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ID:14354753
大小:9.44 MB
页数:1189页
时间:2018-07-28
《[金融学习笔记].investment.analysis.and.portfolio.management(reilly.brown)7th.edt》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、Chapter1TheInvestmentSettingAfteryoureadthischapter,youshouldbeabletoanswerthefollowingquestions:➤Whydoindividualsinvest?➤Whatisaninvestment?➤Howdoinvestorsmeasuretherateofreturnonaninvestment?➤Howdoinvestorsmeasuretheriskrelatedtoalternativeinvestments?➤What
2、factorscontributetotheratesofreturnthatinvestorsrequireonalternativeinvestments?➤Whatmacroeconomicandmicroeconomicfactorscontributetochangesintherequiredratesofreturnforindividualinvestmentsandinvestmentsingeneral?Thisinitialchapterdiscussesseveraltopicsbasic
3、tothesubsequentchapters.Webeginbydefiningtheterminvestmentanddiscussingthereturnsandrisksrelatedtoinvestments.Thisleadstoapresentationofhowtomeasuretheexpectedandhistoricalratesofreturnsforanindi-vidualassetoraportfolioofassets.Inaddition,weconsiderhowtomeasu
4、rerisknotonlyforanindividualinvestmentbutalsoforaninvestmentthatispartofaportfolio.Thethirdsectionofthechapterdiscussesthefactorsthatdeterminetherequiredrateofreturnforanindividualinvestment.Thefactorsdiscussedarethosethatcontributetoanasset’stotalrisk.Becaus
5、emostinvestorshaveaportfolioofinvestments,itisnecessarytoconsiderhowtomeasuretheriskofanassetwhenitisapartofalargeportfolioofassets.Theriskthatprevailswhenanassetispartofadiversifiedportfolioisreferredtoasitssystematicrisk.Thefinalsectiondealswithwhatcausesch
6、angesinanasset’srequiredrateofreturnovertime.Changesoccurbecauseofbothmacroeconomiceventsthataffectallinvestmentassetsandmicroeconomiceventsthataffectthespecificasset.WHATISANINVESTMENT?Formostofyourlife,youwillbeearningandspendingmoney.Rarely,though,willyour
7、currentmoneyincomeexactlybalancewithyourconsumptiondesires.Sometimes,youmayhavemoremoneythanyouwanttospend;atothertimes,youmaywanttopurchasemorethanyoucanafford.Theseimbalanceswillleadyoueithertoborrowortosavetomaximizethelong-runben-efitsfromyourincome.Whenc
8、urrentincomeexceedscurrentconsumptiondesires,peopletendtosavetheexcess.Theycandoanyofseveralthingswiththesesavings.Onepossibilityistoputthemoneyunderamattressorburyitinthebackyarduntilsom
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