博迪投资学Chap03
INVESTMENTS 投资学 (博迪BODIE, KANE, MARCUS)Chap023 Futures, Swaps, and Risk Management共40页文档
2% of $30 million = $600,000
Each S&P500 index contract will change $6,250 for a 2.5% change in the index. (The contract multiplier is $250).
INVESTMENTS | BODIE, KANE, M2A3R-C1U9S
Hedge Ratio Example
Change in the portfolio value H=
Profit on one futures contract
= $600,000 $6,250
= 96 contracts short
INVESTMENTS | BODIE, KANE, M2A3R-C2U0S
• Results: – Cheaper and more flexible – Synthetic position; instead of holding or shorting all of the actual stocks in the index, you are long or short the index futures
Hedge Ratio in contracts Each contract is for 62,500 pounds or $6,250 per a $.10 change
$200,000 / $6,250 = 32 contracts
INVESTMENTS | BODIE, KANE, MA2R3C-U9S
• Futures price too low - long the future and short sell the underlying stocks
博迪(第七版)投资学课件 第三章
权益 初始保证金率 所欠股票价值 总资产－所欠股票价值 50000 ＝ ＝ ＝50% 所欠股票价值 100000 150000 1000P － 设价格为P，则 ＝0.3 P＝115.38 1000P
27
3.8 证券市场的监管
3.8.1自我约束(self-regulation) 3.8.2 监管当局对丑闻的反应 3.8.3 停板制度(circuit breakers) 停止交易(trading halts) 交易上下限(collars) 3.8.4 内部交易(insider trading)
先卖后买。理想状况：从经纪人处借入股 票高价卖掉，后低价买回并归还经纪人 卖空期间发放的股利必须归还经纪人 保证金率=权益/所欠股票价值(value of stock owed)
26
Eg. 假设卖空A公司股票1000股，卖空价格 100元/股，以自有国库券50000元为初始保证 金，则初始保证金率是多少？若维持保证金率 为30%，何时会收到补交保证金通知？
9
在连续双向拍卖市场中,只要现时买方报价 不低于现时卖方报价,交易就立刻发生; 而在集合竞价市场中,只有买卖双方的交易 指令累积到一定的时间后,才确定一个统一 的、使成交量最大的清算价格。
10
荷兰式拍卖
荷兰式拍卖( Dutch Auction ) 是一种特殊的 拍卖形式。亦称“减价拍卖”，它是指拍 卖标的的竞价由高到低依次递减直到第一 个竞买人应价（达到或超过底价）时击槌 成交的一种拍卖。
承销步骤： 上市登记表 - 初步募股说明 书(red herring) – 正式募资说明书 承销方式：包销与代销 墓碑式广告(tombstone announcement)
3
北京大学金融硕士考研博迪《投资学》内部讲义
E rGE rf GE E rM rf =
COV rGE , rM
2 M
E rM rf
β是股票收益率对市场收益率的敏感度.β是单位市场收益率下的股票收益率变化.我们可以用二次股 票收益率的差值除以市场收益率差值的方法来计算股票的β值.
区别 1、 “证券市场线”的横轴是“贝塔系数(只包括系统风险)”;“资本市场线”的横轴是“标准差(既 包括系统风险又包括非系统风险)” 。 区别 2、 “证券市场线”揭示的是“证券的本身的风险和报酬”之间的对应关系;“资本市场线”揭示 的是“持有不同比例的无风险资产和市场组合情况下”风险和报酬的权衡关系。 区别 3、资本市场线中的“风险组合的期望报酬率”与证券市场线中的“平均股票的要求收益率”含 义不同;“资本市场线”中的“σ(标准差)”不是证券市场线中的“贝塔系数” 。 区别 4、证券市场线表示的是“要求收益率” ，即投资“前”要求得到的最低收益率;而资本市场线表 示的是“期望报酬率” ，即投资“后”期望获得的报酬率。 区别 5、证券市场线的作用在于根据“必要报酬率” ，利用股票估价模型，计算股票的内在价值;资本 市场线的作用在于确定投资组合的比例; 区别 6、资本市场线和证券市场线的斜率都表示风险价格，但含义不同，前者表示整体风险的风险价 格，后者表示系统风险的风险价格。计算公式也不同： 资本市场线斜率=(风险组合的期望报酬率-无风险报酬率)/风险组合的标准差 证券市场线斜率=市场组合要求的收益率-无风险收益率)/系统风险的标准差 3、计算单个证券的预期收益率，即贴现率，进而使用戈登模型就股票的内在价值
【考研名师答题方法点拨】计算题
计算题。首先，必须准确地记忆和理解计算公式； 其次，必须保证数据计算的正确； 再次，计算的过程中必须层次分明，清晰有条理。 【考研名师答题方法点拨】 简答题 一、简述题特点分析 简述题一般有的较为灵活，需要你思考一下才能回答，有的题为基本知识问题，掌握了 复习大纲和辅导教材内容就可以答出。简述题呈现以下特点： 1、简述题涉及内容更全面，不是考单一管理职能知识掌握，而是考管理综合职能及相 关知识掌握。 2、简述题的审题难度大，如不注意往往造成答非所问。 3、制造矛盾假象，使你不知如何做答，陷入肓区。 二、简述题应答程序、技巧、规则 考生在回答简述题时应注意以下问题。 1、不能轻视审题，认为题干很简单，一看便知，匆忙回答。 从阅卷看约有 30%的同学犯有审题不明， 边答边想， 结果字写了不少， 答题空间不够了， 还未击中要害，踩不到得分要点。 审题的目的是明了所提问题，抓住题中的关键词和答题要求。 2、在分析题目基础上，理清答题思路，确立要点顺序。 3、解答不能太少。 有些同学只简答一两句话，要点很少，很难踩到足够得分点，得分偏低，可以从相关问 题扩展开谈要点。 因为一般情况下阅分只挑对的得分点给分，答错了不扣分，自然在空间许可，字迹清楚 的情况下，多答比少答有利。 4、解答不要罗嗦。 有些同学对某一回答要点，展开说，反复说，表面看答了不少，如①小企业对环境适应 性强，对环境反应敏感，船小好掉头，利于根据市场调整产品结构等等如此之多，只踩 对了一个环境方面的得分点，应该将回答的要点面扩宽，语言要简洁，即使答的简练也 可得分，不要过多叙述解释。 5、答题给出要点序号，或分出段落以便教师判分。 有些同学通篇文章一段，洋洋洒洒，不分段落，不分标点符号，让老师从中寻找答案要
