📚 Catalog by section

📖 Contenu

PLANNING, ORGANIZING, CONTROLLING. Personal Money Management and Planning. Organizing.Budgeting.: HEDGING AGAINST FINANCIAL LOSSES. Insurance. SAVING AND BORROWING. Saving, Banking, and Bonds. Consumer Credit, Consumer Awareness. CONSUMPTION Food, Clothing, and Personal Health Care. Housing, Furnishings, and Real Estate. Transportation. INVESTING AND TAXES Basic Investing. Income Taxes. THE POSTWORKING YEARS Retirement. Estate Planning. Exercises.

📖 Contenu

PART I 2 THE INVESTMENT BACKGROUND CHAPTER 1 4 THE INVESTMENT SETTING 5 6 9 Determinants of Required Rates of Return The Concept of Investment Measures of Return and Risk Investment Deined Risk and Uncertainty Measure of Return The Risk-Free Rate Measure of Risk 6 Factors Influencing the Nominal (Money) Rate on Risk-Free Investments 12 15 Risk Premium 18 Risk Premium and Portfolio Theory 19 19 Summary of Required Rate of Return Relationship between Risk and Return Summary 20 APPENDIX 1A COMPUTATION OF VARIANCE AND STANDARD DEVIATION 25 CHAPTER 2 ALTERNATIVE INVESTMENTS IN A GLOBAL CAPITAL MARKET 29 29 Types of Investments 30 Makeup of the World Bond Market Fixed-Income Investments 31 36 36 of the World Equity Market Common Stock Classifications Special Equity Instruments 39 Equity Instruments Investment Companies Commodities Trading Low-Liquidity Investments Makeup Real Estate 42 36 37 41 43 Historical Returns on Alternative 44 46 57 Investments 60 GEOMETRIC MEAN RETURNS CoVARIANCE AND CORRELATION TAX CONSIDERATIONS 62 50 Stocks Bonds, and T-Bills World Portfolio Analysis 44 Art and Antiques 52 APPENDIX 2A APPENDIX 2B APPENDIX 2C Summary ORGANIZATION AND FUNCTIONING OF SECURITIES MARKETS CHAPTER 3 74 74 Financial Markets 75 74 76 Factors That Determine a "Good'" Market Organization of the Securities Market Primary Markets What Is a Market? 80 Alternative Relationships with Investment Detailed Analysis of the xchange Market 79 Importance of Secondary Markets The Over-the-Counter (0TC) Market Regional Securities Exchanges Secondary Equity Markets Secondary Bond Markets Government Issues Exchange Membership Corporate Issues Municipal Issues Secondary Markets Banker 76 76 77 78 81 81 82 89 88 94 94 95 103 Effects of Institutional Investors on the Securities Market-Makers outside the United States 103 Why the Market Is Changing Changes in the Securities Markets Negotiated Commissions Markets 102 99 Types of Orders The Specialist 103 104 J85 187 xvili CONTENTS 187 106 193 Bank Publications 184 Aggregate Stock Market Analysis Non-U.S. Economic Data Government Publications Commercial Publications Brokerage Firm Reports Industry Publications Trade Associations Industry Analysis Individual Stocks 187 J07 191 108 109 109 193 195 109 195 195 110 196 204 Company-Generated Information Commercial Publications Investment Magazines Computerized Data Sources Academic Journals Summary 111 203 206 208 114 113 Markets 109 Efects of Block Trades and Specialists Institutions and Stock Price Volatility Development of Tiered Trading Effect of a Tiered Secondary Market A National Market System (NMS) 112 Centralized Quotation System Central Limit-Order Book (CLOB) Intermarket Trading System Competition between Market-Makers Centralized Reporting Global Market Changes New Trading Systems Future Developments (Rule 390) Summary 116 Sources of Investment Information 207 117 120 APPENDIX 3A THE OCTOBER 1987 CRASH 150 MoDERN DEVELOPMENTS IN INVESTMENT THEORY CHAPTER 4 PART II Diferentiating Factors in Constructing Market SECURITY MARKET INDICATOR SERIES Uses of Market Indicator Series Indicator Series 210 150 151 CHAPTER 6 213 213 212 Rationale of the Efficient Capital Markets Alternative Efficient Market Hypotheses Expected Return or Fair Game Model Weak-Form Eficient Market Hypothesis EFFICIENT CAPITAL MARKETS Semistrong-Form EMcient Market Hypothesis 215 212 Theory 152 152 214 161 159 165 152 154 Alternative Stock Market Indicator Series 152 Unweighted Price Indicator Series Alternative Bond Market lndicator Series Comparison of Indicator Series Changes over Computational Procedure Price-Weighted Series Composite Security Market Series Value- Weighted Series Samples 151 170 Weighting Time 215 215 Strong-Form Efficient Market Hypothesis Tests and Results of Efficient Market Hypotheses 171 218 215 Tests of Semistrong-Form Hypothesis Tests of Strong-Form Hypothesis Tests of Weak-Form Hypothesis Efficient Markets and Technical Analysis Implications of Efficient Capital Markets Efficient Markets and Fundamental Some Anomalies 227 172 173 170 Correlations among Monthly Bond Series Correlations among Daily Equity Price Annual Stock Price Changes Annual Bond Rates of Return Changes Summary 173 245 24I 245 CHAPTER 5 Analysis 245 Eficient Markets and Portfolio Analysis 246 Efficiency in European Equity Markets Summary SoURCES OF INFORMATION ON INVESTMENTS 183 248 249 183 182 Sources for Aggregate Economic Analysis U.S. Government Sources Enpirieal ipt tor the ThreeMep CHAPTa 7 Asern lutirn unwmų (anpmute Punings M19 Systemitlh Stnh rre u.tuutws Murlhut unt nhuetry KHert Theory f Valsntion AN INIRonCON TO PoRIroLJ0 MANAGtMLNI Z55 255 314 315 Valuatifsss f Alternative Jrrvest inerts Vuluttn of Bods 256 257 256 23.3 An Optimum Porttollo Markowitz Porttollo Theory Dehnitlon of Risk Riak Aerston 326 326 334 Valuation with Tempnary Super-Numal Determinants of Kequired Rate of Return and Expected Grownh Rate of Dividerds Estimating the Required keturn for Global Vuluatl of lrefurred Sunh Prugmatic Multiplier Approach Valuutiun of Commn Stvchs Expected Growth Rate of Dividends The Keqjuired Rute of keturrn 328 Estimating Global Growth 324 335 Growth Markets Surmmary 316 317 254 323 274 Vartance (Standard Devlatlon) of Returns Standard Deviatton of a Portlolio 24 The Et lent Frontler and Investor Utilily Expected Rates of Return TuxrAsser Portfollo 266 274 Summary 331 279 280 APPENDIx 7A PRoOr THAT MINIMUM PoKTPOLIO VARIANCE OCCURS WITH EoUAL WEIGHTS WHEN APPENDIX 7B DERIVATION OP WEIGHTs THAT WIL. GIVe ZKRO