金融學：英文本

Prefacexix
PARTIFINANCEANDTHEFINANCIALSYSTEM1
ChapterIWhatIsFinance?1
1.1DefiningFinance2
1.2WhyStudyFinance?2
1.3FinancialDecisionsofHouseholds5
1.4FinancialDecisionsofFirms6
1.5FormsofBusinessOrganization7
1.6SeparationofOwnershipandManagement9
1.7TheGoalofManagement10
1.8MarketDiscipline:Takeovers14
1.9TheRoleoftheFinanceSpecialistinaCorporation15
Summary17
QuestionsandProblems20
Chapter2TheFinancialSystem21
2.1WhatIstheFinancialSystem?22
2.2TheFlowofFunds22
2.3TheFunctionalPerspective24
2.3.1Function1:TransferringResourcesacrossTimeandSpace25
2.3.2Function2:ManagingRisk25
2.3.3Function3:ClearingandSettlingPayments26
2.3.4Function4:PoolingResourcesandSubdividingShares27
2.3.5Function5:ProvidingInformation28
2.3.6Function6:DealingwithIncentiveProblems30
2.4FinancialInnovationandthe"InvisibleHand"33
2.5FinancialMarkets35
2.6FinancialMarketRates36
2.6.1InterestRates36
2.6.2RatesofReturnonRiskyAssets39
2.6.3MarketIndexesandMarketIndexing40
2.6.4RatesofReturninHistoricalPerspective43
2.6.5InflationandRealInterestRates45
2.6.6InterestRateEqualization47
2.6.7TheFundamentalDeterminantsofRatesofReturn48
2.7FinancialIntermediaries50
2.7.1Banks50
2.7.2OtherDepositorySavingsInstitutions50
2.7.3InsuranceCompanies51
2.7.4PensionandRetirementFunds51
2.7.5MutualFunds51
2.7.6InvestmentBanks52
2.7.7VentureCapitalFirms52
2.7.8AssetManagementFirms52
2.7.9InformationServices52
2.8FinancialInfrastructureandRegulation52
2.8.1RulesforTrading53
2.8.2AccountingSystems53
2.9GovernmentalandQuasi-GovernmentalOrganizations53
2.9.1CentralBanks54
2.9.2Special-PurposeIntermediaries54
2.9.3RegionalandWorldOrganizations55
Summary55
QuestionsandProblems59
AppendixA61
AppendixB62
Chapter3InterpretingandForecasting
FinancialStatements63
3.1FunctionsofFinancialStatements64
3.2ReviewofFinancialStatements65
3.2.1TheBalanceSheet65
3.2.2TheIncomeStatement67
3.2.3TheCashFlowStatement68
3.2.4NotestoFinancialStatements71
3.3MarketValuesversusBookValues73
3.4AccountingversusEconomicMeasuresofIncome75
3.5ReturnstoShareholdersversusReturnonBookEquity76
3.6AnalysisUsingFinancialRatios77
3.6.1TheRelationsamongRatios79
3.6.2TheEffectofFinancialLeverage80
3.6.3LimitationsofRatioAnalysis82
3.7TheFinancialPlanningProcess82
3.8ConstructingaFinancialPlanningModel83
3.9GrowthandtheNeedforExternalFinancing86
3.9.1TheFirm'sSustainableGrowthRate86
3.10WorkingCapitalManagement89
3.11LiquidityandCashBudgeting90
Summary91
QuestionsandProblems94
PARTIITIMEANDRESOURCEALLOCATION101
Chapter4TheTimeValueofMoneyand
DiscountedCashFlowAnalysis101
4.1Compounding102
4.1.1CalculatingFutureValues104
4.1.2SavingforOldAge106
4.1.3ReinvestingataDifferentRate107
4.1.4PayingBackaLoan107
4.2TheFrequencyofCompounding108
4.3PresentValueandDiscounting109
4.3.1Whena$100GirlIsNotReally$100111
4.4AlternativeDiscountedCashFlowDecisionRules112
4.4.1InvestinginLand115
4.4.2OtherPeople'sMoney115
