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　　《投資學精要（第8版）（英文版）》由美國三位著名的金融學教授博迪、凱恩、馬庫斯撰寫，是美國商學院和管理學院的教材，在世界各國都有很大的影響，被廣泛采用。本書詳細講解瞭投資領域中的風險組織理論、資本資産定價模型、套利定價理論、市場有效性、證券評估、衍生證券等重要內容。本書闡述詳盡，結構清楚，設計獨特，語言生動活潑，學生易於理解，內容上注重理論與實踐的結閤。
　　 　　《投資學精要（第8版）（英文版）》適閤作為金融專業高年級本科生、研究生、MBA教材，也可供金融領域的研究人員，從業人員參考。

目錄

第1部分 投資要素
第1章 投資：背景與要點
第2章 資産類彆與金融工具
第3章 證券市場
第4章 共同基金和其他投資公司
第2部分 投資組閤理論
第5章 風險與迴報：曆史與序幕
第6章 有效的分散化
第7章 資本資産定價模型與套利定價理論
第8章 有效市場假說
第9章 行為金融與技術分析
第3部分 債務證券
第10章 債券的價格與收益
第11章 債券資産組閤的管理
第4部分 證券分析
第12章 宏觀經濟分析與行業分析
第13章 股權估價
第14章 財務報錶分析
第5部分 衍生市場
第15章 期權市場
第16章 期權定價
第17章 期貨市場與風險管理
第6部分 積極的資産組閤管理
第19章 全球化與國際投資
第21章 稅收、通貨膨脹與投資戰略
附錄A
附錄B

精彩書摘

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 投資學精要（第8版）（英文版） 下載 mobi epub pdf txt 電子書

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投資學精要（第8版）（英文版）

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