Fundamentals of investing / / Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk

• Record Nr.: UNINA9910154928803321
• Autore: Smart Scott B.
• Pubbl/distr/stampa: Boston : , : Pearson, , [2017]; ©2017
• Edizione: [Thirteenth, Global edition.]
• Descrizione fisica: 1 online resource (773 pages) : illustrations, tables
• Collana: The Pearson series in finance
• Disciplina: 657.72
• Soggetti: Investments; Portfolio management
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes index.
• Nota di contenuto: Cover -- Title Page -- Copyright Page -- Brief Contents -- Contents -- Preface -- Acknowledgments -- Chapter 1: The Investment Environment -- Opening Vignette -- Investments and the Investment Process -- Attributes of Investments -- The Structure of the Investment Process -- Types of Investments -- Short-Term Investments -- Common Stock -- Fixed-Income Securities -- Mutual Funds -- Exchange-Traded Funds -- Hedge Funds -- Derivative Securities -- Other Popular Investments -- Making Your Investment Plan -- Writing an Investment Policy Statement -- Considering Personal Taxes -- Investing over the Life Cycle -- Investing over the Business Cycle -- Meeting Liquidity Needs with Short-Term Investments -- The Role of Short-Term Investments -- Common Short-Term Investments -- Investment Suitability -- Careers in Finance -- Summary -- Discussion Questions -- Problems -- Case Problem 1.1 -- Case Problem 1.2 -- Excel@Investing -- Chapter 2: Securities Markets and Transactions -- Opening Vignette -- Securities Markets -- Types of Securities Markets -- Broker Markets and Dealer Markets -- Alternative Trading Systems -- General Market Conditions: Bull or Bear -- Globalization of Securities Markets -- Growing Importance of International Markets -- International Investment Performance -- Ways to Invest in Foreign Securities -- Risks of Investing Internationally -- Trading Hours and Regulation of Securities Markets -- Trading Hours of Securities Markets ; -- Regulation of Securities Markets -- Basic Types of Securities Transactions -- Long Purchase -- Margin Trading -- Short Selling -- Summary -- Discussion Questions -- Problems -- Case Problem 2.1 -- Case Problem 2.2 -- Excel@Investing -- Chapter 3: Investment Information and Securities Transactions -- Opening Vignette -- Investment Research and Planning -- Getting Started in Investment Research.; Pros and Cons of the Internet as an Investment Tool -- Types and Sources of Investment Information -- Types of Information -- Sources of Information -- Understanding Market Averages and Indexes -- Stock Market Averages and Indexes -- Bond Market Indicators -- Making Securities Transactions -- The Role of Stockbrokers -- Basic Types of Orders -- Online Transactions -- Transaction Costs -- Investor Protection: SIPC and Arbitration -- Investment Advisors and Investment Clubs -- Using an Investment Advisor -- Investment Clubs -- Summary -- Discussion Questions -- Problems -- Case Problem 3.1 -- Case Problem 3.2 -- Excel@Investing -- Chapter 4: Return and Risk -- Opening Vignette -- The Concept of Return -- Components of Return -- Why Return Is Important -- Level of Return -- Historical Returns -- The Time Value of Money and Returns -- Measuring Return -- Real, Risk-Free, and Required Returns -- Holding Period Return -- The Internal Rate of Return -- Finding Growth Rates -- Risk: The Other Side of the Coin -- Sources of Risk -- Risk of a Single Asset -- Assessing Risk -- Steps in the Decision Process: Combining Return and Risk -- Summary -- Discussion Questions -- Problems -- Case Problem 4.1 -- Case Problem 4.2 -- Excel@Investing -- Chapter-Opening Problem -- Appendix 4A: The Time Value of Money -- Opening Vignette -- Interest: The Basic Return to Savers -- Simple Interest -- Compound Interest -- Computational Aids for Use in Time Value Calculations -- Financial Calculators -- Computers and Spreadsheets -- Future Value: An Extension of Compounding -- Future Value of an Annuity -- Present Value: An Extension of Future Value -- Present Value of a Stream of Returns -- Present Value of a Mixed Stream -- Present Value of an Annuity -- Summary -- Problems -- Chapter 5: Modern Portfolio Concepts -- Opening Vignette -- Principles of Portfolio Planning.; Portfolio Objectives -- Portfolio Return and Standard Deviation -- Correlation and Diversification -- International Diversification -- The Capital Asset Pricing Model -- Components of Risk -- Beta: A Measure of Undiversifiable Risk -- The CAPM: Using Beta to Estimate Return -- Traditional Versus Modern Portfolio Management -- The Traditional Approach -- Modern Portfolio Theory -- Reconciling the Traditional Approach and MPT -- Summary -- Discussion Questions -- Problems -- Case Problem 5.1 -- Case Problem 5.2 -- Excel@Investing -- Chapter-Opening Problem -- CFA Exam Questions -- Chapter 6: Common Stocks -- Opening Vignette -- What Stocks Have to Offer -- The Appeal of Common Stocks -- Putting Stock Price Behavior in Perspective -- From Stock Prices to Stock Returns -- A Real Estate Bubble Goes Bust and So Does the Market -- The Pros and Cons of Stock Ownership -- Basic