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Year: 2,017
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Edition: 11
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Pages: 1,040
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Pages In File: 1,041
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Language: English
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Topic: 1
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Identifier: 978-1-259-27717-7
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Org File Size: 33,181,197
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Extension: pdf
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Toc: Cover......Page 1 Investments......Page 2 About the Authors......Page 6 Contents......Page 9 Preface......Page 17 Distinctive Features......Page 20 Supplements......Page 25 Acknowledgments......Page 27 Chapter 1 The Investment Environment......Page 30 1.1 Real Assets versus Financial Assets......Page 31 1.2 Financial Assets......Page 32 Consumption Timing......Page 34 Separation of Ownership and Management......Page 35 1.4 The Investment Process......Page 37 The Risk–Return Trade-Off......Page 38 Efficient Markets......Page 39 Financial Intermediaries......Page 40 Investment Bankers......Page 42 Venture Capital and Private Equity......Page 43 Antecedents of the Crisis......Page 44 Changes in Housing Finance......Page 46 Mortgage Derivatives......Page 48 The Rise of Systemic Risk......Page 49 The Shoe Drops......Page 50 The Dodd-Frank Reform Act......Page 51 End of Chapter Material......Page 52 2.1 The Money Market......Page 56 Treasury Bills......Page 57 Commercial Paper......Page 58 Repos and Reverses......Page 59 Yields on Money Market Instruments......Page 60 2.2 The Bond Market......Page 62 Treasury Notes and Bonds......Page 63 Municipal Bonds......Page 64 Corporate Bonds......Page 67 Mortgages and Mortgage-Backed Securities......Page 68 Common Stock as Ownership Shares......Page 69 Stock Market Listings......Page 70 Preferred Stock......Page 71 Dow Jones Industrial Average......Page 72 The Standard & Poor’s 500 Index......Page 76 Foreign and International Stock Market Indexes......Page 77 Bond Market Indicators......Page 78 Options......Page 79 Futures Contracts......Page 80 End of Chapter Material......Page 81 3.1 How Firms Issue Securities......Page 86 Publicly Traded Companies......Page 87 Shelf Registration......Page 88 Initial Public Offerings......Page 89 Brokered Markets......Page 91 Market Orders......Page 92 Trading Mechanisms......Page 93 Dealer Markets......Page 94 3.3 The Rise of Electronic Trading......Page 95 NASDAQ......Page 97 The New York Stock Exchange......Page 98 Algorithmic Trading......Page 99 High-Frequency Trading......Page 100 Dark Pools......Page 101 3.6 Globalization of Stock Markets......Page 102 3.7 Trading Costs......Page 103 3.8 Buying on Margin......Page 104 3.9 Short Sales......Page 107 3.10 Regulation of Securities Markets......Page 111 The Sarbanes-Oxley Act......Page 112 Insider Trading......Page 114 End of Chapter Material......Page 115 4.1 Investment Companies......Page 120 4.2 Types of Investment Companies......Page 121 Managed Investment Companies......Page 122 Commingled Funds......Page 123 Investment Policies......Page 124 International Funds......Page 125 How Funds Are Sold......Page 126 Operating Expenses......Page 127 12b-1 Charges......Page 128 Fees and Mutual Fund Returns......Page 129 4.5 Taxation of Mutual Fund Income......Page 131 4.6 Exchange-Traded Funds......Page 132 4.7 Mutual Fund Investmen