Investments Finance Economics (孙容)要点.pptVIP

投资学 Investments Finance Economics 课程介绍 授课教师：孙容 主要教材 Investments, 4th Edition, Zvi Bodie Modern Investment Theory, 5th Edition, Robert A. Haugen 授课方法 Taught Modules Case Studies 考评方法 课堂考勤（10%）期中测试（20%）期末考试（70%） The Development of MIT Harry Markowitz(1952)‘Portfolio Selection’ Mean-Variance Optimization Asset allocation Sharpe(1964), Lintner (1965), Mossin (1966), ‘Capital Asset Pricing Model (CAPM)’ Steve Ross (1976), ‘Arbitrage Pricing Theory’ The Development of MIT Fisher Black Myron Scholes (1973), Black-Scholes Model Eugene Fama (1965) The efficient market controversy Price reflects the collective wisdom of investors, unusefulness of security analyses Harry Roberts(1967), ‘the Efficient Market Hypothesis (EMH)’ Behavioral Finance Abnormalities ‘What should happen?’ vs. ‘what actually happened?’ Prospect Theory Kahneman Tversky (1979) Over-confidence, over (under)-reaction Representative Heuristic You Can Make Money If You Are Well Informed Securities and Markets Primary Securities Securities Fixed income securities vs. Variable income securities Primary securities VS. Derivative securities The issuers of securities Governments (federal, state and municipality) Private firms Government Bonds U.S. savings bonds Series EE bonds: no periodic cash interest Series HH bonds: semiannually interest in 10 yrs. Treasury bills Maximum maturity 1 year, active market Discount sales and best hedge against inflation Treasury notes Up to 7 yrs; active market; accrued interest Treasury bonds No maximum maturity, call option Corporate Fixed Income Securities Mortgage bonds Backed by the pledge of specific property Equipment trust certificates Backed by a particular equipment Debenture bonds Unsecured by real property The priority of the claim of mortgage bondholder and the government and the debenture bondholder Corporate Fixed Income Securities Commercial paper Short-term promissory note with maxi maturity of 270 days and in denominations of $100,000 or more The rating of