Characteristics of Common Stock -- Common Stock as a Corporate Security -- Buying and Selling Stocks -- Common Stock Values -- Common Stock Dividends -- The Dividend Decision -- Types of Dividends -- Dividend Reinvestment Plans -- Types and Uses of Common Stock -- Types of Stocks -- Investing in Foreign Stocks -- Alternative Investment Strategies -- Summary -- Discussion Questions -- Problems -- Case Problem 6.1 -- Case Problem 6.2 -- Excel@Investing -- Chapter 7: Analyzing Common Stocks -- Opening Vignette -- Security Analysis -- Principles of Security Analysis -- Who Needs Security Analysis in an Efficient Market? -- Economic Analysis -- ; Economic Analysis and the Business Cycle -- Key Economic Factors -- Developing an Economic Outlook -- Industry Analysis -- Key Issues -- Developing an Industry Outlook -- Fundamental Analysis -- The Concept -- Financial Statements -- Financial Ratios -- Interpreting the Numbers -- Summary -- Discussion Questions -- Problems -- Case Problem 7.1.; Case Problem 7.2 -- Excel@Investing -- Chapter-Opening Problem -- Chapter 8: Stock Valuation -- Opening Vignette -- Valuation: Obtaining a Standard of Performance -- Valuing a Company and Its Future Performance -- Developing a Forecast of Universal's Financial Performance -- The Valuation Process -- Stock Valuation Models -- The Dividend Valuation Model -- Other Approaches to Stock Valuation -- Other Price-Relative Procedures -- Summary -- Discussion Questions -- Problems -- Case Problem 8.1 -- Case Problem 8.2 -- Excel@Investing -- Chapter-Opening Problem -- Chapter 9: Market Efficiency and Behavioral Finance -- Opening Vignette -- Efficient Markets -- The Efficient Markets Hypothesis -- Market Anomalies -- Possible Explanations -- Behavioral Finance: A Challenge to the Efficient Markets Hypothesis -- Investor Behavior and Security Prices -- Implications of Behavioral Finance for Security Analysis -- Technical Analysis -- Measuring the Market -- Trading Rules and Measures -- Charting -- Summary -- Discussion Questions -- Problems -- Case Problem 9.1 -- Case Problem 9.2 -- Excel@Investing -- CFA Exam Questions -- Chapter 10: Fixed-Income Securities -- Opening Vignette -- Why Invest in Bonds? -- A Brief History of Bond Prices, Returns, and Interest Rates -- Exposure to Risk -- Essential Features of a Bond -- Bond Interest and Principal -- Maturity Date -- Principles of Bond Price Behavior -- Quoting Bond Prices -- Call Features-Let the Buyer Beware! -- Sinking Funds -- Secured or Unsecured Debt -- Bond Ratings -- The Market for Debt Securities -- Major Market Segments -- Specialty Issues -- A Global View of the Bond Market -- Convertible Securities -- Convertibles as Investment Outlets -- Sources of Value -- Measuring the Value of a Convertible -- Summary -- Discussion Questions -- Problems -- Case Problem 10.1 -- Case Problem 10.2 -- Excel@Investing.; Chapter-Opening Problem -- Chapter 11: Bond Valuation -- Opening Vignette -- The Behavior of Market Interest Rates -- Keeping Tabs on Market Interest Rates -- What Causes Rates to Move? -- The Term Structure of Interest Rates and Yield Curves -- The Pricing of Bonds -- The Basic Bond Valuation Model -- Annual Compounding -- Semiannual Compounding -- Accrued Interest -- Measures of Yield and Return -- Current Yield -- Yield to Maturity -- Yield to Call -- Expected Return -- Valuing a Bond -- Duration and Immunization -- The Concept of Duration -- Measuring Duration -- Bond Duration and Price Volatility -- Effective Duration -- Uses of Bond Duration Measures -- Bond Investment Strategies -- Passive Strategies -- Trading on Forecasted Interest Rate Behavior -- Bond Swaps -- Summary -- Discussion Questions -- Problems -- Case Problem 11.1 -- Case Problem 11.2 -- Excel@Investing -- CFA Exam Questions -- Chapter 12: Mutual Funds and Exchange-Traded Funds -- Opening Vignette -- The Mutual Fund Concept -- An Overview of Mutual Funds -- Exchange-Traded Funds -- Some Important Considerations -- Other Types of Investment Companies -- Types of Funds and Services -- Types of Mutual Funds -- Investor Services -- Investing in Mutual Funds -- Investor Uses of Mutual Funds -- The Selection Process -- Investing in Closed-End Funds -- Measuring Performance -- Summary -- Discussion Questions -- Problems -- Case Problem 12.1 -- Case Problem 12.2 -- Excel@Investing -- Chapter-Opening Problem -- ; Chapter 13: Managing Your Own Portfolio -- Opening Vignette -- Constructing a Portfolio Using an Asset Allocation Scheme -- Investor Characteristics and Objectives -- Portfolio Objectives and Policies -- Developing an Asset Allocation Scheme -- Evaluating the Performance of Individual Investments -- Obtaining Data -- Indexes of Investment Performance.; Measuring the Performance of Investments.
• Sommario/riassunto: For undergraduate courses in Investments.The Core Concepts and Tools Students Need to Make Informed Investment DecisionsFundamentals of Investinghelps students make informed investment decisions by providing a solid foundation of core concepts and tools. Smart/Gitman/Joehnk use practical, hands-on applications to introduce the topics.