We wrote the first edition of this textbook more than ten years ago. The intervening years have been a period of rapid and profound change in the investments industry. This is due in part to an abundance of newly designed securities, in part to the creation of new trading strategies that would have been impossible without concurrent advances in computer technology, and in part to rapid advances in the theory of investments that have come out of the academic community. In no other field, perhaps, is the transmission of theory to real-world practice as rapid as is now commonplace in the financial industry. These developments place new burdens on practitioners and teachers of investments far beyond what was required only a short while ago.
Investments, Fifth Edition, is intended primarily as a textbook for courses in investment analysis. Our guiding principle has been to present the material in a framework that is organized by a central core of consistent fundamental principles. We make every attempt to strip away unnecessary mathematical and technical detail, and we have concentrated on providing the intuition that may guide students and practitioners as they confront new ideas and challenges in their professional lives.
This text will introduce you to major issues currently of concern to all investors. It can give you the skills to conduct a sophisticated assessment of current issues and debates covered by both the popular media as well as more specialized finance journals. Whether you plan to become an investment professional, or simply a sophisticated individual investor, you will find these skills essential.
Our primary goal is to present material of practical value, but all three of us are active researchers in the science of financial economics and find virtually all of the material in this book to be of great intellectual interest. Fortunately, we think, there is no contradiction in the field of investments between the pursuit of truth and the pursuit of money. Quite the opposite. The capital asset pricing model, the arbitrage pricing model, the efficient markets hypothesis, the option-pricing model, and the other centerpieces of modern financial research are as much intellectually satisfying subjects of scientific inquiry as they are of immense practical importance for the sophisticated investor.
In our effort to link theory to practice, we also have attempted to make our approach consistent with that of the Institute of Chartered Financial Analysts (ICFA), a subsidiary of the Association of Investment Management and Research (AIMR). In addition to fostering research in finance, the AIMR and ICFA administer an education and certification program to candidates seeking the title of Chartered Financial Analyst (CFA). The CFA curriculum represents the consensus of a committee of distinguished scholars and practitioners regarding the core of knowledge required by the investment professional.
There are many features of this text that make it consistent with and relevant to the CFA curriculum. The end-of-chapter problem sets contain questions from past CFA exams, and, for students who will be taking the exam, Appendix B is a useful tool that lists each CFA question in the text and the exam from which it has been taken. Chapter 3 includes excerpts from the "Code of Ethics and Standards of Professional Conduct" of the ICFA. Chapter 26, which discusses investors and the investment process, is modeled after the ICFA outline.
In the Fifth Edition, we have introduced a systematic collection of Excel spreadsheets that give students tools to explore concepts more deeply than was previously possible. These spreadsheets are available through the World Wide Web, and provide a taste of the sophisticated analytic tools available to professional investors.
Content:
Front Matter
Preface
Walk Through
I. Introduction
1. The Investment Environment
2. Markets and Instruments
3. How Securities Are Traded
4. Mutual Funds and Other Investment Companies
5. History of Interest Rates and Risk Premiums
II. Portfolio Theory
6. Risk and Risk Aversion
7. Capital Allocation between the Risky Asset and the Risk-Free Asset
8. Optimal Risky Portfolio
III. Equilibrium In Capital Markets
9. The Capital Asset Pricing Model
10. Single-Index and Multifactor Models
11. Arbitrage Pricing Theory
12. Market Efficiency
13. Empirical Evidence on Security Returns
IV. Fixed-Income Securities
14. Bond Prices and Yields
15. The Term Structure of Interest Rates
16. Managing Bond Portfolios
V. Security Analysis
17. Macroeconomics and Industry Analysis
18. Equity and Valuation Models
19. Financial Statement Analysis
VI. Options, Futures, and Other Derivatives
20. Options Markets: Introduction
21. Option Valuation
22. Futures Markets
23. Futures and Swaps: A Closer Look
VII. Active Portfolio Management
24. Portfolio Performance Evaluation
25. International Diversification
26. The Process of Portfolio Management
Descargar PDF Descargar EPUB Descargar RAR
Posted by: jarrettgostomskie0193521.blogspot.com
Source: https://www.freelibros.me/contabilidad/investments-5th-edition-zvi-bodie
