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Foundations of Investments New edition [Pehme köide]

(Lehigh University), (Indiana University), (University Alaska Anchorage)
  • Formaat: Paperback / softback, 825 pages, kõrgus x laius x paksus: 25x200x251 mm, kaal: 1180 g
  • Ilmumisaeg: 01-Jan-2023
  • Kirjastus: South-Western College Publishing
  • ISBN-10: 0357130421
  • ISBN-13: 9780357130421
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Foundations of Investments New editionSuurem pilt
  • Formaat: Paperback / softback, 825 pages, kõrgus x laius x paksus: 25x200x251 mm, kaal: 1180 g
  • Ilmumisaeg: 01-Jan-2023
  • Kirjastus: South-Western College Publishing
  • ISBN-10: 0357130421
  • ISBN-13: 9780357130421
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9780357130421.html
Märksõnad:
Now you can master investments by both learning and doing with Adair/Nofsinger's unique FOUNDATIONS OF INVESTMENTS. From theory to practice to implementation, the authors use clear descriptions, real examples, interactive learning features and MindTap and Excel digital resources to strengthen your understanding and skills to confidently implement investment ideas. You learn trusted places on the internet to obtain information and data as you work with data from companies such as Tesla, Apple and Walmart. You then use that data in spreadsheets to create investment solutions that lead to good decision making. Even if you have limited Excel experience, Excel Expert example boxes guide you through how to analyze investment spreadsheets. Applications from today's headlines highlight examples such as Bitcoin and GameStop. With this edition, you develop your own personal investment strategies to use in your personal portfolio or in your professional job.
About the Authors xv
Preface xvii
Acknowledgments xxv
Part I The Investments Environment
1(122)
Chapter 1 Introduction to Investments
2(17)
1-1 The Study of Investments
3(1)
1-2 Real vs. Financial Assets
4(2)
1-3 Cash Flows and the Sources of Uncertainty
6(3)
1-4 Valuation
9(3)
1-5 Efficient and Competitive Markets
12(1)
1-6 Diversification and Portfolio Construction
13(2)
1-7 The Financial Crises of 2008 and 2020 and Associated Recoveries
15(1)
1-8 Investment Careers
15(4)
Conclusion
17(1)
Key Terms
17(1)
Questions
18(1)
Case Study
18(1)
Chapter 2 Types and Attributes of Financial Instruments
19(28)
2-1 Securities vs. Financial Instruments
20(9)
2-1a Primary Market Transactions
20(6)
2-1b Corporate Risk, Return, and Control Ramifications of Primary Market Transactions
26(2)
2-1c Secondary Market Transactions
28(1)
2-2 Equity Securities
29(2)
2-2a Allocation of Control to Shareholders
30(1)
2-2b Allocation of Return to Shareholders
30(1)
2-2c Allocation of Risk to Shareholders
30(1)
2-3 Fixed-Income Securities
31(8)
2-3a Fixed-Income Issuers and Their Attributes
31(1)
2-3b Interest and Maturity
31(3)
2-3c The Indenture
34(1)
2-3d The Role of the Trustee
35(1)
2-3e Forms of Debt
35(1)
2-3f Allocation of Control to Bondholders
36(1)
2-3g Allocation of Return to Bondholders
36(1)
2-3h Allocation of Risk to Bondholders
37(2)
2-4 Money Market Instruments
