### Test Bank for Analysis of Investments and Management of Portfolios 1st Edition by Frank K. Reilly

#### Test Bank for Analysis of Investments and Management of Portfolios 1st Edition by Frank K. Reilly

Used extensively by professionals, organizations, and universities, Analysis of Investments and Management of Portfolios combines solid theory with practical application. This edition of the established and well-respected text has been developed and tailored especially for courses across the UK, Europe, the Middle East, and Africa. Filled with real-world illustrations and hands-on applications, this text takes a rigorous, empirical approach to teach topics such as investment instruments, capital markets, behavioral finance, hedge funds, and international investment. It also emphasizes how investment practice and theory are influenced by globalization.

### Additional ISBNs

1473722764, 1473704790, 1473728770, 9781473722767, 9781473704794, 9781473728776

## Table of Content

Title

Statement

Copyright

Dedication

Brief Contents

Contents

Preface

Acknowledgments

About the Authors

Digital Resources

Part I: The Investment Background

Ch 1: The Investment Process

Ch 1: Learning Objectives

Ch 1: Introduction

1.1: What Is an Investment?

1.2: Measures of Return and Risk

1.3: Determinants of Required Rates of Return

1.4: Relationship Between Risk and Return

Ch 1: Summary

Ch 1: Suggested Readings

Ch 1: Questions

Ch 1: Problems

Ch 1: Notes

Ch 2: The Global Market Investment Decision

Ch 2: Learning Objectives

Ch 2: Introduction

2.1: The Case for Global Investments

2.2: Global Investment Choices

2.3: Historical Risk-Returns on Alternative Investments

Ch 2: Summary

Ch 2: Suggested Readings

Ch 2: Questions

Ch 2: Problems

Ch 2: Notes

Ch 3: Securities Markets: Organisation and Operation

Ch 3: Learning Objectives

Ch 3: Introduction

3.1: What is a Market?

3.2: Primary Capital Markets

3.3: Secondary Financial Markets

3.4: Classification of Secondary Equity Markets

3.5: Alternative Types of Orders Available

Ch 3: Summary

Ch 3: Suggested Readings

Ch 3: Questions

Ch 3: Problems

Ch 3: Notes

Part II: Developments in Investment Theory

Ch 4: Efficient Capital Markets

Ch 4: Learning Objectives

Ch 4: Introduction

4.1: Why Should Capital Markets Be Efficient?