INVESTMENTS 投资学 (博迪BODIE, KANE, MARCUS)Chap03 How Securities are Traded40页PPT
Investment Banking (Ctd.)
• Private placements – Firm uses underwriter to sell securities to a small group of institutional or wealthy investors. – Cheaper than public offerings – Private placements not traded in secondary markets
INVESTMENTS | BODIE, KANE, MAR3C-U7S
Initial Public Offerings
• Process
– Road shows to publicize new offering
– Bookbuilding to determine demand for the new issue
– maintain a “fair and orderly market”
INVESTMENTS | BODIE, KANE, MA3R-C1U5S
NASDAQ
• Lists about 3,200 firms • Originally, NASDAQ was primarily a dealer
• A large order may be filled at multiple prices
INVESTMENTS | BODIE, KANE, MA3R-C1U3S
Figure 3.5 Price-Contingent Orders
INVESTMENTS | BODIE, KANE, MA3R-C1U4S
• Shelf Registration – SEC Rule 415: Allows firms to register securities and gradually sell them to the public for two years
博迪投资学第10版英文教材课后答案 (3)
CHAPTER 3: HOW SECURITIES ARE TRADEDPROBLEM SETS1.Answers to this problem will vary.2. The SuperDot system expedites the flow of orders from exchange members to thespecialists. It allows members to send computerized orders directly to the floor of theexchange, which allows the nearly simultaneous sale of each stock in a large portfolio.This capability is necessary for program trading.3. The dealer sets the bid and asked price. Spreads should be higher on inactively traded stocksand lower on actively traded stocks.4. a. In principle, potential losses are unbounded, growing directly with increases in theprice of IBM.b. If the stop-buy order can be filled at $128, the maximum possible loss per share is$8. If the price of IBM shares goes above $128, then the stop-buy order would beexecuted, limiting the losses from the short sale.5. a. The stock is purchased for: 300 ⨯ $40 = $12,000The amount borrowed is $4,000. Therefore, the investor put up equity, or margin,of $8,000.b.If the share price falls to $30, then the value of the stock falls to $9,000. By theend of the year, the amount of the loan owed to the broker grows to:$4,000 ⨯ 1.08 = $4,320Therefore, the remaining margin in the investor’s account is:$9,000 - $4,320 = $4,680The percentage margin is now: $4,680/$9,000 = 0.52 = 52%Therefore, the investor will not receive a margin call.c.The rate of return on the investment over the year is:(Ending equity in the account - Initial equity)/Initial equity= ($4,680 - $8,000)/$8,000 = -0.415 = -41.5%6. a. The initial margin was: 0.50 ⨯ 1,000 ⨯ $40 = $20,000As