投资管理基础:英文

《投资管理基础英文》是1998年东北财经大学出版社出版的图书，作者是赫特(美)等。

• 作者 赫特(美) / 等
• 出版社 东北财经大学出版社
• 出版时间 1998年08月
• 页数 714 页
• 定价 72 元

内容介绍

　　这是一本著名的本科生来自投资学主流教材，在设计上注

　　意了理论与应用的平衡。它向学生指出了投资学所有重要

　　领域的概貌:价值、市场、组合工具和市场、股票工具和市

　　场、衍生工具以及一系列特别话题。

作者介绍

　　作者简介

　　?芨ダ铩.赫特，迪保尔大学金融系主任，教普兴叶模粮是授。

　　固估.布洛克，得克萨斯起材任践克里斯第安大学教实设路初任授。

作品目录

　　P式ART ONE

　　INTROOUCTlON TO INVESTMENTS

　　1 THE INVESTMENT SETTlNG

　　2 SECURITYMARKETS:P5ESENTANDFUTURE

　　3 PARTOPATlNGlNTHEMARKET

　　4 SOURCES OF INVESTMENT

　　INFORMATlO来自N

　　PARTTWO

　　ANAIYSIS AND VALUATON OF EQUlTY

　　SECURmEs

　　5 ECONOMlCACTlVlTY

　　6 INDUSTRYANALYSlS

　　360百科7 VALUATlON OF THE INDMDUAL

　　FlRM

　　8 FlNANClAL STATEMENT ANALYSlS

　　PART THREE

　　ISSUES IN EF巴眼么油剧注浓刻FlClENT MARKETS

　　9 A BASlC 销磁有施VlEW OF TECHNlCAL ANALYSlS

　　A官按乡架调北华英NDMARKETEFFlClENCY

　　10 INVESTMENTS IN SPEClAL

　　SlTUATlONS Zoi

　　PART FouR

　　FlXED-l促帝批字要搞发NCOME AND L皮议事呼宣迫VERAGED SECURmES

　　11 BONDS AND FlXED-lNCOME

　　FUNDAMENT花热破收则侵守针ALS

　　12 PRlNClPLES OF BOND VALUATlON AND

　　INVESTMENT

　　l3 DURATlON AND RElNVESTMENT

　　CONCEPTS

　　14 CONVERTlBLE SECURmES AND

　因相无专响压听装　WARRANTS

　　PART FivE

　　他收改济声边月植装DERlVAlVE PROOUCTS

　　15 PUTANDCALLOPTlONS

　　16 COMMO民列友你父该有川克请DmESANDFlNANClAL

　　FUTURES

　　17 STOCKlNDEXFUTURESAND

　　没银充罗联卷般opnoNS

　　PART SlX

　　BROADENlNG THE INVESTMENT PERSPECT承直妒的师序为世lVE

　　18 INTER吧多老概卫范NATlONALSECURmES

　　MARK就业刻多讲迅小景给行审ETS

　　l9 MUTUALFUNDS

　　20 IN试VESTMENTSlNREALASSETS

　　PARTSEVlN

　　INTRODUCTlON TO PORTTOUO MANAGEMENT

　　21 A BASlC LOOK AT PORTFOUO

　　MANAGEMENT AND CAPlTAL MARKET

　　THEORY

　　22 好伟故展坐飞MEASURlNG RlSKS AND RETURNS OF

　　PORTF策校场刻约使只学OUO MANAGERS

　　APPENDlXES

　　G径市省给供抗LOSSARY

　　INDEX

　　ONTENTS

　　PART ONE

　　INTRODUCTlON TO INVESTMENTS

　　l THE INVESTMENT SETTlNG

　　Forms of Investment

　　The Setting of Investment Obiectives

　　Risk and Safety ofPrincipal

　　Current Income versus Capital

　　Appreciation

　　Liquidity Considerations

　　Short-Term versus Long-Term

　　Orientation

　　Tax Factors

　　Ease ofManagement

　　Relirement and Estate Planning

　　Considerations

　　Profile Analysis

　　Measures of Risk and Return

　　Risk

　　Actual Consideration of Required

　　Returns

　　Real Rate ofRetum

　　Anticipated inflation Factor

　　Risk Premium

　　Systematic and Unsystematic Risk

　　Summary ofRetum Considerations

　　WhatYouWillLearn

　　Appendix lA: Investor Risk Profile

　　Appendix l B: Career Opportunities in

　　Investments

　　2 SECURITY MARKETS: PRESENT AND FUTURE

　　The Market Environment

　　Market Functions

　　Market Efficiency and Liquidity

　　Competition cnd Allocation of Capital

　　Secondary Markets

