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Edition/Copyright: 3RD 01
Writing a textbook is never easy. For a subject as diverse as investments, the task is particularly difficult. The undisciplined writer could fill volumes and never finish. How does an author best go about organizing the many topics that constitute the field of investments? We chose to start by establishing a basic set of principles to guide our development of Fundamentals of Investments.
We sincerely believe that the serious student of investments should acquire a balanced knowledge of both investment theory and practice. Granted, someone desiring only an introductory exposure to investment practice could get by with a minimal discussion of theory and focus almost exclusively on institutional details and personal finance applications. That approach, however, would leave the student unable to appreciate the many subtle and important issues faced daily by the investment professional.
We have structured Fundamentals to present students taking their first course in investments with the basic building blocks of modern investment thought. Although the text is meant to present a thorough discussion of investments, we have constantly tried to remain faithful to three principles:
First, we have written Fundamentals to give students a working knowledge of the financial instruments available to investors and the ways in which markets for these instruments operate. We have avoided tangential discussions of issues not germane to the primary subject at hand. Second, we want the text to be accessible to students unfamiliar with investments. Therefore, we have tried to write in a clear, concise style, keeping mathematical notation to a minimum, and including numerous examples to explain the concepts presented. Finally, we want instructors to be able to use the text in a modular fashion. Although we have organized the text in what we believe to be a logical order, some instructors may wish to change that order or skip certain sections or chapters entirely. The organization of the text accommodates such preferences.
This is the third edition of Fundamentals. As any textbook author will attest, a previous work can always be improved. Each time after the first and second editions were published, we received many helpful suggestions from instructors, readers, and reviewers regarding ways in which we could make Fundamentals better. In response, we have made a number of changes that we believe substantially enhance Fundamentals in terms of our goals of practicality, ease of comprehension, and flexibility. Specifically, the third edition contains the following differences from the second:
Many people ask us how Fundamentals differs from our other book, Investments. After all, Investments, now in its sixth edition, has been one of the most successful finance textbooks published. Why another version of such a popular text?
Both Fundamentals and Investments are comprehensive, covering all of the major aspects and theories of investing, while avoiding excess detail. Furthermore, both books contain similar features, such as a glossary of terms introduced in the text, and both books offer an instructor's manual and investment software.
Investments, however, is written primarily for students who have stronger backgrounds in economics, statistics, and accounting. We felt that most students in their first investments course could benefit from a textbook designed to provide a less theoretical and technical approach to investments. Therefore, although we have not ignored the quantitative nature of modern investment theory and practice, we have considerably reduced the mathematical content from that contained in Investments. Moreover, we have organized Fundamentals in a different manner. Specifically, Fundamentals is organized in a modular fashion, as mentioned earlier, whereas Investments has a presentation style that is more integrated.
Fundamentals contains several teaching aids that we believe instructors will find valuable. The terms highlighted within the text and noted marginally in each chapter emphasize important concepts. The glossary allows students to quickly reference terms discussed earlier in the text, thereby creating a continuity of concepts across chapters. The point-by-point chapter summaries permit students to easily identify essential thoughts developed in each chapter.
We are particularly proud of the Money Matters articles presented in each chapter. Specifically written for Fundamentals, these articles are designed to give students a sense of how various investment issues are approached by practitioners as well as a glimpse of the techniques that are used. For example, the Money Matters box in Chapter 2 compares the various types of brokers, ranging from full-service to discount to online brokers; Chapter 18 discusses assessing manager skill; and Chapter 26 considers the controversial issue of whether to hedge a foreign investment portfolio. Furthermore, Ann Sherman, a recent faculty member of the Hong Kong University of Science and Technology for six years, wrote the Money Matters feature in Chapter 13 about raising capital in the world's largest emerging economy--The People's Republic of China. In addition, the Chartered Financial Analyst program is described in the Chapter 14 Money Matters. We believe the Money Matters articles provide both interesting reading for students and a stimulating source of classroom discussion material.
