Investments: An Introduction

19,95 лв.
  • ISBN / UPC: 9780030097690
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Herbert B. Mayo  (автор)


Издателство:   Dryden Press
Език: английски език
Раздел: Финанси и банково дело


Твърда корица, голям формат  |  680 стр.  |   1292 гр.

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Many textbooks on investments are written for students with considerable back­ground (and in some cases extensive background) in accounting, finance, and eco­nomics. However, not every student who takes an investments course has such an extensive background, and these students cannot cope with (or be expected to cope with) the material in fine, but advanced, textbooks on investments. This text is aimed at these students. The book covers the basics of investing, ranging from descriptive material on how securities are bought and sold to theoretical material on how se­curities are valued in an efficient financial market.


The text does assume that the student has a desire to tackle a fascinating subject that may have real impact on his or her well-being. Thus, while the presentation may be at an elementary level, in some cases the concepts are very sophisticated. No at­tempt is made to make the material unnecessarily difficult, but the very nature of evaluating investments and choosing among competing uses for the saver's funds is not easy, nor should it be.


Investing also requires an ability to forecast future events, or at least to anticipate the future. If one knew what was going to happen, investing would be easy. But the future can only be expected, and these expectations in many cases are not fulfilled. During the 1960s few individuals anticipated the inflation of the 1970s. The economy experienced a long period of stable economic growth in the 1960s, and economists believed that the problem of the business cycle had been overcome. They thought that by careful manipulation of fiscal and monetary policy, an era of continuous growth and prosperity would be upon us. That expectation certainly was not fulfilled!


If professional economists and others trained in forecasting have problems antici­pating the future, one can imagine the problems besetting the typical saver who seeks to invest a modest sum to help fulfill some future financial goal, such as putting a child through college. For the vast majority of individuals, investing is by its very nature a difficult problem. The security world is one of special jargon and terms, so­phisticated professionals, and an almost limitless number of possible alternative in­vestments. It is a primary aim of this text to make investing a little less difficult by explaining the terms and jargon, by elucidating the possible investments available to the individual investor, and by explaining many of the techniques used by the profes­sionals to value an asset.


This text uses a substantial number of examples and illustrations employing data that are generally available to the investing public. It is believed that this information is accurate; however, the reader should not assume that any mention of a specific firm and its securities is a recommendation to buy or sell those securities. The examples have been chosen to illustrate specific points and not to pass judgment on individual investments.





This book is a revision of an existing text, and the thrust, structure, and tone of the previous edition have been retained. However, there have been major changes in the material covered. Besides updating illustrations and improving the prose, the follow­ing major changes and additions have been made:

  • The introductory chapter has been expanded to include more material on risk to better establish the trade-off between risk and return that is crucial to all investments.
  • The material on short-term investments in Chapter 2 has been expanded, especially the discussion of financial intermediaries and deregulation of the banking system, and the material on money market mutual funds has been moved from the chapter on mutual funds to this chapter.
  • Chapter 4 on sources of information has been expanded to include data bases and on-line investing, as well as more extensive coverage of financial literature.
  • Chapter 5 on taxes includes the extensive changes in the federal income tax laws enacted in 1986.
  • Chapter 6 on the time value of money has been rewritten to differentiate between ordinary annuities and annuities due.
  • Chapter 7 on financial statements now starts with material on general accounting principles.
  • Chapter 8 on risk and efficient markets has been extensively revised. The theoretical material (e.g., beta coefficients and the portfolio's dispersion) has been expanded and better illustrated. A section on portfolio construction and the efficient market hy­pothesis has been added so that the analysis of risk is perceived in a portfolio context.
  • Chapter 9 on debt instruments has new material on variable-interest-rate bonds, zero coupon bonds, and junk bonds. An appendix on the explanations of the term structure of interest rates has been added.
  • Chapter 10 now includes a description, as well as an example, of how to use the concept of "duration."
  • Chapter 11 on preferred stock has new material on adjustable-rate preferred stocks and the disadvantages associated with investing in preferred stock.
  • Chapter 12 on government securities has been expanded to include zero coupon securities based on federal government securities (e.g., CATS). A special section on Ginnie Maes and mortgage-backed securities and an appendix on riding the yield curve using treasury bills have been added.
  • Chapter 13 on measures of stock prices and rates of return has additional material on the various measures of security prices.
  • The material in Chapter 14 on required rates of return, expected rates of return, and valuation has been clarified. The relationship between the use of the dividend-growth model and the use of P/E ratios to value securities has been included.
  • Chapters 16 and 17 on fundamental analysis have been significantly expanded to include additional material on the growth in the money supply and monetary growth targets, the anticipated economic environment and different investment strategies, the use of ratio analysis by specific investors, weaknesses in industry average statistics, and alternative methods of valuation for selecting stocks.
  • Chapters 19 and 20 on options have been reorganized. The material on warrants has been shifted to Chapter 19, which permits expansion of the coverage of puts and calls in Chapter 20. Additional material on stock index options and their use in hedge positions and an appendix on protective puts have been added.
  • Chapter 21 on convertible securities now includes a section on selecting convert­ibles, and coverage of put bonds has been added.
  • Chapter 22 on investment companies has been extensively expanded to include ma­terial on selecting mutual funds, hidden capital gains and losses, old versus new and large versus small funds, expenses (exit fees and 12b-l plans), and risk adjustments to facilitate comparisons of funds.
  • Chapter 25 on real estate has been expanded to illustrate the determination of cash flow from rental properties and the special risks associated with investing in these properties.
  • Chapter 26 on international investments is an entirely new chapter. It includes ma­terial on foreign stock exchanges, American Depository Receipts (ADRs), exchange rates, Euro-bonds, risk management through hedging, advantages offered by foreign securities, and American mutual funds with foreign investments.
  • Chapter 27 has expanded coverage of the forms of the efficient market hypothesis and anomalies in the empirical evidence that seeks to verify the hypothesis. The chap­ter ends with a totally revised section devoted to financial planning that includes a review of the assets covered in the text, the construction of the individual's pro forma balance sheet and cash budget, and the role of professional money managers and fi­nancial planners.





