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010			_a 2022046367
020			_a9781266273131
020			_a9781264412815
040			_aDLC _beng _erda _cDLC
041			_aeng
042			_apcc
050	0	0	_aHG4521 _b.C66 2023
082	0	0	_a332.6 _223/eng/20221028
100	1		_aJordan, Bradford D., _eauthor.
245	1	0	_aFundamentals of investments : _bvaluation and management / _cBradford D. Jordan, University of Kentucky, Thomas W. Miller Jr., Mississippi State University, Steven D. Dolvin, Butler University.
250			_aTenth Edition.
264		1	_aNew York, NY : _bMcGraw Hill LLC, _c[2024]
264		4	_c©2024
300			_axxxix, 750 pages : _bcolor illustrations; _c28 cm
336			_atext _btxt _2rdacontent
337			_aunmediated _bn _2rdamedia
338			_avolume _bnc _2rdacarrier
490	0		_aThe McGraw-Hill series in finance, insurance, and real estate
500			_aRevised edition of the authors' Fundamentals of investments, [2021]
505			_aContents Chapter 1: A Brief History of Risk and Return Introduction 1.1 Returns DOLLAR RETURNS PERCENTAGE RETURNS A NOTE ON ANNUALIZING RETURNS 1.2 The Historical Record A FIRST LOOK A LONGER-RANGE LOOK A CLOSER LOOK 2008: THE BEAR GROWLED AND INVESTORS HOWLED 1.3 Average Returns: The First Lesson CALCULATING AVERAGE RETURNS AVERAGE RETURNS: THE HISTORICAL RECORD RISK PREMIUMS THE FIRST LESSON 1.4 Return Variability: The Second Lesson FREQUENCY DISTRIBUTIONS AND VARIABILITY THE HISTORICAL VARIANCE AND STANDARD DEVIATION THE HISTORICAL RECORD NORMAL DISTRIBUTION THE SECOND LESSON 1.5 More on Average Returns ARITHMETIC VERSUS GEOMETRIC AVERAGES CALCULATING GEOMETRIC AVERAGE RETURNS ARITHMETIC AVERAGE RETURN OR GEOMETRIC AVERAGE RETURN? DOLLAR-WEIGHTED AVERAGE RETURNS 1.6 Risk and Return THE RISK-RETURN TRADE-OFF A LOOK AHEAD 1.7 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 2: The Investment Process Introduction 2.1 The Investment Policy Statement OBJECTIVES: RISK AND RETURN INVESTOR CONSTRAINTS STRATEGIES AND POLICIES 2.2 Investment Professionals CHOOSING A BROKER/ADVISOR ONLINE BROKERS AND ROBO-ADVISORS INVESTOR PROTECTION BROKER-CUSTOMER RELATIONS 2.3 Types of Accounts CASH ACCOUNTS MARGIN ACCOUNTS ANNUALIZING RETURNS ON A MARGIN PURCHASE HYPOTHECATION AND STREET NAME REGISTRATION RETIREMENT ACCOUNTS 2.4 Types of Positions BASICS OF A SHORT SALE SHORT SALES: SOME DETAILS SHORT-SALE CONSTRAINTS 2.5 Forming an Investment Portfolio SOME RISK TOLERANCE SCORES RISK AND RETURN INVESTOR CONSTRAINTS STRATEGIES AND POLICIES MORE ON ASSET ALLOCATION 2.6 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 3: Overview of Security Types Introduction 3.1 Classifying Securities 3.2 Interest-Bearing Assets MONEY MARKET INSTRUMENTS FIXED-INCOME SECURITIES 3.3 Equities COMMON STOCK PREFERRED STOCK COMMON STOCK PRICE QUOTES 3.4 Derivatives: Futures Contracts FUTURES CONTRACTS FUTURES PRICE QUOTES GAINS AND LOSSES ON FUTURES CONTRACTS 3.5 Derivatives: Option Contracts OPTION TERMINOLOGY OPTIONS VERSUS FUTURES OPTION PRICE QUOTES GAINS AND LOSSES ON OPTION CONTRACTS INVESTING IN STOCKS VERSUS OPTIONS 3.6 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems Bloomberg Exercises What’s on the Web? Chapter 4: Mutual Funds, EFTs, and Other Fund Types Introduction 4.1 Advantages