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Solution Manual for Investment Analysis and Portfolio Management 11th Edition by Frank K. Reilly

Solution Manual for Investment Analysis and Portfolio Management 11th Edition by Frank K. Reilly

Learn to manage your money to maximize your earning potential with Reilly/Brown/Leeds’ INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT, 11th Edition. Extremely reader friendly in a succinct 18 chapters, this text equips you with a solid understanding of investment instruments, capital markets, behavioral finance, hedge funds, international investing and much more. Real-world examples and hands-on applications bring chapter concepts to life as you learn to use the same tools as investment professionals. The 11th edition’s unparalleled international coverage provides specific information on non-U.S. markets, instruments, conventions and techniques. New detailed discussions explain the impact of changes in both technology and regulations on global security markets. In addition, three chapters are devoted to derivatives securities–which are now standard investment instruments.

 

Title page
Copyright page
Brief Contents
Contents
Preface
Acknowledgments
About the Authors
Part 1: The Investment Background
Chapter 1: The Investment Setting
What Is an Investment?
Investment Defined
Measures of Return and Risk
Measures of Historical Rates of Return
Computing Mean Historical Returns
Calculating Expected Rates of Return
Measuring the Risk of Expected Rates of Return
Risk Measures for Historical Returns
Determinants of Required Rates of Return
The Real Risk-Free Rate
Factors Influencing the Nominal Risk-Free Rate (NRFR)
Risk Premium
Risk Premium and Portfolio Theory
Fundamental Risk versus Systematic Risk
Summary of Required Rate of Return
Relationship between Risk and Return
Movements along the SML
Changes in the Slope of the SML
Changes in Capital Market Conditions or Expected Inflation
Summary of Changes in the Required Rate of Return
Chapter 1 Appendix: Computation of Variance and Standard Deviation
Chapter 2: Asset Allocation and Security Selection
Individual Investor Life Cycle
The Preliminaries
Investment Strategies over an Investor’s Lifetime
Life Cycle Investment Goals
The Portfolio Management Process
The Need for a Policy Statement
Understanding and Articulating Realistic Investor Goals
Standards for Evaluating Portfolio Performance
Other Benefits
Input to the Policy Statement
Investment Objectives
Investment Constraints
Constructing the Policy Statement
General Guidelines
Some Common Mistakes
The Importance of Asset Allocation
Investment Returns after Taxes and Inflation
Returns and Risks of Different Asset Classes
Asset Allocation Summary
The Case for Global Investments
Relative Size of U.S. Financial Markets
Rates of Return on U.S. and Foreign Securities
Risk of Diversified Country Investments
Historical Risk-Returns on Alternative Investments
World Portfolio Performance
Art and Antiques
Real Estate
Chapter 2 Appendix:
A. Covariance
B. Correlation
Chapter 3: Organization and Functioning of Securities Markets
What Is a Market?
Characteristics of a Good Market
Decimal Pricing
Organization of the Securities Market
Primary Capital Markets
Government Bond Issues
Municipal Bond Issues
Corporate Bond Issues
Corporate Stock Issues
Private Placements and Rule 144A
Secondary Financial Markets
Why Secondary Markets Are Important
Secondary Bond Markets
Financial Futures
Secondary Equity Markets
Exchange Market-Makers
Classification of U.S. Secondary Equity Markets
Primary Listing Markets
The Significant Transition of the U.S. Equity Markets
Alternative Types of Orders Available
Market Orders
Limit Orders
Special Orders
Margin Transactions
Short Sales
Exchange Merger Mania
Chapter 4: Security Market Indexes and Index Funds
Uses of Security Market Indexes
Differentiating Factors in Constructing Market Indexes
The Sample
Weighting Sample Members
Computational Procedure
Stock Market Indexes
Price-Weighted Index
Value-Weighted Index
Unweighted Index
Fundamental Weighted Index
Style Indexes
Global Equity Indexes
Bond Market Indexes
U.S. Investment-Grade Bond Indexes
High-Yield Bond Indexes
Global Government Bond Indexes
Composite Stock–Bond Indexes
Comparison of Indexes over Time
Correlations between Monthly Equity Price Changes
Correlations between Monthly Bond Index Returns
Investing in Security Market Indexes
Chapter 4 Appendix: Stock Market Indexes
Part 2: Developments in Investment Theory
Chapter 5: Efficient Capital Markets, Behavioral Finance, and Technical Analysis
Efficient Capital Markets
Why Should Capital Markets Be Efficient?
