投资管理基础：Fifth Edition

　　这是一本著名的本科生投资学主流教材，在设计上注意了理论与应用的平衡。它向学生指出了投资学所有重要领域的概貌：价值、市场、组合工具和市场、股票工具和市场、衍生工具以及一系列特别话题。

　　作者简介？芨ダ铩.赫特，迪保尔大学金融系主任，教授。固估.布洛克，得克萨斯克里斯第安大学教授。

    PART ONE
    INTROOUCTlON TO INVESTMENTS
    1 THE INVESTMENT SETTlNG
    2 SECURITYMARKETS:P5ESENTANDFUTURE
    3 PARTOPATlNGlNTHEMARKET
    4 SOURCES OF INVESTMENT
    INFORMATlON
   PARTTWO
    ANAIYSIS AND VALUATON OF EQUlTY
    SECURmEs
    5 ECONOMlCACTlVlTY
    6 INDUSTRYANALYSlS
    7 VALUATlON OF THE INDMDUAL
    FlRM
    8 FlNANClAL STATEMENT ANALYSlS
   PART THREE
    ISSUES IN EFFlClENT MARKETS
    9 A BASlC VlEW OF TECHNlCAL ANALYSlS
    ANDMARKETEFFlClENCY
    10 INVESTMENTS IN SPEClAL
    SlTUATlONS Zoi
   PART FouR
    FlXED-lNCOME AND LVERAGED SECURmES
    11 BONDS AND FlXED-lNCOME
    FUNDAMENTALS
    12 PRlNClPLES OF BOND VALUATlON AND
    INVESTMENT
    l3 DURATlON AND RElNVESTMENT
    CONCEPTS
    14 CONVERTlBLE SECURmES AND
    WARRANTS
   PART FivE
    DERlVAlVE PROOUCTS
    15 PUTANDCALLOPTlONS
    16 COMMODmESANDFlNANClAL
    FUTURES
    17 STOCKlNDEXFUTURESAND
    opnoNS
   PART SlX
    BROADENlNG THE INVESTMENT PERSPECTlVE
    18 INTERNATlONALSECURmES
    MARKETS
    l9 MUTUALFUNDS
    20 INVESTMENTSlNREALASSETS
    PARTSEVlN
    INTRODUCTlON TO PORTTOUO MANAGEMENT
    21 A BASlC LOOK AT PORTFOUO
    MANAGEMENT AND CAPlTAL MARKET
    THEORY
    22 MEASURlNG RlSKS AND RETURNS OF
    PORTFOUO MANAGERS
    APPENDlXES
    GLOSSARY
    INDEX
    ONTENTS
   PART ONE
    INTRODUCTlON TO INVESTMENTS
    l THE INVESTMENT SETTlNG
    Forms of Investment
    The Setting of Investment Obiectives
    Risk and Safety ofPrincipal
    Current Income versus Capital
    Appreciation
    Liquidity Considerations
    Short-Term versus Long-Term
    Orientation
    Tax Factors
    Ease ofManagement
    Relirement and Estate Planning
    Considerations
    Profile Analysis
    Measures of Risk and Return
    Risk
    Actual Consideration of Required
    Returns
    Real Rate ofRetum
    Anticipated inflation Factor
    Risk Premium
    Systematic and Unsystematic Risk
    Summary ofRetum Considerations
    WhatYouWillLearn
    Appendix lA: Investor Risk Profile
    Appendix l B: Career Opportunities in
    Investments
    2 SECURITY MARKETS: PRESENT AND FUTURE
    The Market Environment
    Market Functions
    Market Efficiency and Liquidity
    Competition cnd Allocation of Capital
    Secondary Markets
    Primary Markets
    Organization of the Primary Markets: The
    Investment Banker
    Underwriting Function
    Distribution
    Investment Bankmg Competition
    Organization of the Secondary
    Markets
    Organized Exchanges
    Consolidated Tape
    Listing Requirements for Firms
    Membership for Market Participants
    Other Organized Exchanges
    The American Stock Exchange
    The Chicago Board Options
    Exchange
    Futures Markets
    Over-the-Counter Markets
    NASDAQ
    Debt Securities Traded Over-the-
    Counter
    The Third and Fourth Markets: Part of
    Over-the-Counter Trading
    The Future of the Capital Markets
    The National Market System
    Regulation of the Security Markets
    Securities Act of l933
    Securities Exchange Act of l934
    The Securities Acts Amendments
    0/7975
    Other Legislation
    Insider Trading
    Program Trading and Market Price
    Limits
    3 PARTOPATlNG IN THE MARKET
    Meosures of Price Performonce: Market
    Indexes
    Indexes and Averages
    Dow Jones Averages
    Standard & Poor's Indexes
    Value Line Average
    Other Market Indexes
    Buying and Selling in the Market
    Cash or Margin Account
    Long or Short?-That Is the Question
    Types of Orders
    Cost of Trading
    Taxes
    Capital Gains and Loss Treatment
    IRAs and Taxes
    4 SOURCES OF INVESTMENT INFORMATlON
    Aggregate Economic Data
    Federal Reserve Bulletin
    Federal Reserve Banks
    Federal Reserve Bank of St. Louis