and Drawbacks of Mutual Fund Investing ADVANTAGES DRAWBACKS 4.2 Investment Companies and Fund Types OPEN-END VERSUS CLOSED-END FUNDS NET ASSET VALUE 4.3 Mutual Fund Operations MUTUAL FUND ORGANIZATION AND CREATION TAXATION OF INVESTMENT COMPANIES THE FUND PROSPECTUS AND ANNUAL REPORT MUTUAL FUND TRANSACTIONS 4.4 Mutual Fund Costs and Fees TYPES OF EXPENSES AND FEES EXPENSE REPORTING WHY PAY LOADS AND FEES? THE IMPACT OF FEES ON PORTFOLIO VALUES 4.5 Short-Term Funds MONEY MARKET MUTUAL FUNDS MONEY MARKET DEPOSIT ACCOUNTS 4.6 Long-Term Funds STOCK FUNDS TAXABLE AND MUNICIPAL BOND FUNDS STOCK AND BOND FUNDS MUTUAL FUND OBJECTIVES: RECENT DEVELOPMENTS 4.7 Mutual Fund Performance MUTUAL FUND PERFORMANCE INFORMATION HOW USEFUL ARE FUND PERFORMANCE RATINGS? 4.8 Exchange-Traded Funds 4.9 Closed-End Funds THE CLOSED-END FUND DISCOUNT MYSTERY 4.10 Hedge Funds 4.11 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 5: The Stock Market Introduction 5.1 Private Equity versus Selling Securities to the Public PRIVATE EQUITY THE STRUCTURE OF PRIVATE EQUITY FUNDS TYPES OF PRIVATE EQUITY FUNDS SELLING SECURITIES TO THE PUBLIC THE PRIMARY MARKET FOR COMMON STOCK ALTERNATIVE SOURCES OF PUBLIC FUNDING THE SECONDARY MARKET FOR COMMON STOCK DEALERS AND BROKERS 5.2 The New York Stock Exchange NYSE MEMBERS NYSE-LISTED STOCKS 5.3 Operation of the New York Stock Exchange NYSE FLOOR ACTIVITY SPECIAL ORDER TYPES 5.4 Nasdaq NASDAQ OPERATIONS NASDAQ PARTICIPANTS 5.5 NYSE and Nasdaq Competitors 5.6 Stock Market Information THE DOW JONES INDUSTRIAL AVERAGE STOCK MARKET INDEXES MORE ON PRICE-WEIGHTED INDEXES THE DOW JONES DIVISORS MORE ON INDEX FORMATION: BASE-YEAR VALUES 5.7 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 6: Common Stock Valuation Introduction 6.1 Security Analysis: Be Careful Out There 6.2 The Dividend Discount Model CONSTANT PERPETUAL GROWTH HISTORICAL GROWTH RATES THE SUSTAINABLE GROWTH RATE ANALYZING ROE 6.3 The Two-Stage Dividend Growth Model NONCONSTANT GROWTH IN THE FIRST STAGE THE H-MODEL DISCOUNT RATES FOR DIVIDEND DISCOUNT MODELS OBSERVATIONS ON DIVIDEND DISCOUNT MODELS 6.4 The Residual Income Model RESIDUAL INCOME THE RIM VERSUS THE CONSTANT GROWTH DDM 6.5 The Free Cash Flow Model FREE CASH FLOW THE FCF MODEL VERSUS THE CONSTANT GROWTH DDM 6.6 Price Ratio Analysis PRICE-EARNINGS RATIOS PRICE-CASH FLOW RATIOS PRICE-SALES RATIOS PRICE-BOOK RATIOS APPLICATIONS OF PRICE RATIO ANALYSIS ENTERPRISE VALUE RATIOS 6.7 An Analysis of CVS Health Corporation USING THE DIVIDEND DISCOUNT MODEL USING THE RESIDUAL INCOME MODEL USING THE FREE CASH FLOW MODEL USING PRICE RATIO ANALYSIS 6.8 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 7: Stock Price Behavior and Market Efficiency Introduction 7.1 Introduction to Market Efficiency 7.2 What Does “Beat the Market” Mean? 7.3 Foundations of Market Efficiency 7.4 Forms of Market Efficiency 7.5 Why Would a Market Be Efficient? 