投资学精要（第8版）（英文版） epub pdf mobi txt 电子书 下载 2024

投资学精要（第8版）（英文版） epub pdf mobi txt 电子书 下载 2024

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　　《投资学精要（第8版）（英文版）》由美国三位著名的金融学教授博迪、凯恩、马库斯撰写，是美国商学院和管理学院的教材，在世界各国都有很大的影响，被广泛采用。本书详细讲解了投资领域中的风险组织理论、资本资产定价模型、套利定价理论、市场有效性、证券评估、衍生证券等重要内容。本书阐述详尽，结构清楚，设计独特，语言生动活泼，学生易于理解，内容上注重理论与实践的结合。
　　 　　《投资学精要（第8版）（英文版）》适合作为金融专业高年级本科生、研究生、MBA教材，也可供金融领域的研究人员，从业人员参考。

目录

第1部分 投资要素
第1章 投资：背景与要点
第2章 资产类别与金融工具
第3章 证券市场
第4章 共同基金和其他投资公司
第2部分 投资组合理论
第5章 风险与回报：历史与序幕
第6章 有效的分散化
第7章 资本资产定价模型与套利定价理论
第8章 有效市场假说
第9章 行为金融与技术分析
第3部分 债务证券
第10章 债券的价格与收益
第11章 债券资产组合的管理
第4部分 证券分析
第12章 宏观经济分析与行业分析
第13章 股权估价
第14章 财务报表分析
第5部分 衍生市场
第15章 期权市场
第16章 期权定价
第17章 期货市场与风险管理
第6部分 积极的资产组合管理
第19章 全球化与国际投资
第21章 税收、通货膨胀与投资战略
附录A
附录B