　　Primary Markets

　　Organization of the Primary Markets: The

　　Investment Banker

　　Underwriting Function

　　Distribution

　　Investment Bankmg Competition

　　Organization of the Secondary

　　Markets

　　Organized Exchanges

　　Consolidated Tape

　　Listing Requirements for Firms

　　Membership for Market Participants

　　Other Organized Exchanges

　　The American Stock Exchange

　　The Chicago Board Options

　　Exchange

　　Futures Markets

　　Over-the-Counter Markets

　　NASDAQ

　　Debt Securities Traded Over-the-

　　Counter

　　The Third and Fourth Markets: Part of

　　Over-the-Counter Trading

　　The Future of the Capital Markets

　　The National Market System

　　Regulation of the Security Markets

　　Securities Act of l933

　　Securities Exchange Act of l934

　　The Securities Acts Amendments

　　0/7975

　　Other Legislation

　　Insider Trading

　　Program Trading and Market Price

　　Limits

　　3 PARTOPATlNG IN THE MARKET

　　Meosures of Price Performonce: Market

　　Indexes

　　Indexes and Averages

　　Dow Jones Averages

　　Standard & Poor's Indexes

　　Value Line Average

　　Other Market Indexes

　　Buying and Selling in the Market

　　Cash or Margin Account

　　Long or Short?-That Is the Question

　　Types of Orders

　　Cost of Trading

　　Taxes

　　Capital Gains and Loss Treatment

　　IRAs and Taxes

　　4 SOURCES OF INVESTMENT INFORMATlON

　　Aggregate Economic Data

　　Federal Reserve Bulletin

　　Federal Reserve Banks

　　Federal Reserve Bank of St. Louis

　　Survey of Current Business

　　Other Sources ofEconomic Data

　　Investment Advisory Services

　　Moody's

　　Standard & Poor's

　　Value Line

　　Momingstar

　　Other Investment Services

　　Indexes, SEC Filings, Periodicals, and

　　Journals

　　Indexes

　　Securities and Exchange Commission

　　Filings

　　Periodicals and Newspapers

　　Joumals

　　Computer Databases

　　The Use ofMainframe Computers

　　The Use ofPersonal Computers

　　information on Nontraditional Markets

　　Commodity Yearbook

　　Appendix 4A: Names and Addresses of

　　Appendix 46: Regional and Branch

　　OfficesoftheSEC

　　PART Two

　　NALYSlS AND VALUATON OF EoUlTY

　　SECURlTlES

　　5 ECQNOMlC ACITVTY

　　Economic Activity and the Business Cycle

　　Federal Govemment Economic

　　Policy

　　Fiscal Policy

　　Monetary Policy

　　Govemment Policy, Real Growth and

　　Inflation

　　Business Cycles and Cyclical Indicaors

　　Leading Indicators

　　Money Supply and Stock Prices

　　Business Cycles and industry Relationships

　　6 INDUSTRY ANALYSlS

　　Industry Life Cycles

　　Development-Stage l

　　Growth--Stage H

　　Expansion-Stage lll

　　Maturity-Stage IV

　　Decline-Stage V

　　Growth in Nongrowth Industries

