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LEADER 17666cam a2203721 a 4500
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991000719569707546
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20220623135837.0
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100810s2011 njua b 001 0 eng
010
a| 2010032749
020
a| 9780470915806 (cloth)
020
a| 0470915803 (cloth)
020
a| 9780470915820 (pbk.)
020
a| 047091582X (pbk.)
035
a| (HKSYU)b13873635-852hksyu_inst
040
a| DLC
c| DLC
d| UKM
d| BTCTA
d| YDXCP
d| NhCcYBP
d| NhCcYME
d| HK-SYU
050
4
a| HG4529.5
b| .I59 2011
082
0
0
a| 332.6
2| 22
092
0
a| 332.6
b| INV 2011
245
0
0
a| Investments :
b| principles of portfolio and equity analysis /
c| Michael G. McMillan ... [et al.].
260
a| Hoboken, N.J. :
b| John Wiley & Sons, Inc.,
c| 2011.
300
a| xxi, 620 p. :
b| ill. ;
c| 26 cm.
490
1
a| CFA Institute investment series
504
a| Includes bibliographical references and index.
520
a| Investment success requires both breadth and depth of knowledge of markets, industries, companies, and securities. Investment professionals must posses a broad understanding of the financial markets to be able to judge opportunities and risks. They must also have the ability to evaluate in detail industries and individual companies to make sound judgments about individual holdings. As part of the CFA Institute Investments Series, Investments: Principles of Portfolio and Equity Analysis has been specifically designed to provide you with the knowledge you need to effectively and efficiently manage portfolios in today's volatile markets and uncertain global economy. --
520
a| With Investments: Principles of Portfolio and Equity Analysis, a distinguished team of senior investment professionals and leading business school authorities provides you with complete coverage of the most important issues in this field. --
520
a| Along the way, you will also become familiar with market organization and structure, security market indices, market efficiency, the types of equity securities, industry and company analysis, technical analysis, and a range of equity valuation techniques. --
520
a| And to enhance your understanding of the tools and techniques presented here, don't forget to pick up the Investments Workbook: Principles of Portfolio and Equity Analysis. This companion guide contains carefully constructed problems with detailed solutions as well ad concise learning outcome statements and summary chapter overviews. --
520
a| Straightforward and accessible, Investments: Principles of Portfolio and Equity Analysis provides you with in-depth insights and expert advice on investment analysis and portfolio management, and the practical guide does so with a continuity of coverage that is critical to the learning process. --Book Jacket.
650
0
a| Portfolio management.
650
0
a| Investment analysis.
700
1
a| McMillan, Michael G.
830
0
a| CFA Institute investment series.
907
a| b13873635
b| 08-01-22
c| 21-12-12
910
a| ykc
b| df
935
a| (HK-SYU)500805425
9| ExL
970
0
1
t| Foreword
p| xiii
970
0
1
t| Acknowledgments
p| xv
970
0
1
t| Introduction
p| xvii
970
1
1
l| ch. 1
t| Market Organization and Structure
p| 1
970
1
1
t| Learning Outcomes
p| 1
970
1
1
l| 1.
t| Introduction
p| 1
970
1
1
l| 2.
t| The Functions of the Financial System
p| 2
970
1
1
l| 2.1.
t| Helping People Achieve Their Purposes in Using the Financial System
p| 3
970
1
1
l| 2.2.
t| Determining Rates of Return
p| 8
970
1
1
l| 2.3.
t| Capital Allocation Efficiency
p| 9
970
1
1
l| 3.
t| Assets and Contracts
p| 10
970
1
1
l| 3.1.
t| Classifications of Assets and Markets
p| 11
970
1
1
l| 3.2.
t| Securities
p| 13
970
1
1
l| 3.3.
t| Currencies
p| 16
970
1
1
l| 3.4.
t| Contracts
p| 16
970
1
1
l| 3.5.
t| Commodities
p| 22
970
1
1
l| 3.6.
t| Real Assets
p| 22
970
1
1
l| 4.
t| Financial Intermediaries
p| 24
970
1
1
l| 4.1.