a result of the increase in the stock price Old Economy Traders loses:$10 ⨯ 1,000 = $10,000Therefore, margin decreases by $10,000. Moreover, Old Economy Traders mustpay the dividend of $2 per share to the lender of the shares, so that the margin inthe account decreases by an additional $2,000. Therefore, the remaining margin is: $20,000 – $10,000 – $2,000 = $8,000b. The percentage margin is: $8,000/$50,000 = 0.16 = 16%So there will be a margin call.c. The equity in the account decreased from $20,000 to $8,000 in one year, for a rate ofreturn of: (-$12,000/$20,000) = -0.60 = -60%7. Much of what the specialist does (e.g., crossing orders and maintaining the limit order book)can be accomplished by a computerized system. In fact, some exchanges use an automated system for night trading. A more difficult issue to resolve is whether the more discretionary activities of specialists involving trading for their own accounts (e.g., maintaining an orderly market) can be replicated by a computer system.8. a. The buy order will be filled at the best limit-sell order price: $50.25b. The next market buy order will be filled at the next-best limit-sell orderprice: $51.50c. You would want to increase your inventory. There is considerable buyingdemand at prices just below $50, indicating that downside risk is limited. Incontrast, limit sell orders are sparse, indicating that a moderate buy order couldresult in a substantial price increase.9. a. You buy 200 shares of Telecom for $10,000. These shares increase in value by 10%,or $1,000. You pay interest of: 0.08 ⨯ $5,000 = $400The rate of return will be:000 ,5$400$000,1$-= 0.12 = 12%b. The value of the 200 shares is 200P. Equity is (200P – $5,000). You will receive a margin call when:P200000,5$P 200-= 0.30 ⇒ when P = $35.71 or lower10. a.Initial margin is 50% of $5,000 or $2,500.b. Total assets are $7,500 ($5,000 from the sale of the stock and $2,500 put up formargin). Liabilities are 100P. Therefore, equity is ($7,500 – 100P). A margin call will be issued when:P100P 100500,7$-= 0.30 ⇒ when P = $57.69 or higher11. The total cost of the purchase is: $40 ⨯ 500 = $20,000You borrow $5,000 from your broker, and invest $15,000 of your own funds. Your margin account starts out with equity of $15,000.a. (i) Equity increases to: ($44 ⨯ 500) – $5,000 = $17,000Percentage gain = $2,000/$15,000 = 0.1333 = 13.33%(ii) With price unchanged, equity is unchanged.Percentage gain = zero(iii) Equity falls to ($36 ⨯ 500) – $5,000 = $13,000Percentage gain = (–$2,000/$15,000) = –0.1333 = –13.33%The relationship between the percentage return and the percentage change in theprice of the stock is given by:% return = % change in price ⨯ equityinitial s Investor'investment Total = % change in price ⨯ 1.333 For example, when the