7.6 Some Implications of Market Efficiency DOES OLD INFORMATION HELP PREDICT FUTURE STOCK PRICES? RANDOM WALKS AND STOCK PRICES HOW DO STOCK PRICES REACT TO NEW INFORMATION? EVENT STUDIES 7.7 Informed Traders and Insider Trading INFORMED TRADING INSIDER TRADING 7.8 How Efficient Are Markets? ARE FINANCIAL MARKETS EFFICIENT? SOME IMPLICATIONS OF MARKET EFFICIENCY 7.9 Market Efficiency and the Performance of Professional Money Managers 7.10 Anomalies THE DAY-OF-THE-WEEK EFFECT THE AMAZING JANUARY EFFECT TURN-OF-THE-YEAR EFFECT TURN-OF-THE-MONTH EFFECT THE EARNINGS ANNOUNCEMENT PUZZLE THE PRICE-EARNINGS (PE) PUZZLE 7.11 Bubbles and Crashes THE CRASH OF 1929 THE CRASH OF OCTOBER 1987 THE ASIAN CRASH THE “DOT-COM” BUBBLE AND CRASH THE CRASH OF OCTOBER 2008 THE “COVID-19” CRASH OF 2020 7.12 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems Bloomberg Exercises Chapter 8: Behavioral Finance and the Psychology of Investing Introduction 8.1 Introduction to Behavioral Finance 8.2 Prospect Theory A NOTE ON INVESTOR BIASES FRAME DEPENDENCE MENTAL ACCOUNTING AND HOUSE MONEY LOSS AVERSION 8.3 Overconfidence OVERCONFIDENCE AND TRADING FREQUENCY OVERTRADING AND GENDER: “IT’S (BASICALLY) A GUY THING” WHAT IS A DIVERSIFIED PORTFOLIO TO THE EVERYDAY INVESTOR? ILLUSION OF KNOWLEDGE SNAKEBITE EFFECT 8.4 Misperceiving Randomness and Overreacting to Chance Events THE “HOT-HAND” FALLACY THE GAMBLER’S FALLACY 8.5 More on Behavioral Finance HEURISTICS HERDING HOW DO WE OVERCOME BIAS? 8.6 Sentiment-Based Risk and Limits to Arbitrage LIMITS TO ARBITRAGE THE 3COM/PALM MISPRICING THE ROYAL DUTCH/SHELL PRICE RATIO 8.7 Technical Analysis WHY DOES TECHNICAL ANALYSIS CONTINUE TO THRIVE? DOW THEORY ELLIOTT WAVES SUPPORT AND RESISTANCE LEVELS TECHNICAL INDICATORS RELATIVE STRENGTH CHARTS CHARTING FIBONACCI NUMBERS OTHER TECHNICAL INDICATORS 8.8 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 9: Interest Rates Introduction 9.1 Interest Rate History and Money Market Rates INTEREST RATE HISTORY MONEY MARKET RATES 9.2 Money Market Prices and Rates BANK DISCOUNT RATE QUOTES TREASURY BILL QUOTES BANK DISCOUNT YIELDS VERSUS BOND EQUIVALENT YIELDS BOND EQUIVALENT YIELDS, APRs, AND EARs 9.3 Rates and Yields on Fixed-Income Securities THE TREASURY YIELD CURVE RATES ON GLOBAL FIXED-INCOME INVESTMENTS 9.4 The Term Structure of Interest Rates TREASURY STRIPS YIELDS FOR U.S. TREASURY STRIPS 9.5 Nominal versus Real Interest Rates REAL INTEREST RATES THE FISHER HYPOTHESIS INFLATION-INDEXED TREASURY SECURITIES 9.6 Traditional Theories of the Term Structure EXPECTATIONS THEORY MATURITY PREFERENCE THEORY MARKET SEGMENTATION THEORY 9.7 Determinants of Nominal Interest Rates: A Modern Perspective PROBLEMS WITH TRADITIONAL THEORIES MODERN TERM STRUCTURE THEORY LIQUIDITY AND DEFAULT RISK 9.8 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 10: Bond Prices and Yields Introduction 10.1 Bond Basics STRAIGHT BONDS COUPON RATE AND CURRENT YIELD 10.2 Straight Bond Prices and Yield to Maturity STRAIGHT BOND PRICES PREMIUM AND DISCOUNT BONDS RELATIONSHIPS AMONG YIELD MEASURES A NOTE ON BOND PRICE QUOTES 10.3 More on Yields CALCULATING YIELDS YIELD TO CALL USING A FINANCIAL CALCULATOR 10.4 Interest Rate Risk and Malkiel’s Theorems PROMISED YIELD AND REALIZED YIELD INTEREST RATE RISK AND MATURITY MALKIEL’S THEOREMS 10.5 Duration MACAULAY DURATION MODIFIED DURATION CALCULATING MACAULAY DURATION PROPERTIES OF DURATION 10.6 Bond Risk Measures Based on