博迪投资学Chap001章节.pptVIP

CHAPTER 1 The Investment Environment Real Assets Versus Financial Assets Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets Table 1.1 Balance Sheet of U.S. Households, 2007 Table 1.2 Domestic Net Worth A Taxonomy of Financial Assets Financial Markets and the Economy Information Role The Google effect Consumption Timing Allocation of Risk Separation of Ownership and Management Agency Issues Financial Markets and the Economy Continued Corporate Governance and Corporate Ethics Accounting Scandals Examples – Enron, Rite Aid, HealthSouth Auditors—watchdogs of the firms Analyst Scandals Arthur Andersen Sarbanes-Oxley Act Tighten the rules of corporate governance The Investment Process Asset allocation Choice among broad asset classes Security selection Choice of which securities to hold within asset class Security analysis Markets are Competitive Risk-Return Trade-Off Efficient Markets Active Management Finding mispriced securities Timing the market Passive Management No attempt to find undervalued securities No attempt to time the market Holding a highly diversified portfolio The Players Business Firms– net borrowers Households – net savers Governments – can be both borrowers and savers Financial Intermediaries Investment Companies Banks Insurance companies Credit unions The Players Continued Investment Bankers Perform specialized services for businesses Markets in the primary market Table 1.3 Balance Sheet of Commercial Banks, 2007 Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007 Recent Trends—Globalization American Depository Receipts (ADRs) Foreign securities offered in dollars Mutual funds that invest internationally Instruments and vehicles continue to develop (WEBs) Exchange Traded Funds (ETFs) Figure 1.1 Globalization: A Debt Issue Denominated in Euros Recent Trends—Securitization Mortgage pass-through securities Ot