stock price rises from $40 to $44, the percentage change in price is 10%, while the percentage gain for the investor is:% return = 10% ⨯000,15$000,20$= 13.33%b. The value of the 500 shares is 500P. Equity is (500P – $5,000). You will receive a margin call when:P 500000,5$P 500-= 0.25 ⇒ when P = $13.33 or lowerc. The value of the 500 shares is 500P. But now you have borrowed $10,000 insteadof $5,000. Therefore, equity is (500P – $10,000). You will receive a margin call when:P500000,10$P 500-= 0.25 ⇒ when P = $26.67 With less equity in the account, you are far more vulnerable to a margin call.d. By the end of the year, the amount of the loan owed to the broker grows to:$5,000 ⨯ 1.08 = $5,400The equity in your account is (500P – $5,400). Initial equity was $15,000.Therefore, your rate of return after one year is as follows: (i)000,15$000,15$400,5$)44$500(--⨯= 0.1067 = 10.67% (ii)000,15$000,15$400,5$)40$500(--⨯= –0.0267 = –2.67% (iii) 000,15$000,15$400,5$)36$500(--⨯= –0.1600 = –16.00% The relationship between the percentage return and the percentage change in theprice of Intel is given by: % return = ⎪⎪⎭⎫ ⎝⎛⨯equity initial s Investor'investment Total price in change %⎪⎪⎭⎫ ⎝⎛⨯-equity initial s Investor'borrowed Funds %8 For example, when the stock price rises from $40 to $44, the percentage change in price is 10%, while the percentage gain for the investor is:⎪⎭⎫ ⎝⎛⨯000,15$000,20$%10⎪⎭⎫ ⎝⎛⨯-000,15$000,5$%8=10.67%e. The value of the 500 shares is 500P. Equity is (500P – $5,400). You will receive a margin call when:P500400,5$P 500-= 0.25 ⇒ when P = $14.40 or lower12. a. The gain or loss on the short position is: (–500 ⨯∆P)Invested funds = $15,000Therefore: rate of return = (–500 ⨯∆P)/15,000The rate of return in each of the three scenarios is:(i) rate of return = (–500 ⨯ $4)/$15,000 = –0.1333 = –13.33%(ii) rate of return = (–500 ⨯ $0)/$15,000 = 0%(iii) rate of return = [–500 ⨯ (–$4)]/$15,000 = +0.1333 = +13.33%b. Total assets in the margin account equal:$20,000 (from the sale of the stock) + $15,000 (the initial margin) = $35,000Liabilities are 500P. You will receive a margin call when:P 500P500000,35$-= 0.25 ⇒ when P = $56 or higherc.With a $1 dividend, the short position must now pay on the borrowed shares:($1/share ⨯ 500 shares) = $500. Rate of return is now:[(–500 ⨯∆P) – 500]/15,000(i) rate of return = [(–500 ⨯ $4)– $500]/$15,000 = –0.1667 = –16.67%(ii) rate of return = [(–500 ⨯ $0) – $500]/$15,000 = –0.0333 = –3.33%(iii) rate of return = [(–500) ⨯ (–$4) – $500]/$15,000 = +0.1000 = +10.00% Total assets are $35,000, and liabilities are (500P + 500). A margin call will be issued when:P 500500 P500000,35--= 0.25 ⇒ when P = $55.20 or higher13. The broker is instructed to attempt to sell your Marriott stock as soon as the Marriottstock trades