《投资学》求取 ⇩

前言1

总前言1

Preface1

Chapter 1 Investment3

Part One The Basics of Investments3

1.1 What is Investments?3

第1篇 投资学基础3

第1章 投资3

1．1 什么是投资学3

1．2 投资环境4

1.2 Investment Environment4

1.2-1 Financial Assets4

1．2-1 金融资产4

1．2-2 金融市场7

1.2-2 Financial Markets7

1.2-3 Financial Institutions9

1．2-3 金融机构9

1.3-1 The Basics of Investment Decisions11

1．3 投资过程11

1．3-1 投资决策的基础11

1.3 Investment Process11

1.3-2 Security Analysis15

1．3-2 证券分析15

1.3-3 Portfolio Management16

1．3-3 证券组合的管理16

1.4 Efficient Market17

1．4 有效市场17

Summary18

小结18

Questions20

习题20

2.1 Primary Market21

2．1 初级市场21

第2章 证券市场及其交易21

Chapter 2 Security Markets and Trading21

2.1-1 Function of Ivestment Banking22

2．1-1 投资银行的功能22

2.1-2 Rule 415: Shelf Registration26

2．1-2 条例415：延迟发行注册26

2.2 Secondary Market27

2．2-1 证券交易所27

2.2-1 Security Exchanges27

2．2 二级市场27

2.2-2 OTC Market30

2．2-2 场外交易市场30

2.2-3 Third Market and Fourth Market32

2．2-3 第三和第四市场32

2.2-4 Function of Dealers33

2．2-4 交易商的作用33

2．2-5 结算手续36

2.2-5 Clearing Procedures36

2.3 Securities Trading37

2．3 证券交易37

2.3-1 The Rule of Trading Priority38

2．3-1 交易优先规则38

2.3-2 Types of Orders39

2．3-2 指令的类型39

2．3-3 保证金帐户42

2.3-3 Margin Account42

2.3-4 Short Selling44

2．3-4 卖空44

2.4 Regulating Security Markets by U.S.46

2．4 美国政府对证券市场的管理46

Summary51

小结51

Questions54

习题54

3.1-1 Yield-to-Maturity and Spot Rates56

3.1 Interest Rates56

Chaper 3 Interest Rates, Inflation and Income Taxes56

第3章 利率、通货膨胀和所得税56

3．1 利率56

3．1-1 到期收益和即期利率56

3．1-2 远期利率59

3.1-2 Forward Rates59

3．1-3 利率的期限结构和收益曲线60

3.1-3 Term Structure of Interest Rates and Yield Curves60

3．2 通货膨胀67

3.2 Inflation67

3．2-1 通货膨胀的测度68

3.2-1 Measuring Inflation68

3.2-2 Fisher Model of Real Interest Rates69

3．2-2 实际利率的费雪模型69

3．2-3 股票的回报和通货膨胀72

3.2-3 Stock Return and Inflation72

3．3 所得税74

3．3-1 公司所得税74

3.3 Income Taxes74

3.3-1 Corporate Income Taxes74

3．3-2 个人所得税78

3.3-2 Personal Income Taxes78

Summary85

小结85

习题86

Questions86

4．1 证券组合的预期回报和风险89

4.1 The Return and Risk on a Portfolio89

第4章 证券组合89

Chapter4 Portfolios89

4．1-1 预期回报90

4.1-1 Expected Return90

4．1-2 证券组合的标准差92

4.1-2 Standard Deviation92

4．2 证券组合分析96

4.2 Portfolio Analysis96

4.2-1 Markowitz s Efficient Set96

4．2-1 Markowitz有效集96

4．2-2 最优证券组合的选择100

4.2-2 Selection of the Optimal Porlfolio100

4．2-3 市场模型102

4.2-3 The Market Model102

4.2-4 Diversification105

4．2-4 多样化105

4．3 使用无风险资产改进Markowitz有效集107

4.3 Improving Markowitz s Efficient Set by Riskfree Asset107

小结111

Summary111

习题112

Questions112

5．1 资本资产定价模型115

第5章 资本市场理论115

Chapter 5 The Capital Market Theory115

5.1 The Capital Asset Pricing Model115

