最 低 价：￥34.30
定 价：￥39.00
作 者：林海，基思 （Reilly.F.K.），布朗 （Brown.K.C） 著
出 版 社：高等教育出版社
出版时间：2005-01-01
I S B N：9787040161649
| FrardkK．Reiuy美国圣母玛利亚大学的金融学教授，曾担任过工商管理学院的院长。他先后在伊利诺伊大学、康萨斯大学、怀俄明州大学以及圣母玛利亚大学任教，并担任过众多学术组织，如财务管理学会、中西部工商管理学会以及中西部金融学会的主席。作为著名的金融学者，他在许多一流的金融经济杂志，如Journal of Finance，Journal of Financial and QuantitativeAnalysis等等发表了100多篇的学术论文。 KeitIl C．Brown美国德克萨斯大学商学院的金融学教授。他一直为MBA和博士开设投资学、衍生产品以及资本市场的相关课程，并先后获得6次的教学奖励。他在美国一流的金融经济杂志先后发表过40余篇的论文，并分别在1990和1996年获得Financiancial Analyst Journal 和Journal of Finance的最佳论文奖。 |
| Part 1 THE INVESTMENT BACKGROUND Chapter I The Investment Setting What Is an Investment? Investment Defined Measures of Return and Risk Measures of Historical Rates of Return Computing Mean Historical Returns Calculating Expected Rates of Return Measuring the Risk of Expected Rates of Return Risk Measures for Historical Returns Determinants of Required Rates of Return The Real Risk-Free Rate Factors Influencing the Nominal Risk-Free Rate (NRFR) Risk Premium Risk Premium and Portfolio Theory Fundamental Risk versus Systematic Risk Relationship between Risk and Return Movements along the SML Changes in the Slope of the SML Changes in Capital Market Conditions or Expected Inflation Chapter 2 The Asset Allocation Decision Individual Investor Life Cycle The Preliminaries Life Cycle Net Worth and Investment Strategies Life Cycle Investment Goals The Portfolio Management Process The Need for a Policy Statement Understand and Articulate Realistic Investor Goals Standards for Evaluating Portfolio Performance Other Benefits Input to the Policy Statement Investment Objectives Investment Constraints Constructing the Policy Statement The Importance of Asset Allocation Real Investment Returns after Taxes and Costs Returns and Risks of Different Asset Classes Asset Allocation and Cultural Differences Chapter 3 Selecting Investments in a Global Market Global Investment Choices Fixed-lncome Investments International Bond Investing Equity Instruments Special Equity Instruments: Options Futures Contracts Investment Companies Real Estate Low-Liquidity Investments Historical Risk-Returns on Alternative Investments Stocks， Bonds， and T-Bills World Portfolio Performance Chapter 4 Organization and Functioning of Securities Markets What Is a Market? Characteristics of a Good Market Organization of the Securities Market Primary Capital Markets Government Bond Issues Municipal Bond Issues Corporate Bond Issues Corporate Stock Issues Private Placements Secondary Financial Markets Why Secondary Markets Are Important Secondary Bond Markets Financial Futures Secondary Equity Markets Regional Exchanges and the Over-the-Counter Market Regional Securities Exchanges Over-the-Counter (OTC) Market Third Market Fourth Market Changes in the Securities Markets Evidence and Effect of Institutionalization Negotiated Commission Rates The Impact of Block Trades Institutions and Stock Price Volatility National Market System (NMS) New Trading Systems Global Market Changes Future Developments Part 2 DEVELOPMENTS IN INVESTMENT THEORY Chapter 5 Efficient Capital Markets Why Should Capital Markets Be Efficient? Alternative Efficient Market Hypotheses Weak-Form Efficient Market Hypothesis Semistrong-Form Efficient Market Hypothesis Strong-Form Efficient Market Hypothesis Tests and Results of Efficient Market Hypotheses Weak-Form Hypothesis: Tests and Results Semistrong-Form Hypothesis: Tests and Results Strong-Form Hypothesis: Tests and Results Behavioral Finance Explaining Biases Implications of Efficient Capital Markets Efficient Markets and Technical Analysis Efficient Markets and Fundamental Analysis Chapter 6 An Introduction to Portfolio Management Some Background Assumptions Risk Aversion Definition of Risk Markowitz Portfolio Theory Alternative Measures of Risk Expected Rates of Return Variance (Standard Deviation) of Returns for an Individual Investment Variance (Standard Deviation) of Returns for a Portfolio Standard Deviation of a Portfolio