39(3)
2-4a Treasury Bills
40(1)
2-4b Repurchase Agreements
40(1)
2-4c Certificates of Deposit
40(1)
2-4d Commercial Paper
40(1)
2-4e Banker's Acceptances
41(1)
2-4f Tax Anticipation Notes
41(1)
2-4g Yields on Money Market Instruments
41(1)
2-5 Financial Derivative Instruments
42(2)
2-5a Futures Contracts
42(2)
2-5b Options
44(1)
2-6 Foreign Exchange Instruments
44(3)
Conclusion
44(1)
Key Terms
44(2)
Questions
46(1)
Case Study
46(1)
Chapter 3 Securities Markets and Transactions
47(38)
3-1 Major Securities Exchanges
48(4)
3-1a New York Stock Exchange
48(2)
3-1b Nasdaq
50(1)
3-1c Over-the-Counter Markets
51(1)
3-1d Internationalization of Markets
51(1)
3-1e Electronic Communications Networks (ECNs)
51(1)
3-2 Indices to Measure the Markets
52(11)
3-2a Stock Index Design
52(1)
3-2b Major Stock Indexes
53(3)
3-2c Indexes by Market Capitalization
56(2)
3-2d Value and Growth Indexes
58(1)
3-2e Indexes by Sector and Industry
59(1)
3-2f Global Stock Market Indexes
60(3)
3-2g The Volatility Index (VIX)
63(1)
3-3 Buying and Selling Securities
63(13)
3-3a Brokerage Firms
63(1)
3-3b Types of Orders
64(2)
3-3c Cash and Margin Accounts
66(4)
3-3d The Short Sale
70(6)
3-4 Regulation
76(9)
3-4a Federal Securities Laws
76(4)
Conclusion
80(1)
Chapter Equations
80(1)
Excel Functions
80(1)
Key Terms
80(1)
Questions
81(1)
Problems
82(2)
Case Study
84(1)
Chapter 4 Mutual Funds and Other Investment Companies
85(38)
4-1 Mutual Funds
86(16)
4-1a Mutual Fund Costs
87(4)
4-1b Mutual Fund Portfolios
91(3)
4-1c Popular Specialized Mutual Funds
94(3)
4-1d Mutual Fund Returns
97(4)
4-1e Tax Efficiency
101(1)
4-2 Exchange-Traded Funds (ETFs)
102(5)
4-2a ETF Pricing and Performance
103(2)
4-2b Investment Objectives of ETFs
105(1)
4-2c Leveraged and Short ETFs
106(1)
4-3 Closed-End Investment Companies
107(2)
4-3a Discounts and Premiums
107(1)
4-3b Unit Trusts
108(1)
4-4 Hedge Funds
109(4)
4-5 Real Estate Investment Trusts (REITs)
113(10)
4-5a Real Estate Stocks and Mutual Funds
115(1)
Conclusion
116(1)
Chapter Equations
117(1)
Excel Functions
117(1)
Key Terms
117(2)
Questions
119(1)
Problems
119(3)
Case Study
122(1)
Part II Portfolio Theory
123(142)
Chapter 5 Measuring Return and Risk
124(36)
5-1 Measuring Return
125(14)
5-1a The Components of Return
125(3)
5-1b Realized vs. Expected vs. Required Returns
128(1)
5-1c HPR Using Adjusted Closing Prices
129(2)
5-1d Standardizing HPR
131(3)
5-1e Arithmetic vs. Geometric Averages
134(1)
5-1f Arithmetic Average as a Special Case of Probabilistic Expected Return
135(1)
5-1g The Relationship Between Geometric Average Return, Effective Rates, and Nominal Rates
136(3)
5-2 Measuring Risk
139(11)
5-2a The Law of Large Numbers (LLN) and the Benefit of Recency
140(2)
5-2b The Distribution of Monthly Returns
142(5)
5-2c Calculating Standard Deviation of Returns
147(3)
5-3 Return vs. Risk: The Historical Record
150(10)
5-3a Is Risk "Priced" into Returns?
150(3)
5-3b The Effect of Sampling on Compensation for Risk
153(1)
5-3c Our Inability to Perfectly See Investors' Expectations
153(1)
5-3d Should All Uncertainty Be Priced?
154(1)
5-3e Is There Only One "Price" for Risk?
