投资学CH01

McGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1Instructor:Chi-ChuanLeeE-mail:[e-mail]neMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InvestmentsCourseoutline1Textbook:Bodie,Kane,andMarcusEssentialsofInvestments,9thEdition投资学精要（第9版）/清华大学出版社McGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InvestmentsCourseoutline1CourseObjectives:Thiscourseisanintroductoryinvestmentcourse.Thefocusofthiscourseisonpracticalapplicationsandanalyticalanalysesofinvestmenttheories.Thetopicscoveredinthiscourseincludefinancialmarketsandinstruments,portfoliotheory,valuationofequityandfixed-incomesecurities,optionsandfutures.McGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InvestmentsCourseoutline1Grading:ClassParticipation(10%)RegularGrade(30%)Midterm(30%)Final(30%)McGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InvestmentsCourseoutline1Grading:Email格式[科目][专业科系][学号][名字]title[1501投资学][13财管01][1234567][邓紫棋]请老师教我唱歌McGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Investments:BackgroundandIssues1Bodie,Kane,andMarcusEssentialsofInvestments,9thEdition1-71.1RealversusFinancialAssets•NatureofInvestment•Reducecurrentconsumptionforgreaterfutureconsumption•RealAssets•Usedtoproducegoodsandservices:Property,plantsandequipment,humancapital,etc.•FinancialAssets•Claimsonrealassetsorclaimsonreal-assetincome1-8ConceptCheck1.1Arethefollowingassetsrealorfinancial?•A.patents•B.leaseobligations•C.customergoodwill•D.acollegeeducation•E.a5$billRAFAFARARA1-91.2FinancialAssets•MajorClassesofFinancialAssetsorSecurities•Fixed-income(debt)securities•Moneymarketinstruments•Bankcertificatesofdeposit,T-bills,commercialpaper,etc.•Bonds•Preferredstock•Commonstock(equity)•Ownershipstakeinentity,residualcashflow•Derivativesecurities•Contract,valuederivedfromunderlyingmarketcondition1-101.3FinancialMarketsandtheEconomy•InformationalRoleofFinancialMarkets•Domarketpricesequalthefairvalueestimateofasecurity'sexpectedfutureriskycashflows?•Canwerelyonmarketstoallocatecapitaltothebestuses?1-11•ConsumptionTiming•Consumptionsmoothesovertime•Whencurrentbasicneedsaremet,shiftconsumptionthroughtimebyinvesting1.3FinancialMarketsandtheEconomy1-12•RiskAllocation•Investorscanchoosedesiredrisklevel•Bondvs.stockofcompany•BankCDvs.companybond•Risk-and-returntrade-off1.3FinancialMarketsandtheEconomy1-13•SeparationofOwnershipandManagement•Largesizeoffirmsrequiresseparateprincipalsandagents•MitigatingFactors•Performance-basedcompensation•Boardsofdirectorsmayfiremanagers•Threatoftakeovers1.3FinancialMarketsandtheEconomy1-14•Example1.1•InFebruary2008,MicrosoftofferedtobuyYahooat$31persharewhenYahoowastradingat$19.18•Yahoorejectedtheoffer,holdingoutfor$37ashare•ProxyfighttoseizecontrolofYahoo'sboardandforceYahootoacceptoffer•Proxyfailed;Yahoostockfellfrom$29to$21•DidYahoomanagersactinthebestinterestsoftheirshareholders?1.3FinancialMarketsandtheEconomy1-15•CorporateGovernanceandCorporateEthics•Businessesandmarketsrequiretrusttooperateefficiently•Withouttrustadditionallawsandregulationsarerequired•Lawsandregulationsarecostly•Governanceandethicsfailurescosttheeconomybillions,ifnottrillions•Erodingpublicsupportandconfidence1.3FinancialMarketsandtheEconomy1-16•CorporateGovernanceandCorporateEthics•Accountingscandals•Enron,WorldCom,Rite-Aid,HealthSouth,GlobalCrossing,Qwest•Misleadingresearchreports•Citicorp,MerrillLynch,others•Auditors:Watchdogsorconsultants?•ArthurAndersenandEnron1.3FinancialMarketsandtheEconomy1-17•CorporateGovernanceandCorporateEthics•Sarbanes-OxleyAct:•Requiresmoreindependentdirectorsoncompanyboards•RequiresCFOtopersonallyverifythefinancialstatements•Creatednewoversightboardfortheaccounting/auditindustry•Chargedboardwithmaintainingacultureofhighethicalstandards1.3FinancialMarketsandtheEconomy1-181.4TheInvestmentProcess•AssetAllocation•Primarydeterminantofaportfolio'sreturn•Percentageoffundinassetclasses•Stocks60%•Bonds30%•Alternativeassets6%•Moneymarketsecurities4%•Securityselectionandanalysis•Choosingspecificsecuritieswithinassetclass1-191.5MarketsAreCompetitive•Risk-ReturnTrade-Off•Assetswithhigherexpectedreturnshavehigherrisk•Bonds•Haveloweraverageratesofreturn(under6%)•Havenotlostmorethan13%oftheirvalueinanyoneyearAverageAnnualReturnMinimum(1931)Maximum(1933)StocksAbout12%−46%55%1-201.5MarketsAreCompetitive•Risk-ReturnTrade-Off•Howdowemeasurerisk?•Howdoesdiversificationaffectrisk?1-211.5MarketsAreCompetitive•EfficientMarkets•Securitiesshouldbeneitherunderpricednoroverpricedonaverage•Securitypricesshouldreflectallinformationavailabletoinvestors•Choiceofappropriateinvestment-managementstylebasedonbeliefinmarketefficiency1-221.5MarketsAreCompetitive•ActiveversusPassiveManagement•Activemanagement(inefficientmarkets)•Findingundervaluedsecurities(securityselection)•Markettiming(assetallocation)•Passivemanagement(efficientmarkets)•Noattempttofindundervaluedsecuriti