现代金融理论基础pdf电子书版本下载

点此进入-本书在线PDF格式电子书下载【推荐-云解压-方便快捷】直接下载PDF格式图书。移动端-PC端通用
种子下载[BT下载速度快] 温馨提示：（请使用BT下载软件FDM进行下载）软件下载地址页 直链下载[便捷但速度慢]   [在线试读本书]   [在线获取解压码]

现代金融理论基础PDF格式电子书版下载

下载的文件为RAR压缩包。需要使用解压软件进行解压得到PDF格式图书。

建议使用BT下载工具Free Download Manager进行下载,简称FDM(免费,没有广告,支持多平台）。本站资源全部打包为BT种子。所以需要使用专业的BT下载软件进行下载。如 BitComet qBittorrent uTorrent等BT下载工具。迅雷目前由于本站不是热门资源。不推荐使用！后期资源热门了。安装了迅雷也可以迅雷进行下载！

（文件页数 要大于 标注页数，上中下等多册电子书除外）

注意：本站所有压缩包均有解压码： 点击下载压缩包解压工具

1 Understanding Financial Statements 1

1.1 Introduction 1

1.2 The Basic Accounting Statements 2

1.3 Measuring Asset Value 5

1.3.1 Accounting Principles on Asset Measurement 5

1.3.2 Asset Valuation 6

1.3.3 An Example of Asset Measurement 13

1.4 Measuring Liabilities and Equity 15

1.4.1 Accounting Principles on Liabilities and Equity Measurement 15

1.4.2 Liabilities and Equity Valuation 16

1.4.3 An Example of Liabilities and Equity Valuation 23

1.5 Measuring Earnings and Profitability 24

1.5.1 Accounting Principles on Earnings and Profitability Measurement 25

1.5.2 Measuring Accounting Earnings 26

1.5.3 Measuring Accounting Profitability 28

1.6 Measuring Risk 30

1.6.1 Accounting Principles on Risk Measurement 31

1.6.2 Accounting Measures of Risk 31

1.7 Summary 39

2 Understanding Risk 43

2.1 Introduction 43

2.2 Equity Risk and Expected Return 44

2.2.1 Defining Risk in Finance 44

2.2.2 Equity Risk 45

2.3 Diversifiable and Non-diversifiable Risk 49

2.3.1 The Components of Risk 50

2.3.2 A Simple Statistical Analysis of Diversification 52

2.3.3 Why A Marginal Investor Is Diversified 53

2.4 Models Measuring Market Risk 54

2.4.1 The Capital Asset Pricing Model (CAPM) 54

2.4.2 The Arbitrage Pricing Model (APM) 57

2.4.3 Multi-factor Models for Risk and Return 59

2.4.4 Regression or Proxy Models 60

2.4.5 A Comparison of Risk and Return Models 61

2.5 Models of Default Risk 64

2.5.1 The Determinants of Default Risk 65

2.5.2 Bond Ratings and Interest rates 66

2.6 Summary 69

2.7 Appendix:The New Definition of Risk 70

3 Theory of Investment Decisions 77

3.1 Introduction 77

3.2 Investment Decisions under Perfect Certainty 78

3.2.1 Consumption and Investment without Capital Markets 79

3.2.2 Consumption and Investment with Capital Markets 84

3.2.3 Transaction Costs and the Breakdown of Separation 90

3.3 Investment Decisions under Uncertainty 93

3.3.1 Uncertainty and State Preference Theory 94

3.3.2 Determinants of Security Prices 97

3.4 The Expected Utility Hypothesis 105

3.5 Optimal Investment and Portfolio Separation 107

3.6 Summary 111

3.7 Appendix:Creating Arrow-Debreu Securities 112

3.8 Appendix:Investors Attitude Towards Risk 115

4 Theory of Portfolio Choice 117

4.1 Introduction 117

4.2 Risk and Return for A Single Asset 118

4.2.1 Measures of Location 119

4.2.2 Measures of Dispersion 121

4.3 Measuring Portfolio Risk and Return 125

4.3.1 The Normal Distribution 126

