(Ebook PDF) Essentials of Investments 12th Edition by Zvi Bodie 1264140274 9781264140275 full chapters

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ISBN-10 :  1264140274 

ISBN-13 :  9781264140275

Author :  Zvi Bodie 

Essentials of Investments

Essentials of Investments 12th Table of contents:

Chapter 1: Investments: Background and Issues
Part 1: Elements of Investments
Introduction
1.1 Real Assets Versus Financial Assets
1.2 Financial Assets
1.3 Financial Markets and the Economy
The Informational Role of Financial Markets
Consumption Timing
Allocation of Risk
Separation of Ownership and Management
Stakeholder Capitalism and ESG Investing
Corporate Governance and Corporate Ethics
1.4 The Investment Process
1.5 Markets are Competitive
The Risk-Return Trade-off
Efficient Markets
1.6 The Players
Financial Intermediaries
Investment Bankers
Venture Capital and Private Equity
Fintech, Financial Innovation, and Decentralized Finance
1.7 The Financial Crisis of 2008-2009
Antecedents of the Crisis
Changes in Housing Finance
Mortgage Derivatives
Credit Default Swaps
The Rise of Systemic Risk
The Shoe Drops
The Dodd-Frank Reform Act
1.8 Outline of the Text
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 2: Asset Classes and Financial Instruments
Introduction
2.1 The Money Market
Treasury Bills
Certificates of Deposit
Commercial Paper
Bankers’ Acceptances
Eurodollars
Repos and Reverses
Brokers’ Calls
Federal Funds
LIBOR and Its Replacements
Yields on Money Market Instruments
Money Market Funds
2.2 The Bond Market
Treasury Notes and Bonds
Inflation-Protected Treasury Bonds
Federal Agency Debt
International Bonds
Municipal Bonds
Corporate Bonds
Mortgage- and Asset-Backed Securities
2.3 Equity Securities
Common Stock as Ownership Shares
Characteristics of Common Stock
Stock Market Listings
Preferred Stock
Depositary Receipts
2.4 Stock And Bond Market Indexes
Stock Market Indexes
The Dow Jones Industrial Average
The Standard & Poor’s 500 Index
Russell Indexes
Other U.S. Market Value Indexes
Equally Weighted Indexes
Foreign and International Stock Market Indexes
Bond Market Indicators
2.5 Derivative Markets
Options
Futures Contracts
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 3: Securities Markets
Introduction
3.1 How Firms Issue Securities
Privately Held Firms
Publicly Traded Companies
Shelf Registration
Initial Public Offerings
SPACs versus Traditional IPOs
3.2 How Securities are Traded
Types of Markets
Types of Orders
Trading Mechanisms
3.3 The Rise of Electronic Trading
3.4 U.S. Markets
Nasdaq
The New York Stock Exchange
ECNs
3.5 New Trading Strategies
Algorithmic Trading
High-Frequency Trading
Dark Pools
Internalization
Bond Trading
3.6 Globalization of Stock Markets
3.7 Trading Costs
3.8 Buying on Margin
3.9 Short Sales
3.10 Regulation of Securities Markets
Self-Regulation
The Sarbanes–Oxley Act
Insider Trading
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 4: Mutual Funds and Other Investment Companies
Introduction
4.1 Investment Companies
4.2 Types of Investment Companies
Unit Investment Trusts
Managed Investment Companies
Exchange-Traded Funds
Other Investment Organizations
4.3 Mutual Funds
Investment Policies
How Funds Are Sold
4.4 Costs of Investing in Mutual Funds
Fee Structure
Fees and Mutual Fund Returns
4.5 Taxation of Mutual Fund Income
4.6 Exchange-Traded Funds
4.7 Mutual Fund Investment Performance: A First Look
4.8 Information on Mutual Funds
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 5: Risk, Return, and the Historical Record
Part 2: Portfolio Theory
Introduction
5.1 Rates of Return
Measuring Investment Returns over Multiple Periods
Conventions for Annualizing Rates of Return
5.2 Inflation and the Real Rate of Interest
The Equilibrium Nominal Rate of Interest
Treasury Bills and Inflation, 1927–2022
5.3 Risk and Risk Premiums
Scenario Analysis and Probability Distributions
The Normal Distribution
Normality and the Investment Horizon
Deviation from Normality and Tail Risk
Risk Premiums and Risk Aversion
The Sharpe Ratio
5.4 The Historical Record
Using Time Series of Returns
Risk and Return: A First Look
5.5 Asset Allocation Across Risky and Risk-Free Portfolios
The Risk-Free Asset