Duration DOLLAR VALUE OF AN 01 YIELD VALUE OF A 32ND 10.7 Dedicated Portfolios and Reinvestment Risk DEDICATED PORTFOLIOS REINVESTMENT RISK 10.8 Immunization PRICE RISK VERSUS REINVESTMENT RATE RISK IMMUNIZATION BY DURATION MATCHING DYNAMIC IMMUNIZATION 10.9 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 11: Diversification and Risky Asset Allocation Introduction 11.1 Expected Returns and Variances EXPECTED RETURNS CALCULATING THE VARIANCE OF EXPECTED RETURNS 11.2 Portfolios PORTFOLIO WEIGHTS PORTFOLIO EXPECTED RETURNS PORTFOLIO VARIANCE OF EXPECTED RETURNS 11.3 Diversification and Portfolio Risk THE EFFECT OF DIVERSIFICATION: ANOTHER LESSON FROM MARKET HISTORY THE PRINCIPLE OF DIVERSIFICATION THE FALLACY OF TIME DIVERSIFICATION 11.4 Correlation and Diversification WHY DIVERSIFICATION WORKS CALCULATING PORTFOLIO RISK THE IMPORTANCE OF ASSET ALLOCATION, PART 1 MORE ON CORRELATION AND THE RISK-RETURN TRADE-OFF 11.5 The Markowitz Efficient Frontier THE IMPORTANCE OF ASSET ALLOCATION, PART 2 11.6 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises Chapter 12: Return, Risk, and the Security Market Line Introduction 12.1 Announcements, Surprises, and Expected Returns EXPECTED AND UNEXPECTED RETURNS ANNOUNCEMENTS AND NEWS TRACKING SURPRISES 12.2 Risk: Systematic and Unsystematic SYSTEMATIC AND UNSYSTEMATIC RISK SYSTEMATIC AND UNSYSTEMATIC COMPONENTS OF RETURN 12.3 Diversification, Systematic Risk, and Unsystematic Risk DIVERSIFICATION AND UNSYSTEMATIC RISK DIVERSIFICATION AND SYSTEMATIC RISK 12.4 Systematic Risk and Beta THE SYSTEMATIC RISK PRINCIPLE MEASURING SYSTEMATIC RISK PORTFOLIO BETAS 12.5 The Security Market Line BETA AND THE RISK PREMIUM THE REWARD-TO-RISK RATIO THE BASIC ARGUMENT THE FUNDAMENTAL RESULT THE SECURITY MARKET LINE 12.6 More on Beta A CLOSER LOOK AT BETA WHERE DO BETAS COME FROM? ANOTHER WAY TO CALCULATE BETA WHY DO BETAS DIFFER? 12.7 Extending CAPM A (VERY) BRIEF HISTORY OF TESTING CAPM THE FAMA-FRENCH THREE-FACTOR MODEL FACTOR ANALYSIS AND STYLE PORTFOLIOS 12.8 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 13: Performance Evaluation and Risk Management Introduction 13.1 Performance Evaluation PERFORMANCE EVALUATION MEASURES THE SHARPE RATIO THE TREYNOR RATIO JENSEN’S ALPHA ANOTHER METHOD TO CALCULATE ALPHA INFORMATION RATIO R-SQUARED FINDING PERFORMANCE MEASURES 13.2 Comparing Performance Measures GLOBAL INVESTMENT PERFORMANCE STANDARDS SHARPE-OPTIMAL PORTFOLIOS 13.3 Investment Risk Management VALUE-AT-RISK 13.4 More on Computing Value-at-Risk 13.5 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 14: Futures Contracts Introduction 14.1 Futures Contracts Basics MODERN HISTORY OF FUTURES TRADING FUTURES CONTRACT FEATURES FUTURES PRICES 14.2 Why Futures? SPECULATING WITH FUTURES HEDGING WITH FUTURES 14.3 Futures Trading Accounts 14.4 Cash Prices versus Futures Prices CASH PRICES CASH-FUTURES ARBITRAGE BASIC SPOT-FUTURES PARITY SPOT-FUTURES PARITY WITH STORAGE COSTS 14.5 Stock Index Futures BASICS OF STOCK INDEX FUTURES INDEX ARBITRAGE HEDGING STOCK MARKET RISK WITH FUTURES HEDGING INTEREST RATE RISK WITH FUTURES FUTURES CONTRACT DELIVERY OPTIONS 14.6 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 15: Stock Options Introduction 15.1 Options on Common Stocks OPTION BASICS OPTION PRICE QUOTES 15.2 The Options Clearing Corporation 15.3 Why Options? 