at a bid price of $38 or less. Here, the broker will attempt to execute, but may not be able to sell at $38, since the bid price is now $37.95. The price at which you sell may be more or less than $38 because the stop-loss becomes a market order to sell at current market prices.14. a. $55.50b. $55.25c. The trade will not be executed because the bid price is lower than the price specifiedin the limit sell order.d. The trade will not be executed because the asked price is greater than the pricespecified in the limit buy order.15. a. In an exchange market, there can be price improvement in the two market orders.Brokers for each of the market orders (i.e., the buy order and the sell order) can agreeto execute a trade inside the quoted spread. For example, they can trade at $55.37,thus improving the price for both customers by $0.12 or $0.13 relative to the quotedbid and asked prices. The buyer gets the stock for $0.13 less than the quoted askedprice, and the seller receives $0.12 more for the stock than the quoted bid price.b. Whereas the limit order to buy at $55.37 would not be executed in a dealer market(since the asked price is $55.50), it could be executed in an exchange market. Abroker for another customer with an order to sell at market would view the limit buyorder as the best bid price; the two brokers could agree to the trade and bring it to thespecialist, who would then execute the trade.16. a. You will not receive a margin call. You borrowed $20,000 and with another$20,000 of your own equity you bought 1,000 shares of Disney at $40 per share. At$35 per share, the market value of the stock is $35,000, your equity is $15,000, andthe percentage margin is: $15,000/$35,000 = 42.9%Your percentage margin exceeds the required maintenance margin.b.You will receive a margin call when:P 000 ,1000 ,20$P000,1-= 0.35 ⇒ when P = $30.77 or lower17.The proceeds from the short sale (net of commission) were: ($14 ⨯ 100) – $50 = $1,350A dividend payment of $200 was withdrawn from the account. Covering the short sale at $9per share cost you (including commission): $900 + $50 = $950Therefore, the value of your account is equal to the net profit on the transaction: $1350 – $200 – $950 = $200Note that your profit ($200) equals (100 shares ⨯ profit per share of $2). Your net proceeds per share was:$14 selling price of stock–$9 repurchase price of stock–$2 dividend per share–$1 2 trades ⨯ $0.50 commission per share$2CFA PROBLEMS1. a. In addition to the explicit fees of $70,000, FBN appears to have paid an implicitprice in underpricing of the IPO. The underpricing is $3 per share, or a total of$300,000, implying total costs of $370,000.b. No. The underwriters do not capture the part of the costs corresponding to theunderpricing. The underpricing may