Bài giảng Essentials of Investments - Chapter 14 Financial Statement AnalysisFinancial Statement Analysis • Financial statement analysis can be used to discover mispriced securities. • Financial accounting data are widely available, but – Accounting earnings and economic earnings are not always the same thing!
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Bài giảng Essentials of Investments - Chapter 13 Equity ValuationValuation: Fundamental Analysis • Fundamental analysis models a company’s value by assessing its current and future profitability. • The purpose of fundamental analysis is to identify mispriced stocks relative to some measure of “true” value derived from financial data
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Bài giảng Essentials of Investments - Chapter 12 Macroeconomic and Industry AnalysisFundamental Analysis • A firm’s value comes from its earnings prospects, which are determined by: – The global economic environment – Economic factors affecting the firm’s industry – The position of the firm within its industry
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Bài giảng Essentials of Investments - Chapter 11 Managing Bond PortfoliosBond Pricing Relationships 1. Bond prices and yields are inversely related. 2. An increase in a bond’s yield to maturity results in a smaller price change than a decrease of equal magnitude. 3. Long-term bonds tend to be more price sensitive than short-term bonds.
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Bài giảng Essentials of Investments - Chapter 10: Bond Prices and YieldsBonds are debt. Issuers are borrowers and holders are creditors. – The indenture is the contract between the issuer and the bondholder. – The indenture gives the coupon rate, maturity date, and par value.
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Bài giảng Essentials of Investments - Chapter 9: Behavioral Finance and Technical Analysis9.1 Behavioral Critique • Behavioral Finance • Financial market model emphasizing potential implications of psychological factors affecting investor behavior • Existence of irrational investors is not sufficient to render capital markets inefficient
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Bài giảng Essentials of Investments - Chapter 8 The Efficient Market HypothesisEfficient Market Hypothesis (EMH) • Maurice Kendall (1953) found no predictable pattern in stock prices. • Prices are as likely to go up as to go down on any particular day. • How do we explain random stock price changes?
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Bài giảng Essentials of Investments - Chapter 7 Capital Asset Pricing and Arbitrage Pricing TheoryCapital Asset Pricing Model (CAPM) • Equilibrium model that underlies all modern financial theory • Derived using principles of diversification with simplified assumptions • Markowitz, Sharpe, Lintner and Mossin are researchers credited with its development
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Bài giảng Essentials of Investments - Chapter 6 Efficient DiversificationExtending Concepts to All Securities • The optimal combinations result in lowest level of risk for a given return • The optimal trade-off is described as the efficient frontier • These portfolios are dominant
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Bài giảng Essentials of Investments - Chapter 5 Risk and Return: Past and PrologueDollar Weighted Returns Internal Rate of Return (IRR) - the discount rate that results present value of the future cash flows being equal to the investment amount • Considers changes in investment • Initial Investment is an outflow • Ending value is considered as an inflow • Additional investment is a negative flow • Reduced investment is a p...
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