4.5MultipleCashFlows116
4.5.1TimeLines117
4.5.2FutureValueofaStreamofCashFlows117
4.5.3PresentValueoraStreamofCashFlows118
4.5.4InvestingwithMultipleCashFlows118
4.6Annuities118
4.6.1FutureValueofAnnuities119
4.6.2PresentValueofAnnuities120
4.6.3BuyinganAnnuity120
4.6.4TakingaMortgageLoan121
4.7PerpetualAnnuities122
4.71InvestinginPreferredStock123
4.7.2InvestinginCommonStock123
4.8LoanAmortization124
4.8.1ABargainCarLoan?125
4.9ExchangeRatesandTimeValueofMoney125
4.9.1ComputingNPVinDifferentCurrencies126
4.10InflationandDiscountedCashFlowAnalysis127
4.10.1InflationandFutureValues128
4.10.2SavingforCollege:1128
4.10.3InvestinginInflation-ProofCDs129
4.10.4WhyDebtorsGainfromUnanticipatedInflation129
4.10.5InflationandPresentValues129
4.10.6SavingforCollege:2130
4.10.7InflationandSavingsPlans131
4.10.8SavingforCollege:3131
4.10.9InflationandInvestmentDecisions132
4.11TaxesandInvestmentDecisions133
4.11.1InvestinTax-ExemptBonds?134
Summary134
QuestionsandProblems137
Appendix142
Chapter5Life-CycleFinancialPlanning143
5.1ALife-CycleModelofSaving143
5.1.1Approach1:TargetReplacementRateofPreretirementIncome144
5.1.2Approach2:MaintaintheSameLevelofConsumptionSpending145
5.2TakingAccountofSocialSecurity151
5.3DeferringTaxesthroughVoluntaryRetirementPlans152
5.4ShouldYouInvestinaProfessionalDegree?154
5.5ShouldYouBuyorRent?155
Summary157
QuestionsandProblems160
Chapter6HowtoAnalyzeInvestmentProjects165
6.1TheNatureofProjectAnalysis166
6.2WhereDoInvestmentIdeasComeFrom?167
6.3TheNetPresentValueInvestmentRule168
6.4EstimatingaProject'sCashFlows169
6.5CostofCapital172
6.6SensitivityAnalysisUsingSpreadsheets173
6.6.1Break-EvenPoint176
6.6.2SensitivityofNPVtoSalesGrowth176
6.7AnalyzingCost-ReducingProjects176
6.8ProjectswithDifferentLives179
6.9RankingMutuallyExclusiveProjects179
6.10InflationandCapitalBudgeting181
Summary182
QuestionsandProblems186
PARTIIIVALUATIONMODELS193
Chapter7PrinciplesofAssetValuation193
7.1TheRelationbetweenanAsset'sValueandItsPrice194
7.2ValueMaximizationandFinancialDecisions194
7.3TheLawofOnePriceandArbitrage196
7.4ArbitrageandthePricesofFinancialAssets197
7.5InterestRatesandtheLawofOnePrice198
7.6ExchangeRatesandTriangularArbitrage199
7.7ValuationUsingComparables202
7.8ValuationModels202
7.8.1ValuingRealEstate203
7.8.2ValuingSharesofStock203
7.9AccountingMeasuresofValue204
7.10HowInformationIsReflectedinSecurityPrices206
7.11TheEfficientMarketsHypothesis206
Summary208
QuestionsandProblems211
Appendix213
Chapter8ValuationofKnownCashFlows:Bonds215
8.1UsingPresentValueFormulastoValueKnownCashFlows216
8.2TheBasicBuildingBlocks:PureDiscountBonds218
8.3CouponBonds,CurrentYield,andYieldtoMaturity220
8.3.1Bewareof"High-Yield"U.S.TreasuryBondFunds223
8.4ReadingBondListings224
8.5WhyYieldsfortheSameMaturityMayDiffer225
8.5.1TheEffectoftheCouponRate225
8.5.2TheEffectofDefaultRiskandTaxes226