VARIANCE WHEN CORRELATION SECURITIES HAVe. EQUAL VARIANCE. EqUALS-1.00 DERIVATION OF CoNSTANT GROWTH 339 DIVIDEND MODEL APPENDI% 9A CHAPTER 8 AN INTRODUCTION TO CAPITAL MARKET 281 THEORY 281 378 371 348 Investment and Trading Opportunities 353 347 Overview of the Global Bond Market BOND FUNDAMENTALS Basic Features of a Bond Alternative Investrnent Vehicles Bond Characteristics Domestic Government Issues Government Agency Issues Bond Rates of Return Municipal Obligations 368 Participating Investors Market Rates of Return Obtaining Information on Bonds Bond Ratings 354 Interpreting Bond Quotes 382 Sources of Bond Quotes The Participants International Bonds Corporate Bonds CHAPTER 10 Structure Summary 341 341 283 342 283 Assumptions of Capital Market Theory The Initial Development Some Remaining Questions A Leveraged Porttolio The Characteristic Line The Market Portfolio Risk-Free Asset Summary 285 287 345 295 298 299 353 PART III 356 360 360 ANALYSIS AND VALUATION OF SECURITIES 304 364 CHAPTER 9 306 THE PROCESS AND THEORY OF VALUATION 380 306 381 387 307 An Overview of the Valuation Process Why a Three-Step Process? 307 General Economic Influences Industry nfluences 308 464 479 467 468 469 469 Determinants of Growth Market Liquidity Defned Determinants of Market Liquidity External Market Liquidity Analysis of Non-U.S. Financial Statements Operating Performnance Comparative Analysis Uses of Financial Ratios Internal Liquidity Growth Analysis Financial Risk CONTENTS XX 466 466 466 392 PRINCIPLES OF BOND VALUATION CHAPTER 11 469 The Bond Valuation Process (Using the Present 392 Value Model) 394 470 Mathematics of Bond Pricing and Yields Promised Yield 394 479 480 Stock Valuation Models 399 401 481 Financial Ratios and Systematic Risk Financial Ratios and Bond Ratings Financial Ratios and Insolvency Limitations of Financial Ratios (Bankruptcy) 482 Summary 398 Realized Yield Yield to Call Bond Prices 480 405 407 Price and Yield Determination on Noninterest Determinants of Bond Yields and Yield 404 407 Tax-Exempt Issues Bond Yield Books Dates Spreads 482 413 Fundamental Determinants of Interest Rates 409 491 CHAPTER 13 420 491 494 497 AGGREGATE STOCK MARKET ANALYSIS Cyclical Indicator Approach to Forecasting The Stock Market and the Economy Indicator Categories 421 419 Term Structure of Interest Rates 427 Portfolio Immunization Concept of Duration Bond Price Volatility Yield Spreads Convexity Summary 493 431 433 Analytical Measures 502 506 505 521 Estimating the Earnings Multiple for the Aggregate Other Economic Variables and Stock Prices Leading Indicators and Stock Prices Summary of Macroeconomic Analysis Monetary Variables and Stock Prices Other Leading Indicator Series Determinants of Aggregate Gross Profit Micro-Analysis of the Stock Market Two-Part Valuation Procedure Determinants of Value A Sample Estimate Margin 513 Stock Market 499 499 CHAPTER 12 439 504 505 505 440 440 439 440 439 Purpose of Financial Statement Analysis ANALYSIS OF FINANCIAL STATEMENTS Sources and Uses Statement Major Financial Statements Analysis of Financial Ratios Income Statement Balance Sheet 440 520 Why Ratios? 442 444 524 527 534 535 521 Estimating Changes in the Growth Rate Determinants of the Market Earnings Empirical Analysis of Determinants APPENDIX 13A The Goldman Sachs Model Analysis of World Markets 541 Multiple Summary INFLATION 445 447 440 456 458 463 455 All Ratios Should Be Relative Computation of Financial Ratios Ratio Categories 444 Operating Performance Internal Liquidity Ratios Analysis of Profitability Analysis of Eficiency Risk Analysis Business Risk Financial Risk Growth Analysis 554 COMMON STOCKS AND 450 448 464 Importance of Growth Analysis Cwh (ompmen unl he Dwdenl Allernatioe lowth Molela 0.04 Moulel (HAPItR 14 W14 INOUNINI ANALVAN Dynmle Ime Wronth Modol Long Run ovth Moduls he Reul Wortd S66 Arevtus Ntutlea of dustry Analyaia S66 567 567 64:3 A Flexiblu Growth Stock Vuluutlon Model An Exunnple Summary Gowtl Duratton 569 646 569 570 AniN itkl Intstry Risk Estinnating Induatry Reurna 649 577 APrENDIX 15A A PRIMR vOR KD CoNTACI 654 WORK 579 579 580 Multijole Multiple 584 Awwe w Burmwgs Axtimate An thushy Aunjte Inustry karungs Multijples knorulsis of lndustry MrTNAnasis of Indusery CHAPTER 16 658 TECHNICAL ANALYSIS S87 Basic Philosophy and Assumptions of Technical Disadvantages of Technical Analysis Advantages of Technical Analysis 659 Technical Trading Rules Analysis 589 660 661 587 591 S86 S85 The Searh for Unique Factors Whv the Dierence Conpettive Structure of Industry The Industrial Life Cycle Estimating the Future Gkobul lndustry Analysis Summary 593 662 662 APPENDIX 14A PREPARING AN INDUSTRY ANALYsIS 599 671 667 Other Market Sentiment Techniques Stock Price and Volume Techniques Technical Analysis of Norn-U.S. Markets Technical Analysis of Interest Rates Follow the Smart Money Contrary-Opinion Rules 688 Summary 674 683 685 602 COMPANY ANALYSIS CHAPTER 15 602 605 603 PART IV 605 605 ExTENSIONS AND APPLICATION OF ASSET PRICING AND PORTFOLIO MoDELS 694 606 CHAPTER 17 ExTENSIONS AND TESTING OF AsSET PRICING 696 THEORIES 624 628 628 605 606 620 Types of Companies and Types of Stock Defensive Companies and Stocks Growth Companies and Stocks Speculative Companies and Stocks yclical Companies and Stocks Example of Company Analysis 629 Estimating the Earnings Multiple 614 Company Analysis Procedure Alternative Valuation Factors and Models Alternative Earnings Multiple Models Estimating Expected Return The Price/Book (P/B) Value Ratio Global Company Analysis The T-Model 696 Relaxing the Assumptions 69€ 699 698 Differential Borrowing and Lending Rates Heterogeneous Expectations and Planning 700 Zero-Beta Model Transaction Costs Periods 631 632 Application to Kroger 630 Analysis of Growth Companies Growth Company Defined 632 Firm Competitive Strategies 699 Taxes 633 634 Actual Returns above Expected Returns Growth Companies and Growth Stocks 778 778 780 Independent Changes in Growth Rate Differences in Rates of Inflation Diferences in Risk Premiums Empirical