t| Brokers, Exchanges, and Alternative Trading Systems
p| 25
970
1
1
l| 4.2.
t| Dealers
p| 26
970
1
1
l| 4.3.
t| Securitizers
p| 27
970
1
1
l| 4.4.
t| Depository Institutions and Other Financial Corporations
p| 29
970
1
1
l| 4.5.
t| Insurance Companies
p| 30
970
1
1
l| 4.6.
t| Arbitrageurs
p| 31
970
1
1
l| 4.7.
t| Settlement and Custodial Services
p| 33
970
1
1
l| 4.8.
t| Summary
p| 35
970
1
1
l| 5.
t| Positions
p| 35
970
1
1
l| 5.1.
t| Short Positions
p| 36
970
1
1
l| 5.2.
t| Levered Positions
p| 38
970
1
1
l| 6.
t| Orders
p| 41
970
1
1
l| 6.1.
t| Execution Instructions
p| 42
970
1
1
l| 6.2.
t| Validity Instructions
p| 45
970
1
1
l| 6.3.
t| Clearing Instructions
p| 47
970
1
1
l| 7.
t| Primary Security Markets
p| 47
970
1
1
l| 7.1.
t| Public Offerings
p| 48
970
1
1
l| 7.2.
t| Private Placements and Other Primary Market Transactions
p| 50
970
1
1
l| 7.3.
t| Importance of Secondary Markets to Primary Markets
p| 51
970
1
1
l| 8.
t| Secondary Security Market and Contract Market Structures
p| 51
970
1
1
l| 8.1.
t| Trading Sessions
p| 51
970
1
1
l| 8.2.
t| Execution Mechanisms
p| 52
970
1
1
l| 8.3.
t| Market Information Systems
p| 56
970
1
1
l| 9.
t| Well-Functioning Financial Systems
p| 56
970
1
1
l| 10.
t| Market Regulation
p| 58
970
1
1
l| 11.
t| Summary
p| 61
970
1
1
t| Problems
p| 63
970
1
1
l| ch. 2
t| Security Market Indices
p| 73
970
1
1
t| Learning Outcomes
p| 73
970
1
1
l| 1.
t| Introduction
p| 73
970
1
1
l| 2.
t| Index Definition and Calculations of Value and Returns
p| 75
970
1
1
l| 2.1.
t| Calculation of Single-Period Returns
p| 75
970
1
1
l| 2.2.
t| Calculation of Index Values over Multiple Time Periods
p| 77
970
1
1
l| 3.
t| Index Construction and Management
p| 78
970
1
1
l| 3.1.
t| Target Market and Security Selection
p| 79
970
1
1
l| 3.2.
t| Index Weighting
p| 79
970
1
1
l| 3.3.
t| Index Management: Rebalancing and Reconstitution
p| 88
970
1
1
l| 4.
t| Uses of Market Indices
p| 90
970
1
1
l| 4.1.
t| Gauges of Market Sentiment
p| 90
970
1
1
l| 4.2.
t| Proxies for Measuring and Modeling Returns, Systematic Risk, and Risk-Adjusted Performance
p| 90
970
1
1
l| 4.3.
t| Proxies for Asset Classes in Asset Allocation Models
p| 90
970
1
1
l| 4.4.
t| Benchmarks for Actively Managed Portfolios
p| 91
970
1
1
l| 4.5.
t| Model Portfolios for Investment Products
p| 91
970
1
1
l| 5.
t| Equity Indices
p| 91
970
1
1
l| 5.1.
t| Broad Market Indices
p| 91
970
1
1
l| 5.2.
t| Multimarket Indices
p| 92
970
1
1
l| 5.3.
t| Sector Indices
p| 92
970
1
1
l| 5.4.
t| Style Indices
p| 93
970
1
1
l| 6.
t| Fixed-Income Indices
p| 94
970
1
1
l| 6.1.
t| Construction
p| 94
970
1
1
l| 6.2.
t| Types of Fixed-Income Indices
p| 95
970
1
1
l| 7.