    Survey of Current Business
    Other Sources ofEconomic Data
    Investment Advisory Services
    Moody's
    Standard & Poor's
    Value Line
    Momingstar
    Other Investment Services
    Indexes, SEC Filings, Periodicals, and
    Journals
    Indexes
    Securities and Exchange Commission
    Filings
    Periodicals and Newspapers
    Joumals
    Computer Databases
    The Use ofMainframe Computers
    The Use ofPersonal Computers
    information on Nontraditional Markets
    Commodity Yearbook
    Appendix 4A: Names and Addresses of
    Appendix 46: Regional and Branch
    OfficesoftheSEC
    PART Two
    NALYSlS AND VALUATON OF EoUlTY
    SECURlTlES
    5 ECQNOMlC ACITVTY
    Economic Activity and the Business Cycle
    Federal Govemment Economic
    Policy
    Fiscal Policy
    Monetary Policy
    Govemment Policy, Real Growth and
    Inflation
    Business Cycles and Cyclical Indicaors
    Leading Indicators
    Money Supply and Stock Prices
    Business Cycles and industry Relationships
    6 INDUSTRY ANALYSlS
    Industry Life Cycles
    Development-Stage l
    Growth--Stage H
    Expansion-Stage lll
    Maturity-Stage IV
    Decline-Stage V
    Growth in Nongrowth Industries
    Industry Structure
    Economic Structure
    Competitive Structure
    Industry Trend Analysis
    Industry Groups and Rotational investing
    APPENDlX 6A Sustainable Growth
    7 VALUATON OF THE INDMDUAL FlRM
    Basic Vauation Concepts
    Review of Risk and Required Return
    Concepts
    Dividend Valuation Models
    General Dividen5 Model
    Constant Growth Model
    A Nonconstant Growth Model
    Earnings Valuation Models
    The Combined Eamings and Dividend
    Model
    The Price-Earnings Ratio
    The P/E Ratiofor Individual Stocks
    The Pure, Short-Term Eamings Model
    Relating an Individual Stock's P/E Ratio
    to the Market
    Othtsr Valuation Models Using Averaqe
    Price Ratios and 10-YearAverages
    Forecasting Eamings Per Share
    Least Squares Trendline
    The Income Statement Method
    Growth Stocks and Growth Companies
    199
    Assets as a Source of Stock Value
    Natural Resources
    8 FlNANClAL STATEMENT ANALYSIS
    The MaIor Financial Statements
    Income Statement
    Balance Sheet
    Statement of Cash Flows
    Key Financial Ratios for the Securily
    Analyst
    Ratio Anatysis
    Bankruptcy Studies
    Classification System
    Uses of Ratios
    Comparing Long-Term Trends
    Deficiencies of Financial Statements
    Infiation Effects
    Inventory Valuation
    Extraordinary Gains and Losses
    Pension Fund Liabilities
    Foreign Exchange Transactions
    Other Distortions
    PART THREE
    IsSUES IN EFFlClENT MARKETS
    9 A BASIC VlEW Of TECHNKAL ANlAlYSlS AND MARKET
    EFFlClENCY
    Technical Analysis
    The Use of Charting
    Essential Elements of the Dow
    Theory
    Support and Resistance Levels
    Volume
    Types of Charts
    Key Indicator Series
    Contrary Opinion Rules
    Smart Money Rules
    Overall Market Rules
    Efficient Market Hypothesis
    Weak Form of the Efficient Market
    Hypothesis
    Tests of Independence
    Trading Rule Tests
    Implications for Technical Analysis
    Semistrong Form of the Efficient Market
    Hypothesis
    Implications for Fwidamental Analysis
    Strong Form of the Efficient Market
    Hypothesis
    10 INVESTMENTS IN SPEclAL SITTUATONS
    Mergers and Acquisitions
    Premiwns for Acquired Company
    Acquiring Company Performance
    Form ofPayment
    Leveraged Buyouts
    New Stock Issues
    Performance oflnvestment Bankers
    Factors to Consider in a New Issue
    Exchange Listings
    Stock Repurchase
    Reasonsfor Repurchase
    Actual Market Effect
    The Small-Firm and Low-P/E-Ratio Eflect
    The Latest Theory-The Book Value to
    MarketValueEffect
    Other Stock-Related Special Situations
    Truly Superior Retums or Mismeasurement?
