Investments / The CFA Institute Series (ePub)

Foreword xiii Acknowledgments xv Introduction xvii CHAPTER 1 Market Organization and Structure 1 Learning Outcomes 1 1. Introduction 1 2. The Functions of the Financial System 2 3. Assets and Contracts 10 4. Financial Intermediaries 24 5. Positions 35 6. Orders 41 7. Primary Security Markets 47 8. Secondary Security Market and Contract Market Structures 51 9. Well-Functioning Financial Systems 56 10. Market Regulation 58 11. Summary 61 CHAPTER 2 Security Market Indices 73 Learning Outcomes 73 1. Introduction 73 2. Index Definition and Calculations of Value and Returns 75 3. Index Construction and Management 78 4. Uses of Market Indices 90 5. Equity Indices 91 6. Fixed-Income Indices 94 7. Indices for Alternative Investments 96 8. Summary 101 CHAPTER 3 Market Efficiency 109 Learning Outcomes 109 1. Introduction 109 2. The Concept of Market Efficiency 111 3. Forms of Market Efficiency 118 4. Market Pricing Anomalies 124 5. Behavioral Finance 131 6. Summary 134 CHAPTER 4 Portfolio Management: An Overview 139 Learning Outcomes 139 1. Introduction 139 2. A Portfolio Perspective on Investing 140 3. Investment Clients 149 4. Steps in the Portfolio Management Process 156 5. Pooled Investments 160 6. Summary 172 CHAPTER 5 Portfolio Risk and Return: Part I 175 Learning Outcomes 175 1. Introduction 175 2. Investment Characteristics of Assets 176 3. Risk Aversion and Portfolio Selection 200 4. Portfolio Risk 209 5. Efficient Frontier and Investor's Optimal Portfolio 222 6. Summary 234 CHAPTER 6 Portfolio Risk and Return: Part II 243 Learning Outcomes 243 1. Introduction 243 2. Capital Market Theory 244 3. Pricing of Risk and Computation of Expected Return 256 4. The Capital Asset Pricing Model 267 5. Beyond the Capital Asset Pricing Model 284 6. Summary 287 CHAPTER 7 Basics of Portfolio Planning and Construction 295 Learning Outcomes 295 1. Introduction 295 2. Portfolio Planning 296 3. Portfolio Construction 312 4. Summary 326 CHAPTER 8 Overview of Equity Securities 331

MICHAEL G. MCMILLAN, CFA is Director, Ethics and Professional Standards in the Education Division of CFA Institute. Dr. McMillan joined CFA Institute in 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University's Carey Business School and The George Washington University's School of Business. He has a doctorate in accounting and finance from The George Washington University, an MBA from Stanford University, and a BA from the University of Pennsylvania. Dr. McMillan is a member of the CFA Society of Washington, DC and the East African Society of Investment Professionals.

JERALD E. PINTO, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and earned his CFA charter in 1992.

WENDY L. PIRIE, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Prior to joining CFA Institute in 2008, she taught finance, accounting, statistics, taxation, business law, and marketing for over twenty years at both large and small, public and private universities, religious colleges, and military academies. Her work has been published in Journal of Financial Research and Journal of Economics and Finance. She holds a PhD from Queen's University in Kingston, Ontario and MBAs fromthe Universities of Toronto and Calgary.

GERHARD VAN DE VENTER, CFA is Deputy Head of the School of Finance and Economics at University of Technology, Sydney. He was previously director, Curriculum Projects, in the Education Division of CFA Institute. He began his career in South Africa as a financial analyst and later as a

Dieses eBook können Sie uneingeschränkt auf allen Geräten der tolino Familie lesen. Zum Lesen auf sonstigen eReadern und am PC benötigen Sie eine Adobe ID.