Investments Analysis and Management 13th Edition Jones Solutions Manual

1. Part One: Background
2. Chapter 1: Understanding Investments
3. An Overall Perspective on Investing
4. Establishing a Framework for Investing
5. Some Definitions
6. A Perspective on Investing
7. Why Do We Invest?
8. Take a Portfolio Perspective
9. The Importance of Studying Investments
10. The Personal Aspects
11. Investments As a Profession
12. Understanding the Investment Decision Process
13. The Basis of Investment Decisions—Return and Risk
14. Checking Your Understanding
15. Structuring the Decision Process
16. Important Considerations in the Investment Decision-Making Process
17. The Great Unknown
18. A Global Perspective
19. The Importance of the Internet
20. Individual Investors versus Institutional Investors
21. Ethics in Investing
22. Checking Your Understanding
23. Organizing the Text
24. Summary
25. Questions
26. Spreadsheet Exercises
27. Checking Your Understanding
28. Chapter 2: Investment Alternatives
29. Organizing Financial Assets
30. Direct Investing
31. A Global Perspective
32. Nonmarketable Financial Assets
33. Money Market Securities
34. The Treasury Bill
35. Money Market Rates
36. Checking Your Understanding
37. Capital Market Securities
38. Fixed-Income Securities
39. Bonds
40. Types of Bonds
41. Government Agency Securities
42. Returns on Fixed-Income Securities
43. Checking Your Understanding
44. Equity Securities
45. Preferred Stock
46. Common Stock
47. Investing Globally in Equities
48. Checking Your Understanding
49. Private Equity
50. Derivative Securities
51. Options
52. Futures Contracts
53. A Final Note
54. Summary
55. Questions
56. Problems
57. Spreadsheet Exercises
58. Checking Your Understanding
59. Chapter 3: Indirect Investing
60. Investing Indirectly
61. What Is an Investment Company?
62. How Important are Investment Companies to Investors?
63. Three Major Types of Investment Companies
64. Closed-End Investment Companies
65. Exchange-Traded Funds (ETFs)
66. ETFs Versus ETNs
67. Mutual Funds (Open-End Investment Companies)
68. Checking Your Understanding
69. Types of Mutual Funds
70. Money Market Funds
71. Equity Funds, Bond Funds
72. Checking Your Understanding
73. The Net Asset Value per Share
74. The Details of Indirect Investing
75. Closed-End Funds
76. Mutual Funds
77. Investing in Index Mutual Funds Versus ETFs
78. Weighting Methods for Index Funds
79. Checking Your Understanding
80. Investment Company Performance
81. Measures of Fund Performance
82. Morningstar Ratings
83. Benchmarks
84. Fund Performance and Expenses
85. Some Conclusions about Fund Performance
86. Investing Internationally through Investment Companies
87. Fund Categories for International Investing
88. The Future of Indirect Investing
89. Fund Supermarkets
90. Hedge Funds
91. Summary
92. Questions
93. Computational Problems
94. Spreadsheet Exercises
95. Checking Your Understanding
96. Chapter 4: Securities Markets and Market Indexes
97. The Importance of Financial Markets
98. The Primary Markets
99. Initial Public Offerings (IPOs)
100. The Investment Banker
101. A Global Perspective
102. Checking Your Understanding
103. The Secondary Markets
104. U.S. Securities Markets for the Trading of Equities
105. The New York Stock Exchange
106. The NASDAQ Stock Market
107. NYSE Versus NASDAQ
108. The OTC (Over-the-Counter) Market
109. BATS
110. Electronic Communication Networks (ECNs)
111. Foreign Markets
112. Checking Your Understanding
113. Stock Market Indexes
114. The Dow Jones Averages
115. Standard & Poor’s Stock Price Indexes
116. Understanding a Capitalization-Weighted Index
117. NASDAQ Indexes
118. Other Indexes
119. Using the Correct Domestic Stock Indexes
120. Foreign Stock Market Indicators
121. Checking Your Understanding
122. Bond Markets
123. Individual Investors and Bond Trading
124. Derivatives Markets
125. The Globalization of Markets
126. Summary
127. Questions
128. Problems
129. Computational Problems
130. Spreadsheet Exercises
131. Checking Your Understanding
132. Chapter 5: How Securities are Traded
133. Introduction
134. Brokerage Transactions
135. Brokerage Firms
136. Brokerage Accounts
137. How Orders Work
138. Trading on Today’s Exchanges
139. Orders in the NASDAQ Stock Market
140. Modern-Day Trading
141. Types of Orders
142. Clearing Procedures
143. Checking Your Understanding
144. Investor Protection in the Securities Markets