A Three-Asset Portfolio Estimation Issues The Efficient Frontier The Efficient Frontier and Investor Utility Chapter 7 An introduction to Asset Pricing Models Capital Market Theory: An Overview Background for Capital Market Theory Risk-Free Asset The Market Portfolio The Capitol Asset Pricing Model: Expected Return and Risk The Security Market Line (SML) Relaxing the Assumptions Differential Borrowing and Lending Rates Zero-Beta Model Transaction Costs Heterogeneous Expectations and Planning Periods Taxes Empirical Tests of the CAPM Stability of Beta Relationship between Systematic Risk and Return Effect of Skewness on the Relationship Effect of Size， P/E， and Leverage Effect of Book-to-Market Value: The Fama-French Study Summary of CAPM Risk-Return Empirical Results The Market Portfolio: Theory versus Practice What Is Next? Chapter 8 Multifactor Models of Risk and Return Arbitrage Pricing Theory Security Valuation with the APT: An Example Empirical Tests of the APT Multifactor Models and Risk Estimation Multifactor Models in Practice Part 3 VALUATION PRINCIPLES AND PRACTICES Chapter 9 Analysis of Financial Statements Major Financial Statements Generally Accepted Accounting Principles Balance Sheet Income Statement Statement of Cash Flows Purpose of Financial Statement Analysis Analysis of Financial Ratios Importance of Relative Financial Ratios Computation of Financial Ratios Common-Size Statements Evaluating Internal Liquidity Internal Liquidity Ratios Evaluating Operating Performance Operating Efficiency Ratios Operating Profitability Ratios Risk Analysis Business Risk Financial Risk Proportion of Debt (Balance Sheet) Ratios Earnings Flow Ratios Cash Flow Ratios External Liquidity Risk Analysis of Growth Potential Importance of Growth Potential Determinants of Growth Comparative Analysis of Ratios Internal Liquidity Operating Performance Risk Analysis Growth Analysis The Value of Financial Statement Analysis Specific Uses of Financial Ratios Stock Valuation Models Estimating Systematic Risk Estimating the Credit Ratings on Bonds Predicting Insolvency (Bankruptcy) Limitations of Financial Ratios Chapter 10 An Introduction to Security Valuation An Overview of the Valuation Process Why a Three-Step Valuation Process? General Economic Influences Industry Influences Company Analysis Does the Three-Step Process Work? Theory of Valuation Stream of Expected Returns (Cash Flows) Required Rate of Return Investment Decision Process: A Comparison of Estimated Values and Market Prices Valuation of Alternative Investments Valuation of Bonds Valuation of Preferred Stock Approaches to the Valuation of Common Stock Why and When to Use the Discounted Cash Flow Valuation Approach Why and When to Use the Relative Valuation Techniques Discounted Cash Flow Valuation Techniques Valuation with Temporary Supernormal Growth Present Value of Operating Free Cash Flows Present Value of Free Cash Flows to Equity Relative Valuation Techniques Earnings Multiplier Model The Price/cash Flow Ratio The Price/Book Value Ratio The Price/Sales Ratio Implementing the Relative Valuation Technique Estimating the Inputs: The Required Rate of Return and the Expected Growth Rate of Valuation Variables Required Rate of Return (it) Estimating the Required Return for Foreign Securities Expected Growth Rates Chapter 11 Macroeconomic and Market Analysis Economic Activib/ and Security Markets Cyclical Indicator Approach to Forecasting the Economy Cyclical Indicator Categories Analytical Measures of Performance Limitations of the Cyclical Indicator Approach Other Leading Indicator Series Monetary Variables， the Economy， and Stock Prices Money Supply and the Economy Financial Conditions Index Money Supply and Stock Prices Other Economic Variables and Stock Prices Inflation， Interest Rates， and Security Prices Summary of Macroeconomic Analysis Part 4 ANALYSIS AND MANAGEMENT OF COMMON STOCKS Chapter 12 Stock Market Analysis Applying the DDM Valuation Model to the