This text has a variety of features designed to assist the learning process. Each chapter starts with a set of learning objectives. These objectives point out topics to look for as the chapter develops. Each objective is stated using an action verb, such as "differ­entiate," "define," or "describe." The choice of the verb also gives the reader a clue as to how the material should be learned. For example, the objective "differentiate pre­ferred stock from long-term bonds" requires the student to learn the features that are common to both instruments and how they differ.


Running alongside the text material are marginal notes which highlight what is being discussed. Students who have used the previous edition found these notes to be the single most helpful pedagogical feature employed in the book. These marginal notes also serve as a guide for notetaking.


There are many interesting sidelight points that may not fit neatly into a particular chapter. To include these, I have added boxed Points of Interest to many of the chap­ters. These boxes may amplify the text material or present new material to supplement the coverage in the text. The tone of the points of interest is somewhat lighter than the text and is designed to increase reader interest in the chapter as a whole.


At the end of each chapter there is a list of terms to remember. Care has been taken to present the terms in the order of their appearance in the chapter. These terms reappear fully defined in the glossary at the end of the text; the glossary in turn gives the chapter number in which each term first appears.


Each chapter also includes questions and, where appropriate, problems. The questions and problems are straightforward and are designed primarily to review the material. The Instructor's Manual includes points to consider when answering these questions as well as the solutions to the problems. A Test Bank with questions for each chapter is included in the Instructor's Manual.


The chapters end with suggested readings intended to give the student a brief description of selected sources of further information. These are drawn from a cross-section of the literature on finance and investments. They include academic publica­tions (e.g., Financial Management), the professional literature (e.g., Financial Analysts Journal), and general business publications (e.g., Forbes). This literature and the books cited should be readily available in many libraries. The suggested readings are generally not technical, and while they may require serious reading, they should be accessible to the student using this text.


This text also has several short case studies which cover the material presented in several chapters and usually appear at the end of each of the book's parts. These cases serve both as a review and a means to tie the chapters together. They may be used as a basis for class discussions or homework assignments.





The text has 27 chapters, but few instructors may be able to complete the entire book in a semester course. Many of the chapters are self-contained units, so individual chapters may be omitted (or transposed) without loss of continuity. There are, how­ever, exceptions. For example, the valuation of preferred stock uses the same model as the valuation of bonds. The ratio analysis of a firm's financial statements in Chapter 17 assumes the student knows the material in Chapter 7.


Part I covers the environment of investing. It includes the role of brokers and fi­nancial intermediaries such as commercial banks, as well as how securities come into existence. This is essential material on investments that many students may not have had. These chapters are not easily omitted. Part II, however, covers material that stu­dents may already know (such as financial statements), in which case the omission of any particular chapter should release time for other chapters.


The bread and butter of investing in financial assets is the analysis and selection of fixed-income securities (Part III) and common stock (Part IV). Like Part I, Parts III and IV should be assigned and covered in class, with the possible exception of the chapter on technical analysis. Parts V and VI on options and alternative investments leave the instructor considerable choice. Since each instructor has personal preferences, any of these chapters is easily omitted or included depending on the availability of time. I do, however, believe that Part VII, on financial planning in an efficient financial market, should be included, as it may serve as a means to summarize the material presented in the course.





A textbook requires the input and assistance of many individuals in addition to the author. I would like to acknowledge the following individuals who contributed their time and thoughts to this text: Robert J. Hartwig, Worcester State College; Neil Gaston, Trenton State College; James P. Kuttner, College for Financial Planning; Donald W. Johnson, College for Financial Planning; Christian Guvernator III, Scott and Stringfellow; and Steven Stern, Trust Department—United Jersey Banks.


At this point in the text, it is traditional for the author to thank members of the production staff for their help in bringing the book to fruition. I wish to thank Ann Heath, Betsy Webster, Alan Wendt, C. J. Petlick, and Joe Pesce for their support. Their efforts are appreciated. In addition, a special bouquet of long-stemmed roses or a king-sized box of designer chocolates is due Diane Tenzi, whose frequent memos, letters, and phone calls shamed me into maintaining the production schedule.


I encourage readers to contact me with suggestions and comments. Please feel free to write me at RD 2, Box 529, Ringoes, New Jersey 08551.


Herbert B. Mayo April 1987



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Herbert B. Mayo
Dryden Press
New York
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