145. Government Regulation
146. Self-Regulation
147. Other Investor Protections
148. Checking Your Understanding
149. Margin
150. How Margin Accounts can be Used
151. Margin Requirements and Obligations
152. Margin Requirements on Other Securities
153. Some Misconceptions about Margin
154. Short Sales
155. Selling Short as an Investor
156. Checking Your Understanding
157. Summary
158. Questions
159. Problems
160. Computational Problems
161. Spreadsheet Exercises
162. Checking Your Understanding
163. Part Two: Portfolio and Capital Market Theory
164. Chapter 6: The Returns and Risks from Investing
165. An Overview
166. Return
167. The Two Components of Asset Returns
168. Measuring Returns
169. Total Return
170. Cumulative Wealth Index
171. A Global Perspective
172. International Returns and Currency Risk
173. Checking Your Understanding
174. Summary Statistics for Returns
175. Arithmetic Mean
176. Geometric Mean
177. Arithmetic Mean versus Geometric Mean
178. Inflation-Adjusted Returns
179. Checking Your Understanding
180. Risk
181. Sources of Risk
182. Measuring Risk
183. Variance and Standard Deviation
184. Risk Premiums
185. Checking Your Understanding
186. Realized Returns and Risks from Investing
187. Total Returns and Standard Deviations for the Major Financial Assets
188. Cumulative Wealth Indexes
189. Understanding Cumulative Wealth as Investors
190. Compounding and Discounting
191. Summary
192. Questions
193. Demonstration Problems
194. Problems
195. Computational Problems
196. Spreadsheet Exercises
197. Checking Your Understanding
198. Chapter 7: Portfolio Theory
199. Dealing with Uncertainty
200. Using Probabilities
201. Probability Distributions
202. Calculating Expected Return for a Security
203. Calculating Risk for a Security
204. Checking Your Understanding
205. Introduction to Modern Portfolio Theory
206. Portfolio Return and Risk
207. Portfolio Expected Return
208. Portfolio Risk
209. Analyzing Portfolio Risk
210. Risk Reduction—The Insurance Principle
211. Diversification
212. Checking Your Understanding
213. The Components of Portfolio Risk
214. Covariance
215. The Correlation Coefficient
216. Checking Your Understanding
217. Calculating Portfolio Risk
218. The Two-Security Case
219. The n-Security Case
220. Checking Your Understanding
221. Obtaining the Data
222. Simplifying the Markowitz Calculations
223. Summary
224. Questions
225. Problems
226. Computational Problems
227. Spreadsheet Exercises
228. Checking Your Understanding
229. Chapter 8: Portfolio Selection and Asset Allocation
230. Building a Portfolio Using Markowitz Principles
231. Identify Optimal Risk–Return Combinations
232. The Attainable Set of Portfolios
233. Selecting an Optimal Portfolio of Risky Assets
234. The Global Perspective—International Diversification
235. Some Important Conclusions about the Markowitz Model
236. Checking Your Understanding
237. Selecting Optimal Asset Classes—The Asset Allocation Decision
238. Asset Allocation and Diversification
239. Some Major Asset Classes
240. Combining Asset Classes
241. Asset Allocation and the Individual Investor
242. Life-Cycle Analysis
243. Other Approaches
244. Checking Your Understanding
245. The Impact of Diversification on Risk
246. Systematic and Nonsystematic Risk
247. How Many Securities are Needed to Fully Diversify?
248. The Implications of Reducing Risk by Holding Portfolios
249. Summary
250. Questions
251. Problems
252. Spreadsheet Exercises
253. Checking Your Understanding
254. Chapter 9: Capital Market Theory and Asset Pricing Models
255. Capital Market Theory
256. Capital Market Theory Assumptions
257. Introduction of the Risk-Free Asset
258. Risk-Free Borrowing and Lending
259. Checking Your Understanding
260. The Capital Market Line
261. Defining The Capital Market Line
262. The Separation Theorem
263. Understanding the CML
264. The Equation for the CML
265. Important Points about the CML
266. Checking Your Understanding
267. Systematic Risk and Beta
268. Above- and Below-Average Beta Stocks
269. In Summary, What is Beta?
270. Estimating Beta
271. The Capital Asset Pricing Model (CAPM)
272. Checking Your Understanding
273. Implementing the CAPM
274. Tests of CAPM
275. Arbitrage Pricing Theory
276. The Law of One Price
277. Assumptions of APT
278. Factor Models
279. Understanding the APT Model
280. Identifying the Factors
281. Using APT in Investment Decisions
282. Checking Your Understanding
