Security Analysis And Investment Strategy

by Poitras, Geoffrey

• ISBN13: 9781405112482
• ISBN10: 1405112484
• Edition: 1st
• Format: Hardcover
• Copyright: 2004-12-17
• Publisher: Wiley-Blackwell

Summary

This innovative text presents the theoretical foundations of security analysis and investment strategy, and explores the practical applications of these theories. After establishing an historical foundation, the book examines fixed income securities, equity analysis, and investment strategy. Developing an advanced treatment of the subject throughout, the text remains focused on the practical concerns of security analysts. Guided by the insight that philosophical differences exist among the various approaches to investment analysis and strategy, the text assesses a range of approaches to security analysis. Numerous case studies, end-of-chapter questions and references are featured in the text, making it accessible and engaging. Integrating history, theory, technique, and application, this text is an indispensable resource for any serious student of finance. Online material to accompany this book can be found at www.blackwellpublishing.com/poitras

Author Biography

Geoffrey Poitras is Professor of Finance in the Faculty of Business Administration at Simon Fraser University, in Canada. He has worked as a Securities Analyst with the Bank of Canada in Ottawa, and has taught at various international institutions, including the National University of Singapore and Thammasat University in Thailand. Poitras is the author of The Early History of Financial Economics,1478‑1776 (2000); and Risk Management, Speculation, and Derivative Securities (2002) and has published numerous articles in the areas of finance, accounting, and economics.

Table of Contents

Part 1 Philosophy, History and Core Theory	1	(180)
The Philosophy of Investment	4	(67)
The Investor's Landscape	4	(30)
The Efficient Markets Hypothesis	34	(16)
The Philosophy of Investment*	50	(21)
The History of Security Analysis	71	(65)
Life Annuity Valuation#	71	(15)
Writers on Stock Markets up to the Early Twentieth Century	86	(24)
Graham and Dodd (1934) and After	110	(9)
The Emergence of Modern Finance	119	(17)
Theoretical Developments in Modern Finance	136	(45)
Basics of Mean-Variance Portfolio Analysis	136	(12)
Separation, the CAPM and the Market Model#	148	(9)
Decision Making under Uncertainty*	157	(8)
Financial Engineering with Derivative Securities	165	(16)
Part 2 Fixed Income Valuation	181	(172)
Basics of Fixed Income Valuation	184	(63)
Basics of Fixed Income Securities	184	(26)
The Concept of Duration	210	(10)
The Term Structure of Interest Rates	220	(10)
Basics of Credit Risk and Default Risk	230	(17)
Convexity, Time Value and Immunization	247	(55)
Fixed Income Portfolio Management	247	(10)
Mathematics for Advanced Fixed Income Analysis*	257	(18)
The Time Value--Convexity Tradeoff*	275	(10)
Immunization with Non-Parallel Yield Curve Shifts*	285	(17)
Bonds with Embedded Options	302	(51)
Types of Bonds with Embedded Options	302	(16)
Greeks for Bonds with Embedded Options*	318	(13)
Option Adjusted Spread Analysis*	331	(10)
Modeling and Analyzing Default Risk#	341	(12)
Part 3 Equity Valuation and Investment Strategy	353	(261)
Fundamental Analysis and Value Investing	356	(65)
Characteristics of Equity Securities	356	(9)
The Basics of Fundamental Analysis	365	(16)
What is Value Investing?	381	(14)
Observations from the Classics	395	(26)
Valuation Techniques for Equity Securities	421	(68)
Discounted Cash Flow Modeling	421	(16)
Interpreting Financial Statements	437	(28)
Forecasting the Inputs	465	(24)
Technical Analysis Demystified	489	(69)
What is Technical Analysis?	489	(9)
The Technician's Toolkit	498	(31)
Behavioral Foundations?	529	(9)
Relative Strength, Momentum and the Oscillator	538	(20)
Investment Strategy	558	(56)
Investment Strategy: Basic Concepts	558	(13)
Tactical and Strategic Asset Allocation	571	(10)
Investment Strategy for Value Investors	581	(12)
Advanced Topics in Investment Strategy*	593	(21)
References	614	(23)
Index	637