Investments 1st edition by Michael McMillan, Jerald Pinto, Wendy Pirie, Gerhard Van de Venter, Lawrence Kochard ISBN 1118001165 978-1118001165

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ISBN 10: 1118001165
ISBN 13: 978-1118001165
Author: Michael McMillan, Jerald Pinto, Wendy Pirie, Gerhard Van de Venter, Lawrence Kochard 

A comprehensive guide to investment analysis and portfolio management by an expert team from the CFA Institute

In 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.

Investments 1st Table of contents:

Chapter 1: Market Organization and Structure

Learning Outcomes

1. Introduction

2. The Functions of the Financial System

   • Helping People Achieve Their Purposes in Using the Financial System

   • Determining Rates of Return

   • Capital Allocation Efficiency

3. Assets and Contracts

   • Classifications of Assets and Markets

   • Securities

   • Currencies

   • Contracts

   • Commodities

   • Real Assets

4. Financial Intermediaries

   • Brokers, Exchanges, and Alternative Trading Systems

   • Dealers

   • Securitizers

   • Depository Institutions and Other Financial Corporations

   • Insurance Companies

   • Arbitrageurs

   • Settlement and Custodial Services

   • Summary

5. Positions

   • Short Positions

   • Levered Positions

6. Orders

   • Execution Instructions

   • Validity Instructions

   • Clearing Instructions

7. Primary Security Markets

   • Public Offerings

   • Private Placements and Other Primary Market Transactions

   • Importance of Secondary Markets to Primary Markets

8. Secondary Security Market and Contract Market Structures

   • Trading Sessions

   • Execution Mechanisms

   • Market Information Systems

9. Well-Functioning Financial Systems

10. Market Regulation

11. Summary
    Problems

Chapter 2: Security Market Indices

Learning Outcomes

1. Introduction

2. Index Definition and Calculations of Value and Returns

   • Calculation of Single-Period Returns

   • Calculation of Index Values over Multiple Time Periods

3. Index Construction and Management

   • Target Market and Security Selection

   • Index Weighting

   • Index Management: Rebalancing and Reconstitution

4. Uses of Market Indices

   • Gauges of Market Sentiment

   • Proxies for Measuring and Modeling Returns, Systematic Risk, and Risk-Adjusted Performance