283. Other Prominent Factor Models
284. Some Conclusions about Asset Pricing
285. Summary
286. Questions
287. Demonstration Problems
288. Problems
289. Computational Problems
290. Spreadsheet Exercises
291. Checking Your Understanding
292. Part Three: Common Stocks: Analysis, Valuation, and Management
293. Chapter 10: Common Stock Valuation
294. Overview
295. Discounted Cash Flow Models
296. Two Broad DCF Approaches
297. The Dividend Discount Model
298. Applying the DDM
299. The DDM Equation
300. Implementing the DDM
301. Estimating Future Dividends
302. Checking Your Understanding
303. Growth Rate Cases for the DDM
304. The Zero-Growth Rate Model
305. The Constant-Growth Rate Model
306. How k and g Affect Value
307. The Multiple-Growth Rate Model
308. Dividends, Dividends—What about Capital Gains?
309. The Dividend Discount Model in Practice
310. Checking Your Understanding
311. Other Discounted Cash Flow Approaches
312. Free Cash Flow to Equity
313. Free Cash Flow to the Firm
314. Intrinsic Value and Market Price
315. Checking Your Understanding
316. The Multiplier Approach
317. Earnings Multiplier (P/E Ratio)
318. Other Multipliers
319. Price to Book (P/B)
320. Price to Sales (P/S)
321. Price to Cash Flow (P/CF)
322. Enterprise Value To EBITDA (EV/EBITDA)
323. Relative Valuation Metrics
324. Price/Earnings (P/E) Ratio
325. Price/Book (P/B) Ratio
326. Price/Sales (P/S) Ratio
327. Price/Cash Flow (P/CF) Ratio
328. Enterprise Value/EBITDA (EV/EBITDA) Ratio
329. Economic Value Added Analysis
330. Which Approach To Use?
331. Bursting the Bubble on New Economy Stocks—A Lesson in Valuation
332. Checking Your Understanding
333. Some Final Thoughts on Valuation
334. Summary
335. Questions
336. Demonstration Problems
337. Problems
338. Computational Problems
339. Spreadsheet Exercises
340. Checking Your Understanding
341. Chapter 11: Common Stocks: Analysis and Strategy
342. A Global Perspective
343. The Impact of the Overall Market on Stocks
344. Building Stock Portfolios
345. Checking Your Understanding
346. The Passive Strategy
347. Buy-and-Hold Strategy
348. Index Funds
349. Checking Your Understanding
350. The Active Strategy
351. Security Selection
352. Rotation Strategies
353. Market Timing
354. Checking Your Understanding
355. Rational Markets and Active Strategies
356. A Simple Strategy: The Coffeehouse Portfolio
357. Summary
358. Questions
359. Problems
360. Computational Problems
361. Spreadsheet Exercises
362. Checking Your Understanding
363. Chapter 12: Market Efficiency
364. Overview
365. The Concept of an Efficient Market
366. What Is an Efficient Market?
367. Why the U.S. Stock Market Can Be Expected to Be Efficient
368. The International Perspective
369. Forms of Market Efficiency
370. Checking Your Understanding
371. How to Test for Market Efficiency
372. Weak-Form Tests
373. Semistrong-Form Tests
374. Strong-Form Evidence
375. Checking Your Understanding
376. Market Anomalies
377. Earnings Announcements
378. Low Price Multiples
379. The Size Effect
380. The January Effect
381. Past Stock Return Performance
382. The Value Line Ranking System
383. Other Anomalies
384. Data Mining
385. Checking Your Understanding
386. Behavioral Finance
387. Efficient Markets versus Behavioral Finance
388. Behavioral Finance Implications for Investors
389. Behavioral Finance Today
390. Checking Your Understanding
391. Some Conclusions about Market Efficiency
392. Summary
393. Questions
394. Problems
395. Checking Your Understanding
396. Part Four: Security Analysis
397. Chapter 13: Economy/Market Analysis
398. Introduction
399. Taking a Global Perspective
400. Assessing the Economy
401. The Business Cycle
402. Forecasts of the Economy
403. Checking Your Understanding
404. The Stock Market and the Economy
405. The Economy and Stock Market Booms
406. Economic Slowdowns and Bear Markets
407. Checking Your Understanding
408. Understanding the Stock Market
409. A Model of Aggregate Stock Prices
410. Checking Your Understanding
411. Making Market Forecasts
412. Focus on the Important Variables
413. Checking Your Understanding
414. Using the Business Cycle to Make Market Forecasts
415. The E/P Ratio and the Treasury Bond Yield
416. Summary
417. Questions
418. Problems
419. Computational Problems
420. Spreadsheet Exercises
421. Checking Your Understanding
422. Chapter 14: Sector/Industry Analysis
423. Introduction
424. What Is an Industry?