5.1-1 The Assumptions of the CAPM115

5．1-1 资本市场理论的假设115

5.1-2 The Market Portfolio116

5．1-2 市场证券组合116

5.1-3 The Seperation Theorem120

5．1-3 分离定理120

5．1-4 资本市场线121

5.1-4 The Capital Market Line121

5．1-5 证券市场线123

5.1-5 The Security Market Line123

5．2-1 单因子模型128

5．2 因子模型128

5.2-1 One-Factor Models128

5.2 Factor Models128

5．2-2 多因子模型130

5.2-2 Multiple-Factor Models130

5．2-3 因子分析133

5.2-3 Factor Analysis133

5.2-4 Factor Models and Equilibrium134

5．2-4 因子模型和均衡134

5.2-5 Examples135

5．2-5 实例135

5．3 套利定价理论143

5．3-1 套利证券组合143

5.3 Arbitrage Pricing Theory143

5.3-1 Arbitrage Portfolios143

5.3-2 Arbitrage Pricing Line146

5．3-2 套利定价线146

5．3-3 APT的多因子模型149

5.3-3 Multiple-Factor Model of APT149

5.3-4 Identity of APT and CAPM151

5．3-4 APT和CAPM的一致性151

5.3-5 Application of APT Models154

5．3-5 APT模型的应用154

小结155

Summary155

习题157

Questions157

Part Two Securities165

第2篇 证券165

第6章 固定收入证券165

6．1 固定收入证券165

6．1-1 非市场出售的金融资产165

6.1 Fixed Income Securities165

6.1-1 Nonmarketable Financial Assets165

Chapter 6 Fixed Income Securitites165

6.1-2 Money Market Securities167

6．1-2 货币市场证券167

6．1-3 资本市场证券171

6.1-3 Capital Market Securities171

6.2 Bond Analysis181

6.2-1 Bond Values and Yields181

6．2 债券分析181

6．2-1 债券的价值和收益181

6.2-2 Default Risk194

6．2-2 违约风险194

6.2-3 The Risk Structure of Interest Rates197

6．2-3 利率的风险结构197

6．2-4 金融比、判别分析和公司违约的预测201

6.2-4 Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy201

6．3 债券的证券组合管理203

6.3 Bond Portfolio Management203

6．3-1 有效期限204

6.3-1 Duration204

6．3-2 消极管理212

6.3-2 Passive Management212

6．3-3 积极管理221

6.3-3 Active Management221

小结230

Summary230

习题234

Questions234

7.1-1 Rights and Responsibility of the holders of Common Stocks238

第7章 普通股238

7．1 普通股238

7．1-1 普通股持有者的权利和责任238

7.1 Common Stocks238

Chapter 7 Common Stocks238

7.1-2 Categories of Common Stocks240

7．1-2 普通股的分类240

7．1-3 股票指数242

7.1-3 Stock Indices242

7.2 The Valuation of Common Stocks247

7．2 普通股的估值247

7.2-1 Present Value Method247

7．2-1 现值方法247

7.2-2 Models Based on Price-Earnings Ratios253

7．2-2 价格与盈利比模型253

7．3 证券分析258

7.3 Security Analysis258

7.3-1 Economy Analysis259

7．3-1 经济分析259

7.3-2 Industry Analysis266

7．3-2 行业分析266

7.3-3 Company Analysis273

7．3-3 公司分析273

7.3-4 Technical Analysis287

7．3-4 技术分析287

Summary309

小结309

习题312

Questions312

8.1-1 Futures Contracts319

8.1 Futures Markets and Trading319

Chapter 8 Futures319

Part Three Derivative Securities319

8.1-2 Function of The Clearing House319

8．1-2 结算所的功能319

8．1-1 期货合约319

8．1 期货市场及其交易319

第8章 期货319

第3篇 派生证券319

8．1-3 保证金322

8.1-3 Margin322

8．1-4 市场结构323

