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Investment Analysis and Portfolio Management
Synopses & Reviews
The purpose of this book is to help you learn how to manage your money to derive the maximum benefit from what you earn. Mixing investment instruments and capital markets with the theoretical detail on evaluating investments and opportunities to satisfy risk-return objectives along with how investment practice and theory is influenced by globalization leaves readers with the mindset on investments to serve them well. The material is intended to be rigorous and empirical yet not overly quantitative. We continue with unparalleled international coverage, newly rewritten and reorganized derivatives material to be more intuitive and clearer, three additional chapters on derivatives pricing for those who want more detail, rewritten material on multifactor models of risk and return, and new CFA problems for more practice on computations concerning investment decisions. To manage money and investments, one needs to learn about investment alternatives and develop a way of analyzing and thinking about investments that will be of benefit and allow a foundation as new tools and investment opportunities become available. Reilly/Brown provide the best foundation, used extensively by professionals, organizations, and schools across the country. A great source for those with both a theoretical and practical need for investment expertise.
The purpose of this text is to help the student learn how to manage their money to derive the maximum benefit from what they earn. Mixing investment instruments and capital markets with the theoretical detail on evaluating investments and opportunities to satisfy risk-return objectives along with how investment practice and theory is influenced by globalization. The material is intended to be rigorous and empirical yet not overly quantitative. Reilly/Brown provides the best foundation, used extensively by professionals, organizations, and schools across the country. A great source for those with both a theoretical and practical need for investment expertise.
About the Author
Frank K. Reilly, a Chartered Financial Analyst (CFA), is the Bernard J. Hank Professor of Finance, Mendoza College of Business, University of Notre Dame, where he served as dean from 1981-1987. Prior to 1981, Dr. Reilly was a professor at the University of Illinois at Urbana-Champaign, the University of Wyoming, and the University of Kansas. Recently, he was part of the inaugural group selected as a fellow of the Financial Management Association International. At the 2001 AIMR annual meeting in Los Angeles, he received the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice. Among his other honors, Professor Reilly was included in the list of Outstanding Educators in America, received the Alumni Excellence in Graduate Teaching Award and the Outstanding Educator Award from the M.B.A. class at the University of Illinois, the Outstanding Teachers Award from the M.B.A. class at the University of Notre Dame, and the Faculty Award from the University of Notre Dame. He received his B.B.A. at the University of Notre Dame, his M.B.A. at Northwestern University, and his Ph.D. at the University of Chicago. Keith C. Brown, a Chartered Financial Analyst (CFA), is the Jack S. Josey Professor, University Distinguished Teaching Professor, and Fayez Sarofim Fellow at the McCombs School of Business at the University of Texas at Austin, where he teaches Investments, Portfolio Management and Security Analysis, Capital Markets, and Derivatives courses at the BBA and MBA levels. He is director of the department's Hicks, Muse, Tate & Furst Center for Private Equity Finance and for 11 years served as president and CEO of The MBA Investment Fund, LLC, a private capital appreciation fund managed by UT graduate students. Professor Brown is cofounder and senior partner of Fulcrum Financial Group, a portfolio management and investment advisory firm located in Austin, Texas, and Las Vegas, Nevada. He serves as an advisor to the boards of the Teacher Retirement System of Texas and the University of Texas Investment Management Company. He is an associate editor for the JOURNAL OF INVESTMENT MANAGEMENT and the JOURNAL OF BEHAVIORAL FINANCE. He received his B.A. from San Diego State University and his M.S. and Ph.D. from Purdue University.
Table of Contents
PART 1: THE INVESTMENT BACKGROUND 1. The Investment Setting 2. The Asset Allocation Decision 3. Selecting Investments in a Global Market 4. Organization and Functioning of Securities Markets 5. Security-Market Indicator Series. PART 2: DEVELOPMENTS IN INVESTMENT THEORY 6. Efficient Capital Markets 7. An Introduction to Portfolio Management 8. An Introduction to Asset Pricing Models 9. Extensions and Testing of Asset Pricing Theories PART 3: ANALYSIS AND MANAGEMENT OF BONDS 10. Bond Fundamentals 11. The Analysis and Valuation of Bonds 12. Bond Portfolio Management Strategies PART 4: VALUATION PRINCIPLES AND PRACTICES 13. Analysis of Financial Statements 14. An Introduction to Security Valuation 15. The Analysis of Alternative Economies and Security Markets: The Global Asset Allocation Decision PART 5: ANALYSIS OF COMMON STOCKS 16. Stock-Market Analysis 17. Industry Analysis 18. Company Analysis and Stock Selection 19. Technical Analysis 20. Equity Portfolio Management Strategies PART 6: DERIVATIVE SECURITY ANALYSIS 21. An Introduction to Derivative Markets and Securities 22. Forward and Futures Contracts. 23. Option Contracts 24. Swap Contracts, Convertible Securities, and Other Embedded Derivatives PART 7: INVESTMENT COMPANIES AND EVALUATING PORTFOLIO PERFORMANCE 25. Professional Asset Management 26. Evaluation of Portfolio Performance Appendix A: HOW TO BECOME A CHARTERED FINANCIAL ANALYST Appendix B: CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT Appendix C: INTEREST TABLES Appendix D: STANDARD NORMAL PROBABILITIES.
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