Studies of International Diversification 779 Xxii CONTENTS 701 701 Comparability of Published Estimates of Empirical Tests of the Theory Stability of Beta Conclusions and Implications of Equity 788 Studies 789 789 792 793 Implementing International Diversification Studies on Foreign Currency Bonds Obstacles to International Diversification Impact of Exchange Rates Availability of Information Alternatives to Direct Investment Transaction Costs Liquidity 794 796 Summary Relationship between Systematic Risk and 703 Beta Return 79.3 704 709 713 714 713 The Market Portfolio: Theory versus Extensions of the Roll-Ross Tests The APT and Anomalies Arbitrage Pricing Theory (APT) Empirical Tests of the APT 705 Roll-Ross Study Practice 794 795 716 718 The Shanken Challenge to Testability of The APT and Inflation the APT 719 720 Summary CHAPTER 20 800 EVALUATION OF PORTFOLIO PERFORMANCE CHAPTER 18 801 801 802 803 Composite Portfolio Performance Measures What Is Required of a Portfolio Manager? Treynor Measure BOND PORTFOLIO MANAGEMENT STRATEGIES 725 725 Sharpe Measure 727 727 806 804 811 726 728 Alternative Bond Portfolio Strategies Active Management Strategies Interest Rate Anticipation Buy-and-Hold Strategy Valuation Analysis Credit Analysis Spread Analysis Bond Swaps 818 805 Components of Investment Performance Application of Performance Measures Application of Evaluation Techniques Treynor versus Sharpe Measure Measurement Problems Jensen Measure 818 734 728 734 739 820 820 820 Evaluation of Bond Portfolio Performance Decomposing Portfolio Returns Reliability of Measurement Analyzing Sources of Return Consistency of Performance A Bond Market Line Summary 745 824 826 754 828 828 743 754 761 753 765 A Global Fixed-Income Investment Strategy Bonds ina Total Portfolio Context Matched Funding Techniques Bonds and Capital Market Theory Immunization Strategies Bond Price Behavior in a CAPM Contingent Immunization Horizon Matching Contingent Procedures Portfolio Implications Bond Market Efficiency Framework Summary 762 762 CHAPTER 21 766 768 INVESTMENT COMPANIES 834 835 834 838 843 Management of Investment Companies Load versus No-Load Open-End Funds Open-End versus Closed-End Funds Investment Company Defined Closed-End Fund lndex Management Fee CHAPTER 19 &35 840 777 777 777 Differences in the Required Rate of Return INTERNATIONAL DiVERSIFICATION Why International Diversification? CONTENTS Xxili 900 902 907 Volatility of Underlying Stock Price Derivation of the Valuation Formula Analysis of Investor Experience with Options on Foreign Currencies Implementing the Formula Efficiency of Options Markets Options on Stock Indexes A Hedge Transaction Time to Maturity Interest Rate 897 898 897 897 Types of Investment Companies Based on 905 843 844 908 846 908 909 Options Summary 851 844 &43 843 Breakdown by Fund Characteristics 843 846 Performance of lnvestment Companies 847 849 Implications of Performance Studies Common Stock Funds Portlolio Makeup Money Market Funds Consistency of Performance Balanced Funds Impact of Fund Objectives Market-Timing Ability Sharpe Study Bond Funds Jensen Study Carlson Study 853 856 857 914 CHAPTER 23 WARRANTS AND CONVERTIBLE SECURITIES 862 914 915 926 923 926 917 Currency Exchange Warrants Example of Warrants Valuation of Warrants Americus Trusts Convertible Securities Warrant Strategies Convertible Bonds Warrants 920 867 873 858 GLOSSARY OF MUTUAL FUNDS APPENDIX 21B LISTING OF INTERNATIONAL AND GLOBAL EQuITY AND FIxED-INCOME FUNDs Global Investment Companies 865 Sources of Information APPENDIX 21A Summary 924 934 Convertible Preferred Stock PART V 937 Summary 940 APPENDIX 23A CoNVERTIBLE GLOSSARY ANALYSIS OF ALTERNATIVE INVESTMENTS 880 882 STOCK OPTIONS CHAPTER 22 CHAPTER 24 942 COMMODITY FUTURES 882 944 950 Similarities and Differences in Stock and Futures Spot, Forward, and Futures Contacts Trading Practices 942 884 Futures Quotations 885 Spot, Forward, and Futures Price 951 Relationships Relationship between Current and Future Spot Relationship between Spot and Forward 953 953 Prices Prices 883 886 886 887 886 Recent History of Options Trading In, Out of, or At-the-Money Options Competing Markets for Options Operation of the CBOE Options Terminology Volume of Trading Option Premium Exercise Price Expiration Date 887 889 887 Alternative Trading Strategies Buying Call Options 889 A Sample Quotation 95 Impact of Hedgers and Speculators on Price Determining the Futures Price 955 Empirical Evidence on Price Relationships Relationships 960 Writing Covered Call Options 891 Option Spreads 893 96 962 897 963 Recent Research on Price Relationships Hedging and Speculative Transactions Economic Functions of Futures Markets 897 Buying Put Options 894 Selling Put Options 895 Valuation of Call Options Exercise Price 897 Stock Price Xxİv CONTENTS Evidence on Hedging with Interest Rate 966 996 Price Sensitivity Approach to Hedging Interest Rates Futures 970 Using Futures to Adjust Portfolio Duration 999 1001 Stock Index Futures 997 967 Why Speculate in Commodities? 971 Basic Rules for Commodity Trading General Theory of Hedging and Speculative Transactions Speculation 971 The Portfolio Approach 974 Risk and Return on Futures Contracts 1010 1016 1020 Program Trading or Arbitrage Options and Futures Compared 1002 Pricing of Options on Futures Portfolio Insurance Options on Futures Hedging Currency Futures 1014 Efects of Futures Trading on Underlying Spot 974 977 Asset Prices 1017 Summary 1019 COMMODITY AND FINANCIAL FUTURES 980 APPENDIX 24A GLOSSARY Example of a Currency Futures Hedge 1022 Summary 1022 CHAPTER 25 983 FINANCIAL FUTURES 983 Interest Rate Futures APPENDIX A How TO BECOME A CHARTERED FINANCIAL ANALYST 984 Characteristics of Interest Rate Contracts CoDE OF ETHICS AND STANDARDS OF PROFESsIONAL CONDUCT APPENDIX B INTEREST TABLES APPENDIX C APPENDIX D CUMULATIVE PROBABILITY 987 988 985 986 Speculative Transactions Alternative Forward Loans Short Hedge Long Hedge DISTRIBUTIONS INDEX 990 991 Market Efficiency of T-Bill Futures Treasury Bond Futures