425. Classifying Industries
426. The NAICS Classification System
427. Other Industry Classifications
428. The Importance of Sector/Industry Analysis
429. Why Sector/Industry Analysis Is Important over the Long Run
430. Checking Your Understanding
431. Sector Performance over Shorter Periods
432. How One Industry can Have a Major Impact on Investors: The Telecom Industry
433. Cross-Sectional Volatility Has Increased
434. Analyzing Sectors/Industries
435. The Industry Life Cycle
436. Checking Your Understanding
437. Qualitative Aspects of Industry Analysis
438. Using Sector/Industry Analysis as an Investor
439. Assess the Business Cycle
440. Review Investment Advisory Services about Industries
441. Sector Rotation
442. Evaluating Future Industry Prospects
443. Summary
444. Questions
445. Checking Your Understanding
446. Chapter 15: Company Analysis
447. Fundamental Analysis
448. The Accounting Aspects of Earnings
449. The Financial Statements
450. Checking Your Understanding
451. The Problems with EPS
452. Reported Earnings
453. Has the Situation Improved?
454. Checking Your Understanding
455. Using the Financial Statements to Analyze a Company’s FCF, ROE, and EPS
456. Analyzing Free Cash Flow (FCF)
457. Analyzing Return on Assets (ROA)
458. Analyzing Return on Equity (ROE)
459. The Accounting Determinants of EPS
460. Estimating the Internal (Sustainable) Growth Rate
461. Checking Your Understanding
462. Earnings Estimates
463. A Forecast of EPS
464. The Accuracy of Earnings Forecasts
465. Earnings Surprises
466. Earnings Guidance
467. The Earnings Game
468. Useful Information for Investors about Earnings Estimates
469. Alternatives to Earnings
470. The Multiplier
471. The P/E Ratio
472. Determinants of the P/E Ratio
473. Determinants of the P/B Ratio
474. Determinants of the P/S Ratio
475. Why Price Multiples Vary among Companies
476. The PEG Ratio
477. Fundamental Security Analysis in Practice
478. Summary
479. Questions
480. Problems
481. Computational Problems
482. Spreadsheet Exercises
483. Checking Your Understanding
484. Chapter 16: Technical Analysis
485. Introduction
486. What Is Technical Analysis?
487. A Framework for Technical Analysis
488. Checking Your Understanding
489. Stock Price and Volume Techniques
490. The Dow Theory
491. Charts of Price Patterns
492. Checking Your Understanding
493. Moving Averages
494. Relative Strength
495. Using the Computer for Technical Analysis
496. Technical Indicators
497. Breadth Indicators
498. Sentiment Indicators
499. Testing Technical Analysis Strategies
500. The Ebb and Flow of Technical Analysis
501. Some Conclusions about Technical Analysis
502. Summary
503. Questions
504. Computational Problems
505. Checking Your Understanding
506. Part Five: Fixed-Income Securities: Analysis, Valuation, and Management
507. Chapter 17: Bond Yields and Prices
508. Introduction
509. Bond Yields and Interest Rates
510. The Basic Components of Interest Rates
511. The Term Structure of Interest Rates
512. Risk Premiums (Yield Spreads)
513. Measuring Bond Yields
514. Current Yield
515. Yield to Maturity
516. Yield to First Call
517. Realized Compound Yield
518. Checking Your Understanding
519. Checking Your Understanding
520. Bond Prices
521. The Valuation Principle
522. Bond Valuation
523. Bond Price Changes
524. Bond Price Changes over Time
525. Bond Price Changes As a Result of Interest Rate Changes
526. Checking Your Understanding
527. Summary
528. Questions
529. Problems
530. Computational Problems
531. Spreadsheet Exercises
532. Checking Your Understanding
533. Chapter 18: Bonds: Analysis and Strategy
534. Why Buy Bonds?
535. Buying Foreign Bonds
536. Important Considerations in Managing a Bond Portfolio
537. Understanding the Bond Market
538. Global Factors and the U.S. Bond Markets
539. Checking Your Understanding
540. Bond Strategies and Techniques
541. Passive Management Strategies
542. Buy and Hold
543. Indexing
544. Active Management Strategies
545. Forecasting Changes in Interest Rates
546. Yield Spread Analysis
547. Identifying Mispricing among Bonds
548. New Tools for Individual Investors
549. Managing Price Volatility
550. Duration
551. Checking Your Understanding
552. Managing Price Volatility
553. Immunization
554. Summary
555. Questions
556. Problems
557. Computational Problems
558. Spreadsheet Exercises
559. Checking Your Understanding
560. Part Six: Derivative Securities
561. Chapter 19: Options