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2.2 The Bond Market
The bond market is composed of longer-term borrowing or debt instruments than those that trade in the money market. This market includes Treasury notes and bonds， corporate bonds， municipal bonds， mortgage securities， and federal agency debt.
These instruments are sometimes said to comprise the fixed-income capital market，because most of them promise either a fixed stream of income or stream of income that is determined according to a specified formula. In practice， these formulas can result in a flow of income that is far from fixed. Therefore， the term “fixed income” is probably not fully appropriate. It is simpler and more straightforward to call these securities either debt instruments or bonds.
Treasurv Notes and Bonds
The U.S. government borrows funds in large part by selling Treasury notes and bonds. T-notes are issued with original maturities ranging up to 10 years， while T-bonds are issued with maturities ranging from 10 to 30 years. Both bonds and notes may be issued in increments of $100， but far more commonly trade in denominations of $1，000. Both bonds and notes make semiannual interest payments called coupon payments， so named because in precomputer days， investors would literally clip a coupon attached to the bond and present it to receive the interest payment.
Figure 2.4 is an excerpt from a listing of Treasury issues in The Wall Street Journal Online.The highlighted bond matures in February 2015. The coupon income or interest paid by the bond is 4% of par value， meaning that for a $1，000 face value bond， $40 in annual interest payments will be made in two semi annulments of $20 each. The numbers to the right of the colon in the bid and ask prices represent units of 1/32 of a point.
The bid price of the highlighted bond is 105 20/32， or 105.625. The asked price is 105 22/32， or 105.6875. Although bonds are typically traded in denominations of $1，000 par value， the prices are quoted as a percentage of par value. Thus， the asked price of 105.6875 should be interpreted as 105.6875% of par or $1，056.875 for the $1，000 par value bond. Similarly， the bond could be sold to a dealer for $1，056.25. The +29 change means the closing price on this day rose 29/32 (as a percentage of par value) from the previous day's closing price. Finally， the yield to maturity on the bond based on the ask price is 3.017%.
The yield to maturity reported in the last column is a measure of the annualized rate of return to an investor who buys the bond and holds it until maturity.lt accounts for both coupon income as well as the difference between the purchase price of the bond and its final value of $1，000 at maturity. We discuss the yield to maturity in detail in Chapter 10.
Inffation-Protected Treasurv Bonds
The best place to start building an investment portfolio is at the least risky end of the spectrum. Around the world， governments of many countries，including the U.S.， have issued bonds that are linked to an index of the cost of living in order to provide their citizens with an effective way to hedge inflation risk.
In the United States， inflation-protected Treasury bonds are called TIPS (Treasury Inflation Protected Securities). The principal amount on these bonds is adjusted in proportion to increases in the Consumer Price Index. Therefore， they provide a constant stream of income in real (inflation-adjusted) dollars， and the realinterest rates you eam on these securities are risk-free if you hold them to maturity. An i following the bond's maturity date in Figure 2.4 denotes that the bond is an inflation-indexed TIPS bond， and you will see that the reponed yields on these bonds are lowef than those on surrounding conventional Treasuries. Compare， for example， the reported yield on the January 2015i bond， 1.820%， to the 3.017% yield on the February 2015 bond that precedes it. The yields on TIPS bonds should be inter- preted as real or inflation-adjusted interest rates. We return to TIPS bonds in more detail in Chapter 10.
Federal Agency Debt
Some govemment agencies issue their own securities to finance their activities. These agencies usually are formed for public policy reasons to channel credit to a particular sector of the economy that Congress believes is not receiving adequate credit through normal private sources.
The major mortgage-related agencies are the Federal Home Loan Bank (FHLB)， the Federal National Mortgage Association (FNMA， or Fannie Mae)， the Government National Mortgage Association (GNMA， or Ginnie Mae)， and the Federal Home Loan Mortgage Corporation
(FHLMC， or Freddie Mac).
Although the debt of federal agencies is not explicitly insured by the federal government， it has long been assumed that the government would assist an agency nearing default. Those beliefs were validated when Fannie Mae and Freddie Mac actually encountered severe financial distress in September 2008. With both firms on the brink of insolvency， the government stepped in and put them both into conservatorship， assigned the Federal Housing Finance Agency to run the firms， but did in fact agree to make good on the firm's bonds. (Turn back to Chapter 1 for more discussion of the Fannie and Freddie failures.)
International Bonds
Many firms borrow abroad and many investors buy bonds from foreign issuers. In addition to national capital markets， there is a thriving international capital market， largely centered in London.
A Eurobond is a bond denominated in a currency other than that of the country in which it is issued. For example， a dollar-denominated bond sold in Britain would be called a Euro-dollar bond. Similarly， investors might speak of Euroyen bonds， yen-denominated bonds sold outside Japan. Since the new European currency is called the euro， the term Eurobond may be confusing. It is best to think of them simply as international bonds.
In contrast to bonds that are issued in foreign currencies， many firms issue bonds in foreign countries but in the currency of the investor. For example， a Yankee bond is a dollar-denominated bond sold in the U.S. by a non-U.S. issuer. Similarly， Samurai bonds are yen-denominated bonds sold in Japan by non-Japanese issuers.
Municipal Bonds
Municipal bonds (“mums”) are issued by state and local governments. They are similar to Treasury and corporate bonds， except their interest income is exempt from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state. Capital gains taxes， however， must be paid on mums if the bonds mature or are sold for more than the investor's purchase price.
There are basically two types of murucipal bonds. General obligation bonds are backed by the “full faith and credit” (i.e.， the taxing power) of the issuer， while revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the municipal agency operating the project. Typicalissuers of revenue bonds are airports， hospitals， and tumpike or port authorities. Revenue bonds are riskier in terms of default than general obligation bonds.
An industrial development bond is a revenue bond that is issued to finance commercial enterprises， such as the construction of a factory that can be operated by a private firm.ln effect， this device gives the firm access to the municipality's ability to borrow at tax-exempt rates， and the federal government limits the amount of these bonds that may be issued.2 Figure 2.5 plots outstanding amounts of industrial revenue bonds as well as general obligation municipal bonds.
Like Treasury bonds， municipal bonds vary widely in maturity. A good deal of the debt issued is in the form of short-term tax anticipation notes that raise funds to pay for expenses before actual collection of taxes. Other municipal debt may be long term and used to fund large capital investments. Maturities range up to 30 years.
The key feature of municipal bonds is their tax-exempt status. Because inves