📖 Contenu

PART I 2 THE INVESTMENT BACKGROUND CHAPTER 1 4 THE INVESTMENT SETTING 5 6 9 Determinants of Required Rates of Return The Concept of Investment Measures of Return and Risk Investment Deined Risk and Uncertainty Measure of Return The Risk-Free Rate Measure of Risk 6 Factors Influencing the Nominal (Money) Rate on Risk-Free Investments 12 15 Risk Premium 18 Risk Premium and Portfolio Theory 19 19 Summary of Required Rate of Return Relationship between Risk and Return Summary 20 APPENDIX 1A COMPUTATION OF VARIANCE AND STANDARD DEVIATION 25 CHAPTER 2 ALTERNATIVE INVESTMENTS IN A GLOBAL CAPITAL MARKET 29 29 Types of Investments 30 Makeup of the World Bond Market Fixed-Income Investments 31 36 36 of the World Equity Market Common Stock Classifications Special Equity Instruments 39 Equity Instruments Investment Companies Commodities Trading Low-Liquidity Investments Makeup Real Estate 42 36 37 41 43 Historical Returns on Alternative 44 46 57 Investments 60 GEOMETRIC MEAN RETURNS CoVARIANCE AND CORRELATION TAX CONSIDERATIONS 62 50 Stocks Bonds, and T-Bills World Portfolio Analysis 44 Art and Antiques 52 APPENDIX 2A APPENDIX 2B APPENDIX 2C Summary ORGANIZATION AND FUNCTIONING OF SECURITIES MARKETS CHAPTER 3 74 74 Financial Markets 75 74 76 Factors That Determine a "Good'" Market Organization of the Securities Market Primary Markets What Is a Market? 80 Alternative Relationships with Investment Detailed Analysis of the xchange Market 79 Importance of Secondary Markets The Over-the-Counter (0TC) Market Regional Securities Exchanges Secondary Equity Markets Secondary Bond Markets Government Issues Exchange Membership Corporate Issues Municipal Issues Secondary Markets Banker 76 76 77 78 81 81 82 89 88 94 94 95 103 Effects of Institutional Investors on the Securities Market-Makers outside the United States 103 Why the Market Is Changing Changes in the Securities Markets Negotiated Commissions Markets 102 99 Types of Orders The Specialist 103 104 J85 187 xvili CONTENTS 187 106 193 Bank Publications 184 Aggregate Stock Market Analysis Non-U.S. Economic Data Government Publications Commercial Publications Brokerage Firm Reports Industry Publications Trade Associations Industry Analysis Individual Stocks 187 J07 191 108 109 109 193 195 109 195 195 110 196 204 Company-Generated Information Commercial Publications Investment Magazines Computerized Data Sources Academic Journals Summary 111 203 206 208 114 113 Markets 109 Efects of Block Trades and Specialists Institutions and Stock Price Volatility Development of Tiered Trading Effect of a Tiered Secondary Market A National Market System (NMS) 112 Centralized Quotation System Central Limit-Order Book (CLOB) Intermarket Trading System Competition between Market-Makers Centralized Reporting Global Market Changes New Trading Systems Future Developments (Rule 390) Summary 116 Sources of Investment Information 207 117 120 APPENDIX 3A THE OCTOBER 1987 CRASH 150 MoDERN DEVELOPMENTS IN INVESTMENT THEORY CHAPTER 4 PART II Diferentiating Factors in Constructing Market SECURITY MARKET INDICATOR SERIES Uses of Market Indicator Series Indicator Series 210 150 151 CHAPTER 6 213 213 212 Rationale of the Efficient Capital Markets Alternative Efficient Market Hypotheses Expected Return or Fair Game Model Weak-Form Eficient Market Hypothesis EFFICIENT CAPITAL MARKETS Semistrong-Form EMcient Market Hypothesis 215 212 Theory 152 152 214 161 159 165 152 154 Alternative Stock Market Indicator Series 152 Unweighted Price Indicator Series Alternative Bond Market lndicator Series Comparison of Indicator Series Changes over Computational Procedure Price-Weighted Series Composite Security Market Series Value- Weighted Series Samples 151 170 Weighting Time 215 215 Strong-Form Efficient Market Hypothesis Tests and Results of Efficient Market Hypotheses 171 218 215 Tests of Semistrong-Form Hypothesis Tests of Strong-Form Hypothesis Tests of Weak-Form Hypothesis Efficient Markets and Technical Analysis Implications of Efficient Capital Markets Efficient Markets and Fundamental Some Anomalies 227 172 173 170 Correlations among Monthly Bond Series Correlations among Daily Equity Price Annual Stock Price Changes Annual Bond Rates of Return Changes Summary 173 245 24I 245 CHAPTER 5 Analysis 245 Eficient Markets and Portfolio Analysis 246 Efficiency in European Equity Markets Summary SoURCES OF INFORMATION ON INVESTMENTS 183 248 249 183 182 Sources for Aggregate Economic Analysis U.S. Government Sources Enpirieal ipt tor the ThreeMep CHAPTa 7 Asern lutirn unwmų (anpmute Punings M19 Systemitlh Stnh rre u.tuutws Murlhut unt nhuetry KHert Theory f Valsntion AN INIRonCON TO PoRIroLJ0 MANAGtMLNI Z55 255 314 315 Valuatifsss f Alternative Jrrvest inerts Vuluttn of Bods 256 257 256 23.3 An Optimum Porttollo Markowitz Porttollo Theory Dehnitlon of Risk Riak Aerston 326 326 334 Valuation with Tempnary Super-Numal Determinants of Kequired Rate of Return and Expected Grownh Rate of Dividerds Estimating the Required keturn for Global Vuluatl of lrefurred Sunh Prugmatic Multiplier Approach Valuutiun of Commn Stvchs Expected Growth Rate of Dividends The Keqjuired Rute of keturrn 328 Estimating Global Growth 324 335 Growth Markets Surmmary 316 317 254 323 274 Vartance (Standard Devlatlon) of Returns Standard Deviatton of a Portlolio 24 The Et lent Frontler and Investor Utilily Expected Rates of Return TuxrAsser Portfollo 266 274 Summary 331 279 280 APPENDIx 7A PRoOr THAT MINIMUM PoKTPOLIO VARIANCE OCCURS WITH EoUAL WEIGHTS WHEN APPENDIX 7B DERIVATION OP WEIGHTs THAT WIL. GIVe ZKRO VARIANCE WHEN CORRELATION SECURITIES HAVe. EQUAL VARIANCE. EqUALS-1.00 DERIVATION OF CoNSTANT GROWTH 339 DIVIDEND MODEL APPENDI% 9A CHAPTER 8 AN INTRODUCTION TO CAPITAL MARKET 281 THEORY 281 378 371 348 Investment and Trading Opportunities 353 347 Overview of the Global Bond Market BOND FUNDAMENTALS Basic Features of a Bond Alternative Investrnent Vehicles Bond Characteristics Domestic Government Issues Government Agency Issues Bond Rates of Return Municipal Obligations 368 Participating Investors Market Rates of Return Obtaining Information on Bonds Bond Ratings 354 Interpreting Bond Quotes 382 Sources of Bond Quotes The Participants International Bonds Corporate Bonds CHAPTER 10 Structure Summary 341 341 283 342 283 Assumptions of Capital Market Theory The Initial Development Some Remaining Questions A Leveraged Porttolio The Characteristic Line The Market Portfolio Risk-Free Asset Summary 285 287 345 295 298 299 353 PART III 356 360 360 ANALYSIS AND VALUATION OF SECURITIES 304 364 CHAPTER 9 306 THE PROCESS AND THEORY OF VALUATION 380 306 381 387 307 An Overview of the Valuation Process Why a Three-Step Process? 