15.4 Stock Index Options INDEX OPTIONS: FEATURES AND SETTLEMENT INDEX OPTION PRICE QUOTES 15.5 Option Intrinsic Value and “Moneyness” INTRINSIC VALUE FOR CALL OPTIONS INTRINSIC VALUE FOR PUT OPTIONS TIME VALUE THREE LESSONS ABOUT INTRINSIC VALUE SHOW ME THE MONEY 15.6 Option Payoffs and Profits OPTION WRITING OPTION PAYOFFS OPTION PAYOFF DIAGRAMS OPTION PROFIT DIAGRAMS 15.7 Using Options to Manage Risk THE PROTECTIVE PUT STRATEGY CREDIT DEFAULT SWAPS THE PROTECTIVE PUT STRATEGY AND CORPORATE RISK MANAGEMENT USING CALL OPTIONS IN CORPORATE RISK MANAGEMENT 15.8 Option Trading Strategies THE COVERED CALL STRATEGY SPREADS COMBINATIONS 15.9 Arbitrage and Option Pricing Bounds THE UPPER BOUND FOR CALL OPTION PRICES THE UPPER BOUND FOR PUT OPTION PRICES THE LOWER BOUNDS FOR CALL AND PUT OPTION PRICES 15.10 Put-Call Parity PUT-CALL PARITY WITH DIVIDENDS WHAT CAN WE DO WITH PUT-CALL PARITY? 15.11 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 16: Option Valuation Introduction 16.1 A Simple Model to Value Options Before Expiration 16.2 The One-Period Binomial Option Pricing Model THE ONE-PERIOD BINOMIAL OPTION PRICING MODEL—THE ASSUMPTIONS THE ONE-PERIOD BINOMIAL OPTION PRICING MODEL—THE SETUP THE ONE-PERIOD BINOMIAL OPTION PRICING MODEL—THE FORMULA WHAT IS DELTA? 16.3 The Two-Period Binomial Option Pricing Model STEP 1: BUILD A PRICE TREE FOR STOCK PRICES THROUGH TIME STEP 2: USE THE INTRINSIC VALUE FORMULA TO CALCULATE THE POSSIBLE OPTION PRICES AT EXPIRATION STEP 3: CALCULATE THE FRACTIONAL SHARE NEEDED TO FORM EACH RISK-FREE PORTFOLIO AT THE NEXT-TO-LAST DATE STEP 4: CALCULATE ALL POSSIBLE OPTION PRICES AT THE NEXT-TO-LAST DATE STEP 5: REPEAT THIS PROCESS BY WORKING BACK TO TODAY 16.4 The Binomial Option Pricing Model with Many Periods 16.5 The Black-Scholes Option Pricing Model 16.6 Varying the Option Price Input Values VARYING THE UNDERLYING STOCK PRICE VARYING THE OPTION’S STRIKE PRICE VARYING THE TIME REMAINING UNTIL OPTION EXPIRATION VARYING THE VOLATILITY OF THE STOCK PRICE VARYING THE INTEREST RATE 16.7 Measuring the Impact of Stock Price Changes on Option Prices INTERPRETING OPTION DELTAS 16.8 Hedging Stock with Stock Options HEDGING USING CALL OPTIONS—THE PREDICTION HEDGING USING CALL OPTIONS—THE RESULTS HEDGING USING PUT OPTIONS—THE PREDICTION HEDGING USING PUT OPTIONS—THE RESULTS 16.9 Hedging a Stock Portfolio with Stock Index Options 16.10 Implied Standard Deviations CBOE IMPLIED VOLATILITIES FOR STOCK INDEXES 16.11 Employee Stock Options ESO FEATURES ESO REPRICING ESOS AT THE GAP, INC. VALUING EMPLOYEE STOCK OPTIONS 16.12 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 17: Alternative Investments Introduction 17.1 Benefits and Risks BENEFITS OF ALTERNATIVE INVESTMENTS RISKS OF ALTERNATIVE INVESTMENTS 17.2 Hedge Funds HEDGE FUND REGULATION HEDGE FUND FEES HEDGE FUND STYLES PERFORMANCE COMPARISON 17.3 Private Equity Funds PRIVATE EQUITY AND VENTURE CAPITAL PRIVATE PLACEMENT MEMORANDUM THE INVESTMENT PROCESS PERFORMANCE MEASUREMENT 17.4 Commodities SPOT