Alternative Efficient Market Hypotheses
Tests and Results of Efficient Market Hypotheses
Behavioral Finance
Explaining Biases
Fusion Investing
Implications of Efficient Capital Markets
Efficient Markets and Fundamental Analysis
Efficient Markets and Portfolio Management
Technical Analysis
Underlying Assumptions of Technical Analysis
Advantages of Technical Analysis
Challenges to Technical Analysis
Challenges to the Assumptions of Technical Analysis
Challenges to Specific Trading Rules
Technical Trading Rules and Indicators
Contrary-Opinion Rules
Follow the Smart Money
Momentum Indicators
Stock Price and Volume Techniques
Efficient Markets and Technical Analysis
Chapter 6: An Introduction to Portfolio Management
Some Background Assumptions
Risk Aversion
Definition of Risk
The Markowitz Portfolio Theory
Alternative Measures of Risk
Expected Rates of Return
Variance (Standard Deviation) of Returns for an Individual Investment
Variance (Standard Deviation) of Returns for a Portfolio
Standard Deviation of a Portfolio
A Three-Asset Portfolio
Estimation Issues
The Efficient Frontier
The Efficient Frontier: An Example
The Efficient Frontier and Investor Utility
Capital Market Theory: An Overview
Background for Capital Market Theory
Developing the Capital Market Line
Risk, Diversification, and the Market Portfolio
Investing with the CML: An Example
Chapter 6 Appendix:
A. Proof That Minimum Portfolio Variance Occurs with Equal Investment Weights When Securities Have
B. Derivation of Investment Weights That Will Give Zero Variance When Correlation Equals 1.00
Chapter 7: Asset Pricing Models
The Capital Asset Pricing Model
A Conceptual Development of the CAPM
The Security Market Line
Empirical Tests of the CAPM
Stability of Beta
Relationship between Systematic Risk and Return
Additional Issues
Summary of Empirical Results for the CAPM
The Market Portfolio: Theory versus Practice
Arbitrage Pricing Theory
Using the APT
Security Valuation with the APT: An Example
Empirical Tests of the APT
Multifactor Models and Risk Estimation
Multifactor Models in Practice
Estimating Risk in a Multifactor Setting: Examples
Part 3: Valuation and Management of Common Stocks
Chapter 8: Equity Valuation
Important Distinctions
Fairly Valued, Overvalued, and Undervalued
Top-Down Approach versus Bottom-Up Approach
An Introduction to Discounted Cash Flow and Relative Valuation
The Foundations of Discounted Cash Flow Valuation
The Constant Growth Model
The No-Growth Model
Multistage (or Two-Stage) Growth Assumption
Discounted Cash Flow
Method #1: The Dividend Discount Model
Method #2: Free Cash Flow to Equity—The Improved DDM
Method #3: Discounted Cash Flow (FCFF)
Relative Valuation
Implementing Relative Valuation
Relative Valuation with CSCO
Advantages of Multiples
Disadvantages of Multiples
Ratio Analysis
Growth Rate of Sales
Gross Margins
Operating Margins
Net Margins
Accounts Receivable Turnover
Inventory Turnover
Net PP&E Turnover
Debt as a Percentage of Long-Term Capital
Changes in Reserve Accounts
Operating Earnings/GAAP Earnings
The Quality of Financial Statements
Balance Sheet
Income Statement
Footnotes
Moving on to Chapter 9
Chapter 8 Appendix: Derivation of Constant-Growth Dividend Discount Model (DDM
Chapter 9: The Top-Down Approach to Market, Industry, and Company Analysis
Introduction to Market Analysis
Aggregate Market Analysis (Macroanalysis)
Leading, Coincident, and Lagging Indicators
Sentiment and Expectations Surveys
Interest Rates
Microvaluation Analysis
FCFE to Value the Market
Multiplier Approach
Shiller P/E Ratio
Macrovaluation and Microvaluation of World Markets
Introduction to Industry Analysis: Why Industry Analysis Matters
Industry Analysis
The Business Cycle and Industry Sectors
Structural Economic Changes Impact the Industry(Noncyclical Factors)
Industry Life Cycle
Industry Competition
Estimating Industry Rates of Return
Estimating the Cost of Capital
Sales Growth Estimates
Other Considerations
Global Industry Analysis
Company Analysis
Growth Companies and Growth Stocks
Defensive Companies and Stocks
Cyclical Companies and Stocks
Value versus Growth Investing
Connecting Industry Analysis to Company Analysis
Firm Competitive Strategies
SWOT Analysis
Calculating Intrinsic Value
Some Additional Insights on Valuation—For Individual Companies
Analyzing Growth Companies
Lessons from Some Legends
Some Lessons from Lynch
Tenets of Warren Buffett
Tenets of Howard Marks
Chapter 10: The Practice of Fundamental Investing
Initial Public Offerings
Why Go Public
The IPO Process
Underpricing
Market Stabilization
Reasons for Underpricing
Bookbuilt Offering versus Auction
Longer-Term Performance of IPOs
Buy-Side Analysts and Sell-Side Analysts
Sell-Side Analysts
Buy-Side Analysts
Financial Analyst Forecasting Literature
Snap Inc. IPO and Analysts
Capital Allocation
The Seven Places That Capital Can Be Allocated
Dividends versus Repurchases
What Do Investors Want to See?