be a rational marketing strategy. Withoutit, the underwriters would need to spend more resources in order to place theissue with the public. The underwriters would then need to charge higherexplicit fees to the issuing firm. The issuing firm may be just as well offpaying the implicit issuance cost represented by the underpricing.2. (d) The broker will sell, at current market price, after the first transaction at $55or less.3. (d)。
博迪《投资学》笔记和课后习题详解(证券是如何交易的)【圣才出品】
圣才电子书 十万种考研考证电子书、题库视频学习平台
场外交易市场（OTC）是指在证券交易所之外的证券交易市场，是由证券经营机构单独 或共同设立的非集中地进行证券交易的场所，如证券交易中心、报价中心、柜台交易或转让 的场所。其交易价格采取“一对一”的议价方式。该市场可进行股票整数交易，也可进行股 票零数交易。在该市场上交易的股票通常以非上市股票为主。
2 / 30
圣才电子书 十万种考研考证电子书、题库视频学习平台
向。统计潜在投资者的过程称为预约准备。预约可以为发行公司提供有价值的信息，因为大 机构投资者时常对证券市场的需求、发行公司的前景、竞争者情况具有敏锐的洞察力。
②首次公开发行的折价 首次公开发行的折价是指首次公开发行的价格通常是偏低的，股票在公开证券市场交易 的当天经常发生价格暴涨。 ③首次公开发行的成本 首次公开发行的直接成本通常约为筹资总额的 7%，而首次公开发行的偏低定价可以看 作是另一种成本。
全国证券交易商协会自动报价系统 NASDAQ（纳斯达克）是美国最著名的场外交易市 场。
③三级市场与四级市场 三级市场是指证券在交易所上市却在场外市场进行交易的市场，即上市股票的场外交易 市场。 四级市场是指投资者之间直接交易在证券交易所上市或在场外市场交易的证券，无经纪 人介入的证券交易市场。该市场适应机构投资者（如大公司）买卖上市股票的特殊需要，一 般利用电子计算机网络系统直接进行交易，可节省可观的交易费用。由于电子通信网络（ECN） 的出现，四级市场特有的投资者之间的直接交易近年来急剧增加。 ④全国交易系统 网络市场交易系统(ITS)通过电脑使不同交易所联系在一起，并允许经纪人和做市商可 以跨市场交易，构成了一个全国交易系统。 （2）交易所交易 ①参与者 由于经纪人公司在交易所拥有席位，佣金经纪商(commission broker)有权在交易所大 厅完成委托交易。 大厅经纪人(floor brokers)是交易所的独立会员，他们拥有属于自己的席位，当佣金经 纪商的订单过多而无力处理时，大厅经纪人可代为处理。
《投资学》博迪读后感
《投资学》博迪读后感“投资”一直是我最喜欢的学科，上学的时候读的就是“投资经济管理”专业，当然那时候的投资学不能和如今的投资学同日而语。
博迪先生的《投资学》（第四版）也曾断断续续读了三四遍，间或又读了弗朗西斯先生的《投资学：全球视角》，现在手里的是博迪先生的《投资学》。
投资不同于投资学，投资包含了金融投资和实物投资，但所有的投资的基础资产都是实物资产，金融投资的金融资产为建立在实物资产之上的虚拟资产，投资学其实是研究金融资产投资的一门学科，培养的是金融投资家和金融投资经纪，至于实物投资的学科是企业创业、商业、工商企业管理，培养的是企业家、商人和职业经理人，当然也包括个体工商户、私营企业主。
《投资学基捶内容简介：面向中国读者，结合中国资本市场的发展状况和最新案例，回答了如何进行正确的投资、如何规避投资行为中出现的各种金融风险、如何正确地管理投资，以及如何科学地把握投资成本和收益之间的关系等问题。
系统地介绍了一系列进行投资分析的基础概念和工具，详细阐述了组合管理方法、衍生金融工具、基础分析等投资学的核心内容。
以清晰的脉络、简洁的语言、扎实的基础，实现了科学性、知识性、实践性和趣味性的有机融合。
网上提供了与《投资学基础（第11版·中国版）》各个章节配套的练习题和补充材料（英文），供您学习之后温习知识。
在第10版的基础上增加了“投资风险”和“投资须知”专栏；丰富了课后习题的题型；为备考CFA的考生提供了部分习题。
《投资学基础（第11版·中国版）》可作为大学财经专业本科生教材，也可作为非金融专业学生的教材及MBA学员培训课程的参考读物，同时还适合所有对投资管理和理财管理感兴趣的人士阅读。
在经济高速发展的今天，我们需要了解多方面的知识，所以学习了解一些金融方面的知识也是必要的。
它能够培养自身的理财能力。
证券投资就是其中很重要的一个部分，说到投资，在现实生活中是无处不在的。
但是我对投资却知之甚少。
博迪《投资学》教材精讲讲义-第1~8章【圣才出品】
六、市场参不者
5 / 73
圣才电子书
1．金融市场主体
十万种考研考证电子书、题库规频学习平台
（1）公司（企业）。公司通常筹集资金幵将其投资二厂房和训备。返些实物资产创造
的收益为该公司収行证券的投资者提供收益。
（2）家庭。家庭通常是纯储蓄者，它们质买需要融资的公司収行的证券。
1 / 73
圣才电子书 十万种考研考证电子书、题库规频学习平台
【比较】美国家庭资产负债表（如表 1-1 所示）不美国国民财富净值表（如表 1-2 所示）， 可以収现实物资产不金融资产乀间存在明显的区别。家庭财富包括银行败户、企业股票戒债券 等金融资产。返些家庭金融证券对収行者杢说是负债。因此，在汇总所有的资产负债表时，金 融资产会相互抵消，叧剩下实物资产作为净资产。
3 / 73
圣才电子书 十万种考研考证电子书、题库规频学习平台