MARKET TRANSACTIONS FUTURES CONTRACTS THIRD-PARTY MANAGERS 17.5 Real Estate FORMS OF REAL ESTATE INVESTMENT REAL ESTATE VALUATION 17.6 Cryptocurrency AN OVERVIEW CREATION OF A BITCOIN BLOCKCHAIN TECHNOLOGY CRYPTOCURRENCY AS AN INVESTMENT 17.7 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 18: Corporate and Government Bonds Introduction 18.1 Corporate Bond Basics 18.2 Corporate Bond Indentures BOND SENIORITY PROVISIONS CALL PROVISIONS PUT PROVISIONS BOND-TO-STOCK CONVERSION PROVISIONS GRAPHICAL ANALYSIS OF CONVERTIBLE BOND PRICES BOND MATURITY AND PRINCIPAL PAYMENT PROVISIONS SINKING FUND PROVISIONS COUPON PAYMENT PROVISIONS PROTECTIVE COVENANTS ADJUSTABLE-RATE BONDS 18.3 Government Bond Basics 18.4 U.S. Treasury Bills, Notes, Bonds, and STRIPS TREASURY BOND AND NOTE PRICES 18.5 U.S. Treasury Auctions 18.6 Federal Government Agency Securities 18.7 Municipal Bonds MUNICIPAL BOND FEATURES TYPES OF MUNICIPAL BONDS MUNICIPAL BOND INSURANCE EQUIVALENT TAXABLE YIELD TAXABLE MUNICIPAL BONDS 18.8 Bond Credit Ratings WHY BOND RATINGS ARE IMPORTANT AN ALTERNATIVE TO BOND RATINGS JUNK BONDS 18.9 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 19: Projecting Cash Flow and Earnings Introduction 19.1 Sources of Financial Information 19.2 Financial Statements THE BALANCE SHEET THE INCOME STATEMENT THE CASH FLOW STATEMENT PERFORMANCE RATIOS AND PRICE RATIOS 19.3 Financial Statement Forecasting THE PERCENTAGE OF SALES APPROACH THE PRO FORMA INCOME STATEMENT THE PRO FORMA BALANCE SHEET SCENARIO ONE SCENARIO TWO PROJECTED PROFITABILITY AND PRICE RATIOS 19.4 Starbucks Corporation Case Study PRO FORMA INCOME STATEMENT PRO FORMA BALANCE SHEET VALUING STARBUCKS USING RATIO ANALYSIS VALUING STARBUCKS USING A TWO-STAGE DIVIDEND GROWTH MODEL VALUING STARBUCKS: WHAT DOES THE MARKET SAY? 19.5 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bloomberg Exercises What’s on the Web? Chapter 20: Global Economic Activity and Industry Analysis Introduction 20.1 Top-Down Analysis 20.2 Global Macroeconomic Activity REAL GDP BUSINESS CYCLES ECONOMIC INDICATORS THE GLOBAL ECONOMY AND STOCK RETURN CORRELATIONS THE EFFECTS OF EXCHANGE RATES ON GLOBAL INVESTMENTS 20.3 Monitoring Jobs and the Price Level LABOR MARKET INDICATORS THE CONSUMER PRICE INDEX 20.4 Monetary and Fiscal Policy MONETARY POLICY FISCAL POLICY 20.5 Industry Analysis IDENTIFYING SECTORS PORTER’S FIVE FORCES 20.6 Summary and Conclusions Key Terms Related Bloomberg Functions Chapter Review Problems and Self-Test Answers to Self-Test Problems Test Your Investment Quotient Concept Questions Questions and Problems CFA Exam Review by Kaplan Schweser Bargaining Power of Buyers Bloomberg Exercises What’s on the Web? Chapter 21: Mortgage-Backed Securities Introduction 21.1 A Brief History of Mortgage-Backed Securities 21.2 Fixed-Rate Mortgages FIXED-RATE MORTGAGE AMORTIZATION FIXED-RATE MORTGAGE PREPAYMENT AND REFINANCING 21.3 Government National Mortgage Association GNMA CLONES 21.4 Public Securities Association Mortgage Prepayment Model 21.5 Cash Flow Analysis of GNMA Fully Modified Mortgage Pools MACAULAY DURATIONS FOR GNMA MORTGAGE-BACKED BONDS 21.6 Collateralized Mortgage Obligations INTEREST-ONLY AND PRINCIPAL-ONLY MORTGAGE STRIPS SEQUENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS PROTECTED AMORTIZATION CLASS BONDS 21.7 Yields for Mortgage-Backed Securities 21.8 Summary and Conclusions Key Terms