8.1-4 Market Structure323

8.1-5 Day s Price Limits326

8．1-5 每日价格的涨跌限制326

8.2 Hedging327

8.2-1 What is Hedging?327

8．2 对冲327

8．2-1 什么是对冲327

8.2-2 Basis329

8．2-2 基差329

8.2-3 Selecting Futures Maturity Dates330

8．2-3 对合约期限的选择330

8.3 Futures Prices and Spot Prices331

8．3 期货价格和现货价格331

8．4-1 利率期货的种类333

8．4 金融期货333

8.4 Financial Futures333

8.4-1 Types of Interest-rate Futures333

8.4-2 Hedging by Interest-rate Futures335

8．4-2 使用利率期货进行对冲335

8．4-3 股票指数期货的种类336

8.4-3 Types of Stock Index Futures336

8．4-4 股票指数期货的应用338

8.4-4 Application of Stock Index Futures338

8．5 外汇市场340

8．5-1 外汇期货市场340

8.5 Foreign Exchange Markets340

8.5-1 Foreign Exchange Futures Markets340

8．5-2 现货和远期合约市场341

8.5-2 Markets of Spot and Forward Contracts341

8．5-3 利率与汇率的关系——利率平价论343

8.5-3 The Relation between Interest Rate and Foreign Exchange Rate-Interest Parity Theory343

8．5-4 在外汇市场上进行对冲346

8.5-4 Hedging on Foreign Exchange Markets346

8.5-5 Arbitrage and Speculation349

8．5-5 套汇和投机349

小结350

Summary350

Questions352

习题352

Chapter 9 Options354

第9章 期权354

9.1 Option Types and Trading354

9．1 期权种类及其交易354

9．2 到期期权定价356

9．2-1 到期期权的固有值356

9.2 Valuation of Options at Expiration356

9.2-1 Option Intrinsic Value at Expiration356

9.2-2 Option Profits and Losses at Expiration357

9．2-2 到期期权的盈亏357

9．2-3 一些期权策略的盈亏359

9.2-3 Profits and Loses from Some Option Strategies359

9．3 二项期权定价模型361

9.3 The Binomial Option Pricing Model361

9.3-1 Call Options362

9．3-1 买权362

9．3-2 卖权368

9.3-2 Put Options368

9.3-3 Put-Call Parity369

9．3-3 卖权一买权对等原理369

9.4-1 Call Options370

9.4 The Black-Scholes Model370

9．4-1 买权370

9．4 Black-Scholes模型370

9.4-2 Put Options378

9．4-2 卖权378

9.5 Index Options380

9．5 指数期权380

9．5-1 指数期权的结算380

9.5-1 Clearing Index Options380

9．5-2 指数期权的策略381

9.5-2 Index Options Strategies381

小结383

Summary383

Questions384

习题384

Part Four Other Investment Opportunities389

第4篇 其他投资机会389

第10章 投资公司389

Chapter 10 Investment Companies389

10．1 资产净值390

10.1 Net Asset Value390

10.2 Unit Investment Trusts391

10．2 单位投资信托391

10.3 Closed-end Investment Companies392

10.4 Mutual Funds392

10．4 共同基金392

10．3 股份固定的投资公司392

10.4-1 Stock Funds393

10．4-1 股票共同基金393

10．4-2 债券共同基金396

10.4-2 Bond Funds396

10.4-3 Money Market Funds397

10．4-3 货币市场共同基金397

10.5 Regulation and Taxation of Investment Companies399

10.6-1 Mutual Fund Returns399

10.6 Mutual Fund Peformance399

10．6-1 共同基金的回报399

10．6 共同基金的业债399

10．5 投资公司法规和纳税399

10.6-2 Expense Ratios400

10．6-2 支出比400

10.6-3 Performance Evaluation401

10．6-3 业债的测定401

Summary405

小结405

Questions406

习题406

References408

参考文献408

Index410

索引410