Portfolio Expected Return and Risk
The Capital Allocation Line
Risk Aversion and Capital Allocation
5.6 Passive Strategies and the Capital Market Line
Historical Evidence on the Capital Market Line
Costs and Benefits of Passive Investing
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 6: Efficient Diversification
Introduction
6.1 Diversification and Portfolio Risk
6.2 Asset Allocation with two Risky Assets
Covariance and Correlation
The Three Rules of Two-Risky-Assets Portfolios
The Risk-Return Trade-Off with Two-Risky-Assets Portfolios
The Mean-Variance Criterion
Using Historical Data
6.3 The Optimal Risky Portfolio with a Risk-Free Asset
6.4 Efficient Diversification with Many Risky Assets
The Efficient Frontier of Risky Assets
Choosing the Optimal Risky Portfolio
The Preferred Complete Portfolio and a Separation Property
Constructing the Optimal Risky Portfolio: An Illustration
6.5 A Single-Index Stock Market
Statistical Interpretation of the Single-Index Model
Learning from the Index Model
Using Security Analysis with the Index Model
6.6 Risk Pooling, Risk Sharing, And Time Diversification
Time Diversification
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 7: Capital Asset Pricing and Arbitrage Pricing Theory
Introduction
7.1 The Capital Asset Pricing Model
The Model: Assumptions and Implications
Why All Investors Would Hold the Market Portfolio
The Passive Strategy Is Efficient
The Risk Premium of the Market Portfolio
Expected Returns on Individual Securities
The Security Market Line
Applications of the CAPM
7.2 The Capm and Index Models
7.3 How Well Does the Capm Predict Risk Premiums?
7.4 Multifactor Models and the CAPM
The Fama-French Three-Factor Model
Estimating a Three-Factor SML
Multifactor Models and the Validity of the CAPM
7.5 Arbitrage Pricing Theory
Diversification in a Single-Index Security Market
Well-Diversified Portfolios
The Security Market Line of the APT
Individual Assets and the APT
Well-Diversified Portfolios in Practice
The APT and the CAPM
Multifactor Generalization of the APT
Smart Betas and Multifactor Models
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 8: The Efficient Market Hypothesis
Introduction
8.1 Random Walks and Efficient Markets
Competition as the Source of Efficiency
Versions of the Efficient Market Hypothesis
8.2 Implications of the EMH
Technical Analysis
Fundamental Analysis
Active versus Passive Portfolio Management
The Role of Portfolio Management in an Efficient Market
Resource Allocation
8.3 Are Markets Efficient?
The Issues
Weak-Form Tests: Patterns in Stock Returns
Predictors of Broad Market Returns
Semistrong Tests: Market Anomalies
Other Predictors of Stock Returns
Strong-Form Tests: Inside Information
Interpreting the Anomalies
Bubbles and Market Efficiency
8.4 Mutual Fund and Analyst Performance
Stock Market Analysts
Mutual Fund Managers
So, Are Markets Efficient?
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 9: Behavioral Finance and Technical Analysis
Introduction
9.1 The Behavioral Critique
Information Processing
Behavioral Biases
Limits to Arbitrage
Limits to Arbitrage and the Law of One Price
Bubbles and Behavioral Economics
Evaluating the Behavioral Critique
9.2 Technical Analysis and Behavioral Finance
Trends and Corrections
Machine Learning and Technical Analysis
Sentiment Indicators
A Warning
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 10: Bond Prices and Yields
Part 3: Debt Securities
Introduction
10.1 Bond Characteristics
Treasury Bonds and Notes
Corporate Bonds
Preferred Stock
Other Domestic Issuers
International Bonds
Innovation in the Bond Market
10.2 Bond Pricing
Bond Pricing between Coupon Dates
Bond Pricing in Excel
10.3 Bond Yields
Yield to Maturity
Yield to Call
Realized Compound Return versus Yield to Maturity
10.4 Bond Prices Over Time
Yield to Maturity versus Holding-Period Return
Zero-Coupon Bonds and Treasury STRIPS
After-Tax Returns
10.5 Default Risk And Bond Pricing
Junk Bonds
Determinants of Bond Safety
Bond Indentures
Yield to Maturity and Default Risk
Credit Default Swaps
10.6 The Yield Curve
The Expectations Theory
The Liquidity Preference Theory
A Synthesis