154(1)
Conclusion
155(1)
Chapter Equations
155(1)
Excel Functions
156(1)
Key Terms
156(1)
Questions
157(1)
Problems
158(1)
Case Study
159(1)
Chapter 6 Portfolios and Diversification
160(25)
6-1 Risky Assets and Return Comovement
161(4)
6-1a Two Risky Assets
161(3)
6-1b Asset Classes
164(1)
6-2 Portfolio Theory
165(11)
6-2a Portfolio Risk and Return
165(3)
6-2b Portfolio Creation
168(2)
6-2c Modern Portfolio Theory
170(5)
6-2d Portfolios with International Diversification
175(1)
6-3 Utility and Optimal Portfolio Choice
176(9)
6-3a Utility Theory
176(2)
6-3b Optimal Portfolios
178(2)
Conclusion
180(1)
Chapter Equations
180(1)
Excel Functions
181(1)
Key Terms
181(1)
Questions
181(1)
Problems
182(2)
Case Study
184(1)
Chapter 7 Risk-Free and Risky Asset Allocation and the CAPM
185(25)
7-1 Capital Market Line
186(5)
7-1a Capital Allocation Line
186(3)
7-1b The Capital Market Line
189(2)
7-2 Capital Asset Pricing Model in Theory
191(5)
7-2a Pricing Individual Securities
191(3)
7-2b Security Market Line
194(1)
7-2c CAPM Basic Assumptions
195(1)
7-3 Capital Asset Pricing Model in Practice
196(14)
7-3a Finding Beta
196(1)
7-3b Estimating Beta
197(4)
7-3c Model Specification Problems
201(1)
7-3d Portfolio Betas
202(2)
Conclusion
204(1)
Chapter Equations
204(1)
Excel Functions
205(1)
Key Terms
205(1)
Questions
205(1)
Problems
206(2)
Case Study
208(2)
Chapter 8 Asset Pricing Models and Efficient Markets
210(31)
8-1 Arbitrage Pricing Theory
211(3)
8-1a Arbitrage Pricing
211(1)
8-1b APT Modeling
212(2)
8-2 Multifactor Models
214(8)
8-2a 3-Factor Model
214(4)
8-2b 4-Factor Model
218(3)
8-2c 5-Factor Model and More
221(1)
8-3 Efficient Markets
222(19)
8-3a Competitive Markets
222(1)
8-3b The Efficient Market Hypothesis
223(11)
Conclusion
234(1)
Chapter Equations
234(1)
Excel Functions
235(1)
Key Terms
235(1)
Questions
236(1)
Problems
236(3)
Case Study
239(2)
Chapter 9 Portfolio Performance Analytics
241(24)
9-1 Risk-Adjusted Returns
242(10)
9-1a Category Comparisons
242(3)
9-1b Jensen's Alpha
245(2)
9-1c Treynor Index
247(2)
9-1d Sharpe Ratio
249(3)
9-2 Performance Attribution
252(2)
9-3 Market Timing
254(4)
9-4 Active Management
258(7)
Conclusion
260(1)
Chapter Equations
260(1)
Excel Functions
260(1)
Key Terms
261(1)
Questions
261(1)
Problems
262(2)
Case Study
264(1)
Part III Investing in Stock
265(88)
Chapter 10 The Macroeconomic Environment for Investment Decisions
266(22)
10-1 The Economic Environment
269(1)
10-2 Measures of Economic Activity
270(4)
10-2a Measures of Consumer Confidence
273(1)
10-3 The Consumer Price Index
274(2)
10-4 The Fed
276(5)
10-4a Determination of Interest Rates
276(2)
10-4b The Impact of the Federal Reserve on Interest Rates
278(2)
10-4c Fed Watching
280(1)
10-4d The Money Supply
280(1)
10-5 Fiscal Policy
281(1)
10-6 The 2008--2011 and 2020--2021 Economic Environments
282(6)
10-6a 2008--2011
282(2)
10-6b 2020--2021
284(1)
Conclusion
284(1)
Chapter Equations
285(1)
Excel Functions
285(1)
Key Terms
285(1)
Questions
286(1)
Problems
287(1)
Case Study
287(1)
Chapter 11 Valuing Common Stock
288(47)
11-1 Corporate Form of Business
289(9)
11-1a Ownership
290(1)
11-1b Cash Dividends
291(4)
11-1c Stock Dividends
295(1)
11-1d Stock Splits
296(1)
11-1e Stock Repurchases and Liquidations
297(1)
11-2 Analysis of Financial Statements
298(13)
11-2a Liquidity Ratios
299(2)
11-2b Activity Ratios
301(3)
11-2c Profitability Ratios
304(2)
11-2d Leverage Ratios
306(2)
11-2e Coverage Ratios
308(1)
11-2f Analysis of Cash Flow
309(2)
11-3 Stock Valuation
311(10)
11-3a Investor Expected Return
312(1)