t| Indices for Alternative Investments
p| 96
970
1
1
l| 7.1.
t| Commodity Indices
p| 98
970
1
1
l| 7.2.
t| Real Estate Investment Trust Indices
p| 98
970
1
1
l| 7.3.
t| Hedge Fund Indices
p| 98
970
1
1
l| 8.
t| Summary
p| 101
970
1
1
t| Problems
p| 102
970
1
1
l| ch. 3
t| Market Efficiency
p| 109
970
1
1
t| Learning Outcomes
p| 109
970
1
1
l| 1.
t| Introduction
p| 109
970
1
1
l| 2.
t| The Concept of Market Efficiency
p| 111
970
1
1
l| 2.1.
t| The Description of Efficient Markets
p| 111
970
1
1
l| 2.2.
t| Market Value versus Intrinsic Value
p| 113
970
1
1
l| 2.3.
t| Factors Contributing to and Impeding a Market's Efficiency
p| 114
970
1
1
l| 2.4.
t| Transaction Costs and Information-Acquisition Costs
p| 117
970
1
1
l| 3.
t| Forms of Market Efficiency
p| 118
970
1
1
l| 3.1.
t| Weak Form
p| 119
970
1
1
l| 3.2.
t| Semistrong Form
p| 119
970
1
1
l| 3.3.
t| Strong Form
p| 122
970
1
1
l| 3.4.
t| Implications of the Efficient Market Hypothesis
p| 122
970
1
1
l| 4.
t| Market Pricing Anomalies
p| 124
970
1
1
l| 4.1.
t| Time-Series Anomalies
p| 125
970
1
1
l| 4.2.
t| Cross-Sectional Anomalies
p| 127
970
1
1
l| 4.3.
t| Other Anomalies
p| 128
970
1
1
l| 4.4.
t| Implications for Investment Strategies
p| 130
970
1
1
l| 5.
t| Behavioral Finance
p| 131
970
1
1
l| 5.1.
t| Loss Aversion
p| 131
970
1
1
l| 5.2.
t| Overconfidence
p| 132
970
1
1
l| 5.3.
t| Other Behavioral Biases
p| 132
970
1
1
l| 5.4.
t| Information Cascades
p| 133
970
1
1
l| 5.5.
t| Behavioral Finance and Efficient Markets
p| 133
970
1
1
l| 6.
t| Summary
p| 134
970
1
1
t| Problems
p| 134
970
1
1
l| ch. 4
t| Portfolio Management: An Overview
p| 139
970
1
1
t| Learning Outcomes
p| 139
970
1
1
l| 1.
t| Introduction
p| 139
970
1
1
l| 2.
t| A Portfolio Perspective on Investing
p| 140
970
1
1
l| 2.1.
t| Portfolio Diversification: Avoiding Disaster
p| 140
970
1
1
l| 2.2.
t| Portfolios: Reduce Risk
p| 142
970
1
1
l| 2.3.
t| Portfolios: Composition Matters for the Risk-Return Tradeoff
p| 145
970
1
1
l| 2.4.
t| Portfolios: Not Necessarily Downside Protection
p| 145
970
1
1
l| 2.5.
t| Portfolios: The Emergence of Modern Portfolio Theory
p| 148
970
1
1
l| 3.
t| Investment Clients
p| 149
970
1
1
l| 3.1.
t| Individual Investors
p| 149
970
1
1
l| 3.2.
t| Institutional Investors
p| 150
970
1
1
l| 4.
t| Steps in the Portfolio Management Process
p| 156
970
1
1
l| 4.1.
t| Step One: The Planning Step
p| 156
970
1
1
l| 4.2.
t| Step Two: The Execution Step
p| 156
970
1
1
l| 4.3.
t| Step Three: The Feedback Step
p| 159
970
1
1
l| 5.
t| Pooled Investments
p| 160
970
1
1
l| 5.1.
t| Mutual Funds
p| 160
970
1
1
l| 5.2.
t| Types of Mutual Funds
p| 164
970
1
1
l| 5.3.