Market Market Valuation Using the Reduced Form DDM Estimoling the Growth Rate of Dividends (g) Market Valuation Using the Free Cash Flow to Equity (FCFE) Model Valuation Using the Relative Valuation Approach Two-Part Valuation Procedure Importance of Both Components of Value Estimating Expected Earnings per Share Estimating Gross Domestic Product Estimating Sales per Share for a Market Series Alternative Estimates of Corporate Net Profits Estimating Aggregate Operating Profit Margin Estimating Depreciation Expense Estimating Interest Expense Estimating the Tax Rate Calculating Earnings per Share: An Example Estimating the Earnings Multiplier for a Stock Market Series Determinants of the Earnings Multiplier Estimating the Required Rate of Return (k) Estimating the Growth Rate of Dividends (g) Estimating the Dividend-Payout Ratio (D~/EO Calculating the Expected Rate of Return on Common Stocks OtherRelative Valuation Ratios Chapter 13 Industry Analysis Why Do Industry Analysis? Cross-Sectional Industry Performance Industry Performance over Time Performance of the Companies within an Industry Differences in Industry Risk Summary of Research on Industry Analysis Industry Analysis Process The Business Cycle and Industry Sectors Inflation Interest Rates International Economics Consumer Sentiment Structural Economic Changes and Alternative Industries Demographics Lifestyles Technology Politics and Regulations Evaluating the Indusby Life Cycle Analysis of Industry Competition Competition and Expected Industry Returns Estimating Industry Rates of Return Valuation Using the Reduced Form DDM Industry Analysis Using the Relative Valuation Approach The Earnings Multiple Technique Other Relative Valuation Ratios Global Industry Analysis Chapter 14 Company Analysis and Stock Valuation Company Analysis versus the Valuation of Stock Growth Companies and Growth Stocks Defensive Companies and Stocks Cyclical Companies and Stocks Speculative Companies and Stocks Value versus Growth Investing Economic， Industry， and Structural Links to Company Analysis Economic and Industry Influences Structural Influences Company Analysis Firm Competitive Strategies Focusing a Strategy SWaT Analysis Some Lessons from Lynch Tenets of Warren Buffett Estimating Intrinsic Value Analysis of Growth Companies Growth Company Defined Actual Returns above Required Returns Growth Companies and Growth Stocks Growth Companies and the Dividend Discount Model Alternative Growth Models No-Growth Firm Long-Run Growth Models The Real World Measures of Value Added Economic Value Added (EVA) Market Value Added (MVA) Relationships between EVA and MVA The Franchise Factor Growth Duration Model Influences on Analysts Efficient Markets Paralysis of Analysis Analyst Conflicts of Interest Global Company and Stock Analysis Availability of Data Differential Accounting Conventions Currency Differences (Exchange Rate Risk) Political (Country) Risk Transaction Costs Valuation Differences Summary Chapter 15 Technical Analysis Underlying Assumptions of Technical Analysis Advantages of Technical Analysis Challenges to Technical Analysis Challenges to Technical Analysis Assumptions Challenges to Technical Trading Rules Technical Trading Rules and Indicators Contrary-Opinion Rules Follow the Smart Money Other Market Environment Indicators Stock Price and Volume Techniques Chapter 16 Equity Portfolio Management Strategies Passive versus Active Management An Overview of Passive Equity Portfolio Management Strategies Index Portfolio Construction Techniques Tracking Error and Index Portfolio Construction Methods of Index Portfolio Investing An Overview of Active Equity Portfolio Management Strategies Fundamental Strategies Technical Strategies Anomalies and Attributes Miscellaneous Issues Value versus Growth Investing: A Closer Look An Overview of Style Analysis Asset Allocation Strategies Integrated Asset Allocation Strategic Asset Allocation Tactical Asset Allocation Insured Asset Allocation