    PART FOUR
    FlXED-lNCOME AND LEVERAGED SECURlTlES
    ll BOND AND FlXED-lNCOME FUNDAMENTALS
    The Bond Contract
    Secured and Unsecured Bonds
    The Composition of the Bond Market
    U.S. Govemment Securities
    Federally Sponsored Credit Agency
    Issues
    State and Local Govemment
    Securities
    Corporate Securities
    Bond Market Unvestors
    Distribution Procedures
    Private Placement
    Bond Ratings
    Actual Rating System
    Junk Bonds
    Bond Quotes
    Bond Markets, Capital Market Theory, and
    Efficiency
    Other Forms of Fixed-lncome Securities
    Preferred Stock as an Altemative to Debt
    Features ofPreferred Stock
    Appendix l lA: Evaluation of Debt
    Innovations
    12 PRlNClPlES Of BOND VALUATlON AND
    iNVESTMENT
    Fundamentals of the Bond Valuation
    Process
    Rates of Retum
    Current Yield
    Yield to Maturity
    Yield to Call
    Anticipated Realized Yield
    Reinvestment Assumption
    The Movement of interest Rates
    Term Structure oflnterest Rates
    investment Strategy: interest-Rate
    Considerations
    Bond-Pricing Rules
    Example of interest-Rate Change
    Deep Discount versus Par Bonds
    Yield Spread Considerations
    Bond Swaps
    Appendix l 2A: Interpolating to Find Yield
    to Maturity
    13 DURATON AND RElNVESTMENT CONCEPTS
    Review of Basic Bond Valuation Concepb
    Duration
    Duration and Price Sensitivity
    Duration and Market Rates
    Duration and Coupon Rates
    Bringing Togerfier the Influences on
    Duration
    Duration and Zero-Coupon Bonds
    The Uses of Duration
    Bond Reinvestment Assumptions and
    Terminal Wealth Analysis
    Reinvestment Assumptions
    Terminal Wealth A.nalysis
    Zeiv-Coupon Bonds and Tenninal
    Wealth
    14 CoNVERTlBlE SECURlHES AND WARRANTS
    Convertible Securities
    Conversion Price and Cohversion Ratio
    Value ofthe Convertible Bond
    Bond Price and Premiums
    Comparison with Common Stock
    Disadvantages of Convertibles
    When to Convert into Common Stock
    Advantages and Disadvantaqes to the
    Issuing Corporation
    Accounting Considerations With
    Convertibles
    Innovations in Convertible Securities
    Speculating Through Warrants
    Valuation of Warrants
    Use of Warrants by Corporations
    Accounting Considerations with Warrants
    PART FIVE
    DERlVATlVE PRODUCTS
    15 PuTANDCAllOlTlONS
    Options Markets
    Listed Options Exchanges
    The Options Clearing Corporation
    Option Premiums
    Intrinsic Value
    Speculative Premium
    Basic Option Strategies
    Buying Call Options
    Writing Call Options
    Buying Put Options
    Using Options in Combinations
    Spreads
    Straddles
    Other Option Considerations
    Appendix 15A: The Black-Scholes Option
    Pricing Model
    16 CoMMODlTlES AND FlNANClAL FUTURES
    Types of Commodities and Exchanges
    Types of Commodities Contracts
    Actual Commodities Contract
    Margin Requirements
    Market Conditions
    Gains and Losses
    Price Movement Limitations
    Reading Market Quotes
    The Cash Market and the Futures Market
    The Futures Market for Financial
    Instruments
    Currency Futures
    lnterestRate Futures
    Hedging with Interest-Rate Futures
    An Actual Example
    Options as Well as Futures
    Interest-Rate Swaps
    l7 STOCK INDEX FUWRES AND OlTlONS
    The Concept of Derivative Products
    Trading Stock Index Futures
    Trading Cycle
    Margin Requirement
    Minimum Price Change
    Cash Settlement
    Basis
    Overall Feature
