Investments-10th-edition-by-Bodie-Kane-and-Marcus课后答案.pptx

Investments 10th edition by Bodie Kane and Marcus课后答案
Essential nature of investment
Reduced current consumption
Planned later consumption
Real Assets
Assets used to produce goods and services
Financial Assets
Claims on real assets
Real Assets Versus Financial Assets
Table Balance Sheet of . Households, 2007
Table Worth
A Taxonomy of Financial Assets
Fixed e or debt
Money market instruments
Bank certificates of deposit
Capital market instruments
mon stock or equity
Derivative securities
Information Role
The Google effect
Consumption Timing
Allocation of Risk
Separation of Ownership and Management
Agency Issues
Financial Markets and the Economy
Corporate Governance and Corporate Ethics
Accounting Scandals
Examples – Enron, Rite Aid, HealthSouth
Auditors—watchdogs of the firms
Analyst Scandals
Arthur Andersen
Sarbanes-Oxley Act
Tighten the rules of corporate governance
Financial Markets and the Economy Continued
Asset allocation
Choice among broad asset classes
Security selection
Choice of which securities to hold within asset class
Security analysis
The Investment Process
Risk-Return Trade-Off
Efficient Markets
Active Management
Finding mispriced securities
Timing the market
Passive Management
No attempt to find undervalued securities
No attempt to time the market
Holding a highly diversified portfolio
Markets petitive
Business Firms– net borrowers
Households – net savers
Governments – can be both borrowers and savers
Financial Intermediaries
panies
Banks
panies
Credit unions
The Players