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1、Chapter1TheInvestmentEnvironmentTheInvestmentEnvironmentINVESTMENTS
2、BODIE,KANE,MARCUS1-2RealAssetsVersusFinancialAssets•RealAssetsRealAssets–Determinetheproductivecapacityandnetitincomeoffththeeconomy–Examples:Land,buildings,machines,knowledgeusedtoproducegoodsandservices•FinancialAssets–Cl
3、aimsonrealassetsINVESTMENTS
4、BODIE,KANE,MARCUS1-3FinancialAssets•Threetypes:1.FixedincomeordebtFixedincomeordebt2.Commonstockorequity3.DerivativesecuritiesINVESTMENTS
5、BODIE,KANE,MARCUS1-4FixedIncome•PtPaymentsfifixeddorddettermiineddbbyaformula•Moneymarketdebt:shorttermhighlyMoneymarketdebt:
6、shortterm,highlymarketable,usuallylowcreditrisk•Capitalmarketdebt:longtermbonds,canbesafeorriskyINVESTMENTS
7、BODIE,KANE,MARCUS1-5CommonStockandDerivatives•CommonStockisequityorownershipCommonStockisequityorownershipinacorporation.–PtPaymentsttosttockhkholdldersarenottfifixedd,butdependonthes
8、uccessofthefirm•Derivatives–Valuederivesfrompricesofothersecurities,suchasstocksandbonds–UsedtotransferriskINVESTMENTS
9、BODIE,KANE,MARCUS1-6FinancialMarketsandtheEconomy•InformationRole:Capitalflowstocompanieswithbestprospectscompanieswithbestprospects•ConsumptionTiming:Usesecuritiestostorew
10、ealthandtransfertostorewealthandtransferconsumptiontothefutureINVESTMENTS
11、BODIE,KANE,MARCUS1-7FinancialMarketsandtheEconomy(Ctd.)•AllocationofRisk:Investorscanselectsecuritiesconsistentwiththeirtastesforriskforrisk•SeparationofOwnershipandManaggyement:WithstabilitycomesagencyproblemsINVESTM
12、ENTS
13、BODIE,KANE,MARCUS1-8FinancialMarketsandtheEconomy(Ctd.)•CorporateGovernanceandCorporateEthics–AccountingScandals•Examples–Enron,RiteAid,HealthSouth–Auditors–watchdogsofthefirmswatchdogsofthefirms–AnalystScandals•ArthurAndersen–Sarbanes-OxleyAct•TightentherulesofcorporategovernanceINVES
14、TMENTS
15、BODIE,KANE,MARCUS1-9TheInvestmentProcess•Assetallocation–ChoiceamongbroadassetclassesChoiceamongbroadassetclasses•Securityselection–Choiceofwhichsecuritiestoholdwithinassetclass–Securityanalysistovaluesecuritiesanddetermineinvestmentattractiveness