8.5.3OtherEffectsonBondYields.227
8.6TheBehaviorofBondPricesoverTime227
8.6.1TheEffectofthePassageofTime227
8.6.2Interest-RateRisk228
Summary230
QuestionsandProblems232
Chapter9ValuationofCommonStocks234
9.1ReadingStockListings234
9.2TheDiscountedDividendModel235
9.2.1TheConstant-Growth-Rate,DiscountedDividendModel236
9.3EarningsandInvestmentOpportunities238
9.4AReconsiderationofthePrice/EarningsMultipleApproach242
9.5DoesDividendPolicyAffectShareholderWealth?242
9.5.1CashDividendsandShareRepurchases243
9.5.2StockDividends244
9.5.3DividendPolicyinaFrictionlessEnvironment246
9.5.4DividendPolicyintheRealWorld247
Summary248
QuestionsandProblems251
PARTIVRISKMANAGEMENTANDPORTFOLIOTHEORY255
Chapter10AnOverviewofRiskManagement255
10.1WhatIsRisk?256
10.1.1RiskManagement257
10.1.2RiskExposure258
10.2RiskandEconomicDecisions258
10.2.1RisksFacingHouseholds259
10.2.2RisksFacingFirms260
10.2.3TheRoleofGovernmentinRiskManagement261
10.3TheRisk-ManagementProcess261
10.3.1RiskIdentification261
10.3.2RiskAssessment263
10.3.3SelectionofRisk-ManagementTechniques263
10.3.4Implementation264
10.3.5Review264
10.4TheThreeDimensionsofRiskTransfer264
10.4.1Hedging265
10.4.2Insuring265
10.4.3Diversifying266
10.5RiskTransferandEconomicEfficiency268
10.5.1EfficientBearingofExistingRisks268
10.5.2RiskandResourceAUocation268
10.6InstitutionsforRiskManagement269
10.7PortfolioTheory:QuantitativeAnalysisforOptimal
RiskManagement272
10.8ProbabilityDistributionsofReturns273
10.9StandardDeviationasaMeasureofRisk275
Summary277
QuestionsandProblems280
Appendix282
Chapter11Hedging,Insuring,andDiversifying284
11.1UsingForwardandFuturesContractstoHedgeRisk285
11.2HedgingForeign-ExchangeRiskwithSwapContracts290
11.3HedgingShortfallRiskbyMatchingAssetstoLiabilities291
11.4MinimizingtheCostofHedging292
11.5InsuringversusHedging293
11.6BasicFeaturesofInsuranceContracts294
11.6.1ExclusionsandCaps295
11.6.2Deductibles295
11.6.3Copayments295
11.7FinancialGuarantees295
11.8CapsandFloorsonInterestRates296
11.9OptionsasInsurance296
11.9.1PutOptionsonStocks297
11.9.2PutOptionsonBonds298
11.10TheDiversificationPrinciple298
11.10.1DiversificationwithUncorrelatedRisks299
11.10.2NondiversifiableRisk301
11.11DiversificationandtheCostofInsurance303
Summary304
QuestionsandProblems306
Appendix314
Chapter12ChoosinganInvestmentPortfolio318
12.1TheProcessofPersonalPortfolioSelection319
12.1.1TheLifeCycle319
12.1.2TimeHorizons320
12.1.3RiskTolerance322
12.1.4TheRoleofProfessionalAssetManagers322
12.2TheTrade-OffbetweenExpectedReturnandRisk323
12.2.1WhatIstheRisklessAsset?323
12.2.2CombiningtheRisklessAssetandaSingleRiskyAsset324
12.2.3AchievingaTargetExpectedReturn:1327
12.2.4PortfolioEfficiency327
12.3EfficientDiversificationwithManyRiskyAssets329
12.3.1PortfoliosofTwoRiskyAssets329
12.3.2TheOptimalCombinationofRiskyAssets331
12.3.3SelectingthePreferredPortfolio332