　　Industry Structure

　　Economic Structure

　　Competitive Structure

　　Industry Trend Analysis

　　Industry Groups and Rotational investing

　　APPENDlX 6A Sustainable Growth

　　7 VALUATON OF THE INDMDUAL FlRM

　　Basic Vauation Concepts

　　Review of Risk and Required Return

　　Concepts

　　Dividend Valuation Models

　　General Dividen5 Model

　　Constant Growth Model

　　A Nonconstant Growth Model

　　Earnings Valuation Models

　　The Combined Eamings and Dividend

　　Model

　　The Price-Earnings Ratio

　　The P/E Ratiofor Individual Stocks

　　The Pure, Short-Term Eamings Model

　　Relating an Individual Stock's P/E Ratio

　　to the Market

　　Othtsr Valuation Models Using Averaqe

　　Price Ratios and 10-YearAverages

　　Forecasting Eamings Per Share

　　Least Squares Trendline

　　The Income Statement Method

　　Growth Stocks and Growth Companies

　　199

　　Assets as a Source of Stock Value

　　Natural Resources

　　8 FlNANClAL STATEMENT ANALYSIS

　　The MaIor Financial Statements

　　Income Statement

　　Balance Sheet

　　Statement of Cash Flows

　　Key Financial Ratios for the Securily

　　Analyst

　　Ratio Anatysis

　　Bankruptcy Studies

　　Classification System

　　Uses of Ratios

　　Comparing Long-Term Trends

　　Deficiencies of Financial Statements

　　Infiation Effects

　　Inventory Valuation

　　Extraordinary Gains and Losses

　　Pension Fund Liabilities

　　Foreign Exchange Transactions

　　Other Distortions

　　PART THREE

　　IsSUES IN EFFlClENT MARKETS

　　9 A BASIC VlEW Of TECHNKAL ANlAlYSlS AND MARKET

　　EFFlClENCY

　　Technical Analysis

　　The Use of Charting

　　Essential Elements of the Dow

　　Theory

　　Support and Resistance Levels

　　Volume

　　Types of Charts

　　Key Indicator Series

　　Contrary Opinion Rules

　　Smart Money Rules

　　Overall Market Rules

　　Efficient Market Hypothesis

　　Weak Form of the Efficient Market

　　Hypothesis

　　Tests of Independence

　　Trading Rule Tests

　　Implications for Technical Analysis

　　Semistrong Form of the Efficient Market

　　Hypothesis

　　Implications for Fwidamental Analysis

　　Strong Form of the Efficient Market

　　Hypothesis

　　10 INVESTMENTS IN SPEclAL SITTUATONS

　　Mergers and Acquisitions

　　Premiwns for Acquired Company

　　Acquiring Company Performance

　　Form ofPayment

　　Leveraged Buyouts

　　New Stock Issues

　　Performance oflnvestment Bankers

　　Factors to Consider in a New Issue

　　Exchange Listings

　　Stock Repurchase

　　Reasonsfor Repurchase

　　Actual Market Effect

　　The Small-Firm and Low-P/E-Ratio Eflect

　　The Latest Theory-The Book Value to

　　MarketValueEffect

　　Other Stock-Related Special Situations

　　Truly Superior Retums or Mismeasurement?