520			_a"Traditionally, investments textbooks tend to fall into one of two camps. The first type has a greater focus on portfolio management and covers a significant amount of portfolio theory. The second type is more concerned with security analysis and generally contains fairly detailed coverage of fundamental analysis as a tool for equity valuation. Today, most texts try to cover all the bases by including some chapters drawn from one camp and some from another"-- _cProvided by publisher.
521			_aAges 18+ _bMcGraw Hill Education
545	0		_aAbout the Author Bradford Jordan Bradford D. Jordan is Visiting Scholar at the University of Florida. He previously held the duPont Endowed Chair in Banking and Financial Services at the University of Kentucky, where he was department chair for many years. He specializes in corporate finance and securities valuation. He has published numerous articles in leading finance journals, and he has received a variety of research awards, including the Fama/DFA Award in 2010. Dr. Jordan is coauthor of Corporate Finance 13e, Corporate Finance: Core Principles and Applications 7e, Fundamentals of Corporate Finance 13e, and Essentials of Corporate Finance 1le, which collectively are the most widely used business finance textbooks in the world, along with Fundamentals of Investments: Valuation and Management 10e, a popular investments text. Thomas Miller Tom Miller is Professor of Finance and holder of the Jack R. Lee Chair in Financial and Consumer Finance at Mississippi State University. He has a long-standing interest in derivative securities and investments and has published numerous articles on various topics in these areas. His latest research interest is the workings and regulation of small-dollar loan markets. Professor Miller has been honored with many research and teaching awards. He is a co-author (with David Dubofsky) of Derivatives: Valuation and Risk Management (Oxford University Press). Professor Miller’s interests include golfing, raising American saddle-bred horses, and playing tenor saxophone. Steve Dolvin Dr. Steven D. Dolvin, CFA, is Professor of Finance and holder of the Eugene Ratliff Endowed Chair in Finance at Butler University. He teaches primarily in the area of investments, but he also oversees student-run portfolios in both public and private equity. He has received multiple teaching awards and has also published numerous articles in both academic and practitioner outlets. His principal areas of interest are IPOs, venture capital, financial education, retirement investing, ESG factors, and behavioral finance. His prior experience includes work in both corporate finance and investments, and he currently provides investment consulting for both individuals and businesses. Professor Dolvin is also a CFA Charterholder and is involved in his local CFA society.
650		0	_aInvestments.
700	1		_aMiller, Thomas W., _eauthor.
700	1		_aDolvin, Steven D., _eauthor.
942			_2ddc _cBK