will introduce you to major issues currently of concern to all investors. It cangive you the skills to conduct a sophisticated assessment of current issues and debates cov-ered by both the popular media as well as more specialized finance journals. Whether youplan to become an investment professional, or simply a sophisticated individual investor,you will find these skills essential. Our primary goal is to present material of practical value, but all three of us are activeresearchers in the science of financial economics and find virtually all of the material inthis book to be of great intellectual interest. Fortunately, we think, there is no contradictionin the field of investments between the pursuit of truth and the pursuit of money. Quite theopposite. The capital asset pricing model, the arbitrage pricing model, the efficient marketshypothesis, the option-pricing model, and the other centerpieces of modern financialresearch are as much intellectually satisfying subjects of scientific inquiry as they are of immense practical importance for the sophisticated investor.In our effort to link theory to practice, we also have attempted to make our approachconsistent with that of the Institute of Chartered Financial Analysts (ICFA), a subsidiary of the Association of Investment Management and Research (AIMR). In addition to fosteringresearch in finance, the AIMR and ICFAadminister an education and certification programto candidates seeking the title of Chartered Financial Analyst (CFA). The CFAcurriculumrepresents the consensus of a committee of distinguished scholars and practitioners re-garding the core of knowledge required by the investment professional.There are many features of this text that make it consistent with and relevant to the CFAcurriculum. The end-of-chapter problem sets contain questions from past CFAexams, and,for students who will be taking the exam, Appendix B is a useful tool that lists each CFAquestion in the text and the exam from which it has been taken. Chapter 3 includes excerptsfrom the “Code of Ethics and Standards of Professional Conduct” of the ICFA. Chapter 26,which discusses investors and the investment process, is modeled after the ICFAoutline.In the Fifth Edition, we have introduced a systematic collection of Excel spreadsheets thatgive students tools to explore concepts more deeply than was previously possible. These vi
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