307 General Economic Influences Industry nfluences 308 464 479 467 468 469 469 Determinants of Growth Market Liquidity Defned Determinants of Market Liquidity External Market Liquidity Analysis of Non-U.S. Financial Statements Operating Performnance Comparative Analysis Uses of Financial Ratios Internal Liquidity Growth Analysis Financial Risk CONTENTS XX 466 466 466 392 PRINCIPLES OF BOND VALUATION CHAPTER 11 469 The Bond Valuation Process (Using the Present 392 Value Model) 394 470 Mathematics of Bond Pricing and Yields Promised Yield 394 479 480 Stock Valuation Models 399 401 481 Financial Ratios and Systematic Risk Financial Ratios and Bond Ratings Financial Ratios and Insolvency Limitations of Financial Ratios (Bankruptcy) 482 Summary 398 Realized Yield Yield to Call Bond Prices 480 405 407 Price and Yield Determination on Noninterest Determinants of Bond Yields and Yield 404 407 Tax-Exempt Issues Bond Yield Books Dates Spreads 482 413 Fundamental Determinants of Interest Rates 409 491 CHAPTER 13 420 491 494 497 AGGREGATE STOCK MARKET ANALYSIS Cyclical Indicator Approach to Forecasting The Stock Market and the Economy Indicator Categories 421 419 Term Structure of Interest Rates 427 Portfolio Immunization Concept of Duration Bond Price Volatility Yield Spreads Convexity Summary 493 431 433 Analytical Measures 502 506 505 521 Estimating the Earnings Multiple for the Aggregate Other Economic Variables and Stock Prices Leading Indicators and Stock Prices Summary of Macroeconomic Analysis Monetary Variables and Stock Prices Other Leading Indicator Series Determinants of Aggregate Gross Profit Micro-Analysis of the Stock Market Two-Part Valuation Procedure Determinants of Value A Sample Estimate Margin 513 Stock Market 499 499 CHAPTER 12 439 504 505 505 440 440 439 440 439 Purpose of Financial Statement Analysis ANALYSIS OF FINANCIAL STATEMENTS Sources and Uses Statement Major Financial Statements Analysis of Financial Ratios Income Statement Balance Sheet 440 520 Why Ratios? 442 444 524 527 534 535 521 Estimating Changes in the Growth Rate Determinants of the Market Earnings Empirical Analysis of Determinants APPENDIX 13A The Goldman Sachs Model Analysis of World Markets 541 Multiple Summary INFLATION 445 447 440 456 458 463 455 All Ratios Should Be Relative Computation of Financial Ratios Ratio Categories 444 Operating Performance Internal Liquidity Ratios Analysis of Profitability Analysis of Eficiency Risk Analysis Business Risk Financial Risk Growth Analysis 554 COMMON STOCKS AND 450 448 464 Importance of Growth Analysis Cwh (ompmen unl he Dwdenl Allernatioe lowth Molela 0.04 Moulel (HAPItR 14 W14 INOUNINI ANALVAN Dynmle Ime Wronth Modol Long Run ovth Moduls he Reul Wortd S66 Arevtus Ntutlea of dustry Analyaia S66 567 567 64:3 A Flexiblu Growth Stock Vuluutlon Model An Exunnple Summary Gowtl Duratton 569 646 569 570 AniN itkl Intstry Risk Estinnating Induatry Reurna 649 577 APrENDIX 15A A PRIMR vOR KD CoNTACI 654 WORK 579 579 580 Multijole Multiple 584 Awwe w Burmwgs Axtimate An thushy Aunjte Inustry karungs Multijples knorulsis of lndustry MrTNAnasis of Indusery CHAPTER 16 658 TECHNICAL ANALYSIS S87 Basic Philosophy and Assumptions of Technical Disadvantages of Technical Analysis Advantages of Technical Analysis 659 Technical Trading Rules Analysis 589 660 661 587 591 S86 S85 The Searh for Unique Factors Whv the Dierence Conpettive Structure of Industry The Industrial Life Cycle Estimating the Future Gkobul lndustry Analysis Summary 593 662 662 APPENDIX 14A PREPARING AN INDUSTRY ANALYsIS 599 671 667 Other Market Sentiment Techniques Stock Price and Volume Techniques Technical Analysis of Norn-U.S. Markets Technical Analysis of Interest Rates Follow the Smart Money Contrary-Opinion Rules 688 Summary 674 683 685 602 COMPANY ANALYSIS CHAPTER 15 602 605 603 PART IV 605 605 ExTENSIONS AND APPLICATION OF ASSET PRICING AND PORTFOLIO MoDELS 694 606 CHAPTER 17 ExTENSIONS AND TESTING OF AsSET PRICING 696 THEORIES 624 628 628 605 606 620 Types of Companies and Types of Stock Defensive Companies and Stocks Growth Companies and Stocks Speculative Companies and Stocks yclical Companies and Stocks Example of Company Analysis 629 Estimating the Earnings Multiple 614 Company Analysis Procedure Alternative Valuation Factors and Models Alternative Earnings Multiple Models Estimating Expected Return The Price/Book (P/B) Value Ratio Global Company Analysis The T-Model 696 Relaxing the Assumptions 69€ 699 698 Differential Borrowing and Lending Rates Heterogeneous Expectations and Planning 700 Zero-Beta Model Transaction Costs Periods 631 632 Application to Kroger 630 Analysis of Growth Companies Growth Company Defined 632 Firm Competitive Strategies 699 Taxes 633 634 Actual Returns above Expected Returns Growth Companies and Growth Stocks 778 778 780 Independent Changes in Growth Rate Differences in Rates of Inflation Diferences in Risk Premiums Empirical Studies of International Diversification 779 Xxii CONTENTS 701 701 Comparability of Published Estimates of Empirical Tests of the Theory Stability of Beta Conclusions