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• Title Page
• Copyright Page
• Brief Contents
• Contents
• About the Authors
• Preface
• Acknowledgments
• Part One Preparing to Invest
• Chapter 1 The Investment Environment
• Opening Vignette
• Investments and the Investment Process
• Attributes of Investments
• The Structure of the Investment Process
• Types of Investments
• Short-Term Investments
• Common Stock
• Fixed-Income Securities
• Mutual Funds
• Exchange-Traded Funds
• Hedge Funds
• Derivative Securities
• Other Popular Investments
• Making Your Investment Plan
• Writing an Investment Policy Statement
• Considering Personal Taxes
• Investing over the Life Cycle
• Investing over the Business Cycle
• Famous Failures in Finance Ethical Failure—Massaging the Numbers
• Meeting Liquidity Needs with Short-Term Investments
• The Role of Short-Term Investments
• Famous Failures in Finance A Run for the Money
• Common Short-Term Investments
• Investment Suitability
• Careers in Finance
• Developing Skills for Your Career
• Summary
• Discussion Questions
• Problems
• Case Problem 1.1
• Case Problem 1.2
• Chapter 2 Securities Markets and Transactions
• Opening Vignette
• Securities Markets
• Types of Securities Markets
• Broker Markets and Dealer Markets
• Electronic and High-Frequency Trading
• General Market Conditions: Bull or Bear
• Globalization of Securities Markets
• Growing Importance of International Markets
• International Investment Performance
• Ways to Invest in Foreign Securities
• Risks of Investing Internationally
• Trading Hours and Regulation of Securities Markets
• Trading Hours of Securities Markets
• Regulation of Securities Markets
• Basic Types of Securities Transactions
• Long Purchase
• Margin Trading
• Short Selling
• Famous Failures in Finance Short Sellers Tip 60 Minutes
• Summary
• Discussion Questions
• Problems
• Case Problem 2.1
• Case Problem 2.2
• Chapter 3 Information and Securities Transactions
• Opening Vignette
• Investment Research and Planning
• Getting Started in Investment Research
• A Word of Caution About Internet Trading
• Types and Sources of Investment Information
• Types of Information
• Sources of Information
• Understanding Market Averages and Indexes
• Stock Market Averages and Indexes
• Bond Market Indicators
• Making Securities Transactions
• The Role of Stockbrokers
• Famous Failures in Finance Robbing Shareholders to Pay Paul
• Basic Types of Orders
• Online Transactions
• Transaction Costs
• Investor Protection: SIPC and Arbitration
• Investment Advisors and Investment Clubs
• Using an Investment Advisor
• Investment Clubs
• Summary
• Discussion Questions
• Problems
• Case Problem 3.1
• Case Problem 3.2
• Part Two Important Conceptual Tools
• Chapter 4 Return and Risk
• Opening Vignette
• The Concept of Return
• Components of Return
• Why Return Is Important
• Level of Return
• Famous Failures in Finance Fears of Deflation Worry Investors
• Historical Returns
• The Time Value of Money and Returns
• Measuring Return
• Real, Risk-Free, and Required Returns
• Holding Period Return
• The Internal Rate of Return
• Finding Growth Rates
• Risk: The Other Side of the Coin
• Sources of Risk
• Risk of a Single Asset
• Assessing Risk
• Steps in the Decision Process: Combining Return and Risk
• Summary
• Discussion Questions
• Problems
• Case Problem 4.1
• Case Problem 4.2
• Chapter-Opening Problem
• Appendix 4A The Time Value of Money
• Opening Vignette
• Interest: The Basic Return to Savers
• Simple Interest
• Compound Interest
• Computational Aids for Use in Time Value Calculations
• Financial Calculators
• Computers and Spreadsheets
• Future Value: An Extension of Compounding
• Future Value of an Annuity
• Present Value: An Extension of Future Value
• Present Value of a Stream of Returns
• Present Value of a Mixed Stream
• Present Value of an Annuity
• Summary
• Problems
• Chapter 5 Modern Portfolio Concepts
• Opening Vignette
• Principles of Portfolio Planning
• Portfolio Objectives
• Portfolio Return and Standard Deviation
• Correlation and Diversification
• International Diversification
• The Capital Asset Pricing Model
• Components of Risk
• Beta: A Measure of Undiversifiable Risk