Corporate Governance
The Board of Directors
Anti-Takeover Provisions
Compensation
Creating a Stock Pitch
Air Lease Pitch
A Few Closing Points Concerning Stock Pitches
Chapter 10 Appendix:
A Few Closing Points Concerning Stock Pitches
The Plane Truth
Chapter 11: Equity Portfolio Management Strategies
Passive versus Active Management
An Overview of Passive Equity Portfolio Management Strategies
Index Portfolio Construction Techniques
Tracking Error and Index Portfolio Construction
Methods of Index Portfolio Investing
An Overview of Active Equity Portfolio Management Strategies
Fundamental Strategies
Technical Strategies
Factors, Attributes, and Anomalies
Forming Momentum-Based Stock Portfolios: Two Examples
Tax Efficiency and Active Equity Management
Active Share and Measuring the Level of Active Management
Value versus Growth Investing: A Closer Look
An Overview of Style Analysis
Asset Allocation Strategies
Integrated Asset Allocation
Strategic Asset Allocation
Tactical Asset Allocation
Insured Asset Allocation
Part 4: Valuation and Management of Bonds
Chapter 12: Bond Fundamentals and Valuation
Basic Features of a Bond
Bond Characteristics
The Global Bond Market Structure
Participating Issuers
Participating Investors
Bond Ratings
Survey of Bond Issues
Domestic Government Bonds
Government Agency Issues
Municipal Bonds
Corporate Bonds
Nontraditional Bond Coupon Structures
High-Yield Bonds
International Bonds
Bond Yield Curves
The Determinants of Bond Yields
Yield Curves and the Term Structure of Interest Rates
Par versus Spot Yield Curves
Yield Curves for Credit-Risky Bonds
Determining the Shape of the Term Structure
Bond Valuation
Par versus Spot Bond Valuation
Bond Valuation and Yields with Semiannual Coupons
Relationship between Bond Yields, Coupon Rates, and Bond Prices
Bond Valuation between Coupon Dates
Computing Other Bond Yield Measures
Chapter 13: Bond Analysis and Portfolio Management Strategies
Bond Analysis Tools
Implied Forward Rates
Bond Duration
Bond Convexity
Bonds with Embedded Options
Yield Spread Analysis
An Overview of Bond Portfolio Management: Performance, Style, and Strategy
Passive Management Strategies
Buy-and-Hold Strategy
Indexing Strategy
Bond Indexing in Practice: An Example
Active Management Strategies
Interest Rate Anticipation
Credit Analysis
Implementing an Active Bond Transaction
Active Global Bond Investing: An Example
Core-Plus Management Strategies
Matched-Funding Management Strategies
Dedicated Portfolios
Immunization Strategies
Horizon Matching
Contingent and Structured Management Strategies
Chapter 13 Appendix: Closed-Form Equation for Calculating Macaulay Duration
Part 5: Derivative Security Analysis
Chapter 14: An Introduction to Derivative Markets and Securities
Overview of Derivative Markets
The Language and Structure of Forward and Futures Markets
Interpreting Futures Price Quotations: An Example
The Language and Structure of Option Markets
Interpreting Option Price Quotations: An Example
Investing with Derivative Securities
The Basic Nature of Derivative Investing
Basic Payoff and Profit Diagrams for Forward Contracts
Basic Payoff and Profit Diagrams for Call and Put Options
Option Profit Diagrams: An Example
The Relationship between Forward and Option Contracts
Put–Call–Spot Parity
Put–Call Parity: An Example
Creating Synthetic Securities Using Put–Call Parity
Adjusting Put–Call–Spot Parity for Dividends
Put–Call–Forward Parity
An Introduction to the Use of Derivatives in Portfolio Management
Restructuring Asset Portfolios with Forward Contracts
Protecting Portfolio Value with Put Options
An Alternative Way to Pay for a Protective Put
Chapter 15: Forward, Futures, and Swap Contracts
An Overview of Forward and Futures Trading
