Essentials of Investments
The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross
Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor
FINANCIAL MANAGEMENT
Block, Hirt, and Danielsen
Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen
Principles of Corporate Finance Tenth Edition
Brealey, Myers, and Allen
Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus
Fundamentals of Corporate Finance Seventh Edition Brooks
FinGame Online 5.0
Bruner
Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition
Cornett, Adair, and Nofsinger Finance: Applications and Theory Second Edition Cornett, Adair, and Nofsinger M: Finance
First Edition measures discussed in this chapter DeMello
Cases in Finance Second Edition Grinblatt (editor)
Stephen A. Ross, Mentor: Influence through Generations Eighth Edition Grinblatt and Titman
Financial Markets and Corporate Strategy Second Edition Higgins
Analysis for Financial Management Tenth Edition
Kellison
Theory of Interest Third Edition
Ross, Westerfield, and Jaffe Corporate Finance Tenth Edition
Ross, Westerfield, Jaffe, and Jordan Corporate Finance: Core Principles and Applications Third Edition
Ross, Westerfield, and Jordan Essentials of Corporate Finance Seventh Edition Ross, Westerfield, and Jordan Fundamentals of Corporate Finance Tenth Edition
Shefrin
Behavioral Corporate Finance: Decisions That Create Value First Edition
White
Financial Analysis with an Electronic Calculator Sixth Edition
INVESTMENTS
Bodie, Kane, and Marcus
Essentials of Investments Ninth Edition
Bodie, Kane, and Marcus
Investments
Ninth Edition
Hirt and Block
Fundamentals of Investment Management Tenth Edition
Jordan and Miller
Fundamentals of Investments: Valuation and Management Sixth Edition
Stewart, Piros, and Heisler
Running Money: Professional Portfolio Management investors will choose to hold First Edition
Sundaram and Das
Derivatives: Principles and Practice First 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 Seventh Edition Saunders and Cornett
Financial Markets and Institutions Fifth Edition
INTERNATIONAL FINANCE
Eun and Resnick
International Financial Management Sixth Edition
REAL ESTATE
Brueggeman and Fisher
Real Estate Finance and Investments Fourteenth Edition Ling and Archer
Real Estate Principles: A Value Approach Fourth Edition
FINANCIAL PLANNING AND INSURANCE
Allen, Melone, Rosenbloom, and Mahoney Retirement Plans: 401(k)s, IRAs, and Other Deferred Compensation Approaches Tenth Edition
Altfest
Personal Financial Planning First Edition
Harrington and Niehaus
Risk Management and Insurance Second Edition Kapoor, Dlabay, and Hughes
Focus on Personal Finance: An Active Approach to Help You Develop Successful Financial Skills Fourth Edition Kapoor, Dlabay, and Hughes
Personal Finance Tenth Edition
Walker and Walker
Personal Finance: Building Your Future
Essentials of Investments
Ninth Edition
ZVI BODIE
Boston University
ALEX KANE
University of California, San Diego
ALAN J. MARCUS
Boston College
Essentials of Investments, Ninth Edition Zvi Bodie, Alex Kane and Alan J. Marcus ISBN-13 9780077148249
ISBN-10 007714824X
British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloguing lu Publication Data The Library of Congress data for this book has been applied for from the Library of Congress Executive Editor: Leiah Norcott
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Fictitious names of companies, products, people, characters and/or data that may be used herein (in case studies or in examples) are not intended to represent any real individual, company, product or event.
ISBN-13 9780077148249
ISBN-10 007714824X
2013. Exclusive rights by The McGraw-Hill Companies, Inc., for manufacture and export.
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About the Authors
Zvi Bodie
Boston University Zvi Bodie is Professor of Finance and Economics at Boston University School of Management. He holds a PhD from the Massachusetts Institute of Technology and has served on the finance faculty at Harvard Business School and MITs Sloan School of Management. Professor Bodie has published widely on pension finance and investment strategy in leading professional journals. His 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. Professor Bodie is a member of the Pension Research Council of the Wharton School, University of Pennsylvania. His latest book is Worry-Free Investing: A Safe Approach to Achieving Your Lifetime Financial Goals.
Alex Kane
University of California, San Diego Alex Kane is Professor of Finance and Economics at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He holds a PhD 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.
Alan J. Marcus Boston College Alan Marcus is the Mario J. Gabelli Professor of Finance in the Carroll School of Management at Boston College. He received his PhD from MIT, has been a Visiting Professor at MITs Sloan School of Management and Athens Laboratory of Business Administration, and has served as a Research Fellow at the National Bureau of Economic Research, where he participated in both the Pension Economics and the Financial Markets and Monetary Economics Groups. Professor Marcus also spent two years at the Federal Home Loan Mortgage Corporation (Freddie Mac), where he helped to develop mortgage pricing and credit risk models. Professor Marcus has published witent="applicat
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