11-3b Stock Valuation: The Present Value of Dividends
313(8)
11-4 Price Multiple Analysis
321(4)
11-4a Price Multiples
321(4)
11-5 Growth and Valuing Investing
325(10)
Conclusion
327(1)
Chapter Equations
328(2)
Excel Functions
330(1)
Key Terms
330(1)
Questions
331(1)
Problems
332(2)
Case Study
334(1)
Chapter 12 Valuing Preferred Stock
335(18)
12-1 Valuing Vanilla Preferred Shares
337(3)
12-2 Valuing Finite-Lived Preferred Shares
340(1)
12-3 Valuing Convertible Preferred Shares
341(2)
12-4 Valuing Floating Preferred Shares
343(1)
12-5 Valuing Noncumulative Preferred Shares
344(1)
12-6 Valuing Participating Preferred Shares
345(2)
12-7 Valuing More Exotic Preferred Shares
347(1)
12-8 After-Tax Returns to Preferred Shareholders
347(6)
Conclusion
348(1)
Chapter Equations
349(1)
Excel Functions
349(1)
Key Terms
349(1)
Questions
350(1)
Problems
350(2)
Case Study
352(1)
Part IV Investing in Debt
353(98)
Chapter 13 Valuing Corporate Bonds
354(64)
13-1 General Features of Bonds
355(5)
13-1a Interest and Maturity
355(3)
13-1b The Indenture
358(1)
13-1c The Role of the Trustee
359(1)
13-1d Forms of Debt
359(1)
13-2 Risk
360(3)
13-3 The Mechanics of Purchasing Bonds
363(2)
13-4 Variety of Corporate Bonds
365(5)
13-4a Mortgage Bonds
366(1)
13-4b Equipment Trust Certificates
366(1)
13-4c Other Asset-Backed Securities and Securitization
366(1)
13-4d Debentures
367(1)
13-4e Income Bonds
367(1)
13-4f Convertible Bonds
368(1)
13-4g Variable Interest Rate Bonds
368(1)
13-4h Zero Coupon Bonds
368(1)
13-4i Eurobonds
369(1)
13-4j LIBOR
369(1)
13-5 High-Yield Securities
370(3)
13-5a Split Coupon Bonds
370(1)
13-5b Reset Securities and Increasing Rate Bonds
371(1)
13-5c Extendible Securities
371(1)
13-5d Spreads and Returns
372(1)
13-6 Accrued Interest, Zero Coupon Bonds, Original-Issue Discount Bonds, and Income Taxation
373(1)
13-7 Retiring Debt
374(5)
13-7a Serial Bonds
374(1)
13-7b Sinking Funds
374(2)
13-7c Repurchasing Debt
376(2)
13-7d Call Feature
378(1)
13-7e Escrowed to Maturity
379(1)
13-8 Obtaining Information on Bonds
379(1)
13-9 Bond Pricing
380(7)
13-9a Perpetual Securities
380(2)
13-9b Bonds with Maturity Dates
382(4)
13-9c Semiannual Compounding
386(1)
13-10 Fluctuations in Bond Prices
387(5)
13-10a Bond Valuation Applications to Nontraditional Bonds
389(3)
13-11 Bond Yields
392(6)
13-11a The Current Yield
392(1)
13-11b The Yield to Maturity
393(1)
13-11c A Comparison of the Current Yield and the Yield to Maturity
394(1)
13-11d The Yield to Call
395(3)
13-12 Risk and Fluctuations in Yield
398(13)
13-12a Changes in Risk
399(1)
13-12b Duration
399(5)
13-12c Duration and Portfolio Immunization
404(3)
13-12d Modified Duration
407(2)
13-12e Bond Price Convexity
409(2)
13-13 Management of Bond Portfolios
411(7)
13-13a Management of Interest Rate Risk
411(2)
13-13b Matching Strategies
413(1)
13-13c Interest Rate Swaps
413(1)
Conclusion
414(1)
Chapter Equations
414(1)
Excel Functions
415(1)
Key Terms
415(1)
Questions
416(1)
Problems
417(1)
Case Study
417(1)
Chapter 14 Valuing Government Securities
418(33)
14-1 The Variety of Federal Government Debt
420(8)
14-1a Interest and Maturity
420(1)
14-1b Nonmarketable Federal Government Debt
421(1)
14-1c Treasury Bills
421(3)
14-1d Treasury Notes and Bonds
424(2)
14-1e The Variability of Federal Government Bond Returns
426(2)
14-2 STRIPS
428(1)
14-2a Zero Coupon Treasury Securities
428(1)
14-3 Inflation-Indexed Treasury Securities
429(1)
14-4 Federal Agencies' Debt
430(7)
14-4a Ginnie Mae Securities
431(4)
14-4b Collateralized Mortgage Obligations (CMOs)
435(2)