4.2: Alternative Efficient Market Hypotheses

4.3: Tests and Results of Efficient Market Hypotheses

4.4: Behavioural Finance

4.5: Implications of Efficient Capital Markets

Ch 4: Summary

Ch 4: Suggested Readings

Ch 4: Questions

Ch 4: Problems

Ch 4: Notes

Ch 5: Portfolio Management

Ch 5: Learning Objectives

Ch 5: Introduction

5.1: Some Background Assumptions

5.2: Markowitz Portfolio Theory

Ch 5: Summary

Ch 5: Suggested Readings

Ch 5: Questions

Ch 5: Problems

Ch 5: Notes

Ch 6: Asset Pricing Models

Ch 6: Learning Objectives

Ch 6: Introduction

6.1: Capital Market Theory: An Overview

6.2: The Capital Asset Pricing Model

6.3: Relaxing the Assumptions

6.4: Additional Empirical Test of the CAPM

6.5: The Market Portfolio: Theory versus Practice

Ch 6: Summary

Ch 6: Suggested Readings

Ch 6: Questions

Ch 6: Problems

Ch 6: Notes

Ch 7: Multifactor Models of Risk and Return

Ch 7: Learning Objectives

Ch 7: Introduction

7.1: Arbitrage Pricing Theory

7.2: Multifactor Models and Risk Estimation

Ch 7: Summary

Ch 7: Suggested Readings

Ch 7: Questions

Ch 7: Problems

Ch 7: Notes

Part III: Valuation Principles and Practices

Ch 8: Analysis of Financial Statements

Ch 8: Learning Objectives

Ch 8: Introduction

8.1: Major Financial Statements

8.2: Analysis of Financial Ratios

8.3: Computation of Financial Ratios

8.4: Evaluating Internal Liquidity

8.5: Evaluating Operating Performance

8.6: Risk Analysis

8.7: Analysis of Growth Potential

8.8: Comparative Analysis of Ratios

8.9: The Quality of Financial Statements

8.10: The Value of Financial Statement Analysis

8.11: Specific Uses of Financial Ratios

Ch 8: Summary

Ch 8: Suggested Readings

Ch 8: Questions

Ch 8: Problems

Ch 8: Notes

Ch 9: Security Valuation Principles

Ch 9: Learning Objectives

Ch 9: Introduction

9.1: An Overview of the Valuation Process

9.2: Why a Three-Step Valuation Process?

9.3: Theory of Valuation

9.4: Valuation of Alternative Investments

9.5: Relative Valuation Techniques

9.6: Estimating the Inputs: The Required Rate of Return and the Expected Growth Rate of Valuation Va

Ch 9: Summary

Ch 9: Suggested Readings

Ch 9: Questions

Ch 9: Problems

Ch 9: Notes

Part IV: Analysis and Management of Common Stocks

Ch 10: Macroanalysis and Microvaluation of the Stock Market

Ch 10: Learning Objectives

10.1: The Components of Market Analysis

10.2: Macromarket Analysis

10.3: Microvaluation Analysis

10.4: Valuation Using the Earnings Multiplier Approach

10.5: Estimating Expected Earnings per Share

10.6: Estimating the Stock Market Earnings Multiplier

10.7: Microvaluation of World Markets

Ch 10: Summary

Ch 10: Suggested Readings

Ch 10: Questions

Ch 10: Problems

Ch 10: Notes

Ch 11: Industry Analysis

Ch 11: Learning Objectives

Ch 11: Introduction

11.1: Why Do Industry Analysis?

11.2: The Business Cycle and Industry Sectors

11.3: Structural Economic Changes and Alternative Industries

11.4: Evaluating the Industry Life Cycle

11.5: Analysis of Industry Competition

11.6: Estimating Industry Rates of Return

11.7: Industry Analysis Using the Relative Valuation Approach

11.8: Other Relative Valuation Ratios

11.9: Global Industry Analysis

Ch 11: Summary

Ch 11: Suggested Readings

Ch 11: Questions

Ch 11: Problems

Ch 11: Notes

Ch 12: Company Analysis and Stock Valuation

Ch 12: Learning Objectives

Ch 12: Introduction

12.1: Company Analysis versus Stock Valuation

12.2: Economic, Industry and Structural Links to Company Analysis

12.3: Company Analysis

12.4: Estimating Intrinsic Value

12.5: Estimating Company Earnings per Share

12.6: Walgreen Co.’s Competitive Strategies

12.7: Estimating Company Earnings Multipliers

12.8: Additional Measures of Relative Value

12.9: Analysis of Growth Companies

12.10: Measures of Value Added

12.11: Site Visits and the Art of the Interview

12.12: When to Sell

12.13: Influences on Analysts

12.14: Global Company and Stock Analysis

Ch 12: Summary

Ch 12: Suggested Readings

Ch 12: Questions

Ch 12: Problems

Ch 12: Notes

Ch 13: Equity Portfolio Management Strategies

Ch 13: Learning Objectives

Ch 13: Introduction

13.1: Passive versus Active Management

13.2: An Overview of Passive Equity Portfolio Management Strategies

13.3: An Overview of Active Equity Portfolio Management Strategies

13.4: Value versus Growth Investing: A Closer Look

13.5: An Overview of Style Analysis

13.6: Asset Allocation Strategies

Ch 13: Summary

Ch 13: Suggested Readings

Ch 13: Questions

Ch 13: Problems

Ch 13: Notes

Part V: Analysis and Management of Bonds

Ch 14: Bond Fundamentals

Ch 14: Learning Objectives

Ch 14: Introduction

14.1: Basic Features of a Bond

14.2: The Global Bond Market Structure

14.3: Alternative Bond Issues

14.4: Obtaining Information on Bond Prices

Ch 14: Summary

Ch 14: Suggested Readings

Ch 14: Questions

Ch 14: Problems

Ch 14: Notes

Ch 15: The Analysis and Valuation of Bonds

Ch 15: Learning Objectives

Ch 15: Introduction

15.1: The Fundamentals of Bond Valuation

15.2: Calculating Bond Yields

15.3: Calculating Future Bond Prices

15.4: Bond Valuation Using Spot Rates

15.5: What Determines Interest Rates?

