《投資學精要（第12版）》是清華大學出版社於2022年出版的圖書，作者是[美]茲維·博迪（Zvi Bodie）、亞歷克斯·凱恩（Alex Kane）、艾倫·馬科斯（Alan J. Marcus）
基本介紹
- 中文名：投資學精要（第12版）
- 作者：[美]茲維·博迪（Zvi Bodie）、亞歷克斯·凱恩（Alex Kane）、艾倫·馬科斯（Alan J. Marcus）
- 出版時間：2022年7月1日
- 出版社： 清華大學出版社
- ISBN：9787302608769
- 定價：115 元
內容簡介,作者簡介,圖書目錄,
內容簡介
本書由美國三位著名的金融學教授撰寫，是美國商學院和管理學院的**教材，在世界各國都有很大的影響，被廣泛採用。本書詳細講解了投資領域中的風險組合理論、資本資產定價模型、套利定價理論、市場有效性、證券評估、衍生證券等重要內容。本書闡述詳盡，結構清楚，設計獨特，語言生動活潑，學生易於理解，內容上注重理論與實踐的結合。 本書適合作為金融專業高年級本科生、研究生、MBA教材，也可供金融領域的研究人員、從業人員參考。
作者簡介
茲維•博迪畢業於麻省理工學院經濟系，獲經濟學博士學位。先後任教於哈佛管理學院和斯隆管理學院。現為美國波士頓大學管理學院的金融經濟學教授。
亞歷克斯•凱恩是美國加利福尼亞州大學聖迭哥分校國際關係研究生院及太平洋研究所的金融與經濟學教授。凱恩教授在金融學與管理學方面的期刊上發表了很多文章，他的主要研究領域是公司財務、資產組合管理和資本市場。
艾倫•馬科斯是波士頓學院華萊士•卡羅爾管理學院金融系主任及金融學教授，麻省理工學院斯隆管理學院訪問教授。馬庫斯教授在資本市場以及投資組合領域發表過多篇文章。他的諮詢工作也包括新產品研發以及為效用測評提供專業測試。
圖書目錄
Brief Contents
Part ONE
ELEMENTS OF INVESTMENTS 1
1 Investments: Background and Issues 2
2 Asset Classes and Financial Instruments 28
3 Securities Markets 55
4 Mutual Funds and Other Investment Companies 86
Part TWO
PORTFOLIO THEORY 111
5 Risk, Return, and the Historical Record 112
6 Efficient Diversification 147
7 Capital Asset Pricing and Arbitrage Pricing Theory 194
8 The Efficient Market Hypothesis 226
9 Behavioral Finance and Technical Analysis 258
Part THREE
DEBT SECURITIES 283
10 Bond Prices and Yields 284
11 Managing Bond Portfolios 328
Part FOUR
SECURITY ANALYSIS 363
12 Macroeconomic and Industry Analysis 364
13 Equity Valuation 395
14 Financial Statement Analysis 436
Part FIVE
DERIVATIVE MARKETS 475
15 Options Markets 476
16 Option Valuation 509
17 Futures Markets and Risk Management 547
Part SIX
ACTIVE INVESTMENT MANAGEMENT 581
18 Evaluating Investment Performance 582
Appendixes
A References 619
B References to CFA Questions 625
Part ONE
ELEMENTS OF INVESTMENTS 1
1 Investments: Background
and Issues 2
1.1 Real Assets versus Financial Assets 3
1.2 Financial Assets 5
1.3 Financial Markets and the Economy 6
The Informational Role of Financial Markets 6 Consumption Timing 6
Allocation of Risk 7
Separation of Ownership and Management 7 Corporate Governance and Corporate Ethics 9
1.4 The Investment Process 10
1.5 Markets are Competitive 11 The Risk-Return Trade-off 11 Efficient Markets 12
1.6 The Players 12
Financial Intermediaries 13
Investment Bankers 14
Venture Capital and Private Equity 16 Fintech and Financial Innovation 17
1.7 The Financial Crisis of 2008–2009 17
Antecedents of the Crisis 17 Changes in Housing Finance 19 Mortgage Derivatives 20
Credit Default Swaps 21 The Rise of Systemic Risk 21 The Shoe Drops 22
The Dodd-Frank Reform Act 23
1.8 Outline of the Text 23
End-of-Chapter Material 24–27
2 Asset Classes and Financial Instruments 28
2.1 The Money Market 29
Treasury Bills 29
Certificates of Deposit 30 Commercial Paper 30
Bankers’ Acceptances 31
Eurodollars 31
Repos and Reverses 31 Brokers’ Calls 31
Federal Funds 32
The LIBOR Market 32 Money Market Funds 33
Yields on Money Market Instruments 34
2.2 The Bond Market 34
Treasury Notes and Bonds 34 Inflation-Protected Treasury Bonds 35 Federal Agency Debt 35
International Bonds 36
Municipal Bonds 36
Corporate Bonds 39
Mortgage- and Asset-Backed Securities 39
2.3 Equity Securities 40