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 11: Managing Bond Portfolios
Introduction
11.1 Interest Rate Risk
Interest Rate Sensitivity
Duration
What Determines Duration?
11.2 Passive Bond Management
Immunization
Cash Flow Matching and Dedication
11.3 Convexity
Why Do Investors Like Convexity?
11.4 Active Bond Management
Sources of Potential Profit
Horizon Analysis
An Example of a Fixed-Income Investment Strategy
Summary
Key Terms
Key Equations
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 12: Macroeconomic and Industry Analysis
Part 4: Security Analysis
Introduction
12.1 The Global Economy
12.2 The Domestic Macroeconomy
Gross Domestic Product
Employment
Inflation
Interest Rates
Budget Deficit
Sentiment
12.3 Interest Rates
12.4 Demand And Supply Shocks
12.5 Federal Government Policy
Fiscal Policy
Monetary Policy
Supply-Side Policies
12.6 Business Cycles
The Business Cycle
Economic Indicators
12.7 Industry Analysis
Defining an Industry
Sensitivity to the Business Cycle
Sector Rotation
Industry Life Cycles
Industry Structure and Performance
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 13: Equity Valuation
Introduction
13.1 Valuation by Comparables
Limitations of Book Value
13.2 Intrinsic Value Versus Market Price
13.3 Dividend Discount Models
The Constant-Growth DDM
Stock Prices and Investment Opportunities
Life Cycles and Multistage Growth Models
Multistage Growth Models
13.4 Price-Earnings Ratios
The Price–Earnings Ratio and Growth Opportunities
P/E Ratios and Stock Risk
Pitfalls in P/E Analysis
The Cyclically Adjusted P/E Ratio
Combining P/E Analysis and the DDM
Other Comparative Valuation Ratios
13.5 Free Cash Flow Valuation Approaches
Comparing the Valuation Models
The Problem with DCF Models
13.6 The Aggregate Stock Market
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 14: Financial Statement Analysis
Introduction
14.1 The Major Financial Statements
The Income Statement
The Balance Sheet
The Statement of Cash Flows
14.2 Measuring Firm Performance
14.3 Profitability Measures
Return on Assets
Return on Capital
Return on Equity
Financial Leverage and ROE
Economic Value Added
14.4 Ratio Analysis
Decomposition of ROE
Turnover and Asset Utilization
Liquidity Ratios
Market Price Ratios
Choosing a Benchmark
14.5 An Illustration of Financial Statement Analysis
14.6 Comparability Problems
Inventory Valuation
Depreciation
Inflation and Interest Expense
Fair Value Accounting
Quality of Earnings and Accounting Practices
International Accounting Conventions
14.7 Value Investing: the Graham Technique
Summary
Key Terms
Key Formulas
Problem Sets
Web Master
Solutions to Concept checks
Chapter 15: Derivative Markets
Part 5: Derivative Markets
Introduction
15.1 The Option Contract
Options Trading
American versus European Options
The Option Clearing Corporation
Other Listed Options
15.2 Values of Options at Expiration
Call Options
Put Options
Options versus Stock Investments
15.3 Option Strategies
15.4 Optionlike Securities
Callable Bonds
Convertible Securities
Warrants
Collateralized Loans
Leveraged Equity and Risky Debt
15.5 Exotic Options
Asian Options
Currency-Translated Options
Digital Options
Summary
Key Terms
Key Formulas
Problem Sets
Web Master
Solutions to Concept Checks
Chapter 16: Option Valuation
Introduction
16.1 Option Valuation: Introduction
Intrinsic and Time Values
Determinants of Option Values
16.2 Binomial Option Pricing
Two-State Option Pricing
Generalizing the Two-State Approach
Making the Valuation Model Practical
16.3 Black-Scholes Option Valuation
The Black-Scholes Formula
Implied Volatility
The Put-Call Parity Relationship
Put Option Valuation
16.4 Using the Black-Scholes Formula
Hedge Ratios and the Black-Scholes Formula
Portfolio Insurance
Option Pricing and the Financial Crisis
16.5 Empirical Evidence
Summary
Key Terms
Key Formulas
Problem Sets
Web Master
Solutions to Concept Checks
Chapter 17: Futures Markets and Risk Management
Introduction
17.1 The Futures Contract
The Basics of Futures Contracts
Existing Contracts
17.2 Trading Mechanics
The Clearinghouse and Open Interest
Marking to Market and the Margin Account
The Convergence Property
Cash versus Actual Delivery
Regulations
Taxation
17.3 Futures Market Strategies