An extended supplements package accompanies the third edition of Fundamentals. Included in this package are
Many people have assisted us in preparing the third edition of this book, and we would like to acknowledge them as well as those who helped us with earlier editions. Specifically, we would like to thank Seth Anderson, Ted Aronson, Ann Bailey, Ed Baker, Michael Barclay, Kenneth S. Bartunek, Jeffrey Born, E. Taylor Claggett, John Cone, James Conley, Thomas Eyssell, Mark Edwards, Joe Finnerty, Charlie Freund, Ping Hsiao, Robert Jennings, Lee Jones, Steven L. Jones, Dougles R. Kahi, Ed Keon, Jaroslaw Komarynsky, Linda Kramer, K. C. Ma, S. Maheswaran, Linda J. Martin, Carl McGowan, Ronald Melicher, John Nagorniak, Tom Nohel, Thomas O'Brien, Martha Ortiz, James A. Overdahl, Lynne Pi, Maggie Queen, Sailesh Ramamurtie, Peter Robbins, Scott Rosen, Frank Roszkiewicz, Anthony Sanders, Frederick P Schadler, Jandhyala L. Sharma, Arlene Spiegel, Len Washko, Tony Wilkins, Robert Wolf, Steve Wunsch, Fernando Zapatero, Emilio Zarruk, and Ken Zumwalt.
We would like to give a special thank you to Henry Hecht for his many constructive comments and sharp-eyed ''catches''; to Ann Sherman for writing one of the Money Matters features; and the following reviewers: Victor Abraham, FIDM; Grace Allen, Western Carolina University; Carol Billingham, Central Michigan University; Howard Bohnen, St. Cloud State University; Stephen Brown, New York University; Don Cox, Appalachian State University; Marcus Ingram, Clark Atlanta University; Reinhold Lamb, University of North Carolina at Charlotte; David Louton, Bryant College; Linda Martin, Arizona State University; Byron Menides, Worcester Polytechnic Institute; and David Upton, Virginia Commonwealth University. We are also especially grateful to the people at Prentice Hall, particularly Maureen Riopelle, senior editor; Gladys Soto, managing editor; Cheryl Clayton, editorial assistant; Lori Braumberger, senior marketing manager; Kelly Warsak, production coordinator; and Katherine Evancie, copy editor; and to Robert Howerton of Omegatype Typography, Inc., for their work in preparing the text for publication.
We have learned much by writing this book and hope that you will learn much by reading it. Although we have done our best to eliminate errors from the book, experience tells us that perfection is unattainable. Thus, we encourage those students and instructors with constructive comments to send them to us at either firstname.lastname@example.org, email@example.com, or firstname.lastname@example.org.
Alexander, Gordon J. : University of Minnesota
Gordon J. Alesander is professor of finance at the University of Minnesota, having recently completed a two-year consultancy to the Office of Economic Analysis at the Securities and Exchange Commission that followed a two-year stint as an in-house senior research scholar. Alexander has published articles in Financial Management, Journal of Banking and Finance, Journal of Business, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and the Journal of Portfolio Management. He received his Ph.D. in finance, M.A. in mathematics, and M.B.A. from the University of Michigan, and his B.S. in business administration from the State University of New York at Buffalo.
Sharpe, William F. : Stanford University
William F. Sharpe is the STANCO 25 professor emeritus of finance at Stanford University, and chair of the board of Financial Engines, Incorporated, a firm that provides investment advice to individuals via the Internet. He has published articles in a number of professional journals, including Management Science, Journal of Business, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Portfolio Management, and the Financial Analysts Journal. Sharpe is past president of the American Finance Association, and in 1990 he received the Nobel Prize in economic sciences. He received his Ph.D., M.A., and B.A. in economics from the University of California, Los Angeles.
Bailey, Jeffery V. : Target Corporation
Jeffery V. Bailey is director of benefits finance at Target Corporation. Previously he was a principal at the pension fund-consulting firm of Richards & Tierney., Inc. Before that he was the assistant executive director of the Minnesota State Board of Investment. Bailey has published articles in the Financial Analysts Journal and the Journal of Portfolio Management. He has contributed articles to several practitioner handbooks and has co-authored a monograph published by the Research Foundation of the Institute of Chartered Financial Analysts. Bailey received his B.A. from Oakland University and his M.A. in economics and his M.B.A. in finance from the University of Minnesota. He is a Chartered Financial Analyst.
2. Buying and Selling Securities.
3. Security Markets.
4. Efficient Markets, Investment Value, and Market Price.
7. The Portfolio Selection Problem.
8. Portfolio Analysis.
9. Riskfree Lending and Borrowing.
10. The Capital Asset Pricing Model.
11. Factor Models.
12. Arbitrage Pricing Theory.
13. Characteristics of Common Stocks.
14. Financial Analysis of Common Stocks.
15. Dividend Discount Models.
16. Dividends and Earnings.
17. Investment Management.
18. Portfolio Performance Evaluation.
19. Types of Fixed-Income Securities.
20. Fundamentals of Bond Valuations.
21. Bond Analysis.
22. Bond Portfolio Management.
23. Investment Companies.
26. International Investing.
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