t| Other Investment Products
p| 167
970
1
1
l| 6.
t| Summary
p| 172
970
1
1
t| Problems
p| 172
970
1
1
l| ch. 5
t| Portfolio Risk and Return: Part I
p| 175
970
1
1
t| Learning Outcomes
p| 175
970
1
1
l| 1.
t| Introduction
p| 175
970
1
1
l| 2.
t| Investment Characteristics of Assets
p| 176
970
1
1
l| 2.1.
t| Return
p| 176
970
1
1
l| 2.2.
t| Other Major Return Measures and Their Applications
p| 185
970
1
1
l| 2.3.
t| Variance and Covariance of Returns
p| 189
970
1
1
l| 2.4.
t| Historical Return and Risk
p| 192
970
1
1
l| 2.5.
t| Other Investment Characteristics
p| 197
970
1
1
l| 3.
t| Risk Aversion and Portfolio Selection
p| 200
970
1
1
l| 3.1.
t| The Concept of Risk Aversion
p| 201
970
1
1
l| 3.2.
t| Utility Theory and Indifference Curves
p| 202
970
1
1
l| 3.3.
t| Application of Utility Theory to Portfolio Selection
p| 206
970
1
1
l| 4.
t| Portfolio Risk
p| 209
970
1
1
l| 4.1.
t| Portfolio of Two Risky Assets
p| 210
970
1
1
l| 4.2.
t| Portfolio of Many Risky Assets
p| 215
970
1
1
l| 4.3.
t| The Power of Diversification
p| 216
970
1
1
l| 5.
t| Efficient Frontier and Investor's Optimal Portfolio
p| 222
970
1
1
l| 5.1.
t| Investment Opportunity Set
p| 222
970
1
1
l| 5.2.
t| Minimum-Variance Portfolios
p| 223
970
1
1
l| 5.3.
t| A Risk-Free Asset and Many Risky Assets
p| 225
970
1
1
l| 5.4.
t| Optimal Investor Portfolio
p| 228
970
1
1
l| 6.
t| Summary
p| 234
970
1
1
t| Problems
p| 234
970
1
1
l| ch. 6
t| Portfolio Risk and Return: Part II
p| 243
970
1
1
t| Learning Outcomes
p| 243
970
1
1
l| 1.
t| Introduction
p| 243
970
1
1
l| 2.
t| Capital Market Theory
p| 244
970
1
1
l| 2.1.
t| Portfolio of Risk-Free and Risky Assets
p| 244
970
1
1
l| 2.2.
t| The Capital Market Line
p| 248
970
1
1
l| 3.
t| Pricing of Risk and Computation of Expected Return
p| 256
970
1
1
l| 3.1.
t| Systematic Risk and Nonsystematic Risk
p| 257
970
1
1
l| 3.2.
t| Calculation and Interpretation of Beta
p| 259
970
1
1
l| 4.
t| The Capital Asset Pricing Model
p| 267
970
1
1
l| 4.1.
t| Assumptions of the CAPM
p| 267
970
1
1
l| 4.2.
t| The Security Market Line
p| 269
970
1
1
l| 4.3.
t| Applications of the CAPM
p| 272
970
1
1
l| 5.
t| Beyond the Capital Asset Pricing Model
p| 284
970
1
1
l| 5.1.
t| The CAPM
p| 284
970
1
1
l| 5.2.
t| Limitations of the CAPM
p| 284
970
1
1
l| 5.3.
t| Extensions to the CAPM
p| 286
970
1
1
l| 5.4.
t| The CAPM and Beyond
p| 287
970
1
1
l| 6.
t| Summary
p| 287
970
1
1
t| Problems
p| 288
970
1
1
l| ch. 7
t| Basics of Portfolio Planning and Construction
p| 295
970
1
1
t| Learning Outcomes
p| 295
970
1
1
l| 1.
t| Introduction
p| 295
970
1
1
l| 2.
t| Portfolio Planning
p| 296
970
1
1
l| 2.1.
t| The Investment Policy Statement
p| 296
970
1
1
l| 2.2.