• Famous Failures in Finance Bulging Betas
• The CAPM: The Connection Between Beta and Expected Return
• Traditional Versus Modern Portfolio Management
• The Traditional Approach
• Modern Portfolio Theory
• Reconciling the Traditional Approach and MPT
• Summary
• Discussion Questions
• Problems
• Case Problem 5.1
• Case Problem 5.2
• Chapter-Opening Problem
• CFA Exam Questions
• Part Three Investing in Common Stocks
• Chapter 6 Common Stocks
• Opening Vignette
• What Stocks Have to Offer
• The Appeal of Common Stocks
• Putting Stock Price Behavior in Perspective
• Famous Failures in Finance Beware of the Lumbering Bear
• A Real Estate Bubble Goes Bust and So Does the Market
• The Pros and Cons of Stock Ownership
• Basic Characteristics of Common Stock
• Common Stock as a Corporate Security
• Buying and Selling Stocks
• Common Stock Values
• Common Stock Dividends
• The Dividend Decision
• Types of Dividends
• Dividend Reinvestment Plans
• Types and Uses of Common Stock
• Types of Stocks
• Investing in Foreign Stocks
• Alternative Investment Strategies
• Summary
• Discussion Questions
• Problems
• Case Problem 6.1
• Case Problem 6.2
• Chapter 7 Analyzing Common Stocks
• Opening Vignette
• Security Analysis
• Principles of Security Analysis
• Who Needs Security Analysis in an Efficient Market?
• Famous Failures in Finance Staying on Top a Challenge for Fund Managers
• Economic Analysis
• Economic Analysis and the Business Cycle
• Key Economic Factors
• Developing an Economic Outlook
• Industry Analysis
• Key Issues
• Developing an Industry Outlook
• Fundamental Analysis
• The Concept
• Financial Statements
• Financial Ratios
• Famous Failures in Finance Cooking the Books: What Were They Thinking?
• Interpreting the Numbers
• Summary
• Discussion Questions
• Problems
• Case Problem 7.1
• Case Problem 7.2
• Chapter-Opening Problem
• Chapter 8 Stock Valuation
• Opening Vignette
• Valuation: Obtaining a Standard of Performance
• Valuing a Company Based on Its Future Performance
• Famous Failures in Finance P/E Ratios Can Be Misleading
• Developing a Forecast of Universal’s Financial Performance
• The Valuation Process
• Stock Valuation Models
• The Dividend Valuation Model
• Famous Failures in Finance Ethical Conflicts Faced by Stock Analysts: Don’t Always Believe the Hyp
• Other Approaches to Stock Valuation
• Other Price-Relative Procedures
• Summary
• Discussion Questions
• Problems
• Case Problem 8.1
• Case Problem 8.2
• Chapter-opening Problem
• Chapter 9 Market Efficiency and Behavioral Finance
• Opening Vignette
• Efficient Markets
• The Efficient Markets Hypothesis
• Market Anomalies
• Possible Explanations
• Behavioral Finance: a Challenge to the Efficient Markets Hypothesis
• Investor Behavior and Security Prices
• Famous Failures in Finance Loss Aversion and Trading Volume
• Famous Failures in Finance Buying High and Selling Low
• Implications of Behavioral Finance for Security Analysis
• Technical Analysis
• Measuring the Market
• Trading Rules and Measures
• Charting
• Summary
• Discussion Questions
• Problems
• Case Problem 9.1
• Case Problem 9.2
• CFA Exam Questions
• Part Four Investing in Fixed-Income Securities
• Chapter 10 Fixed-Income Securities
• Opening Vignette
• Why Invest in Bonds?
• A Brief History of Bond Prices, Returns, and Interest Rates
• Exposure to Risk
• Essential Features of a Bond
• Bond Interest and Principal
• Maturity Date
• Principles of Bond Price Behavior
• Quoting Bond Prices
• The Call Feature
• Sinking Funds
• Secured or Unsecured Debt
• Bond Ratings
• Famous Failures in Finance Rating Agencies Miss a Big One
• The Market for Debt Securities
• Major Market Segments
• Famous Failures in Finance Yield Spreads Approach Records
• Famous Failures in Finance Implicit Guarantee Might Not Be Forever
• Specialty Issues
• A Global View of the Bond Market
• Convertible Securities
• Convertibles as Investment Outlets
• Sources of Value
• Measuring the Value of a Convertible
• Summary
• Discussion Questions
• Problems
• Case Problem 10.1
• Case Problem 10.2
• Chapter-Opening Problem
• Chapter 11 Bond Valuation
• Opening Vignette
• The Behavior of Market Interest Rates
• Keeping Tabs on Market Interest Rates
• What Causes Rates to Move?