14-4c Tranches Based on Risk
437(1)
14-5 State and Local Government Debt
437(6)
14-5a The Tax Exemption
437(2)
14-5b Yields on Municipal Bonds
439(1)
14-5c Types of Tax-Exempt Securities
440(1)
14-5d Tax-Exempt Securities and Risk
441(1)
14-5e Authority Bonds
442(1)
14-6 Foreign Government Debt Securities
443(1)
14-7 Government Securities and Investment Companies
443(8)
14-7a Specialized Government Investment Companies
445(1)
Conclusion
446(1)
Chapter Equations
446(1)
Excel Functions
447(1)
Key Terms
447(1)
Questions
448(1)
Problems
449(1)
Case Study
450(1)
Part V Investing in Derivative Securities
451(94)
Chapter 15 An Introduction to Futures Contracts and Options
452(64)
15-1 Call Options
454(7)
15-1a Interest and Maturity
454(7)
15-2 Leverage
461(7)
15-2a The Time Premium Paid for a Call
461(3)
15-2b Purchasing Calls
464(2)
15-2c Writing Calls
466(2)
15-3 Puts
468(8)
15-3a Buying Puts
470(2)
15-3b Writing Puts
472(1)
15-3c Puts Compared with Short Sales
473(1)
15-3d Protective Puts
474(1)
15-3e The Put--Call Ratio
475(1)
15-4 Leaps
476(1)
15-5 Price Performance of Puts and Calls
476(1)
15-6 The Chicago Board Options Exchange
477(2)
15-7 Stock Index Options
479(2)
15-8 Currency and Interest Rate Options
481(1)
15-9 Warrants
482(1)
15-10 Futures and Forward Contracts
483(6)
15-10a Investing in Commodity Futures
483(1)
15-10b Futures Markets
484(1)
15-10c Commodity Positions
485(2)
15-10d The Units of Commodity Contracts
487(1)
15-10e Reporting of Futures Trading
487(2)
15-10f The Regulation of Commodity Markets
489(1)
15-10g Forward Contracts
489(1)
15-11 Leverage of Futures and Forward Contracts
489(4)
15-12 Hedging with Futures and Forward Contracts
493(1)
15-13 The Selection of Commodity Futures Contracts
494(2)
15-13a Managed Futures and ETFs
495(1)
15-14 The Pricing of Futures
496(2)
15-15 Financial Futures and Currency Futures
498(5)
15-15a Stock Market Futures
498(2)
15-15b Programmed Trading and Index Arbitrage
500(3)
15-16 Futures for Debt Instruments
503(1)
15-17 Currency Futures
504(2)
15-17a Currency Futures and Risk Reduction Through Hedging with Currency Futures
505(1)
15-18 Swaps
506(10)
15-18a Currency and Interest Rate Swaps
507(2)
15-18b Equity Swaps
509(1)
15-18c Credit Default Swaps
510(2)
Conclusion
512(1)
Chapter Equations
512(1)
Key Terms
512(1)
Questions
513(1)
Problems
514(1)
Case Study
515(1)
Chapter 16 Derivative Valuation and Strategies
516(29)
16-1 Black--Scholes Option Valuation
517(8)
16-1a Alternative Option Pricing Models
525(1)
16-2 Expensing Employee Stock Options and Option Valuation
525(1)
16-3 Put--Call Parity
526(3)
16-4 The Hedge Ratio
529(3)
16-4a Delta and Other Greeks
532(1)
16-5 Additional Option Strategies
532(13)
16-5a The Covered Put
533(1)
16-5b The Protective Call
534(1)
16-5c The Straddle
535(1)
16-5d The Bull Spread
536(1)
16-5e The Bear Spread
537(1)
16-5f Collars
538(2)
Conclusion
540(1)
Chapter Equations
541(1)
Excel Functions
542(1)
Key Terms
542(1)
Questions
542(1)
Problems
543(1)
Case Study
544(1)
Part VI Special Topics
545(32)
Chapter 17 Technical Analysis
546(31)
17-1 The Technical Analysis Approach
547(2)
17-1a Supply and Demand
547(1)
17-1b A Visual Approach
547(1)
17-1c Theory and Practice
548(1)
17-2 Charting
549(8)
17-2a Dow Theory
549(1)
17-2b Demand Support and Supply Resistance
549(2)
17-2c Types of Charts
551(1)
17-2d Price Patterns
551(6)
17-3 Volume
557(1)
17-4 Technical Indicators
558(11)
17-4a Market Breadth
558(1)
17-4b Market Imbalance
559(2)
17-4c Buy--Sell Indicators
561(3)
17-4d Sentiment Surveys
564(2)
17-4e Momentum
566(3)