and Implications of Equity 788 Studies 789 789 792 793 Implementing International Diversification Studies on Foreign Currency Bonds Obstacles to International Diversification Impact of Exchange Rates Availability of Information Alternatives to Direct Investment Transaction Costs Liquidity 794 796 Summary Relationship between Systematic Risk and 703 Beta Return 79.3 704 709 713 714 713 The Market Portfolio: Theory versus Extensions of the Roll-Ross Tests The APT and Anomalies Arbitrage Pricing Theory (APT) Empirical Tests of the APT 705 Roll-Ross Study Practice 794 795 716 718 The Shanken Challenge to Testability of The APT and Inflation the APT 719 720 Summary CHAPTER 20 800 EVALUATION OF PORTFOLIO PERFORMANCE CHAPTER 18 801 801 802 803 Composite Portfolio Performance Measures What Is Required of a Portfolio Manager? Treynor Measure BOND PORTFOLIO MANAGEMENT STRATEGIES 725 725 Sharpe Measure 727 727 806 804 811 726 728 Alternative Bond Portfolio Strategies Active Management Strategies Interest Rate Anticipation Buy-and-Hold Strategy Valuation Analysis Credit Analysis Spread Analysis Bond Swaps 818 805 Components of Investment Performance Application of Performance Measures Application of Evaluation Techniques Treynor versus Sharpe Measure Measurement Problems Jensen Measure 818 734 728 734 739 820 820 820 Evaluation of Bond Portfolio Performance Decomposing Portfolio Returns Reliability of Measurement Analyzing Sources of Return Consistency of Performance A Bond Market Line Summary 745 824 826 754 828 828 743 754 761 753 765 A Global Fixed-Income Investment Strategy Bonds ina Total Portfolio Context Matched Funding Techniques Bonds and Capital Market Theory Immunization Strategies Bond Price Behavior in a CAPM Contingent Immunization Horizon Matching Contingent Procedures Portfolio Implications Bond Market Efficiency Framework Summary 762 762 CHAPTER 21 766 768 INVESTMENT COMPANIES 834 835 834 838 843 Management of Investment Companies Load versus No-Load Open-End Funds Open-End versus Closed-End Funds Investment Company Defined Closed-End Fund lndex Management Fee CHAPTER 19 &35 840 777 777 777 Differences in the Required Rate of Return INTERNATIONAL DiVERSIFICATION Why International Diversification? CONTENTS Xxili 900 902 907 Volatility of Underlying Stock Price Derivation of the Valuation Formula Analysis of Investor Experience with Options on Foreign Currencies Implementing the Formula Efficiency of Options Markets Options on Stock Indexes A Hedge Transaction Time to Maturity Interest Rate 897 898 897 897 Types of Investment Companies Based on 905 843 844 908 846 908 909 Options Summary 851 844 &43 843 Breakdown by Fund Characteristics 843 846 Performance of lnvestment Companies 847 849 Implications of Performance Studies Common Stock Funds Portlolio Makeup Money Market Funds Consistency of Performance Balanced Funds Impact of Fund Objectives Market-Timing Ability Sharpe Study Bond Funds Jensen Study Carlson Study 853 856 857 914 CHAPTER 23 WARRANTS AND CONVERTIBLE SECURITIES 862 914 915 926 923 926 917 Currency Exchange Warrants Example of Warrants Valuation of Warrants Americus Trusts Convertible Securities Warrant Strategies Convertible Bonds Warrants 920 867 873 858 GLOSSARY OF MUTUAL FUNDS APPENDIX 21B LISTING OF INTERNATIONAL AND GLOBAL EQuITY AND FIxED-INCOME FUNDs Global Investment Companies 865 Sources of Information APPENDIX 21A Summary 924 934 Convertible Preferred Stock PART V 937 Summary 940 APPENDIX 23A CoNVERTIBLE GLOSSARY ANALYSIS OF ALTERNATIVE INVESTMENTS 880 882 STOCK OPTIONS CHAPTER 22 CHAPTER 24 942 COMMODITY FUTURES 882 944 950 Similarities and Differences in Stock and Futures Spot, Forward, and Futures Contacts Trading Practices 942 884 Futures Quotations 885 Spot, Forward, and Futures Price 951 Relationships Relationship between Current and Future Spot Relationship between Spot and Forward 953 953 Prices Prices 883 886 886 887 886 Recent History of Options Trading In, Out of, or At-the-Money Options Competing Markets for Options Operation of the CBOE Options Terminology Volume of Trading Option Premium Exercise Price Expiration Date 887 889 887 Alternative Trading Strategies Buying Call Options 889 A Sample Quotation 95 Impact of Hedgers and Speculators on Price Determining the Futures Price 955 Empirical Evidence on Price Relationships Relationships 960 Writing Covered Call Options 891 Option Spreads 893 96 962 897 963 Recent Research on Price Relationships Hedging and Speculative Transactions Economic Functions of Futures Markets 897 Buying Put Options 894 Selling Put Options 895 Valuation of Call Options Exercise Price 897 Stock Price Xxİv CONTENTS Evidence on Hedging with Interest Rate 966 996 Price Sensitivity Approach to Hedging Interest Rates Futures 970 Using Futures to Adjust Portfolio Duration 999 1001 Stock Index Futures 997 967 Why Speculate in Commodities? 971 Basic Rules for Commodity Trading General Theory of Hedging and Speculative Transactions Speculation 971 The Portfolio Approach 974 Risk and Return on Futures Contracts 1010 1016 1020 Program Trading or Arbitrage Options and Futures Compared 1002 Pricing of Options on Futures Portfolio Insurance Options on Futures Hedging Currency Futures 1014 Efects of Futures Trading on Underlying Spot 974 977 Asset Prices 1017 Summary 1019 COMMODITY AND FINANCIAL FUTURES 980 APPENDIX 24A GLOSSARY Example of a Currency Futures Hedge 1022 Summary 1022 CHAPTER 25 983 FINANCIAL FUTURES 983 Interest Rate Futures APPENDIX A How TO BECOME A CHARTERED FINANCIAL ANALYST 984 Characteristics of Interest Rate Contracts CoDE OF ETHICS AND STANDARDS OF PROFESsIONAL CONDUCT APPENDIX B INTEREST TABLES APPENDIX C APPENDIX D CUMULATIVE PROBABILITY 987 988 985 986 Speculative Transactions Alternative Forward Loans Short Hedge Long Hedge DISTRIBUTIONS INDEX 990 991 Market Efficiency of T-Bill Futures Treasury Bond Futures

