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part 1  the investment background  chapter 1 the investment setting    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  chapter 2 the asset allocation decision    2.1 individual investor life cycle    2.2 the portfolio management process    2.3 the need for a policy statement    2.4 input to the policy statement    2.5 the importance of asset allocation  chapter 3 selecting investments in a global market    3.1 the case for global investments    3.2 global investment choices    3.3 historical risk-returns on alternative investments  chapter 4 organization and functioning of securities markets    4.1 what is a market?    4.2 primary capital markets    4.3 secondary financial markets    4.4 detailed analysis of exchange marketspart 2 developments in investment theory  chapter 5 efficient capital markets    5.1 why should capital markets be efficient?    5.2 alternative efficient market hypotheses    5.3 tests and results of efficient market hypotheses    5.4 behavioral finance    5.5 implications of efficient capital markets  chapter 6 an introduction to portfolio management    6.1 some background assumptions    6.2 markowitz portfolio theory  chapter 7 an introduction to asset pricing models    7.1 capital market theory: an overview    7.2 the capital asset pricing model    7.3 relaxing the assumptions    7.4 additional empirical tests of the capm    7.5 the market portfolio: theory versus practice  chapter 8 multifactor models of risk and return    8.1 arbitrage pricing theory    8.2 multifactor models and risk estimationeepart 3 valuation principles and practices  chapter 9 analysis of financial statements    9.1 major financial statements    9.2 analysis of financial ratios    9.3 computation of financial ratios    9.4 evaluating internal liquidity    9.5 evaluating operating performance    9.6 risk analysis    9.7 analysis of growth potential    9.8 comparative analysis of ratios    9.9 the value of financial statement analysis    9.1o specific uses of financial ratios  chapter lo an introduction to security valuation    10.1 an overview of the valuation process    lo.2 why a three-step valuation process?    lo.3 theory of valuation    lo.4 valuation of alternative investments    lo.5 relative valuation techniques    lo.6 estimating the inputs: the required rate of return and the expected growth rate of valuation variableseepart 4 analysis and management of common stocks  chapter 11 macroanalysis and microvaluation of the stock market    11.1 the components of market analysis    11.2 macromarket analysis    11.3 microvaluation analysis    11.4 valuation using the earnings multiplier approach     11.5 estimating expected earnings per share     11.6 estimating the stock market earnings multiplier     11.7 microvaluation of world markets   chapter 12 industry analysis    12.1 why do industry analysis?    12.2 the business cycle and industry sectors    12.3 structural economic changes and alternative industries    12.4 evaluating the industry life cycle    12.5 analysis of industry competition    12.6 estimating industry rates of return    12.7 industry analysis using the relative valuation approach    12.8 other relative valuation ratios    12.9 global industry analysis  chapter 13 company analysis and stock valuation    13.1 company analysis versus stock valuation    13.2 economic, industry, and structural links to company analysis    13.3 company analysis    13.4 estimating intrinsic value    13.5 analysis of growth companies    13.6 measures of value added    13.7 influences on analysis    13.8 global company and stock analysis  chapter 14 technical analysis    14.1 underlying assumptions of technical analysis    14.2 advantages of technical analysis    14.3 challenges to technical analysis    14.4 technical trading rules and indicators  chapter 15 equity portfolio management strategies    15.1 passive versus active management    15.2 an overview of passive equity portfolio management strategies    15.3 an overview of active equity portfolio management strategies    15.4 value versus growth investing: a closer look    15.5 an overview of style analysis    15.6 asset allocation strategiespart 5 analysis and management of bonds  chapter 16 bond fundamentals    16.1 basic features of a bond    16.2 the global bond market structure     16.3 alternative bond issues     16.4 obtaining information on bond prices   chapter 17 the analysis and valuation of bonds     17.1 the fundamentals of bond valuation    17.2 computing bond yields    17.3 calculating future bond prices    17.4 bond valuation using spot rates    17.5 what determines interest rates?    17.6 calculating forward rates from the spot rate curve    17.7 term-structure theories    17.8 what determines the price volatility for bonds?    17.9 yield spreads with embedded options  chapter 18 bond portfolio management strategies    18.1 bond portfolio performance, style, and strategy    18.2 passive management strategies    18.3 active management strategies    18.4 core-plus management strategies    18.5 matched-funding management strategies    18.6 contingent and structured management strategiespart 6  specification and evaluation of asset management  chapter 19 professional money management, alternative assets, and industry ethics    19.1 the asset management industry: structure and evolution    19.2 private management and advisory firms    19.3 organization and management of investment companies    19.4 investing in alternative asset classes    19.5 ethics and regulation in the professional asset management industry    19.6 what do you want from a professional asset manager?  chapter 20 evaluation of portfolio performance    20.1 what is required of a portfolio manager?    20.2 composite portfolio performance measures    20.3 application of portfolio performance measures    20.4 portfolio performance evaluation: some extensions    20.5 factors that affect use of performance measures    20.6 evaluation of bond portfolio performance    20.7 reporting investment performance    glossary    frequently used symbols