   • Proxies for Asset Classes in Asset Allocation Models

   • Benchmarks for Actively Managed Portfolios

   • Model Portfolios for Investment Products

5. Equity Indices

   • Broad Market Indices

   • Multimarket Indices

   • Sector Indices

   • Style Indices

6. Fixed-Income Indices

   • Construction

   • Types of Fixed-Income Indices

7. Indices for Alternative Investments

   • Commodity Indices

   • Real Estate Investment Trust Indices

   • Hedge Fund Indices

8. Summary
   Problems

Chapter 3: Market Efficiency

Learning Outcomes

1. Introduction

2. The Concept of Market Efficiency

   • The Description of Efficient Markets

   • Market Value versus Intrinsic Value

   • Factors Contributing to and Impeding a Market’s Efficiency

   • Transaction Costs and Information-Acquisition Costs

3. Forms of Market Efficiency

   • Weak Form

   • Semistrong Form

   • Strong Form

   • Implications of the Efficient Market Hypothesis

4. Market Pricing Anomalies

   • Time-Series Anomalies

   • Cross-Sectional Anomalies

   • Other Anomalies

   • Implications for Investment Strategies

5. Behavioral Finance

   • Loss Aversion

   • Overconfidence

   • Other Behavioral Biases

   • Information Cascades

   • Behavioral Finance and Efficient Markets

6. Summary
   Problems

Chapter 4: Portfolio Management: An Overview

Learning Outcomes

1. Introduction

2. A Portfolio Perspective on Investing

   • Portfolio Diversification: Avoiding Disaster

   • Portfolios: Reduce Risk

   • Portfolios: Composition Matters for the Risk–Return Tradeoff

   • Portfolios: Not Necessarily Downside Protection

   • Portfolios: The Emergence of Modern Portfolio Theory

3. Investment Clients

   • Individual Investors

   • Institutional Investors

4. Steps in the Portfolio Management Process

   • The Planning Step

   • The Execution Step

   • The Feedback Step

5. Pooled Investments

   • Mutual Funds

   • Types of Mutual Funds

   • Other Investment Products

6. Summary
   Problems

Chapter 5: Portfolio Risk and Return: Part I

Learning Outcomes

1. Introduction

2. Investment Characteristics of Assets

   • Return

   • Other Major Return Measures and Their Applications

   • Variance and Covariance of Returns

   • Historical Return and Risk

   • Other Investment Characteristics

3. Risk Aversion and Portfolio Selection

   • The Concept of Risk Aversion

   • Utility Theory and Indifference Curves

   • Application of Utility Theory to Portfolio Selection

4. Portfolio Risk

   • Portfolio of Two Risky Assets

   • Portfolio of Many Risky Assets

   • The Power of Diversification

5. Efficient Frontier and Investor’s Optimal Portfolio

   • Investment Opportunity Set

   • Minimum-Variance Portfolios

   • A Risk-Free Asset and Many Risky Assets

   • Optimal Investor Portfolio

6. Summary
   Problems

Chapter 6: Portfolio Risk and Return: Part II

Learning Outcomes

1. Introduction

2. Capital Market Theory

   • Portfolio of Risk-Free and Risky Assets

   • The Capital Market Line

3. Pricing of Risk and Computation of Expected Return

   • Systematic Risk and Nonsystematic Risk

   • Calculation and Interpretation of Beta

4. The Capital Asset Pricing Model (CAPM)

   • Assumptions of the CAPM

   • The Security Market Line

   • Applications of the CAPM

5. Beyond the Capital Asset Pricing Model

   • Limitations of the CAPM

   • Extensions to the CAPM

   • The CAPM and Beyond

6. Summary
   Problems

Chapter 7: Basics of Portfolio Planning and Construction

Learning Outcomes

1. Introduction

2. Portfolio Planning

   • The Investment Policy Statement

   • Major Components of an IPS

   • Gathering Client Information

3. Portfolio Construction

   • Capital Market Expectations

   • The Strategic Asset Allocation

   • Steps toward an Actual Portfolio

   • Additional Portfolio Organizing Principles

4. Summary
   Problems

Chapter 8: Overview of Equity Securities

Learning Outcomes

1. Introduction

2. Equity Securities in Global Financial Markets

3. Types and Characteristics of Equity Securities

   • Common Shares

   • Preference Shares

4. Private versus Public Equity Securities

5. Investing in Nondomestic Equity Securities

   • Direct Investing

   • Depository Receipts

6. Risk and Return Characteristics of Equity Securities

   • Return Characteristics

   • Risk of Equity Securities

7. Equity Securities and Company Value

   • Accounting Return on Equity

   • The Cost of Equity and Investors’ Required Rates of Return

8. Summary
   Problems

Chapter 9: Introduction to Industry and Company Analysis

Learning Outcomes

1. Introduction

2. Uses of Industry Analysis

3. Approaches to Identifying Similar Companies

   • Products and/or Services Supplied

   • Business-Cycle Sensitivities

   • Statistical Similarities

4. Industry Classification Systems

   • Commercial Industry Classification Systems

   • Governmental Industry Classification Systems

   • Strengths and Weaknesses of Current Systems

   • Constructing a Peer Group

5. Describing and Analyzing an Industry

   • Principles of Strategic Analysis

   • External Influences on Industry Growth, Profitability, and Risk

6. Company Analysis

   • Elements of a Company Analysis

   • Spreadsheet Modeling

7. Summary
   Problems

Chapter 10: Equity Valuation: Concepts and Basic Tools

Learning Outcomes

1. Introduction

2. Estimated Value and Market Price

3. Major Categories of Equity Valuation Models

4. Present Value Models: The Dividend Discount Model

   • Preferred Stock Valuation

   • The Gordon Growth Model

   • Multistage Dividend Discount Models

5. Multiplier Models

   • Relationships among Price Multiples, Present Value Models, and Fundamentals

   • The Method of Comparables

   • Valuation Based on Price Multiples

   • Enterprise Value

6. Asset-Based Valuation

7. Summary
   Problems

Chapter 11: Equity Market Valuation

Learning Outcomes

1. Introduction

2. Estimating a Justified P/E Ratio

   • Neoclassical Approach to Growth Accounting

   • The China Economic Experience

   • Quantifying China’s Future Economic Growth

   • Equity Market Valuation

3. Top-Down and Bottom-Up Forecasting

   • Portfolio Suitability of Each Forecasting Type

   • Using Both Forecasting Types

   • Forecasting of Market Earnings per Share

4. Relative Value Models

   • Earnings-Based Models

   • Asset-Based Models

5. Summary
   Problems

Chapter 12: Technical Analysis

Learning Outcomes

1. Introduction

2. Technical Analysis: Definition and Scope

   • Principles and Assumptions

   • Technical and Fundamental Analysis

3. Technical Analysis Tools

   • Charts

   • Trend

   • Chart Patterns

   • Technical Indicators

   • Cycles

4. Elliott Wave Theory

5. Intermarket Analysis

6. Summary

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Tags: Michael McMillan, Jerald Pinto, Wendy Pirie, Gerhard Van de Venter, Lawrence Kochard, Investments