4.3.2 Mean and Variance of A Two-asset Portfolio 127

4.3.3 Correlation Coefficient 131

4.3.4 The Minimum Variance Portfolio 133

4.3.5 Perfectly Correlated Assets 134

4.4 Optimal Portfolio Choice:Two Assets 137

4.3.6 The Minimum Variance Opportunity Set 137

4.4.1 Efficient Set with Two Risky Assets 138

4.4.2 Efficient Set with One Risky and One Risk-free Asset 141

4.5 Optimal Portfolio Choice:Many Assets 144

4.5.1 Mean-Variance Portfolio with n Risky Assets 144

4.5.2 Investment Opportunity Set with n Risky Assets 147

4.5.3 Two-fund Separation Theorem 149

4.5.4 Mean-Variance Portfolio with A Riskless Asset 151

4.6 Diversification and Individual Asset Risk 154

4.7 An Application:Cross Hedging 157

4.8 Summary 159

5 Equilibrium Asset Pricing Models 163

5.1 Introduction 163

5.2 Theoretical and Empirical Issues on CAPM 164

5.2.1 Efficiency of Market Portfolio 165

5.2.2 Derivation of CAPM 166

5.2.3 Properties of CAPM 170

5.2.4 Applications of CAPM 173

5.2.5 Empirical Tests of CAPM 178

5.3 Extensions of CAPM 181

5.3.1 No Riskless Asset 181

5.3.2 Returns Not Jointly Normal 184

5.3.3 Existence of Nonmarketable Assets 184

5.3.4 Existence of Heterogeneous Expectations and Taxes 185

5.4 Problem of Measuring Performance:Roll s Critique 186

5.5.1 Theoretical Foundation of APM 189

5.5 The Arbitrage Pricing Model 189

5.5.2 A Numerical Example of Arbitrage Pricing 198

5.5.3 Empirical Tests of APM 201

5.6 Summary 203

5.7 Appendix:Taking on Beta 204

6 Market Efficiency:Theory ＆ Evidence 209

6.1 Introduction 209

6.2.1 What Is Efficient Market 211

6.2 Efficient Markets:Theoretical Explanations 211

6.2.2 Versions of Market Efficiency 212

6.2.3 Implications for Investment Policy 213

6.3 Empirical Tests of Market Efficiency 215

6.3.1 Event Study 217

6.3.2 Portfolio Study 224

6.3.3 Pitfalls in Testing for Market Efficiency 226

6.4 Empirical Evidence on Efficient Markets 228

6.4.1 Time Series Properties of Price Changes 229

6.4.2 Market Reaction to Information Events 238

6.4.3 Market Anomalies 244

6.4.4 Evidence on Insiders and Investment Professionals 255

6.5 Implications of Evidence on Market Efficiency 261

6.6 Summary 263

6.7 Appendix:The Grossman-Stiglitz Paradox 264

6.8 Appendix:Investment Newsletters 266

7.1 Introduction 271

7 Option Pricing:Theory ＆ Applications 271

7.2 Basics on Option 272

7.2.1 Call and Put Options 272

7.2.2 Determinants of Option Value 274

7.2.3 American versus European Options 276

7.3 Option Pricing Models:The Binomial Approach 278

7.3.1 Creating A Replicating Portfolio 278

7.3.2 Binomial Option Valuation 279

7.4 The Black-Scholes Option Pricing Model 282

7.4.1 Implied Volatility and the Black-Scholes Model 282

7.4.2 Model Limitations and Fixes 285

7.4.3 Put-Call Parity and the Valuation of Puts 294

7.5 Extensions of Option Pricing 296

7.6 Summary 298

7.7 Appendix:Cox-Ross-Rubinstein Option Pricing 299

Bibliography 309