　　PART FOUR

　　FlXED-lNCOME AND LEVERAGED SECURlTlES

　　ll BOND AND FlXED-lNCOME FUNDAMENTALS

　　The Bond Contract

　　Secured and Unsecured Bonds

　　The Composition of the Bond Market

　　U.S. Govemment Securities

　　Federally Sponsored Credit Agency

　　Issues

　　State and Local Govemment

　　Securities

　　Corporate Securities

　　Bond Market Unvestors

　　Distribution Procedures

　　Private Placement

　　Bond Ratings

　　Actual Rating System

　　Junk Bonds

　　Bond Quotes

　　Bond Markets, Capital Market Theory, and

　　Efficiency

　　Other Forms of Fixed-lncome Securities

　　Preferred Stock as an Altemative to Debt

　　Features ofPreferred Stock

　　Appendix l lA: Evaluation of Debt

　　Innovations

　　12 PRlNClPlES Of BOND VALUATlON AND

　　iNVESTMENT

　　Fundamentals of the Bond Valuation

　　Process

　　Rates of Retum

　　Current Yield

　　Yield to Maturity

　　Yield to Call

　　Anticipated Realized Yield

　　Reinvestment Assumption

　　The Movement of interest Rates

　　Term Structure oflnterest Rates

　　investment Strategy: interest-Rate

　　Considerations

　　Bond-Pricing Rules

　　Example of interest-Rate Change

　　Deep Discount versus Par Bonds

　　Yield Spread Considerations

　　Bond Swaps

　　Appendix l 2A: Interpolating to Find Yield

　　to Maturity

　　13 DURATON AND RElNVESTMENT CONCEPTS

　　Review of Basic Bond Valuation Concepb

　　Duration

　　Duration and Price Sensitivity

　　Duration and Market Rates

　　Duration and Coupon Rates

　　Bringing Togerfier the Influences on

　　Duration

　　Duration and Zero-Coupon Bonds

　　The Uses of Duration

　　Bond Reinvestment Assumptions and

　　Terminal Wealth Analysis

　　Reinvestment Assumptions

　　Terminal Wealth A.nalysis

　　Zeiv-Coupon Bonds and Tenninal

　　Wealth

　　14 CoNVERTlBlE SECURlHES AND WARRANTS

　　Convertible Securities

　　Conversion Price and Cohversion Ratio

　　Value ofthe Convertible Bond

　　Bond Price and Premiums

　　Comparison with Common Stock

　　Disadvantages of Convertibles

　　When to Convert into Common Stock

　　Advantages and Disadvantaqes to the

　　Issuing Corporation

　　Accounting Considerations With

　　Convertibles

　　Innovations in Convertible Securities

　　Speculating Through Warrants

　　Valuation of Warrants

　　Use of Warrants by Corporations

　　Accounting Considerations with Warrants

　　PART FIVE

　　DERlVATlVE PRODUCTS

　　15 PuTANDCAllOlTlONS

　　Options Markets

　　Listed Options Exchanges

　　The Options Clearing Corporation

　　Option Premiums

　　Intrinsic Value

　　Speculative Premium

　　Basic Option Strategies

　　Buying Call Options

　　Writing Call Options

　　Buying Put Options

　　Using Options in Combinations

　　Spreads

　　Straddles

　　Other Option Considerations

　　Appendix 15A: The Black-Scholes Option

　　Pricing Model

　　16 CoMMODlTlES AND FlNANClAL FUTURES

　　Types of Commodities and Exchanges

　　Types of Commodities Contracts

　　Actual Commodities Contract

　　Margin Requirements

　　Market Conditions

　　Gains and Losses

　　Price Movement Limitations

　　Reading Market Quotes

　　The Cash Market and the Futures Market

　　The Futures Market for Financial

　　Instruments

　　Currency Futures

　　lnterestRate Futures

　　Hedging with Interest-Rate Futures

　　An Actual Example

　　Options as Well as Futures

　　Interest-Rate Swaps

　　l7 STOCK INDEX FUWRES AND OlTlONS

　　The Concept of Derivative Products

　　Trading Stock Index Futures

　　Trading Cycle

　　Margin Requirement

　　Minimum Price Change

　　Cash Settlement

　　Basis

　　Overall Feature

