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描述:

Capital markets, equity research, investment

decisions and risk management with case studies
作者：Dimitris N. Chorafas
资源类别：Book
资源格式: PDF 419 Pages 英 1 700kb
时间：First published 2005

目录:

Contents

Foreword ix

Preface xi

Abbreviations xv

Part One: The art of investing 1

1 Golden rules of investing 3

1.1 Introduction 3

1.2 Asset classes of investing 6

1.3 Investors, speculators, risk and return 10

1.4 Savings down the drain: the Eurotunnel fiasco 12

1.5 Understand the difference between investing, trading and speculating 15

1.6 Caveat emptor and human nature 19

1.7 A golden rule for private investors, but not necessarily for all

professionals 22

1.8 Income, growth and control of exposure 25

2 The area where professional asset managers and private investors meet 30

2.1 Introduction 30

2.2 Investments through private banking 32

2.3 Betting on the challenger and learning to diversify 36

2.4 Increasing the visibility of one’s investments 39

2.5 The 5 percent rule about assets at risk 43

2.6 Challenges faced by pension funds 47

2.7 Are mutual funds a good alternative? 51

Part Two: Capital markets and their players 57

3 Capital markets and the securities industry 59

3.1 Introduction 59

3.2 Securities and their legal protection 61

3.3 Investment banking and underwriting 64

3.4 Investment bankers and primary dealers 67

3.5 Correspondent banks 70

3.6 The globalized securities market 72

3.7 Risk of global contagion 76

4 The trading of equities 79

4.1 Introduction 79

4.2 Equities, stock exchanges and over-the-counter operations 80

4.3 Basic facts about equities: common and preferred stock 83

4.4 Convertible bonds defined 86

4.5 The funding competition between capital markets and

commercial banks 89

4.6 Stock markets and equity prices 93

4.7 Stock market indices: Dow Jones, S&P and NASDAQ 96

4.8 European market indices 102

4.9 Appendix: The Paper Ships Index 105

5 Regulation and operation of the exchanges 107

5.1 Introduction 107

5.2 Role of a regulatory authority 108

5.3 Self-regulation by the exchanges and conflicts of interest 111

5.4 Role of specialists in a stock exchange 114

5.5 Bid, ask, large blocks and the third market 117

5.6 Cash and margin accounts 120

5.7 Short sales and reverse/forward splits 123

Part Three: Performance criteria and quoted equities 129

6 Technical and fundamental analysis 131

6.1 Introduction 131

6.2 Fundamental analysis defined 133

6.3 Technical analysis defined 137

6.4 Theory behind the art of charting 139

6.5 The bolts and nuts of charting 142

6.6 Financial analysis and future price of a commodity 146

6.7 Learning how to detect and analyze market trends 149

6.8 The role of rocket scientists 152

6.9 Appendix: Microsoft’s 2004 Huge Dividend 154

7 Quantitative criteria for equity performance 156

7.1 Introduction 156

7.2 An equity’s valuation and need for stress tests 158

7.3 Equity as an option and dividend discount model 162

7.4 Earnings per share and creative accounting solutions 166

7.5 Earnings before interest, taxes, depreciation, and amortization 168

7.6 Price to earnings ratio and its challenges 171

7.7 Using return on equity as a guide 175

7.8 Appendix: the Tobin Q-ratio 178

8 Transparency in financial statements and reputational risk 180

8.1 Introduction 180

8.2 Goals of transparent financial reporting 181

8.3 Transparency role of an audit committee 185

8.4 Transparency and corporate governance 189

8.5 Forward-looking statements 191

8.6 Virtual balance sheets and risk management 194

8.7 Compliance with the Sarbanes-Oxley Act 197

8.8 Appendix: the European Union’s version of the Sarbanes-Oxley Act 200

9 A private investor’s self-protection 202

9.1 Introduction 202

9.2 Investing in large caps versus small caps 204

9.3 A prudent policy for investors: equities versus bonds 209

9.4 Data analysis is at the core of the investor’s homework 211

9.5 Investors should always consider the contrarian’s advice 215

9.6 Value stocks, growth stocks and intrinsic value 219

9.7 Importance of the investment horizon 221

9.8 Factors affecting return on investment 224