（1）提供引寻资本有效配置信息：资本价格収现和传逑； （2）给主体选择消费时机的机会：金融市场可以使个人的消费不收入在时间上分离（个 人和企业收入的生命周期）； （3）在绊济主体间配置风险：资本市场将投资所固有的风险转秱给了愿意承担风险的投资 者； （4）便利公司所有权和绊营权的分离。 两权分离的优势：与业化绊营、聚集资本觃模效应、分散风险、所有权转讥丌破坏 公司运营等。 代理问题：代理问题是指公司的管理者追求自己的利益而非股东利益所产生的管理 者不股东潜在的利益冲突。解决代理问题的管理机制有：薪酬（包括期权等）激励机制、通 过董亊会解雇管理者、讥外部证券分析师（戒其他独立人士）和大机构投资者（比如养老基 金）对公司实斲密切监督、以及讥绩效差的公司管理者面临着被接管的危机（公司收质、代 理权竞赛）等。 3．公司治理和公司伦理 要想使证券市场能够有效地収挥返一功能，就必须有一定的透明度，以便投资者能够在 信息灵通的情冴下做出投资决策。如果企业可以在公司的収展前景斱面误寻公众，那举很多 决策都会出错。 公司治理和伦理危机：会计丑闻、分析师丑闻、审计师丑闻等——信用危机。 公司追求完美的声誉最终将成为企业不客户乀间构建长丽关系的关键，也是企业最有价 值的资产乀一。
博迪投资学教材
博迪投资学教材
《博迪投资学教材（Bodie, Kane, Marcus）》是一本全面介绍投资学的经典教材。
该教材主要由三位作者（Zvi Bodie, Alex Kane, Alan J. Marcus）合著，以其内容的深度和广度而闻名于投资学领域。
该教材涵盖了投资学的基本概念、理论和实践，并提供了相关实例和案例来帮助读者更好地理解和应用这些概念。
内容包括投资风险与回报、资产定价、投资组合理论、衍生工具、投资者行为等等。
教材的难度适中，既适合投资学专业的研究生或本科生学习，也适用于对投资学感兴趣的非专业读者。
《博迪投资学教材》的特点之一是其强调实际应用和计算。
教材包含大量的数学公式和计算示例，以帮助学生掌握投资学方法和工具，并将其应用到实际投资决策中。
另外，该教材还包含了许多练习题和案例研究，以帮助学生检验和巩固所学知识。
此外，书中还提供了一些在线资源，如习题解答、课程常见问题、相关学习资料等，以帮助学生更好地学习和理解教材内容。
总之，《博迪投资学教材》是一本全面而权威的投资学教材，适用于投资学专业学生和对投资学感兴趣的读者。
它将学术理论与实际应用相结合，具有很高的教学实用性。
【2024版】北大经院博迪《投资学》考研辅导讲义
北大经院博迪《投资学》考研辅导讲义考研首先要做到以下几点：可靠正确的信息：这是在北大这类专业课不指定参考书的研究生中最重要的一点，公共课就不说了，因为是大统考，每年基本没有什么变化，复习资料基本也都是一样的。
让人担心的是专业课，尤其是像北大这种从来不指定任何参考书而且这几年专业课试卷风格改动很大，更需要最新最全最准确的资料信息以及对下一年专业课出题重点侧重的预测。
正确的复习计划：这里最重要的一点就是不要把复习计划落实到几点几分上，也就是不用规定死几点到几点学什么，几点到几点又学什么，即所谓的定时，可以适当地有点弹性，我所有的复习计划,都是按照定量来的,所谓定量就是比如每天数学复习全书看多少内容，专业课看几章，阅读做几篇，按照复习内容的难易长短而有所变化。
效率与时间：要记住效率第一,时间第二，就是说在保证效率的前提下再去延长复习的时间，不要每天十几个小时，基本都是瞌睡昏昏地过去的，那还不如几小时高效率的复习，坚定的意志：考研是个没有硝烟的持久战，在这场战争中，你要时刻警醒，不然随时都会有倒下的可能。
而且，它不像高考那样，每天都有老师催着，每个月都会有模拟考试检验着。
所以你不知道自己究竟是在前进还是在退步、自己的综合水平是在提高还是下降。
而且，和你一起自习的研友基本都没有跟你考同一个学校同一个专业的，你也不知道你的对手是什么水平。
很长一段时间，你可能都感觉不到自己的进步。
可能你某年的数学真题做了130多分，然后你觉得自己的水平很高了，但你要知道，也有很多人做了140多分，甚至满分，所以这是考研期间很大的一个障碍。
第十二章1、行为金融对投资者作出什么假设？信息处理偏差与行为偏差有哪些？行为金融的基本假设:人是非理性或有限理性，市场是非有效的,理性决策的偏离信息处理偏差::1、预测错误:过于依赖近期经验2、保守主义偏差与忽视样本规模和代表性偏差保守主义偏差：对最近出现的事件反应太慢。
忽视样本规模和代表性偏差：投资者基于小样本过快地推出一种模式，并推断出未来的趋势。
投资学博迪
投资学博迪
投资学博迪是一种独特的投资学理论体系，深受投资界的关注和认可。
该理论体系的核心思想是通过科学的方法分析市场变化，找到投资机会，从而实现长期稳定的资产增值。
本文将从投资学博迪的基本原理、应用方法以及成功案例等方面进行探讨。
投资学博迪的基本原理
投资学博迪的基本原理包括市场趋势分析、风险控制和价值投资。
首先是市场趋势分析，即通过对市场走势的研究和分析，找到合适的进入和退出点。
其次是风险控制，通过科学的方法评估风险，并采取相应的措施进行控制，避免损失。
最后是价值投资，即选择具有潜在价值、具备长期增值潜力的资产进行投资。
投资学博迪的应用方法
投资学博迪的应用方法主要包括技术分析、基本面分析和心理分析。
技术分析通过研究市场历史数据、图表等信息，预测未来走势；基本面分析通过研究公司业绩、财务状况等基本信息，评估其价值；心理分析通过分析投资者情绪、市场心态等方面，把握市场动态，做出正确的决策。
投资学博迪的成功案例
投资学博迪在实践中取得了许多成功案例。
例如，某投资者通过对市场趋势分析和风险控制的有效操作，成功捕捉到了某股票的上涨机会，获得了可观的回报；又如，某基金经理通过基本面分析和心理分析，选出了具有长期增值潜力的优质股票，为基金的持有者创造了丰厚的收益。
综上所述，投资学博迪是一种重要的投资学理论体系，它为投资者提供了科学的分析方法和决策思路，帮助他们在投资过程中取得成功。
相信通过深入学习和实践，更多的投资者将能够掌握这一理论体系，实现财富增值的目标。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
INVESTMENTS | BODIE, KANE, MARCUS
3-11
How Securities are Traded
Types of Markets:
• Dealer markets – Dealers have inventories of assets from which they buy and sell
Ask Price
• Asked prices represent offers to sell. • In dealer markets, the asked price is the price at which the dealer is willing to sell. • Investors must pay the asked price to buy the security.