Futures Contract Mechanics
Comparing Forward and Futures Contracts
Hedging with Forwards and Futures
Hedging and the Basis
Understanding Basis Risk
Calculating the Optimal Hedge Ratio
Forward and Futures Contracts: Basic Valuation Concepts
Valuing Forwards and Futures
The Relationship between Spot and Forward Prices
Financial Forwards and Futures: Applications and Strategies
Interest Rate Forwards and Futures
Long-Term Interest Rate Futures
Short-Term Interest Rate Futures
Stock Index Futures
Currency Forwards and Futures
OTC Forward Contracts
Interest Rate Contracts
Equity Index-Linked Swaps
Chapter 15 Appendix: Calculating Money Market Implied Forward Rates
Chapter 16: Option Contracts
An Overview of Option Markets and Contracts
Option Market Conventions
Price Quotations for Exchange-Traded Options
The Fundamentals of Option Valuation
The Basic Approach
Improving Forecast Accuracy
The Binomial Option Pricing Model
The Black–Scholes Valuation Model
Estimating Volatility
Problems with Black–Scholes Valuation
Option Valuation: Extensions
Valuing European-Style Put Options
Valuing Options on Dividend-Bearing Securities
Valuing American-Style Options
Option Trading Strategies
Protective Put Options
Covered Call Options
Straddles, Strips, and Straps
Strangles
Spreads
Range Forwards
Other Option Applications
Convertible Bonds
Credit Default Swaps
Part 6: Analysis and Evaluation of Asset Management
Chapter 17: Professional Portfolio Management, Alternative Assets, and Industry Ethics
The Asset Management Industry: Structure and Evolution
Private Management and Advisory Firms
Investment Strategy at a Private Money Management Firm
Organization and Management of Investment Companies
Valuing Investment Company Shares
Closed-End versus Open-End Investment Companies
Fund Management Fees
Investment Company Portfolio Objectives
Breakdown by Fund Characteristics
Global Investment Companies
Mutual Fund Organization and Strategy: An Example
Investing in Alternative Asset Classes
Hedge Funds
Characteristics of a Hedge Fund
Hedge Fund Strategies
Risk Arbitrage Investing: A Closer Look
Hedge Fund Performance
Private Equity
Ethics and Regulation in the Professional Asset Management Industry
Regulation in the Asset Management Industry
Standards for Ethical Behavior
Examples of Ethical Conflicts
What Do You Want from a Professional Asset Manager?
Chapter 18: Evaluation of Portfolio Performance
The Two Questions of Performance Measurement
Simple Performance Measurement Techniques
Peer Group Comparisons
Portfolio Drawdown
Risk-Adjusted Portfolio Performance Measures
Sharpe Portfolio Performance Measure
Treynor Portfolio Performance Measure
Jensen Portfolio Performance Measure
Information Ratio Performance Measure
Sortino Performance Measure
Summarizing the Risk-Adjusted Performance Measures
Application of Portfolio Performance Measures
Holdings-Based Portfolio Performance Measures
Grinblatt–Titman Performance Measure
Characteristic Selectivity Performance Measure
The Decomposition of Portfolio Returns
Performance Attribution Analysis
Fama Selectivity Performance Measure
Factors That Affect Use of Performance Measures
Demonstration of the Global Benchmark Problem
Implications of the Benchmark Problems
Required Characteristics of Benchmarks
Reporting Investment Performance
Time-Weighted and Money-Weighted Returns
Performance Presentation Standards
Appendix A The CFA® Charter
Appendix B Code of Ethics and Standards of Professional Conduct
Appendix C Interest Tables
Appendix D Standard Normal Probabilities
Comprehensive References List
Glossary
Index
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Solution Manual for Investment Analysis and Portfolio Management 11th Edition by Frank K. Reilly