15.6: Calculating Forward Rates from the Spot Rate Curve

15.7: Term Structure Theories

15.8: What Determines the Price Volatility for Bonds?

15.9: Yield Spreads with Embedded Options

Ch 15: Summary

Ch 15: Suggested Readings

Ch 15: Questions

Ch 15: Problems

Ch 15: Notes

Ch 16: Bond Portfolio Management Strategies

Ch 16: Learning Objectives

Ch 16: Introduction

16.1: Bond Portfolio Performance, Style, and Strategy

16.2: Passive Management Strategies

16.3: Active Management Strategies

16.4: Core-Plus Management Strategies

16.5: Matched-Funding Management Strategies

16.6: Contingent and Structured Management Strategies

Ch 16: Summary

Ch 16: Suggested Readings

Ch 16: Questions

Ch 16: Problems

Ch 16: Notes

Part VI: Derivative Security Analysis

Ch 17: Derivative Markets and Securities

Ch 17: Learning Objectives

Ch 17: Introduction

17.1: Overview of Derivative Markets

17.2: Investing with Derivative Securities

17.3: The Relationship between Forward and Option Contracts

17.4: An Introduction to the Use of Derivatives in Portfolio Management

Ch 17: Summary

Ch 17: Suggested Readings

Ch 17: Questions

Ch 17: Problems

Ch 17: Notes

Ch 18: Forward and Futures Contracts

Ch 18: Learning Objectives

18.1: An Overview of Forward and Futures Trading

18.2: Hedging with Forwards and Futures

18.3: Forward and Futures Contracts: Basic Valuation Concepts

18.4: Financial Forwards and Futures: Applications and Strategies

Ch 18: Summary

Ch 18: Suggested Readings

Ch 18: Questions

Ch 18: Problems

Ch 18: Notes

Ch 19: Option Contracts

Ch 19: Learning Objectives

Ch 19: Introduction

19.1: An Overview of Option Markets and Contracts

19.2: The Fundamentals of Option Valuation

19.3: Option Valuation: Extensions and Advanced Topics

19.4: Option Trading Strategies

Ch 19: Summary

Ch 19: Suggested Readings

Ch 19: Questions

Ch 19: Problems

Ch 19: Notes

Part VII: Specification and Evaluation of Asset Management

Ch 20: Professional Money Management, Alternative Assets and Industry Ethics

Ch 20: Learning Objectives

Ch 20: Introduction

20.1: The Asset Management Industry: Structure and Evolution

20.2: Private Management and Advisory Firms

20.3: Organisation and Management of Investment Companies

20.4: Investing in Alternative Asset Classes

20.5: Ethics and Regulation in the Professional Asset Management Industry

20.6: What Do You Want from a Professional Asset Manager?

Ch 20: Summary

Ch 20: Suggested Readings

Ch 20: Questions

Ch 20: Problems

Ch 20: Notes

Ch 21: Evaluation of Portfolio Performance

Ch 21: Learning Objectives

21.1: What is Required of a Portfolio Manager?

21.2: Early Performance Measurement Techniques

21.3: Composite Portfolio Performance Measures

21.4: Application of Portfolio Performance Measures

21.5: Portfolio Performance Evaluation: Some Extensions

21.6: Factors That Affect Use of Performance Measures

21.7: Evaluation of Bond Portfolio Performance

21.8: Reporting Investment Performance

Ch 21: Summary

Ch 21: Suggested Readings

Ch 21: Questions

Ch 21: Problems

Ch 21: Notes

Glossary

Index

Frequently Used Symbols and Terms

Credits

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