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Investments by Zvi Bodie, Alex Kane, Alan J. Marcus and Nicholas Racculia

ISBN10: 1265417555 | ISBN13: 9781265417550

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ISBN10: 1266837310 | ISBN13: 9781266837319

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ISBN10: 1266779868 | ISBN13: 9781266779862

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Investments serves as a graduate (MBA) text designed primarily for investment analysis courses. It presents material through a framework rooted in fundamental principles, addressing key issues relevant to investors. Aligning with the CFA Institute, the authors ensure the text complements the CFA curriculum. The central theme is the near-efficiency of security markets, emphasizing that most securities are priced correctly based on their risk and return, while highlighting that competitive markets do not provide 'free lunches' to participants. A second theme explores the risk-return trade-off, while also emphasizing asset allocation and providing an in-depth look at futures, options, and derivatives.

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  • Part I: Introduction
  • 1. The Investment Environment
  • 2. Asset Classes and Financial Instruments
  • 3. How Securities Are Traded
  • 4. Mutual Funds and Other Investment Companies
  • Part II: Portfolio Theory and Practice
  • 5. Risk, Return, and the Historical Record
  • 6. Capital Allocation to Risky Assets
  • 7. Efficient Diversification
  • 8. Index Models
  • Part III: Equilibrium in Capital Markets
  • 9. The Capital Asset Pricing Model
  • 10. Arbitrage Pricing Theory and Multifactor Models of Risk and Return
  • 11. The Efficient Market Hypothesis
  • 12. Behavioral Finance and Technical Analysis
  • 13. Empirical Evidence on Security Returns
  • Part IV: Fixed-Income Securities
  • 14. Bond Prices and Yields
  • 15. The Term Structure of Interest Rates
  • 16. Managing Bond Portfolios
  • Part V: Security Analysis
  • 17. Macroeconomic and Industry Analysis
  • 18. Equity Valuation Models
  • 19. Financial Statement Analysis
  • Part VI: Options, Futures, and Other Derivatives
  • 20. Options Markets: Introduction
  • 21. Option Valuation
  • 22. Futures Markets
  • 23. Futures, Swaps, and Risk Management
  • Part VII: Applied Portfolio Management
  • 24. Portfolio Performance Evaluation
  • 25. International Diversification
  • 26. Alternative Assets
  • 27. The Theory of Active Portfolio Management
  • 28. Investment Policy and the Framework of the CFA Institute
  • References to CFA Problems

About the Author

Zvi Bodie

Zvi Bodie is Professor Emeritus at Boston University. He holds a PhD from the Massachusetts Institute of Technology and has served on the finance faculty at the Harvard Business School and MIT's Sloan School of Management. He has published widely in scholarly and professional journals on pension investment strategy and life-cycle asset-liability matching. In 2007 the Retirement Income Industry Association gave him its Lifetime Achievement Award for applied research.


Alex Kane

Alex Kune 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 Kane’s research is mainly in corporate finance, portfolio management. and capital markets.


Alan J. Marcus

Alan Marcus is the Mario J. Gabelli Professor of Finance in the Carroll School of Management at Boston College. He received his PhD in economics from MIT. Professor Marcus has been a visiting professor at the Athens Laboratory of Business Administration and at MIT's Sloan School of Management and has served as a research associate at the National Bureau of Economic Research. Professor Marcus has published widely in the fields of capital markets and portfolio management. He also spent two years at the Federal Home Loan Mortgage Corporation (Freddie Mac), where he developed models of mortgage pricing and credit risk.
He currently serves on the Research Foundation Advisory Board of the CFA Institute.

Nicholas Racculia

Professor Racculia holds a PhD from Princeton University and is a professor of Finance at Saint Vincent College. He teaches a wide range of classes in Corporate Finance, Investments, and Alternative Assets. He has published in the field of private equity and will focus on the development of online content for the text. Prior to academia, Professor Racculia worked for the Princeton University Investment Company and is a CAIA charter holder.

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