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Course: Investments Volume 1

Instructor: David Whitehurst UMIST



McGraw−Hill Primis ISBN: 0−390−32002−1 Text: Investments, Fifth Edition Bodie−Kane−Marcus

This book was printed on recycled paper. Finance
Copyright ©2003 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials.



ISBN: 0−390−32002−1


Volume 1
Bodie−Kane−Marcus • Investments, Fifth Edition Front Matter 1 1 9 13 13 38 75 114 142 163 163 192 216 266 266 300 328 348 390 421 421 459 489 537 537 567 611 652 652 700 743 770

Preface Walk Through
I. Introduction

1. The Investment Environment 2. Markets and Instruments 3. How Securities Are Traded 4. Mutual Funds and Other Investment Companies 5. History of Interest Rates and Risk Premiums II. Portfolio Theory

6. Risk and Risk Aversion 7. Capital Allocation between the Risky Asset and the Risk−Free Asset 8. Optimal Risky Portfolio III. Equilibrium In Capital Markets

9. The Capital Asset Pricing Model 10. Single−Index and Multifactor Models 11. Arbitrage Pricing Theory 12. Market Efficiency 13. Empirical Evidence on Security Returns IV. Fixed−Income Securities

14. Bond Prices and Yields 15. The Term Structure of Interest Rates 16. Managing Bond Portfolios V. Security Analysis

17. Macroeconomics and Industry Analysis 18. Equity and Valuation Models 19. Financial Statement Analysis VI. Options, Futures, and Other Derivatives

20. Options Markets: Introduction 21. Option Valuation 22. Futures Markets 23. Futures and Swaps: A Closer Look


VII. Active Portfolio Management

808 808 850 875

24. Portfolio Performance Evaluation 25. International Diversification 26. The Process of Portfolio Management


Bodie−Kane−Marcus: Investments, Fifth Edition

Front Matter


© The McGraw−Hill Companies, 2001









We wrote the first edition of this textbook more than ten years ago. The intervening years have been a period of rapid and profound change in the investments industry. This is due in part to an abundance of newly designed securities, in part to the creation of new trading strategies that would have been impossible without concurrent advances in computer technology, and in part to rapid advances in the theory of investments that have come out of the academic community. In no other field, perhaps, is the transmission of theory to real-world practice as rapid as is now commonplace in the financial industry. These developments place new burdens on practitioners and teachers of investments far beyond what was required only a short while ago. Investments, Fifth Edition, is intended primarily as a textbook for courses in investment analysis. Our guiding principle has been to present the material in a framework that is organized by a central core of consistent fundamental principles. We make every attempt to strip away unnecessary mathematical and technical detail, and we have concentrated on providing the intuition that may guide students and practitioners as they confront new ideas and challenges in their professional lives. This text will introduce you to major issues currently of concern to all investors. It can give you the skills to conduct a sophisticated assessment of current issues and debates covered by both the popular media as well as more specialized finance journals. Whether you plan to become an investment professional, or...
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