• Famous Failures in Finance Signs of a Recession
• The Term Structure of Interest Rates and Yield Curves
• The Pricing of Bonds
• The Basic Bond Valuation Model
• Annual Compounding
• Semiannual Compounding
• Accrued Interest
• Measures of Yield and Return
• Current Yield
• Yield to Maturity
• Yield to Call
• Expected Return
• Valuing a Bond
• Duration and Immunization
• The Concept of Duration
• Measuring Duration
• Bond Duration and Price Volatility
• Effective Duration
• Uses of Bond Duration Measures
• Bond Investment Strategies
• Passive Strategies
• Trading on Interest Rate Forecasts
• Bond Swaps
• Summary
• Discussion Questions
• Problems
• Case Problem 11.1
• Case Problem 11.2
• CFA Exam Questions
• Part Five Portfolio Management
• Chapter 12 Mutual Funds and Exchange-Traded Funds
• Opening Vignette
• The Mutual Fund Concept
• An Overview of Mutual Funds
• Famous Failures in Finance When Mutual Funds Behaved Badly
• Exchange-Traded Funds
• Some Important Considerations
• Other Types of Investment Companies
• Types of Funds and Services
• Types of Mutual Funds
• Famous Failures in Finance Breaking the Buck
• Investor Services
• Investing in Mutual Funds
• Investor Uses of Mutual Funds
• The Selection Process
• Investing in Closed-End Funds
• Measuring Performance
• Summary
• Discussion Questions
• Problems
• Case Problem 12.1
• Case Problem 12.2
• Chapter-Opening Problem
• Chapter 13 Managing Your Own Portfolio
• Opening Vignette
• Constructing a Portfolio Using an Asset Allocation Scheme
• Investor Characteristics and Objectives
• Portfolio Objectives and Policies
• Developing an Asset Allocation Scheme
• Evaluating the Performance of Individual Investments
• Obtaining Data
• Indexes of Investment Performance
• Measuring the Performance of Investments
• Comparing Performance to Investment Goals
• Assessing Portfolio Performance
• Measuring Portfolio Return
• Comparison of Return with Overall Market Measures
• Portfolio Revision
• Timing Transactions
• Formula Plans
• Using Limit and Stop-Loss Orders
• Warehousing Liquidity
• Timing Investment Sales
• Summary
• Discussion Questions
• Problems
• Case Problem 13.1
• Case Problem 13.2
• CFA Exam Questions
• Part Six Derivative Securities
• Chapter 14 Options: Puts and Calls
• Opening Vignette
• Call and Put Options
• Basic Features of Calls and Puts
• Options Markets
• Stock Options
• Options Pricing and Trading
• The Profit Potential from Puts and Calls
• Intrinsic Value
• Famous Failures in Finance Ethical Lapse or Extraordinarily Good Timing?
• What Drives Option Prices?
• Famous Failures in Finance The Volatility Index
• Trading Strategies
• Stock-Index and Other Types of Options
• Contract Provisions of Stock-index Options
• Investment Uses
• Other Types of Options
• Summary
• Discussion Questions
• Problems
• Case Problem 14.1
• Case Problem 14.2
• Chapter-Opening Problem
• Chapter 15 Futures Markets and Securities
• Opening Vignette
• The Futures Market
• Market Structure
• Trading in the Futures Market
• Commodities
• Basic Characteristics
• Trading Commodities
• Famous Failures in Finance Shady Trading at Enron
• Famous Failures in Finance Diving Oil Prices Send Cal Dive into Bankruptcy
• Financial Futures
• The Financial Futures Market
• Trading Techniques
• Financial Futures and the Individual Investor
• Options on Futures
• Summary
• Discussion Questions
• Problems
• Case Problem 15.1
• Case Problem 15.2
• CFA Exam Questions
• Glossary
• Index
• Back Cover