t| Major Components of an IPS
p| 297
970
1
1
l| 2.3.
t| Gathering Client Information
p| 309
970
1
1
l| 3.
t| Portfolio Construction
p| 312
970
1
1
l| 3.1.
t| Capital Market Expectations
p| 312
970
1
1
l| 3.2.
t| The Strategic Asset Allocation
p| 313
970
1
1
l| 3.3.
t| Steps toward an Actual Portfolio
p| 321
970
1
1
l| 3.4.
t| Additional Portfolio Organizing Principles
p| 325
970
1
1
l| 4.
t| Summary
p| 326
970
1
1
t| Problems
p| 327
970
1
1
l| ch. 8
t| Overview of Equity Securities
p| 331
970
1
1
t| Learning Outcomes
p| 331
970
1
1
l| 1.
t| Introduction
p| 331
970
1
1
l| 2.
t| Equity Securities in Global Financial Markets
p| 332
970
1
1
l| 3.
t| Types and Characteristics of Equity Securities
p| 338
970
1
1
l| 3.1.
t| Common Shares
p| 339
970
1
1
l| 3.2.
t| Preference Shares
p| 343
970
1
1
l| 4.
t| Private versus Public Equity Securities
p| 345
970
1
1
l| 5.
t| Investing in Nondomestic Equity Securities
p| 347
970
1
1
l| 5.1.
t| Direct Investing
p| 348
970
1
1
l| 5.2.
t| Depository Receipts
p| 349
970
1
1
l| 6.
t| Risk and Return Characteristics of Equity Securities
p| 353
970
1
1
l| 6.1.
t| Return Characteristics of Equity Securities
p| 353
970
1
1
l| 6.2.
t| Risk of Equity Securities
p| 354
970
1
1
l| 7.
t| Equity Securities and Company Value
p| 356
970
1
1
l| 7.1.
t| Accounting Return on Equity
p| 356
970
1
1
l| 7.2.
t| The Cost of Equity and Investors' Required Rates of Return
p| 361
970
1
1
l| 8.
t| Summary
p| 362
970
1
1
t| Problems
p| 363
970
1
1
l| ch. 9
t| Introduction to Industry and Company Analysis
p| 369
970
1
1
t| Learning Outcomes
p| 369
970
1
1
l| 1.
t| Introduction
p| 370
970
1
1
l| 2.
t| Uses of Industry Analysis
p| 370
970
1
1
l| 3.
t| Approaches to Identifying Similar Companies
p| 371
970
1
1
l| 3.1.
t| Products and/or Services Supplied
p| 371
970
1
1
l| 3.2.
t| Business-Cycle Sensitivities
p| 372
970
1
1
l| 3.3.
t| Statistical Similarities
p| 374
970
1
1
l| 4.
t| Industry Classification Systems
p| 374
970
1
1
l| 4.1.
t| Commercial Industry Classification Systems
p| 374
970
1
1
l| 4.2.
t| Governmental Industry Classification Systems
p| 378
970
1
1
l| 4.3.
t| Strengths and Weaknesses of Current Systems
p| 380
970
1
1
l| 4.4.
t| Constructing a Peer Group
p| 380
970
1
1
l| 5.
t| Describing and Analyzing an Industry
p| 385
970
1
1
l| 5.1.
t| Principles of Strategic Analysis
p| 386
970
1
1
l| 5.2.
t| External Influences on Industry Growth, Profitability, and Risk
p| 405
970
1
1
l| 6.
t| Company Analysis
p| 412
970
1
1
l| 6.1.
t| Elements That Should Be Covered in a Company Analysis
p| 413
970
1
1
l| 6.2.
t| Spreadsheet Modeling
p| 416
970
1
1
l| 7.
t| Summary
p| 417
970
1
1
t| Problems
p| 420
970
1
1
l| ch. 10
t| Equity Valuation: Concepts and Basic Tools
p| 425
970
1
1
t| Learning Outcomes
p| 425
970
1
1
l| 1.
t| Introduction
p| 426
970
1
1
l| 2.
