INVESTMENTS 投资学 （博迪BODIE, KANE, MARCUS）Chap017 Macroeconomic and Industry Analysis_精品.pptVIP

17-* Sensitivity to the Business Cycle Interest is a fixed cost that increases the sensitivity of profits to the business cycle. Financial leverage: the use of borrowing 17-* Figure 17.10 A Stylized Depiction of the Business Cycle 17-* Sector Rotation Portfolio is shifted into industries or sectors that should outperform, according to the stage of the business cycle. Peaks – natural resource extraction firms Contraction – defensive industries such as pharmaceuticals and food 17-* Sector Rotation Trough – capital goods industries Expansion – cyclical industries such as consumer durables 17-