Common Stock as Ownership Shares 40 Characteristics of Common Stock 41 Stock Market Listings 41
Preferred Stock 42
Depositary Receipts 42
2.4 Stock and Bond Market Indexes 43
Stock Market Indexes 43
The Dow Jones Industrial Average 43 The Standard & Poor’s 500 Index 45 Other U.S. Market Value Indexes 46 Equally Weighted Indexes 47
Foreign and International Stock Market Indexes 47
Bond Market Indicators 48
2.5 Derivative Markets 48
Options 48
Futures Contracts 49
End-of-Chapter Material 50–54
3 Securities Markets 55
3.1 How Firms Issue Securities 56 Privately Held Firms 56 Publicly Traded Companies 57 Shelf Registration 57
Initial Public Offerings 58
3.2 How Securities are Traded 59
Types of Markets 59 Types of Orders 60 Trading Mechanisms 62
3.3 The Rise of Electronic Trading 63
3.4 U.S. Markets 65
NASDAQ 66
The New York Stock Exchange 66 ECNs 66
3.5 New Trading Strategies 67 Algorithmic Trading 67 High-Frequency Trading 67 Dark Pools 68
Bond Trading 69
3.6 Globalization of Stock Markets 70
3.7 Trading Costs 71
3.8 Buying on Margin 71
3.9 Short Sales 74
3.10 Regulation of Securities Markets 77
Self-Regulation 78
The Sarbanes–Oxley Act 79 Insider Trading 80
End-of-Chapter Material 81–85
4 Mutual Funds and Other Investment Companies 86
4.1 Investment Companies 87
4.2 Types Of Investment Companies 87
Unit Investment Trusts 88
Managed Investment Companies 88 Exchange-Traded Funds 89
Other Investment Organizations 89
4.3 Mutual Funds 90 Investment Policies 90 How Funds Are Sold 92
4.4 Costs of Investing in Mutual Funds 93
Fee Structure 93
Fees and Mutual Fund Returns 95
4.5 Taxation of Mutual Fund Income 97
4.6 Exchange-Traded Funds 98
4.7 Mutual Fund Investment Performance: A First Look 100
4.8 Information on Mutual Funds 103
End-of-Chapter Material 105–110
Part TWO
PORTFOLIO THEORY 111
5 Risk, Return, and the Historical Record 112
5.1 Rates of Return 113
Measuring Investment Returns over Multiple Periods 113
Conventions for Annualizing Rates of Return 115
5.2 Inflation and the Real Rate of Interest 116
The Equilibrium Nominal Rate of Interest 117
5.3 Risk and Risk Premiums 118 Scenario Analysis and Probability Distributions 119
The Normal Distribution 121
Normality and the Investment Horizon 123 Deviation from Normality and Tail Risk 123 Risk Premiums and Risk Aversion 124
The Sharpe Ratio 125
5.4 The Historical Record 126
Using Time Series of Returns 126 Risk and Return: A First Look 127
5.5 Asset Allocation Across Risky and Risk-Free Portfolios 132
The Risk-Free Asset 133
Portfolio Expected Return and Risk 133 The Capital Allocation Line 135
Risk Aversion and Capital Allocation 136
5.6 Passive Strategies and the Capital Market Line 137 Historical Evidence on the Capital Market Line 137 Costs and Benefits of Passive Investing 138
End-of-Chapter Material 139–146
6 Efficient Diversification 147
6.1 Diversification and Portfolio Risk 148
6.2 Asset Allocation with Two Risky Assets 149
Covariance and Correlation 150 Using Historical Data 153
The Three Rules of Two-Risky-Assets
Portfolios 154
The Risk-Return Trade-Off with Two-Risky-Assets Portfolios 155 The Mean-Variance Criterion 156
6.3 The Optimal Risky Portfolio with a Risk-Free Asset 159