　　Use of Stock index Futures

　　Speculation

　　Hedging

　　Arbitraging

　　Trading Stock Index Options

　　Actual Trade in the S&P l00 Index

　　Hedging with Stock Iindex Options

　　Options on Stock Index Futures

　　PART SIx

　　BROADENlNG THE INVESTMENT PERSPECTlVE

　　18 INTERNATlONAL SeCURlTIES MARKETS

　　The World Equity Market

　　Diversification Benefits

　　Retum Potential in International Markets

　　Current Quotations on Foreign Market

　　Performance

　　Other Market Differences

　　Currency Fluctuations and Rates of Return

　　Other Obstacles to Intemational Investments

　　Political Risks

　　Tax Problems

　　Lack ofMarket Efficiency

　　Administrative Problems

　　Information Difficulties

　　Methods of Participating in Foreign

　　Investments

　　Direct Investments

　　Indirect Investments

　　19 MUTUAL FUNDS

　　Advantages and Disadvantages of Mutual

　　Funds

　　Closed-End Versus Open-End Funds

　　Investing in Open-End Funds

　　Load versus No-Load Funds

　　No-Load Funds

　　Differing ObIectives and the Diversity of

　　Mutual Funds

　　Matching Investment Objectives with

　　Fund Types

　　The Prospectus

　　Distribution and Taxation

　　Shareholder Services

　　Investment Funds, Long-Tenn Planning, and

　　Dollar-Cost Averaging

　　Evaluating Fund Performance

　　Lipper Mutual Fund Performance

　　Averages

　　Computing Total Retum on Your

　　Investment

　　Appendix l 19A: Unit Investment Trusts (UlTs)

　　20 INVESTMENTS IN REAL ASSETS

　　Advantages and Disadvantages of Real

　　Assets

　　Real Estate as an Investment

　　Real Estate in the Last Decade and the

　　Future Outlook

　　An Actual Example

　　Depreciation Effects

　　Cash Flow Considerations

　　Financing of Real Estate

　　New Types ofMortgages

　　Forms of Real Estate Ownership

　　Individual or Regular Partnership

　　Syndicate or Limited Partnership

　　Real Estate Investment Trust

　　Gold and Silver

　　Gold

　　Silver

　　Precious Gems

　　Other Collectibles

　　PART SEVKN

　　INTROOUCTlON

　　TO PORTFOUO MANAGEMENT

　　2l A BASIC LOOK AT PORTFOUO MANAGEMENT AND

　　CAPlTAL MARKET THEORY

　　Formal Measurement of Risk

　　Expected Value

　　Standard Deviation

　　Portfolio Effect

　　Standard Deviation for a Two-Asset

　　Portfolio

　　Developing an Efficient Portfolio

　　Risk-Retum Indifference Curves

　　Optimum Portfolio

　　Capital Asset Pricing Model

　　Capital Market Line

　　Retum on an Individual Security

　　Systematic and Unsystematic Risk

　　Security Market Line

　　Assumptions of the Capital Asset Pricing

　　Model

　　Arbitrage Pricing Theory

　　Application to Portfolio

　　Management

　　Appendix21A: The Correlation Coefficient

　　Appendix 21B: Least Squares Regression

　　Analysis

　　Appendix 21C: Derivation of the Security

　　Market Line (SML)

　　22 MEASUMNG RlSKS AND RETURNS OF PORTFOUO

　　MANAGERS

　　Stated Obiectives and Risk

　　Measurement of Return in Relation to Risk

　　Sharpe Approach

　　Treynor Approach

　　Jensen Approach

　　Adequacy of Performance

　　Diversification

　　Other Assets as Well as Stocks

　　A Specific Example-Asset Allocation

　　The Makeup of institutional investors

　　investment Companies (including Mutual

　　Funds)

　　Other Institutional Investors

　　APPENDHXES

　　APPENDlX A COMPOUND SUM OF $1

　　ApPENDlX B COMPOUND SUM Of AN ANNUlTY

　　Of$l

　　APPENMX C PRESENT VALUE OF $!

　　ApPENDlX D PRESENT VALUE OF AN ANNUlTY

　　OfSl

　　ApPENDlX E TlME VALUE OF MONEY AND

　　INVESTMENT APPUCATONS

　　ApKNDlX F USING CALCUlATORS FOR FlNANClAl

　　ANAlYSlS

　　GtOSSARY

　　INDEX