9780470915806

Investments : Principles of Portfolio and Equity Analysis

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  • ISBN13:

    9780470915806

  • ISBN10:

    0470915803

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2/8/2011
  • Publisher: Wiley
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Supplemental Materials

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Summary

A comprehensive guide to investment analysis and portfolio management by an expert team from the CFA InstituteIn a world of specialization, no other profession likely requires such broad, yet in-depth knowledge than that of financial analyst. Financial analysts must not only possess a broad understanding of the financial markets-including structure, organization, efficiency, portfolio management, risk and return, and planning and construction-but they must also have a strong sense of how to evaluate industries and companies prior to engaging in an analysis of a specific stock. Investments: Principles of Portfolio and Equity Analysis provides the broad-based knowledge professionals and students of the markets need to manage money and maximize return. The book Details market structure and functions, market anomalies, secondary market basics, and regulation Describes investment assets and asset classes, types of positions and orders, as well as forecasting methodologies Discusses return and risk characteristics, portfolio diversification and management, the basics of both technical analysis and major technical indicators, and much more A companion Workbook, which includes learning outcomes, summary overviews, and problems and solutions sections is available and sold separatelyInvestments provides readers unparalleled access to the best in professional quality information on investment analysis and portfolio management.

Author Biography

MICHAEL G. MCMILLAN, CFA is Director, Ethics and Professional Standards in the Education Division of CFA Institute. Dr. McMillan joined CFA Institute in 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University's Carey Business School and The George Washington University's School of Business. He has a doctorate in accounting and finance from The George Washington University, an MBA from Stanford University, and a BA from the University of Pennsylvania. Dr. McMillan is a member of the CFA Society of Washington, DC and the East African Society of Investment Professionals.

JERALD E. PINTO, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and earned his CFA charter in 1992.

WENDY L. PIRIE, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Prior to joining CFA Institute in 2008, she taught finance, accounting, statistics, taxation, business law, and marketing for over twenty years at both large and small, public and private universities, religious colleges, and military academies. Her work has been published in Journal of Financial Research and Journal of Economics and Finance. She holds a PhD from Queen's University in Kingston, Ontario and MBAs fromthe Universities of Toronto and Calgary.

GERHARD VAN DE VENTER, CFA is Deputy Head of the School of Finance and Economics at University of Technology, Sydney. He was previously director, Curriculum Projects, in the Education Division of CFA Institute. He began his career in South Africa as a financial analyst and later as a dealer at the Bond Exchange, where he traded fixed income securities. He holds a PhD in finance from the University of Technology, Sydney. He is a member of CFA Institute and the New York Society of Security Analysts.

Table of Contents

Foreword
Introduction
Market Organization and Structure
Learning Outcomes
Introduction
The Functions of the Financial System
Assets and Contracts
Financial Intermediaries
Positions
Orders
Primary Security Markets
Secondary Security Market and Contract Market Structures
Well-Functioning Financial Systems
Market Regulation
Summary
Problems
Security Market Indices
Learning Outcomes
Introduction
Index Definition and Calculations of Value and Returns
Index Construction and Management
Uses of Market Indices
Equity Indices
Fixed-Income Indices
Indices for Alternative Investments
Summary
Problems
Market Efficiency
Learning Outcomes
Introduction
The Concept of Market Efficiency
Forms of Market Efficiency
Market Pricing Anomalies
Behavioral Finance
Summary
Problems
Portfolio Management: An Overview
Learning Outcomes
Introduction
A Portfolio Perspective on Investing
Investment Clients
Steps in the Portfolio Management Process
Pooled Investments
Summary
Problems
Portfolio Risk and Return: Part I
Learning Outcomes
Introduction
Investment Characteristics of Assets
Risk Aversion and Portfolio Selection
Portfolio Risk
Efficient Frontier and Investor's Optimal Portfolio
Summary
Problems
Portfolio Risk and Return: Part II
Learning Outcomes
Introduction
Capital Market Theory
Pricing of Risk and Computation of Expected Return
The Capital Asset Pricing Model
Beyond the Capital Asset Pricing Model
Summary
Problems
Basics of Portfolio Planning and Construction
Learning Outcomes
Introduction
Portfolio Planning
Portfolio Construction
Summary
Problems
Overview of Equity Securities
Learning Outcomes
Introduction
Equity Securities in Global Financial Markets
Types and Characteristics of Equity Securities
Private versus Public Equity Securities
Investing in Non-Domestic Equity Securities
Risk and Return Characteristics of Equity Securities
Equity Securities and Company Value
Summary
Problems
Introduction to Industry and Company Analysis
Learning Outcomes
Introduction
Uses of Industry Analysis
Approaches to Identifying Similar Companies
Industry Classification Systems
Describing and Analyzing an Industry
Company Analysis
Summary
Problems
Equity Valuation: Concepts and Basic Tools
Learning Outcomes
Introduction
Estimated Value and Market Price
Major Categories of Equity Valuation Models
Present Value Models: The Dividend Discount Model
Multiplier Models
Asset-Based Valuation
Summary
Problems
Equity Market Valuation
Learning Outcomes
Introduction
Estimating a Justified P/E Ratio
Top-down and Bottom-up Forecasting
Relative Value Models
Summary
Problems
Technical Analysis
Learning Outcomes
Introduction
Technical Analysis: Definition and Scope
Technical Analysis Tools
Elliott Wave Theory
Intermarket Analysis
Summary
Problems
Glossary
References
About the Authors
About the CFA Program
Index
Table of Contents provided by Publisher. All Rights Reserved.

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