Selecting an Active Allocation Method Using Futures and Options in Equity Portfolio Management: An Overview Modifying Portfolio Risk and Return: An Introduction Using Derivatives in Passive Equity Portfolio Management Using Derivatives in Active Equity Portfolio Management Part 5 ANALYSIS AND MANAGEMENT OF BONDS Chapter 17 Bond Fundamentals Basic Features of a Bond Bond Characteristics Rates of Return on Bonds The Global Bond Market Structure Participating Issuers Participating Investors Bond Ratings Alternative Bond Issues Domestic Govemment Bonds Government Agency Issues Municipal Bonds Corporate Bonds International Bonds Chapter 18 The Analysis and Valuation of Bonds The Fundamentals of Bond Valuation The Present Value Model The Yield Model Computing Bond Yields Nominal Yield Current Yield Promised Yield to Maturity Promised Yield to Call Realized (Horizon) Yield Calculating Future Bond Prices Price and Yield Determination on Noninterest Dates Yield Adjustments for Tax-Exempt Bonds Bond Yield Books Bond Valuation Using Spot Rates What Determines Interest Rates? Forecasting Interest Rates Fundamental Determinants of Interest Rates Term Structure of Interest Rates Calculating Forward Rates from the Spot Rate Curve Term Structure Theories Expectations Hypothesis Liquidity Preference Hypothesis Segmented Market Hypothesis Trading Implications of the Term Structure Yield Spreads What Determines the Price Volatility for Bonds? Trading Strategies Duration Measures Modified Duration and Bond Price Volatility Bond Convexity Limitations of Macaulay and Modified Duration Yield Spreads with Embedded Options Static Yield Spreads Chapter 19 Bond Portfolio Management Strategies Alternative Bond Portfolio Strategies Passive Management Strategies Active Management Strategies A Global F~ed-lncome Investment Strategy Core-Plus Bond Portfolio Management Matched-Funding Techniques Implications of Capital Market Theory and the EMH on Bond Portfolio Management Bonds and Total Portfolio Theory Bonds and Capital Market Theory Bond Price Behavior in a CAPM Framework Bond Market Efficiency Part 6 SPECIFICATION AND EVALUATION OF ASSET MANAG EM ENT Chapter 20 Professional Asset Management The Asset Management Industry: Structure and Evolution Private Management and Advisory Firms Investment Strategy at a Private Money Management Firm Management of Investment Companies Valuing Investment Company Shares Closed-End versus Open-End Investment Companies Closed-End Investment Companies Open-End Investment Companies Fund Management Fees Types of Investment Companies Based on Portfolio Makeup Common Stock Funds Hybrid Funds Bond Funds Money Market Funds Breakdown by Fund Characteristics Global Investment Companies Ethics and Regulation in the Professional Asset Management Industry Performance of Investment Companies Analysis of Overall Performance Investment Style and the Classification of Mutual Funds Investment Style and Performance Persistence What Performance Studies Mean to You Chapter 21 Evaluation of Portfolio Performance What Is Required of a Portfolio Manager? Composite Portfolio Performance Meo~ Ires Portfolio Evaluation before 1960 Peer Group Comparisons Treynor Portfolio Performance Measure Sharpe Portfolio Performance Measure Jensen Portfolio Performance Measure The Information Ratio Performance Measure Application of Portfolio Performance Measures Components of Investment Performance Performance Attribution Analysis Asset Class Attribution Analysis: An Example Measuring Market Timing Skills Factors That Affect Use of Performance Measures A Demonstration of the Global Benchmark Problem Implications of the Benchmark Problems Required Characteristics of Benchmarks Evaluation of Bond Portfolio Performance A Bond Market Line Decomposin8 Portfolio Returns Analyzing Sources of Return Consistency of Performance Reporting Investment Performance Time-Weighted and Dollar-Weighted Returns |
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