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Investments is a mainstream, midlevel text for the first undergraduate course. Reilly and Norton cover the major topics logically and concisely, providing a strong base for those who want to do advanced work in investment analysis and valuation. Consistently using realworld examples, the authors convey the importance of theory and its application to real world investing.Benefits: NEW! Revisions Throughout: Fewer chapters (from 22 to 20), major chapter revisions throughout, new data, new examples, new chapter order makes this edition exciting.NEW! Chapter 7: Security market indexes are relevant to individual and are having a growing role in portfolio performance. Updates on the changing composition and descriptions of new indexes are included.Chapter 9: Demonstration of CAPM using both domestic and global benchmarks illustrates the importance of "the benchmark error" problem.NEW! Chapter 10: In additional to updated material on efficient market hypothesis, new materail is included on behavioral finance, including material on how some findings are at odds with EMH.NEW! Chapter 11: Moved up to more easily incorporate and introduction to derivatives into the course and introduce straddles, strangles, and butterfly spreads.NEW! Chapter 13: A revision and condensation of two chapters from the previous edition.Chapter 14: Chapter on financial statements has an expanded discussion on alternative measures of cash flow and determining the value of capitalized leases and its impact on financial risk ratios.NEW! Chapter 16: Condensed, yet continuing emphasis on technical analysis and a more indepth discussion of trading techniques used by technicians.NEW! Chapter 17: Includes recent research on equity styles and the need for taxefficient investment strategies.NEW! Chapter 20: New ways of evaluating performance, including information ratios and Msquared or risk adjusted performance measures are included. New information on methods for benchmarking taxable portfolios is also included.WebApplications: Exercises in each chapter guide learning from the many investmentsrelated resources on the internet.Spreadsheet Applications: Spreadsheet exercises in virtually all chapters allow better analyses of the topics discussed in the chapter.NEW! Chapter 1: Substantially revised and includes the importance of ethics, job opportunities, and professional designations.NEW! Chapter 2: Also substantially revised, it focuses on risk and return for both domestics and international investments and shows the importance of reinvesting cash flows.Chapter 3: Includes data to illustrate the case for global investing and effect on risk from diversifying globally.NEW! Chapter 4: Mutual funds have been moved up and incorporates recent research, expenses, taxes, and different types of funds.NEW! Chapter 5: Includes the latest research on the affect of asset allocation in overall portfolio performance.NEW! Chapter 6: A lot of new material on capital markets around the world, decimal pricing, growth of margin debt, exchange mergers, and more.
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