📖 Contenu

SENSITIZING and coordinating your Communication ? Planning The Mnager s and communicator s First Principale . Puting Ideas into working to produce Execellent communication. Communicating accross Cultures. Marking sure you Look good. Communicating to sell. Obtaining aInformation the inquiry. Responding to inquiries positively. Responding to inquiries negatively. Motivation the receiver to act . Communicating in special situation . Modernizing your communication .Moving your Communications . Reporting Briefly the the short report. Reporting in depth the long report . Aiding the Receiver through visual aids. Preparing Oral Presentations. Delivering Oral Presentations Conducting and participating in meetings Conference s and interviews. Keeping your communication on track Effective Listening ans reading. Reaching potential Employers Developing your Resume.Persuading the Eùployer to Consider you Letters ans interviews.

📖 Contenu

ACKNOWLEDGMENTS AMERICAN PIE THE NAME ON THE LABEL THE CHAIN OF DISTRIBUTION NEW PRODUCTS, NEW HABITS DESIGNING MARKETS SALES AND PROMOTIONS THE NEW RETAILING THE POLITICS OF PACKAGED PRODUCTS EPILOGUE PICTURE CREDITS

📖 Contenu

Before Turning the Computer On Selecting the Typeface Formatting Text Display Type Page Design Illustrations Photographs Business Graphics

📖 Contenu

INTRODUCTION TO FINANCIAL MANAGEMENT BUSENES ORGANIZATION AND TAXES THE ECONOMIC ENVIRONEMENT TIME VALUE OF MONEY VALUATION RISK AND THE RATE OF RETURN EVALUATION AND FORECASTING ANALYSIS OF FINANCIAL STATEMENTS. FINANCIAL PLANNING AND FORECASTING WORKING CAPITAL ANAGEMENT.CASH AND MARKETABLE SECURITIES ACCOUNTS RECEIVABLE MANAGEMENT.INVENTORY MANAGEMENT SHORT TERM FINANCING.INVESTMENT DECISIONS CAPITAL BUDGETING.ESTIMATING CSH FLOWS CAPITALBUDGETING UNDER RISK. COST OF CAPITAL AND VALUATION THE COST OF CAPITAL.FINANCIAL STRUCTURE DECISIONS CAPITAL STRUCTURE THEORIE.DIVIDEND POLICY : THEORY AND PRACTICE INVESTMENT BANKING AND COMMON STOCK FINANCING LONG TERM DEBT.LEASING, » HYBRID » SECURITIES and WARRANTS SPECIAL FINANCING SITUATIONS : MERGERS, ACQUISITIONS, AND BANKRUPTCY INTERNATIONAL FINANCIAL MANAGEMENT, POSTSCRIPT

