By Zvi Bodie, Alex Kane, Alan Marcus
Bodie, Kane, and Marcus’ Investments units the normal for graduate/MBA investments textbooks. It blends useful and theoretical insurance, whereas preserving a suitable rigor and a transparent writing type. Its unifying topic is that defense markets are approximately effective, which means that almost all securities are priced effectively given their possibility and go back attributes. The textual content locations higher emphasis on asset allocation and gives a much wider and deeper remedy of futures, thoughts, and different by-product safeguard markets than such a lot funding texts. it's also the single graduate Investments textual content to provide a web homework administration process, McGraw-Hill’s attach Finance.
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Extra info for Investments (McGraw-Hill/Irwin Series in Finance, Insurance and Real Estate)
First, by pooling the resources of many small investors, they are able to lend considerable sums to large borrowers. Second, by lending to many borrowers, intermediaries achieve significant diversification, so they can accept loans that individually might be too risky. Third, intermediaries build expertise through the volume of business they do and can use economies of scale and scope to assess and monitor risk. Investment companies, which pool and manage the money of many investors, also arise out of economies of scale.
Those services now will be supplied by the large universal banks. 1 For example, a typical leverage ratio (total assets divided by bank capital) at commercial banks in 2008 was about 10 to 1. In contrast, leverage at investment banks reached 30 to 1. Such leverage increased profits when times were good but provided an inadequate buffer against losses and left the banks exposed to failure when their investment portfolios were shaken by large losses Investment bankers advise the issuing corporation on the prices it can charge for the securities issued, appropriate interest rates, and so forth.
In February 2008, Microsoft offered to buy Yahoo! 18 on the day before the offer. Yahoo’s management rejected that offer and a better one at $33 a share; Yahoo’s CEO Jerry Yang held out for $37 per share, a price that Yahoo! had not reached in more than 2 years. Billionaire investor Carl Icahn was outraged, arguing that management was protecting its own position at the expense of shareholder value. Icahn notified Yahoo! ” To that end, he had purchased approximately 59 million shares of Yahoo! and formed a 10-person slate to stand for election against the current board.
Investments (McGraw-Hill/Irwin Series in Finance, Insurance and Real Estate) by Zvi Bodie, Alex Kane, Alan Marcus