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... low-earnings periods of life? One way is to “store”
your wealth in financial assets. In high-earnings periods, you can invest your savings in fi-
nancial assets such as stocks and bonds. In low-earnings ... markets.
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INVESTMENTS:
BACKGROUND
AND ISSUES
Bodie−Kane−Marcus:
Essentials of Investments,
Fifth Edition
I. Elements of Investments 1. Inves...
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... positions. Instead, they minimize trading costs by buying or selling stock index fu-
tures as a substitute for sale of the stocks themselves. As you will see in the next chapter, stock
prices ... value of an asset already held in inventory.
Long hedgers take long positions in futures contracts to offset gains or losses in the
purchase price of a good.
• The spot-futures parity r...
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... fees and commissions.
While all investment companies pool the assets of individual investors, they also need to
divide claims to those assets among those investors. Investors buy shares in investment ... minus liabilities
Shares outstanding
10 0 Part ONE Elements of Investments
investment
companies
Financial
intermediaries that
invest the funds of
individual investors
in securiti...
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... being diversified, be-
cause the idea of investing in a mix of stocks, bonds
and other financial assets meant missing out on some
of the soaring gains of tech stocks.
But with the collapse of ... universe of risky assets. Next we deter-
mine the optimal portfolio of risky assets by finding the portfolio that supports the steepest
CAL. Finally, we choose an appropriate comple...
essentials of investments with s p bind in card phần 6 docx
... sensitivity of a firm s earnings to the business cycle. First
is the sensitivity of sales. Necessities will show little sensitivity to business conditions. Ex-
amples of industries in this group ... groups that are expected to outperform based on one s assessment of
the state of the business cycle.
Figure 11 .11 is a stylized depiction of the business cycle. Near the peak of...
essentials of investments with s p bind in card phần 7 pot
... X
Ϫ
S
T
S
T
Ϫ
X
FIGURE 14 .10
Payoff and profit to a
straddle at expiration
S
T
Payoff
Payoff
Payoff and profit
Payoff
Profit
X
A: Call
B: Put
C: Straddle
S
T
S
T
Profit
Profit
Payoff
P + C
Ϫ (P + C )
Payoff
X
X
ϪC
X
X
X P
X P C
P
Bodie−Kane−Marcus: ... inventories, depreciation, and interest expense.
Assets
Equity
Sales
Assets
EBIT
Sales
Pretax profits
EBIT
Net profits
Pre...
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... of success of the efforts of the behaviorists
is in explaining deviations of assets prices from predictions of classic theory. In the next
section we provide an assessment of these efforts.
19 .3 ... the essentials of savings/investment plans and adapt them to environments in
which investors confront both inflation and taxes. As a first step in the process, we set up...
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... compete in supplying such evalua-
tions. The result is that today s investor can become well equipped to properly assess the risk
involved in international investing.
21. 3 INTERNATIONAL INVESTING: ... 19 76.
Reprinted by permission.
10 0
80
60
40
20
0
27
11 .7
11 020304050
U .S. stocks
Global stocks
Number of stocks
Percent risk
Bodie−Kane−Marcus:
Essentials of Investments,...
essentials of investments with s p bind in card doc
... first look
at the types of decisions that confront investors as they assemble a portfolio of
Bodie−Kane−Marcus:
Essentials of Investments,
Fifth Edition
I. Elements of Investments 1. Investments: ... Elements of Investments 1. Investments:
Background and Issues
© The McGraw−Hill
Companies, 2003
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