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Bodie Zvi - ISE EBook Online Access for Essentials of Investments

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page i Essentials of Investments page ii The McGraw Hill Education Series in - photo 1

page i

Essentials of Investments

page ii

The McGraw Hill Education Series in Finance, Insurance, and Real Estate

FINANCIAL MANAGEMENT

Block, Hirt, and Danielsen

Foundations of Financial Management

Seventeenth Edition

Brealey, Myers, and Allen

Principles of Corporate Finance

Thirteenth Edition

Brealey, Myers, and Allen

Principles of Corporate Finance, Concise

Second Edition

Brealey, Myers, and Marcus

Fundamentals of Corporate Finance

Tenth Edition

Brooks

FinGame Online 5.0

Bruner, Eades, and Schill

Case Studies in Finance: Managing for Corporate Value Creation

Eighth Edition

Cornett, Adair, and Nofsinger

Finance: Applications and Theory

Fifth Edition

Cornett, Adair, and Nofsinger

M: Finance

Fifth Edition

DeMello

Cases in Finance

Third Edition

Grinblatt (editor)

Stephen A. Ross, Mentor: Influence through Generations

Grinblatt and Titman

Financial Markets and Corporate Strategy

Second Edition

Higgins

Analysis for Financial Management

Twelfth Edition

Ross, Westerfield, Jaffe, and Jordan

Corporate Finance

Thirteenth Edition

Ross, Westerfield, Jaffe, and Jordan

Corporate Finance: Core Principles and Applications

Sixth Edition

Ross, Westerfield, and Jordan

Essentials of Corporate Finance

Tenth Edition

Ross, Westerfield, and Jordan

Fundamentals of Corporate Finance

Thirteenth Edition

Shefrin

Behavioral Corporate Finance: Decisions That Create Value

Second Edition

INVESTMENTS

Bodie, Kane, and Marcus

Essentials of Investments

Twelfth Edition

Bodie, Kane, and Marcus

Investments

Twelfth Edition

Hirt and Block

Fundamentals of Investment Management

Tenth Edition

Jordan, Miller, and Dolvin

Fundamentals of Investments: Valuation and Management

Ninth Edition

Stewart, Piros, and Heisler

Running Money: Professional Portfolio Management

First Edition

Sundaram and Das

Derivatives: Principles and Practice

Second Edition

FINANCIAL INSTITUTIONS AND MARKETS

Rose and Hudgins

Bank Management and Financial Services

Ninth Edition

Rose and Marquis

Financial Institutions and Markets

Eleventh Edition

Saunders and Cornett

Financial Institutions Management: A Risk Management Approach

Tenth Edition

Saunders and Cornett

Financial Markets and Institutions

Eighth Edition

INTERNATIONAL FINANCE

Eun and Resnick

International Financial Management

Eighth Edition

REAL ESTATE

Brueggeman and Fisher

Real Estate Finance and Investments

Sixteenth Edition

Ling and Archer

Real Estate Principles: A Value Approach

Sixth Edition

FINANCIAL PLANNING AND INSURANCE

Allen, Melone, Rosenbloom, and Mahoney

Retirement Plans: 401(k)s, IRAs, and Other Deferred Compensation Approaches

Twelfth Edition

Altfest

Personal Financial Planning

Second Edition

Harrington and Niehaus

Risk Management and Insurance

Second Edition

Kapoor, Dlabay, Hughes, and Hart

Focus on Personal Finance: An Active Approach to Help You Achieve Financial Literacy

Seventh Edition

Kapoor, Dlabay, Hughes, and Hart

Personal Finance

Thirteenth Edition

Walker and Walker

Personal Finance: Building Your Future

Second Edition

page iii

Essentials of Investments

Twelfth Edition

ZVI BODIE

Boston University

ALEX KANE

University of California, San Diego

ALAN J. MARCUS

Boston College

Picture 2

page iv

Picture 3

ESSENTIALS OF INVESTMENTS

Published by McGraw Hill LLC, 1325 Avenue of the Americas, New York, NY 10121. Copyright 2022 by McGraw Hill LLC. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw Hill LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 0 LWI 24 23 22 21

ISBN 978-1-265-45009-0

MHID 1-265-45009-9

Cover Image: olgers/Shutterstock

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw Hill LLC, and McGraw Hill LLC does not guarantee the accuracy of the information presented at these sites.

mheducation.com/highered

page v

About the Authors

Zvi Bodie Boston University Professor of Finance and Economics Emeritus at - photo 4

Zvi Bodie

Boston University

Professor of Finance and Economics Emeritus at Boston University School of Management

Zvi Bodie is Professor Emeritus at Boston University. He earned his Ph.D. in economics from MIT. He has published widely on pension finance and investment strategy and is best known for applying financial theory to life-cycle saving and investing, especially asset-liability matching. He has directed major research projects for the National Bureau of Economic Research and the Pension Research Council. Bodies books include Foundations of Pension Finance, Pensions in the U.S. Economy, Issues in Pension Economics, and Financial Aspects of the U.S. Pension System. Bodie has been a visiting professor at the Harvard Business School and MITs Sloan School of Management. In 2007, the Retirement Income Industry Association gave him its Lifetime Achievement Award for applied research, and in 2019, the Plan Sponsors Council of America awarded him a lifetime achievement award.

Alex Kane University of California San Diego Professor of Finance and - photo 5

Alex Kane

University of California, San Diego

Professor of Finance and Economics at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego

Alex Kane holds a Ph.D. from the Stern School of Business of New York University and has been Visiting Professor at the Faculty of Economics, University of Tokyo; Graduate School of Business, Harvard; Kennedy School of Government, Harvard; and Research Associate, National Bureau of Economic Research. An author of many articles in finance and management journals, Professor Kanes research is mainly in corporate finance, portfolio management, and capital markets.

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