t| Estimated Value and Market Price
p| 426
970
1
1
l| 3.
t| Major Categories of Equity Valuation Models
p| 428
970
1
1
l| 4.
t| Present Value Models: The Dividend Discount Model
p| 430
970
1
1
l| 4.1.
t| Preferred Stock Valuation
p| 434
970
1
1
l| 4.2.
t| The Gordon Growth Model
p| 436
970
1
1
l| 4.3.
t| Multistage Dividend Discount Models
p| 441
970
1
1
l| 5.
t| Multiplier Models
p| 445
970
1
1
l| 5.1.
t| Relationships among Price Multiples, Present Value Models, and Fundamentals
p| 445
970
1
1
l| 5.2.
t| The Method of Comparables
p| 449
970
1
1
l| 5.3.
t| Illustration of a Valuation Based on Price Multiples
p| 452
970
1
1
l| 5.4.
t| Enterprise Value
p| 454
970
1
1
l| 6.
t| Asset-Based Valuation
p| 457
970
1
1
l| 7.
t| Summary
p| 461
970
1
1
t| Problems
p| 462
970
1
1
l| ch. 11
t| Equity Market Valuation
p| 469
970
1
1
t| Learning Outcomes
p| 469
970
1
1
l| 1.
t| Introduction
p| 469
970
1
1
l| 2.
t| Estimating a Justified P/E Ratio
p| 470
970
1
1
l| 2.1.
t| Neoclassical Approach to Growth Accounting
p| 470
970
1
1
l| 2.2.
t| The China Economic Experience
p| 472
970
1
1
l| 2.3.
t| Quantifying China's Future Economic Growth
p| 474
970
1
1
l| 2.4.
t| Equity Market Valuation
p| 476
970
1
1
l| 3.
t| Top-Down and Bottom-Up Forecasting
p| 484
970
1
1
l| 3.1.
t| Portfolio Suitability of Each Forecasting Type
p| 485
970
1
1
l| 3.2.
t| Using Both Forecasting Types
p| 487
970
1
1
l| 3.3.
t| Top-Down and Bottom-Up Forecasting of Market Earnings per Share
p| 488
970
1
1
l| 4.
t| Relative Value Models
p| 491
970
1
1
l| 4.1.
t| Earnings-Based Models
p| 491
970
1
1
l| 4.2.
t| Asset-Based Models
p| 502
970
1
1
l| 5.
t| Summary
p| 506
970
1
1
t| Problems
p| 508
970
1
1
l| ch. 12
t| Technical Analysis
p| 515
970
1
1
t| Learning Outcomes
p| 515
970
1
1
l| 1.
t| Introduction
p| 515
970
1
1
l| 2.
t| Technical Analysis: Definition and Scope
p| 516
970
1
1
l| 2.1.
t| Principles and Assumptions
p| 516
970
1
1
l| 2.2.
t| Technical and Fundamental Analysis
p| 518
970
1
1
l| 3.
t| Technical Analysis Tools
p| 520
970
1
1
l| 3.1.
t| Charts
p| 520
970
1
1
l| 3.2.
t| Trend
p| 530
970
1
1
l| 3.3.
t| Chart Patterns
p| 532
970
1
1
l| 3.4.
t| Technical Indicators
p| 544
970
1
1
l| 3.5.
t| Cycles
p| 562
970
1
1
l| 4.
t| Elliott Wave Theory
p| 563
970
1
1
l| 5.
t| Intermarket Analysis
p| 566
970
1
1
l| 6.
t| Summary
p| 568
970
1
1
t| Problems
p| 570
970
0
1
t| Glossary
p| 575
970
0
1
t| References
p| 589
970
0
1
t| About the Authors
p| 595
970
0
1
t| About the CFA Program
p| 601
970
0
1
t| Index
p| 603
998
a| book
b| 23-02-13
c| m
d| a
e| -
f| eng
g| nju
h| 0
i| 0
945
h| Supplement
l| location
i| barcode
y| id
f| bookplate
a| callnoa
b| callnob
n| FIN205