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Zvi Bodie - Essentials of Investments

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Zvi Bodie Essentials of Investments

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Introducing...Essentials of Investments, 9th Global Edition, by Zvi Bodie, Alex Kane and Alan J. Marcus. We are pleased to present this Global Edition, which has been developed specifically to meet the needs of international Investment students. A market leader in the field, this text emphasizes asset allocation while presenting the practical applications of investment theory without unnecessary mathematical detail. The ninth edition includes new coverage on the roots and fallout from the recent financial crisis and provides increased content on the changes in market structure and trading technology. Enhancements to this new Global Edition include: new On the market front boxes highlight important investment concepts in real world situations across the globe, to promote student thinking without taking a full case study approach. Topics include short-selling in Europe & Asia, credit default swaps and the debt crisis in Greece and include examples from Commerzbank, JP Morgan, Facebook, Coca-Cola, Santander, The European Energy Exchange, plus many more!; and revised worked examples illustrate problems using both real and fictional scenarios from across the world to help students develop their problem solving skills. Regional examples include Hutchinson Whampoa (Asia), The Emirates Group (The Middle East) and KLM Royal Dutch Airlines (The Netherlands). Includes: revised end-of chapter material includes brand new global questions and global internet exercises that feature currencies, companies and scenarios from Europe, Middle East, Africa and Asia to increase engagement for international students; and Global Edition of Connect Plus Finance, McGraw-Hills web-based assignment and assessment platform with eBook access, helps students learn faster, study more efficiently, and retain more knowledge. This Global Edition has been adapted to meet the needs of courses outside of the United States and does not align with the instructor and student resources available with the US edition.

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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 - photo 1

British Library Cataloguing in Publication Data A catalogue record for this - photo 2

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

Production Editor: Alison Davis

Marketing Manager: Vanessa Boddington Printed and bound in Great Britain by Bell & Bain Ltd. Glasgow Published by McGraw-Hill Education (UK) Limited an imprint of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright 2013, 2009, 2007, 2005, 2002, 1999, 1996, 1993, 1990, 1986, 1982 by McGraw-Hill Education (UK) Limited. All rights reserved. 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, with out the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

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.

This book cannot be re-exported from the country to which it il+xml; charset

About the Authors

Zvi Bodie Boston University Zvi Bodie is Professor of Finance and Economics at - photo 3

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 - photo 4

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 - photo 5

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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