Investments 13th Edition by Zvi Bodie, Alex Kane, Alan J Marcus ISBN 9781266085963 1266085963

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ISBN 10: 1266085963
ISBN 13: 9781266085963
Author: Zvi Bodie, Alex Kane, Alan J Marcus

Investments 13th Edition Table of contents:

Chapter 1: The Investment Environment

Introduction

1.1: Real Assets versus Financial Assets

1.2: Financial Assets

1.3: Financial Markets and the Economy

The Informational Role of Financial Markets

Consumption Timing

Allocation of Risk

Separation of Ownership and Management

Corporate Governance and Corporate Ethics

1.4: The Investment Process

1.5: Markets Are Competitive

The Risk–Return Trade-Off

Efficient Markets

1.6: The Players

Financial Intermediaries

Investment Bankers

Venture Capital and Private Equity

Fintech, Financial Innovation and Decentralized Finance

1.7: The Financial Crisis of 2008–2009

Antecedents of the Crisis

Changes in Housing Finance

Mortgage Derivatives

Credit Default Swaps

The Rise of Systemic Risk

The Shoe Drops

The Dodd–Frank Reform Act

1.8: Outline of the Text

Summary

Key Terms

Problem Sets

Solutions To Concept Checks

Chapter 2: Asset Classes and Financial Instruments

Introduction

2.1: The Money Market

Treasury Bills

Certificates of Deposit

Commercial Paper

Bankers’ Acceptances

Eurodollars

Repos and Reverses

Federal Funds

Brokers’ Calls

LIBOR, SOFR, and SONIA

Yields on Money Market Instruments

Money Market Funds

2.2: The Bond Market

Treasury Notes and Bonds

Inflation-Protected Treasury Bonds

Federal Agency Debt

International Bonds

Municipal Bonds

Corporate Bonds

Mortgage and Asset-Backed Securities

2.3: Equity Securities

Common Stock as Ownership Shares

Characteristics of Common Stock

Stock Market Listings

Preferred Stock

Depositary Receipts

2.4: Stock and Bond Market Indexes

Stock Market Indexes

Dow Jones Industrial Average

The Standard & Poor’s 500 Index

Russell Indexes

Other U.S. Market-Value Indexes

Equally Weighted Indexes

Foreign and International Stock Market Indexes

Bond Market Indicators

2.5: Derivative Markets

Options

Futures Contracts

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

Chapter 3: How Securities Are Traded

Introduction

3.1: How Firms Issue Securities

Privately Held Firms

Publicly Traded Companies

Shelf Registration

Initial Public Offerings

SPACs versus Traditional IPOs

3.2: How Securities Are Traded

Types of Markets

Types of Orders

Trading Mechanisms

3.3: The Rise of Electronic Trading

3.4: U.S. Markets

NASDAQ

The New York Stock Exchange

ECNs

3.5: New Trading Strategies

Algorithmic Trading

High-Frequency Trading

Dark Pools

Internalization

Bond Trading

3.6: Globalization of Stock Markets

3.7: Trading Costs

3.8: Buying on Margin

3.9: Short Sales

3.10: Regulation of Securities Markets

Self-Regulation

The Sarbanes-Oxley Act

Insider Trading

Summary

Key Terms

Problem Sets

Solutions To Concept Checks

Chapter 4: Mutual Funds and Other Investment Companies

Introduction

4.1: Investment Companies

4.2: Types of Investment Companies

Unit Investment Trusts

Managed Investment Companies

Exchange-Traded Funds

Other Investment Organizations

4.3: Mutual Funds

Investment Policies

How Funds Are Sold

4.4: Costs of Investing in Mutual Funds

Fee Structure

Fees and Mutual Fund Returns

4.5 Taxation of Mutual Fund Income

4.6 Exchange-Traded Funds

4.7 Mutual Fund Investment Performance: A First Look

4.8 Information on Mutual Funds

Summary

Key Terms

Problem Sets

Solutions To Concept Checks

Chapter 5: Risk, Return, and the Historical Record

Introduction

5.1: Measuring Returns over Different Holding Periods

Annual Percentage Rates

Continuous Compounding

5.2 Interest Rates and Inflation Rates

Real and Nominal Rates of Interest

The Equilibrium Real Rate of Interest

Interest Rates and Inflation

Taxes and the Real Rate of Interest

Treasury Bills and Inflation, 1926–2021

5.3 Risk and Risk Premiums

Holding-Period Returns

Expected Return and Standard Deviation

Excess Returns and Risk Premiums

The Reward-to-Volatility (Sharpe) Ratio