Hedging and Speculation
Basis Risk and Hedging
17.4 Futures Prices
Spot-Futures Parity
Spreads
17.5 Financial Futures
Stock-Index Futures
Foreign Exchange Futures
Interest Rate Futures
17.6 Swaps
Swaps and Balance Sheet Restructuring
The Swap Dealer
Summary
Key Terms
Key Formulas
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 18: Evaluating Investment Performance
Part 6: Active Investment Management
Introduction
18.1 Conventional Performance Evaluation
Average Rates of Return
Time-Weighted Returns versus Dollar-Weighted Returns
Adjusting Returns for Risk
Risk-Adjusted Performance Measures
The Sharpe Ratio for Overall Portfolios
The Treynor Ratio
The Information Ratio
The Role of Alpha in Performance Measures
Implementing Performance Measurement: An Example
Selection Bias and Portfolio Evaluation
18.2 Style Analysis
18.3 Morningstar’s Risk-Adjusted Rating
18.4 Performance Measurement with Changing Portfolio Composition
18.5 Market Timing
The Potential Value of Market Timing
Valuing Market Timing as a Call Option
The Value of Imperfect Forecasting
18.6 Performance Attribution Procedures
Asset Allocation Decisions
Sector and Security Selection Decisions
Summing Up Component Contributions
Summary
Key Terms
Key Equations
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 19: International Diversification
Introduction
19.1 Global Markets for Equities
Developed Countries
Emerging Markets
Market Capitalization and GDP
Home-Country Bias
19.2 Exchange Rate Risk and International Diversification
Exchange Rate Risk
Imperfect Exchange Rate Risk Hedging
Investment Risk in International Markets
International Diversification
Are Benefits from International Diversification Preserved in Bear Markets?
19.3 Political Risk
19.4 International Investing and Performance Attribution
Constructing a Benchmark Portfolio of Foreign Assets
Performance Attribution
Summary
Key Terms
Key Equations
Problem Sets
WEB Master
Solutions to Concept Checks
Chapter 20: Hedge Funds
Introduction
20.1 Alternative Assets
The Alternative Asset Universe
Alternative Assets versus Traditional Assets
Growth of Alternative Assets
20.2 Hedge Funds
Hedge Fund Strategies
Statistical Arbitrage
High-Frequency Strategies
Portable Alpha
20.3 Venture Capital and Angel Investors
Angel Investors
Venture Capital
Venture Capital and Investment Stages
Fund Life Cycle
Private Equity Valuation
Venture Syndication
20.4 Leveraged Buyout Funds
Leveraged Buyout Firm Structure
The Deal
Exits
Private Equity and Innovation
20.5 Performance Measurement for Alternative Investment Funds
Liquidity and Performance
Survivorship Bias and Backfill Bias
Tail Events
Historical Hedge Fund Performance
Style Analysis
Historical Performance of Private Equity
20.6 Fee Structure in Alternative Investments
Incentive Fees
Private Equity Chasing Waterfalls
Funds of Funds
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 21: Taxes, Inflation, and Investment Strategy
Introduction
21.1 Taxes and Investment Returns
Equity, Debt, and Tax Deferral
Tax-Protected Retirement Plans
Deferred Annuities
Sheltered versus Unsheltered Savings
21.2 Saving for the Long Run
A Hypothetical Household
The Retirement Annuity
21.3 Accounting for Inflation
A Real Savings Plan
An Alternative Savings Plan
21.4 Accounting for Taxes
21.5 Tax Shelters and the Savings Plan
A Benchmark Tax Shelter
The Effect of the Progressive Nature of the Tax Code
Roth Accounts with the Progressive Tax Code
21.6 Social Security
21.7 Home Ownership: The Rent-Versus-Buy Decision
21.8 Uncertain Longevity and Other Contingencies
Summary
Key Terms
Problem Sets
WEB Master
Solutions To Concept Checks
Chapter 22: Investors and the Investment Process
Introduction
22.1 The Investment Management Process
22.2 Investor Objectives
Individual Investors
Professional Investors
22.3 Investor Constraints
Liquidity
Investment Horizon
Regulations
Tax Considerations
Unique Needs
22.4 Investment Policy Statements
22.5 Investment Policy and Asset Allocation
Top-Down Policies for Institutional Investors
Policies for Individual Investors
Monitoring and Revising Investment Portfolios
Active versus Passive Policies

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