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FUNDAMENTALS OF INVESTMENTSALEXANDER G., SHARPE W.wydawnictwo: PH, 2000, wydanie IIIcena netto:
This book is about investing in marketable securities. Accordingly, it focuses on the investment environment and process. The investment environment includes the kinds of marketable securities that exist and where and how they are bought and sold. The investment process is concerned with how an investor should make decisions about what marketable securities to invest in, how extensive the investments should be, and when the investments should be made. Before discussing the investment environment and process in detail, the term investment is described. Investment, in its broadest sense, means the sacrifice of current dollars for future dollars. Two different attributes are generally involved: time and risk. The sacrifice takes place in the present and is certain. The reward comes later, if at all, and the amount of the reward is generally uncertain. In some cases the element of time predominates (for example, with government bonds). In other cases risk is the dominant factor (for example, with call options on common stocks). In yet others both time and risk are important (for example, with shares of common stock). A distinction is often made between real and financial investments. Real investments generally involve a tangible (physical) asset, such as land, machinery, or factories. Financial investments involve contracts written on paper, such as common stocks and bonds. The financing of an apartment building provides a good example. Apartments are sufficiently tangible ("bricks and mortar") to be considered real investments. But where do the resources come from to pay for the land and the construction of the apartments? Some may come from direct investment. For example, a wealthy doctor who wants to construct an apartment building may use some of his or her own money to finance the project. The rest of the resources may be provided by a mortgage loan. In essence, someone loans money to the doctor, with repayment promised in fixed amounts on a specified schedule over some period of time. In the typical case the "someone" is not a person, but an institution acting as a financial intermediary. Thus the doctor makes a real investment in the apartment building, and the institution makes a financial investment in the doctor. As a second example, consider what happens when General Motors (GM) needs money to pay for plant construction. This real investment may be financed by the sale of new common stock in the primary market (the market in which securities are sold at the time of their initial issuance). The common stock itself represents a financial in-t vestment to the purchasers, who may later trade these shares in the secondary market (the market in which previously issued securities are traded). Although transactions in the secondary market do not generate money for GM, the fact that such a market exists makes the common stock more attractive and thus facilitates real investment. Investors would pay less for new shares of common stock if there were no way to sell them quickly and inexpensively at a later date.
TABLE OF CONTENTS PART 1: INTRODUCTION 1 1 Introduction 1 PART II: THE INVESTMENT ENVIRONMENT 17 2 Buying and Selling Securities 17 3 Security Markets 35 4 Efficient Markets, Investment Value, and Market Price 67 5 Taxes 86 6 Inflation 104 PART III: MODERN INVESTMENT THEORY 119 7 The Portfolio Selection Problem 119 8 Portfolio Analysis 147 9 Riskfree Lending and Borrowing 169 10 The Capital Asset Pricing Model 190 11 Factor Models 208 12 Arbitrage Pricing Theory 228 PART IV: COMMON STOCKS 241 13 Characteristics of Common Stocks 241 14 Financial Analysis of Common Stocks 282 15 Dividend Discount Models 329 16 Dividends and Earnings 358 17 Investment Management 390 18 Portfolio Performance Evaluation 415 PARTV: FIXED-INCOME SECURITIES 451 19 Types of Fixed-Income Securities 451 20 Fundamentals of Bond Valuation 490 21 Bond Analysis 514 22 Bond Portfolio Management 537 PART VI: OTHER INVESTMENTS 573 23 Investment Companies 573 24 Options 605 25 Futures 641 26 International Investing 672 GLOSSARY 693 REFERENCES 715 SELECTED SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS 759 INDEX 763
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