5.4 The Normal Distribution

5.5 Deviations from Normality and Tail Risk

Value at Risk

Expected Shortfall

Lower Partial Standard Deviation and the Sortino Ratio

Relative Frequency of Large, Negative 3-Sigma Returns

5.6 Learning from Historical Returns

Time Series versus Scenario Analysis

Expected Returns and the Arithmetic Average

The Geometric (Time-Weighted) Average Return

Estimating Variance and Standard Deviation

Mean and Standard Deviation Estimates from Higher-Frequency Observations

5.7 Historic Returns on Risky Portfolios

A Global View of the Historical Record

5.8 Normality and Long-Term Investments

Short-Run versus Long-Run Risk

Forecasts for the Long Haul

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

Chapter 6: Capital Allocation to Risky Assets

Introduction

6.1: Risk and Risk Aversion

Risk, Speculation, and Gambling

Risk Aversion and Utility Values

Estimating Risk Aversion

6.2: Capital Allocation across Risky and Risk-Free Portfolios

6.3: The Risk-Free Asset

6.4: Portfolios of One Risky Asset and a Risk-Free Asset

6.5: Risk Tolerance and Asset Allocation

Non-normal Returns

6.6: Passive Strategies: The Capital Market Line

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

Appendix A: Risk Aversion, Expected Utility, and the St. Petersburg Paradox

Problems: Appendix A

Solutions To Concept Checks

Chapter 7: Efficient Diversification

Introduction

7.1: Diversification and Portfolio Risk

7.2: Portfolios of Two Risky Assets

7.3: Asset Allocation with Stocks, Bonds, and Bills

Asset Allocation with Two Risky Asset Classes

7.4: The Markowitz Portfolio Optimization Model

Security Selection

Capital Allocation and the Separation Property

The Power of Diversification

Asset Allocation and Security Selection

7.5: Risk Pooling, Risk Sharing, and Time Diversification

Risk Sharing versus Risk Pooling

Time Diversification

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

Appendix A: A Spreadsheet Model for Efficient Diversification

The Input List

Using Excel’s Solver

Finding the Optimal Risky Portfolio on the Efficient Frontier

The Optimal CAL

The Optimal Risky Portfolio and the Short-Sales Constraint

Appendix B: Review of Portfolio Statistics

Expected Returns

Variance and Standard Deviation

Covariance

Correlation Coefficient

Portfolio Variance

Chapter 8: Index Models

Introduction

8.1 A Single-Factor Security Market

The Input List of the Markowitz Model

Systematic versus Firm-Specific Risk

8.2 The Single-Index Model

The Regression Equation of the Single-Index Model

The Expected Return–Beta Relationship

Risk and Covariance in the Single-Index Model

The Set of Estimates Needed for the Single-Index Model

The Index Model and Diversification

8.3 Estimating the Single-Index Model

The Security Characteristic Line for U.S. Steel

The Explanatory Power of U.S. Steel’s SCL

The Estimate of Alpha

The Estimate of Beta

Firm-Specific Risk

8.4 The Industry Version of the Index Model

Predicting Betas

8.5 Portfolio Construction Using the Single-Index Model

Alpha and Security Analysis

The Index Portfolio as an Investment Asset

The Single-Index Model Input List

The Optimal Risky Portfolio in the Single-Index Model

The Information Ratio

Summary of Optimization Procedure

An Example

Correlation and Covariance Matrix

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

Chapter 9: The Capital Asset Pricing Model

Introduction

9.1 The Capital Asset Pricing Model

The Market Portfolio

The Passive Strategy Is Efficient

The Risk Premium of the Market Portfolio

Expected Returns on Individual Securities

The Security Market Line

The CAPM and the Single-Index Market

9.2 Assumptions and Extensions of the CAPM

Identical Input Lists

Risk-Free Borrowing and the Zero-Beta Model

Labor Income and Other Nontraded Assets

A Multiperiod Model and Hedge Portfolios

A Consumption-Based CAPM

Liquidity and the CAPM

9.3 Issues in Testing the CAPM

9.4 The CAPM and the Investment Industry

Summary

Key Terms

Key Equations

Problem Sets

Solutions To Concept Checks

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