Investment Management A Modern Guide to Security Analysis and Stock
Sound investment decisions require an in-depth knowledge of the financial markets and available financial instruments. This book provides students and professionals with an understanding of the role and activities of an equity security analyst within the
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Investment Management A Modern Guide to Security Analysis and Stock Selection
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Investment Management
S. R. Vishwanath
•
C. Krishnamurti
Editors
Investment Management A Modern Guide to Security Analysis and Stock Selection
ABC
Editors Professor S. R. Vishwanath Institute of Management Technology Nagpur, India [email protected]
Professor Chandrasekhar Krishnamurti Mail Number B-3 Business School AUT University Private Bag 92006 Auckland 1142, New Zealand [email protected]
ISBN: 978-3-540-88801-7 e-ISBN: 978-3-540-88802-4 DOI: 10.1007/978-3-540-88802-4 Library of Congress Control Number: 2008941072 c 2009 Springer-Verlag Berlin Heidelberg ° This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper springer.com
Preface
The purpose of this book is to provide students with a realistic view of the role and activities of an equity security analyst within the investment process by building a construct of how capital markets function and teaching the “thought process” involved with securities analysis. The book will focus on three aspects of securities analysis: (1) understanding the process of analyzing companies; (2) understanding the valuation process; and (3) understanding the challenges of achieving success in a highly competitive capital market. The focus of this book is on the financial theory and empirical evidence that are useful for investment decisions. The topics covered in this book can be broadly categorized into five groups: • Financial Theories: This includes portfolio theory, the capital asset pricing model, and the arbitrage pricing theory, all of which have become an integrated part of the decision-making in investments. • Empirical Evidence in the Equity Market: This includes patterns in cross sections of stock returns and the time series behavior of stock returns. • Introduction to Fixed-Income and Credit Sensitive Instruments: This includes default-free as well as defaultable bonds; yield curve analysis; fixed-income derivatives such as swaps, caps, floors, and swaptions; models of default and ratings transitions; and more recent development of credit derivatives. • Market Efficiency and “Active” Investments: We start w
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