– DirectPlus: fully automated execution for small orders – Specialists: Handle large orders and maintain orderly trading
INVESTMENTS | BODIE, KANE, MARCUS
3-4
Investment Banking
• Underwriting: Investment bank helps the firm to issue and market new securities • Prospectus: Describes the issue and the
prospects of the company. – Red herring
Center, ArcaEx, Direct Edge, BATS, and LavaFlow. • “Flash Trading”: Computer programs look for even the smallest mispricing opportunity and execute trades in tiny fractions of a second.
INVESTMENTS | BODIE, KANE, MARCUS
3-17
Table 3.1 Partial Requirements for Listing on NASDAQ Markets
INVESTMENTS | BODIE, KANE, MARCUS
3-18
New York Stock Exchange
• Lists about 2,800 firms • Automatic electronic trading runs sideby-side with traditional broker/specialist system
– SuperDot : electronic order-routing system
3-2
How Firms Issue Securities
• Primary Market – Firms issue new securities through underwriter to public – Investors get new securities; firm gets funding • Secondary Market – Investors trade previously issued securities among themselves
• Euronext – market formed by combination of the Paris, Amsterdam and Brussels exchanges, then merged with NYSE • Tokyo Stock Exchange
INVESTMENTS | BODIE, KANE, MARCUS
3-8
Initial Public Offerings
• Process
– Road shows to publicize new offering
– Bookbuilding to determine demand for the new issue
CHAPTER 3
How Securities are Traded
INVESTMENTS | BODIE, KANE, MARCUS
McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
INVESTMENTS | BODIE, KANE, MARCUS
3-21
Bond Trading
• Most bond trading takes place in the OTC market among bond dealers. • Market for many bond issues is “thin”. • NYSE is expanding its bond-trading system.
INVESTMENTS | BODIE, KANE, MARCUS
3-5
Figure 3.1 Relationship Among a Firm Issuing Securities, the Underwriters, and the Public
INVESTMENTS | BODIE, KANE, MARCUS
INVESTMENTS | BODIE, KANE, MARCUS
3-10
How Securities are Traded
Types of Markets: • Direct search – Buyers and sellers seek each other • Brokered markets – Brokers search out buyers and sellers
INVESTMENTS | BODIE, KANE, MARCUS
Investment Banking (Ctd.)
• Private placements – Firm uses underwriter to sell securities to a small group of institutional or wealthy investors. – Cheaper than public offerings – Private placements not traded in secondary markets
INVESTMENTS | BODIE, KANE, MARCUS
3-13
Types of Orders
• Market Order: Executed immediately
– Trader receives current market price
• Price-contingent Order:
INVESTMENTS | BODIE, KANE, MARCUS
3-3
How Firms Issue Securities (Ctd.)
• Stocks
– IPO
– Seasoned offering
• Bonds
– Public offering – Private placement
INVESTMENTS | BODIE, KANE, MARCUS
INVESTMENTS | BODIE, KANE, MARCUS
3-16
NASDAQ
• Lists about 3,200 firms
• Originally, NASDAQ was primarily a dealer market with a price quotation system
• Today, NASDAQ’s Market Center offers a sophisticated electronic trading platform with automatic trade execution. • Large orders may still be negotiated through brokers and dealers
– Traders specify buying or selling price
• A large order may be filled at multiple prices
INVESTMENTS | BODIE, KANE, MARCUS
3-14
Figure 3.5 Price-Contingent Orders
INVESTMENTS | BODIE, KANE, MARCUS
3-15
Trading Mechanisms
• Dealer markets • Electronic communication networks (ECNs) – True trading systems that can automatically execute orders • Specialists markets – maintain a “fair and orderly market”
– NYSE Bonds is the largest centralized bond market of any U.S. exchange
INVESTMENTS | BODIE, KANE, MARCUS
3-22
Market Structure in Other Countries
• London - predominately electronic trading
– Degree of investor interest in the new offering provides valuable pricing information