17-5 Is Technical Analysis Useful?
569(8)
Conclusion
570(1)
Chapter Equations
571(1)
Excel Functions
571(1)
Key Terms
571(1)
Questions
572(1)
Problems
573(3)
Case Study
576(1)
Glossary 577(20)
Index 597
Dr. Troy Adair is a teaching professor in the finance department at Indiana University. Dr. Adair received his BS in computers/information science from the University of Alabama at Birmingham, his MBA from the University of North Dakota and his Ph.D. in business from Indiana University. Prior to joining Indiana University, Dr. Adair served as the Dean of the College of Business at Athens State University and held many influential positions in industry. He managed research computing infrastructure and support services for Harvard Business School. He served as a senior business intelligence consultant in the financial services industry to HSBC, JP Morgan Chase and the United Services Automobile Association (USAA). In addition, he served as the banking/risk management professor for the Ross School of Business at the University of Michigan, where he also oversaw a variety of academic functions as the Associate Provost/Associate Vice President for Institutional Effectiveness at Berkeley College. Dr. Adair is a vocal advocate for the use of technology to enhance business processes. He has authored numerous textbooks leveraging technology in the business decision-making processes, including "Finance: Applications & Theory," "Corporate Finance Demystified" and "Introduction to R for Business." Dr. Troy Adair is a teaching professor in the finance department at Indiana University. Dr. Adair received his BS in computers/information science from the University of Alabama at Birmingham, his MBA from the University of North Dakota and his Ph.D. in business from Indiana University. Prior to joining Indiana University, Dr. Adair served as the Dean of the College of Business at Athens State University and held many influential positions in industry. He managed research computing infrastructure and support services for Harvard Business School. He served as a senior business intelligence consultant in the financial services industry to HSBC, JP Morgan Chase and the United Services Automobile Association (USAA). In addition, he served as the banking/risk management professor for the Ross School of Business at the University of Michigan, where he also oversaw a variety of academic functions as the Associate Provost/Associate Vice President for Institutional Effectiveness at Berkeley College. Dr. Adair is a vocal advocate for the use of technology to enhance business processes. He has authored numerous textbooks leveraging technology in the business decision-making processes, including "Finance: Applications & Theory," "Corporate Finance Demystified" and "Introduction to R for Business." Dr. John Nofsinger is dean and the William H. Seward Endowed Chair in International Finance at the College of Business & Public Policy, University of Alaska Anchorage. Dr. Nofsinger has authored or co-authored 16 finance trade books, textbooks and scholarly books that have been translated into 11 languages. Two books in particular, "The Psychology of Investing" and "The Biology of Investing," are extremely popular with investment advisors. Dr. Nofsinger is a prolific scholar who has written 74 articles in multiple disciplines that have been published in a variety of prestigious scholarly journals or practitioner journals. He is most widely known for his work in investments, behavioral finance and socially responsible investing.