12.3.4AchievingaTargetExpectedReturn:2334
12.3.5PortfoliosofManyRiskyAssets335
Summary337
QuestionsandProblems339
Appendix342
PARTVASSETPRICING343
Chapter13TheCapitalAssetPricingModel343
13.1TheCapitalAssetPricingModelinBrief344
13.2DeterminantsoftheRiskPremiumontheMarketPortfolio347
13.3BetaandRiskPremiumsonIndividualSecurities348
13.4UsingtheCAPMinPortfolioSelection349
13.5ValuationandRegulatingRatesofReturn352
13.5.1DiscountedCashFlowValuationModels352
13.5.2CostofCapital353
13.5.3RegulationandCost-PlusPricing353
13.6ModificationsandAlternativestotheCAPM354
Summary355
QuestionsandProblems356
Chapter14ForwardandFuturesPrices360
14.1DistinctionsbetweenForwardandFuturesContracts361
14.2TheEconomicFunctionofFuturesMarkets363
14.3TheRoleofSpeculators364
14.4RelationbetweenCommoditySpotandFuturesPrices365
14.5ExtractingInformationfromCommodityFuturesPrices366
14.6Forward-SpotPriceParityforGold366
14.6.1The"Implied"CostofCarry368
14.7FinancialFutures369
14.8The"Implied"RisklessRate372
14.9TheForwardPriceIsNotaForecastoftheFutureSpotPrice373
14.10Forward-SpotPrice-ParityRelationwithCashPayouts373
14.11"Implied"Dividends374
14.12TheForeign-ExchangeParityRelation375
14.13TheRoleofExpectationsinDeterminingExchangeRates376
Summary377
QuestionsandProblems380
Appendix381
Chapter15OptionsandContingentClaims383
15.1HowOptionsWork384
15.1.1IndexOptions386
15.2InvestingwithOptions387
15.3ThePut-CallParityRelation391
15.4VolatilityandOptionPrices394
15.5Two-State(Binomial)OptionPricing395
15.6DynamicReplicationandtheBinomialModel398
15.7TheBlack-ScholesModel399
15.8ImpliedVolatility402
15.9ContingentClaimsAnalysisofCorporateDebtandEquity403
15.10CreditGuarantees406
15.10.1AHypotheticalExample407
15.11OtherApplicationsofOption-PricingMethodology408
Summary410
QuestionsandProblems414
PARTVICORPORATEFINANCE417
Chapter16CapitalStructure417
16.1InternalversusExternalFinancing418
16.2EquityFinancing419
16.3DebtFinancing419
16.3.1SecuredDebt420
16.3.2Long-TermLeases420
16.3.3PensionLiabilities421
16.4TheIrrelevanceofCapitalStructure
inaFrictionlessEnvironment423
16.5CreatingValuethroughFinancingDecisions426
16.6ReducingCosts427
16.6.1TaxesandSubsidies427
16.6.2CostsofFinancialDistress429
16.7DealingwithConflictsofInterest430
16.7.1IncentiveProblems:FreeCashFlow430
16.7.2ConflictsbetweenShareholdersandCreditors431
16.8CreatingNewOpportunitiesforStakeholders431
16.9FinancingDecisionsinPractice432
16.9.1TheFiveCompanies432
16.9.2TheFiveFinancingMethods433
16.10HowtoEvaluateLeveredInvestments434
16.10.1ThreeValuationMethodsCompared434
Summary437
QuestionsandProblems440
Chapter17FinanceandCorporateStrategy443
17.1MergersandAcquisitions443
17.2Spin-offs447
17.3InvestinginRealOptions448
17.3.1AnExample449
17.3.2ApplyingtheBlack-ScholesFormulatoValueRealOptions451
Summary453
QuestionsandProblems455
SuggestedReadings456
Glossary459
Index464