投资分析与组合管理

PART 1  THE INVESTMENT BACKGROUND
  Chapter 1 The Investment Setting
    1.1 What Is an Investment?
    1.2 Measures of Return and Risk
    1.3 Determinants of Required Rates of Return
    1.4 Relationship between Risk and Return
  Chapter 2 The Asset Allocation Decision
    2.1 Individual Investor Life Cycle
    2.2 The Portfolio Management Process
    2.3 The Need For a Policy Statement
    2.4 Input to the Policy Statement
    2.5 The Importance of Asset Allocation
  Chapter 3 Selecting Investments in a Global Market
    3.1 The Case for Global Investments
    3.2 Global Investment Choices
    3.3 Historical Risk-Returns on Alternative Investments
  Chapter 4 Organization and Functioning of Securities Markets
    4.1 What Is a Market?
    4.2 Primary Capital Markets
    4.3 Secondary Financial Markets
    4.4 Detailed Analysis of Exchange Markets
PART 2 DEVELOPMENTS IN INVESTMENT THEORY
  Chapter 5 Efficient Capital Markets
    5.1 Why Should Capital Markets Be Efficient?
    5.2 Alternative Efficient Market Hypotheses
    5.3 Tests and Results of Efficient Market Hypotheses
    5.4 Behavioral Finance
    5.5 Implications of Efficient Capital Markets
  Chapter 6 An Introduction to Portfolio Management
    6.1 Some Background Assumptions
    6.2 Markowitz Portfolio Theory
  Chapter 7 An Introduction to Asset Pricing Models
    7.1 Capital Market Theory: An Overview
    7.2 The Capital Asset Pricing Model
    7.3 Relaxing the Assumptions
    7.4 Additional Empirical Tests of the CAPM
    7.5 The Market Portfolio: Theory Versus Practice
  Chapter 8 Multifactor Models of Risk and Return
    8.1 Arbitrage Pricing Theory
    8.2 Multifactor Models and Risk Estimationee
PART 3 VALUATION PRINCIPLES AND PRACTICES
  Chapter 9 Analysis of Financial Statements
    9.1 Major Financial Statements
    9.2 Analysis of Financial Ratios
    9.3 Computation of Financial Ratios
    9.4 Evaluating Internal Liquidity
    9.5 Evaluating Operating Performance
    9.6 Risk Analysis
    9.7 Analysis of Growth Potential
    9.8 Comparative Analysis of Ratios
    9.9 The Value of Financial Statement Analysis
    9.1o Specific Uses of Financial Ratios
  Chapter lo An Introduction to Security Valuation
    10.1 An Overview of the Valuation Process
    lO.2 Why a Three-Step Valuation Process?
    lO.3 Theory of Valuation
    lO.4 Valuation of Alternative Investments
    lO.5 Relative Valuation Techniques
    lO.6 Estimating the Inputs: The Required Rate of Return and the Expected Growth Rate of Valuation Variablesee
PART 4 ANALYSIS AND MANAGEMENT OF COMMON STOCKS
  Chapter 11 Macroanalysis and Microvaluation of the Stock Market
    11.1 The Components of Market Analysis
    11.2 Macromarket Analysis
    11.3 Microvaluation Analysis
    11.4 Valuation Using the Earnings Multiplier Approach
     11.5 Estimating Expected Earnings per Share
     11.6 Estimating the Stock Market Earnings Multiplier
     11.7 Microvaluation of World Markets
   Chapter 12 Industry Analysis
    12.1 Why Do Industry Analysis?
    12.2 The Business Cycle and Industry Sectors
    12.3 Structural Economic Changes and Alternative Industries
    12.4 Evaluating the Industry Life Cycle
    12.5 Analysis of Industry Competition
    12.6 Estimating Industry Rates of Return
    12.7 Industry Analysis Using the Relative Valuation Approach
    12.8 Other Relative Valuation Ratios
    12.9 Global Industry Analysis
  Chapter 13 Company Analysis and Stock Valuation
    13.1 Company Analysis versus Stock Valuation
    13.2 Economic, Industry, and Structural Links to Company Analysis
    13.3 Company Analysis
    13.4 Estimating Intrinsic Value
    13.5 Analysis of Growth Companies
    13.6 Measures of Value Added
    13.7 Influences on Analysis
    13.8 Global Company and Stock Analysis
  Chapter 14 Technical Analysis
    14.1 Underlying Assumptions of Technical Analysis
    14.2 Advantages of Technical Analysis
    14.3 Challenges to Technical Analysis
    14.4 Technical Trading Rules and Indicators
  Chapter 15 Equity Portfolio Management Strategies
    15.1 Passive versus Active Management
    15.2 An Overview of Passive Equity Portfolio Management Strategies
    15.3 An Overview of Active Equity Portfolio Management Strategies
    15.4 Value versus Growth Investing: A Closer Look
    15.5 An Overview of Style Analysis
    15.6 Asset Allocation Strategies
PART 5 ANALYSIS AND MANAGEMENT OF BONDS
  Chapter 16 Bond Fundamentals
    16.1 Basic Features of a Bond
    16.2 The Global Bond Market Structure
     16.3 Alternative Bond Issues
     16.4 Obtaining Information on Bond Prices
   Chapter 17 The Analysis and Valuation of Bonds
     17.1 The Fundamentals of Bond Valuation
    17.2 Computing Bond Yields
    17.3 Calculating Future Bond Prices
    17.4 Bond Valuation Using Spot Rates
    17.5 What Determines Interest Rates?
    17.6 Calculating Forward Rates from the Spot Rate Curve
    17.7 Term-Structure Theories
    17.8 What Determines the Price Volatility for Bonds?
    17.9 Yield Spreads with Embedded Options
  Chapter 18 Bond Portfolio Management Strategies
    18.1 Bond Portfolio Performance, Style, and Strategy
    18.2 Passive Management Strategies
    18.3 Active Management Strategies
    18.4 Core-Plus Management Strategies
    18.5 Matched-Funding Management Strategies
    18.6 Contingent and Structured Management Strategies
PART 6  SPECIFICATION AND EVALUATION OF ASSET MANAGEMENT
  Chapter 19 Professional Money Management, Alternative Assets, and Industry Ethics
    19.1 The Asset Management Industry: Structure and Evolution
    19.2 Private Management and Advisory Firms
    19.3 Organization and Management of Investment Companies
    19.4 Investing in Alternative Asset Classes
    19.5 Ethics and Regulation in the Professional Asset Management Industry
    19.6 What Do You Want from a Professional Asset Manager?
  Chapter 20 Evaluation of Portfolio Performance
    20.1 What Is Required of a Portfolio Manager?
    20.2 Composite Portfolio Performance Measures
    20.3 Application of Portfolio Performance Measures
    20.4 Portfolio Performance Evaluation: Some Extensions
    20.5 Factors That Affect Use of Performance Measures
    20.6 Evaluation of Bond Portfolio Performance
    20.7 Reporting Investment Performance
    Glossary
    FREQUENTLY USED SYMBOLS