    Use of Stock index Futures
    Speculation
    Hedging
    Arbitraging
    Trading Stock Index Options
    Actual Trade in the S&P l00 Index
    Hedging with Stock Iindex Options
    Options on Stock Index Futures
    PART SIx
    BROADENlNG THE INVESTMENT PERSPECTlVE
    18 INTERNATlONAL SeCURlTIES MARKETS
    The World Equity Market
    Diversification Benefits
    Retum Potential in International Markets
    Current Quotations on Foreign Market
    Performance
    Other Market Differences
    Currency Fluctuations and Rates of Return
    Other Obstacles to Intemational Investments
    Political Risks
    Tax Problems
    Lack ofMarket Efficiency
    Administrative Problems
    Information Difficulties
    Methods of Participating in Foreign
    Investments
    Direct Investments
    Indirect Investments
    19 MUTUAL FUNDS
    Advantages and Disadvantages of Mutual
    Funds
    Closed-End Versus Open-End Funds
    Investing in Open-End Funds
    Load versus No-Load Funds
    No-Load Funds
    Differing ObIectives and the Diversity of
    Mutual Funds
    Matching Investment Objectives with
    Fund Types
    The Prospectus
    Distribution and Taxation
    Shareholder Services
    Investment Funds, Long-Tenn Planning, and
    Dollar-Cost Averaging
    Evaluating Fund Performance
    Lipper Mutual Fund Performance
    Averages
    Computing Total Retum on Your
    Investment
    Appendix l 19A: Unit Investment Trusts (UlTs)
    20 INVESTMENTS IN REAL ASSETS
    Advantages and Disadvantages of Real
    Assets
    Real Estate as an Investment
    Real Estate in the Last Decade and the
    Future Outlook
    An Actual Example
    Depreciation Effects
    Cash Flow Considerations
    Financing of Real Estate
    New Types ofMortgages
    Forms of Real Estate Ownership
    Individual or Regular Partnership
    Syndicate or Limited Partnership
    Real Estate Investment Trust
    Gold and Silver
    Gold
    Silver
    Precious Gems
    Other Collectibles
    PART SEVKN
    INTROOUCTlON
    TO PORTFOUO MANAGEMENT
    2l A BASIC LOOK AT PORTFOUO MANAGEMENT AND
    CAPlTAL MARKET THEORY
    Formal Measurement of Risk
    Expected Value
    Standard Deviation
    Portfolio Effect
    Standard Deviation for a Two-Asset
    Portfolio
    Developing an Efficient Portfolio
    Risk-Retum Indifference Curves
    Optimum Portfolio
    Capital Asset Pricing Model
    Capital Market Line
    Retum on an Individual Security
    Systematic and Unsystematic Risk
    Security Market Line
    Assumptions of the Capital Asset Pricing
    Model
    Arbitrage Pricing Theory
    Application to Portfolio
    Management
    Appendix21A: The Correlation Coefficient
    Appendix 21B: Least Squares Regression
    Analysis
    Appendix 21C: Derivation of the Security
    Market Line (SML)
    22 MEASUMNG RlSKS AND RETURNS OF PORTFOUO
    MANAGERS
    Stated Obiectives and Risk
    Measurement of Return in Relation to Risk
    Sharpe Approach
    Treynor Approach
    Jensen Approach
    Adequacy of Performance
    Diversification
    Other Assets as Well as Stocks
    A Specific Example-Asset Allocation
    The Makeup of institutional investors
    investment Companies (including Mutual
    Funds)
    Other Institutional Investors
    APPENDHXES
    APPENDlX A COMPOUND SUM OF $1
    ApPENDlX B COMPOUND SUM Of AN ANNUlTY
    Of$l
    APPENMX C PRESENT VALUE OF $!
    ApPENDlX D PRESENT VALUE OF AN ANNUlTY
    OfSl
    ApPENDlX E TlME VALUE OF MONEY AND
    INVESTMENT APPUCATONS
    ApKNDlX F USING CALCUlATORS FOR FlNANClAl
    ANAlYSlS
    GtOSSARY
    INDEX