562. Why Have Derivative Securities?
563. Why Options Markets?
564. Introduction to Options
565. Long-Term Options
566. WeeklysSM Options
567. Understanding Options
568. Options Terminology
569. Checking Your Understanding
570. How Options Work
571. The Mechanics of Trading
572. Checking Your Understanding
573. Payoffs and Profits from Basic Option Positions
574. Calls
575. Puts
576. Some Basic Options Strategies
577. Covered Calls
578. Protective Puts
579. Portfolio Insurance
580. Checking Your Understanding
581. Option Valuation
582. A General Framework
583. Intrinsic Values and Time Values
584. Boundaries on Option Prices
585. The Black–Scholes Model
586. Put Option Valuation
587. Summarizing the Factors Affecting Options Prices
588. Hedge Ratios
589. Using the Black–Scholes Model
590. Checking Your Understanding
591. An Investor’s Perspective on Puts and Calls
592. What Puts and Calls Mean to Investors
593. The Evolutionary Use of Options
594. Stock Index Options
595. The Basics of Stock Index Options
596. Strategies with Stock Index Options
597. The Popularity of Stock Index Options
598. Summary
599. Questions
600. Problems
601. Computational Problems
602. Spreadsheet Exercises
603. Checking Your Understanding
604. Chapter 20: Futures Contracts
605. An Overview of Futures Markets
606. Why Futures Markets?
607. What Is Traded in the Futures Markets?
608. The Structure of Futures Markets
609. U.S. Futures Exchanges
610. Foreign Futures Markets
611. The Clearinghouse
612. Checking Your Understanding
613. The Mechanics of Trading
614. Futures Contracts
615. Basic Procedures
616. Margin
617. Checking Your Understanding
618. Using Futures Contracts
619. Hedgers
620. How to Hedge with Futures
621. Speculators
622. Calculating Rate of Return on Futures Contracts
623. Checking Your Understanding
624. Financial Futures
625. Foreign Currency Futures
626. Interest Rate Futures
627. Stock-Index Futures
628. Single Stock Futures
629. Summary
630. Questions
631. Problems
632. Computational Problems
633. Checking Your Understanding
634. Part Seven: Investment Management
635. Chapter 21: Managing Your Financial Assets
636. A Perspective on Investing in Financial Assets
637. Managing Your Financial Assets
638. Individual Investors Vary Widely
639. Checking Your Understanding
640. Formulate an Appropriate Investment Strategy
641. Investor Objectives
642. Assessing Your Risk Tolerance
643. Establishing Your Return Expectations
644. Checking Your Understanding
645. What Issues Do Investors Face in Their Financial Planning?
646. Liquidity Needs
647. Time Horizon
648. Tax Considerations
649. Regulations
650. Unique Individual Circumstances
651. Investor Expectations as a Part of Financial Planning
652. Rate of Return Assumptions
653. Checking Your Understanding
654. Implementing Investing Strategies
655. Asset Allocation
656. Portfolio Optimization
657. Basic Investment Management Strategies
658. Financial Planning on an Ongoing Basis
659. Tax-Advantaged Investing
660. Monitoring Market Conditions
661. Checking Your Understanding
662. Rebalancing a Portfolio of Financial Assets
663. Determining the Success of Your Financial Planning
664. Summary
665. Questions
666. Spreadsheet Exercises
667. Checking Your Understanding
668. Chapter 22: Evaluation of Investment Performance
669. A Framework for Evaluating and Assessing Portfolio Performance
670. Performance Measurement Issues
671. Three Questions to Answer in Measuring Portfolio Performance
672. Return Calculations
673. Risk Considerations
674. Checking Your Understanding
675. Performance Benchmarks and Performance Universes
676. Performance Universes
677. Performance Benchmarks
678. A Straightforward Approach to Performance Evaluation
679. Risk-Adjusted Measures of Performance
680. The Sharpe Ratio
681. Treynor’s Reward to Volatility
682. Checking Your Understanding
683. Jensen’s Alpha
684. Information Ratio
685. M2
686. Sortino Ratio
687. Checking Your Understanding
688. Style Analysis and Performance Attribution
689. Style Analysis
690. Performance Attribution
691. Money Managers and Performance Presentations
692. Checking Your Understanding
693. An Overview on Performance Evaluation
694. Summary
695. Questions
696. Problems
697. Computational Problems
698. Spreadsheet Exercises
699. Checking Your Understanding
700. Glossary
701. Index
702. EULA

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