投资学精要（第8版）（英文版） epub pdf mobi txt 电子书 下载 2024

投资学精要（第8版）（英文版） 下载 epub mobi pdf txt 电子书 2024

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在学校买书真心特别贵，所以在京东买书，快而且非常的便宜，非常愉快的购物体验。 《投资学精要（第8版）（英文版）》由美国三位著名的金融学教授博迪、凯恩、马库斯撰写，是美国商学院和管理学院的首选教材，在世界各国都有很大的影响，被广泛采用。本书详细讲解了投资领域中的风险组织理论、资本资产定价模型、套利定价理论、市场有效性、证券评估、衍生证券等重要内容。本书观点权威，阐述详尽，结构清楚，设计独特，语言生动活泼，学生易于理解，内容上注重理论与实践的结合。 《2012年度注册会计师全国统一考试辅导教材：税法》以体现注册会计师考试改革总体目标为宗旨，以读者基本掌握大学会计等相关专业本科以上专业知识为基础，以全面性与系统性、实用性与时效性并重为原则编写而成。《2012年度注册会计师全国统一考试辅导教材：税法》作为指导考生复习和学习之用，不作为注册会计师全国统一考试的指定用书。 《项目融资（第2版）》主要讲述了项目融资的基本概念、项目融资的组织与结构、不同融资模式和运行模式、项目融资的程序、项目融资中存在的风险及其防范方法，讲解了项目融资的担保、项目融资的资金来源，以及项目融资的政治、经济、法律环境等。 财务成本管理 流动比率是相对数，排除了企业规模的影响，更适合同业比较以及本企业不同历史时期的比较。此外，由于流动比率计算简单，因而被广泛应用。 但是，需要提醒注意的是，不存在统一、标准的流动比率数值。不同行业的流动比率，通常有明显差别。营业周期越短的行业，合理的流动比率越低。在过去很长一段时期里，人们认为生产型企业合理的最低流动比率是2。这是因为流动资产中变现能力最差的存货金额约占流动资产总额的一半，剩下的流动性较好的流动资产至少要等于流动负债，才能保证企业最低的短期偿债能力。这种认识一直未能从理论上证明。最近几十年，企业的经营方式和金融环境发生了很大变化，流动比率有下降的趋势，许多成功企业的流动比率都低于2。 如果流动比率相对上年发生较大变动，或与行业平均值出现重大偏离，就应对构成流动比率的流动资产和流动负债的各项目逐一分析，寻找形成差异的原因。为了考察流动资产的变现能力，有时还需要分析其周转率。 流动比率有某些局限，在使用时应注意：流动比率假设全部流动资产都可以变为现金并用于偿债，全部流动负债都需要还清。实际上，有些流动资产的账面金额与变现金额有较大差异，如产成品等；经营性流动资产是企业持续经营所必需的，不能全部用于偿债；经营性应付项目可以滚动存续，无需动用现金全部结清。因此，流动比率是对短期偿债能力的粗略估计。 （2）速动比率。构成流动资产的各项目，流动性差别很大。其中，货币资金、交易性金融资产和各种应收款项等，可以在较短时间内变现，称为速动资产；另外的流动资产，包括存货、预付款项、1年内到期的非流动资产及其他流动资产等，称为非速动资产。 非速动资产的变现金额和时间具有较大的不确定性：①存货的变现速度比应收款项要慢得多；部分存货可能已毁损报废、尚未处理，或者已抵押给某债权人，不能用于偿债；存货估价有多种方法，可能与变现金额相距甚远。②1年内到期的非流动资产和其他流动资产的金额有偶然性，不代表正常的变现能力。因此，将可偿债资产定义为速动资产，计算短期债务的存量比率更可信。

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