贵金属投资技术分析英文版 (15)(精品·公开课件).pptVIP

Investment Analysis and Portfolio ManagementEighth Editionby Frank K. Reilly Keith C. Brown Chapter 3 - Selecting Investments in a Global Market Questions to be answered: Why should investors have a global perspective regarding their investments? What has happened to the relative size of U.S. and foreign stock and bond markets? What are the differences in the rates of return on U.S. and foreign securities markets? How can changes in currency exchange rates affect the returns that U.S. investors experience on foreign securities? Is there an additional advantage of diversifying in international markets beyond the benefits of domestic diversification? What alternative securities are available? What are their cash flow and risk properties? What is the historical return and risk characteristics of the major investment instruments? What is the relationship among returns for foreign and domestic investment instruments? What is the implication of these relationships for portfolio diversification? Reasons for the expansion of investment opportunities The Case for Constructing Global Investment Portfolios Relative Size of U.S. Financial Markets The Case for Global Investments Rates of return available on non-U.S. securities often exceed U.S. Securities due to higher growth rates in foreign countries, especially the emerging markets Diversification with foreign securities can help reduce portfolio risk because foreign markets have low correlation with U.S. capital markets Global Bond Portfolio Risk Macroeconomic differences cause the correlation of bond returns between the United States and foreign countries to differ The correlation of returns between a single pair of countries changes over time because the factors influencing the correlation change over time Risk of Combined Country Investments Diversified portfolios reduce variability of returns over time Correlation coefficients measure diversification contribution Compare correlation of return among U.S. bonds an