📖 Contenu

INTRODUCTION TO FINANCIAL MANAGEMENT BUSENES ORGANIZATION AND TAXES THE ECONOMIC ENVIRONEMENT TIME VALUE OF MONEY VALUATION RISK AND THE RATE OF RETURN EVALUATION AND FORECASTING ANALYSIS OF FINANCIAL STATEMENTS. FINANCIAL PLANNING AND FORECASTING WORKING CAPITAL ANAGEMENT.CASH AND MARKETABLE SECURITIES ACCOUNTS RECEIVABLE MANAGEMENT.INVENTORY MANAGEMENT SHORT TERM FINANCING.INVESTMENT DECISIONS CAPITAL BUDGETING.ESTIMATING CSH FLOWS CAPITALBUDGETING UNDER RISK. COST OF CAPITAL AND VALUATION THE COST OF CAPITAL.FINANCIAL STRUCTURE DECISIONS CAPITAL STRUCTURE THEORIE.DIVIDEND POLICY : THEORY AND PRACTICE INVESTMENT BANKING AND COMMON STOCK FINANCING LONG TERM DEBT.LEASING, » HYBRID » SECURITIES and WARRANTS SPECIAL FINANCING SITUATIONS : MERGERS, ACQUISITIONS, AND BANKRUPTCY INTERNATIONAL FINANCIAL MANAGEMENT, POSTSCRIPT

📖 Contenu

AN OVERVIEW OF FINANCIAL MANAGEMENT FINANCIAL STATEMENTS, TAXES, AND CASH FLOWS FINANCIALS MARKETS, INSTITUTIONS, AND INTEREST RATES RISK AND RATES OF RETURN TIME VALUE OF MONEY BOND AND STOCK VALUATION ANALYSIS OF FINANCIAL STATEMENTS FINACIAL FORECASTING THE BASICS OF CAPITAL BUDGETING CASH FLOW ESTIMATION, REPLACEMENT, AND OTHER TOPICS IN CAPITAL BUDGETING RISK ANALYSIS IN CAPITAL BUDGETING COMMON STOCK AND THE INVESTMENT BANKING PROCESS LONG-TERM DEBT HYBRID FINANCING: PREFERRED STOCK, LEASING, AND OPTION SECURITIES MERGERS, DIVESTITURES, AND HOLDING COMPANTES THE COST OF CAPITAL, LEVERAGE, AND DIVIDEND POLICY CAPITAL STRUCTURE AND LEVERAGE DIVIDEND POLICY WORKING CAPITAL POLICY AND SHORT-TERM DREDIT CASH AND MAEKETABLE SECURTIES RECEIVABLES AND INVENTORY MANAGEMENT

📖 Contenu

Aperçu de la gestion financière L'environnement de la prise de décision financière .Tine : Principes fondamentaux de l'actualisation des flux de trésorerie La valeur sur les marchés Mesurer les bénéfices et les flux de trésorerie Analyse des performances financières Relations coût/volume/profit Planification financière Principes fondamentaux de la budgétisation des investissements Estimation des flux de trésorerie Fixation des taux de rendement cibles Gérer le risque dans la budgétisation des investissements Sources de financement à long terme Les effets de l'effet de levier financier Choisir le niveau d'endettement approprié Politique de dividendes Options, contrats à terme et formes de financement spécialisées Émission et gestion de titres à long terme Financement à court terme Gestion de trésorerie Gestion des stocks et des comptes clients Gestion Financière Internationale Fusions et acquisitions

📖 Contenu

Evaluating the control Environment Limited review of interim financial, information and assessment of materiality and risk The staff demands and time budgets . Cash and marketable securities - working paper preparation . Accounts Receivable and allowance for doubtful accounts : confirmations, flowcharting, and generalized audit software .Inventory and prepaids( audit objectives) Utility plant , CWIP, and nuclear fuel (audit programs and analytical review)Account payable, purchasing , and long-term debt( statistical sampling and supervisory responsabilities ) Payroll, revenue and expenses, and use of internal audit ( review notes and analytical review) Other accounts and reporting requirments; compoletion of the audit

📖 Contenu

Evaluating the control Environment Limited review of interim financial, information and assessment of materiality and risk The staff demands and time budgets . Cash and marketable securities - working paper preparation . Accounts Receivable and allowance for doubtful accounts : confirmations, flowcharting, and generalized audit software .Inventory and prepaids( audit objectives) Utility plant , CWIP, and nuclear fuel (audit programs and analytical review)Account payable, purchasing , and long-term debt( statistical sampling and supervisory responsabilities ) Payroll, revenue and expenses, and use of internal audit ( review notes and analytical review) Other accounts and reporting requirments; compoletion of the audit

📖 Contenu

AN OVERVIEW OF FINANCIAL MANAGEMENT FINANCIAL STATEMENTS, TAXES, AND CASH FLOWS FINANCIALS MARKETS, INSTITUTIONS, AND INTEREST RATES RISK AND RATES OF RETURN TIME VALUE OF MONEY BOND AND STOCK VALUATION ANALYSIS OF FINANCIAL STATEMENTS FINACIAL FORECASTING THE BASICS OF CAPITAL BUDGETING CASH FLOW ESTIMATION, REPLACEMENT, AND OTHER TOPICS IN CAPITAL BUDGETING RISK ANALYSIS IN CAPITAL BUDGETING COMMON STOCK AND THE INVESTMENT BANKING PROCESS LONG-TERM DEBT HYBRID FINANCING: PREFERRED STOCK, LEASING, AND OPTION SECURITIES MERGERS, DIVESTITURES, AND HOLDING COMPANTES THE COST OF CAPITAL, LEVERAGE, AND DIVIDEND POLICY CAPITAL STRUCTURE AND LEVERAGE DIVIDEND POLICY WORKING CAPITAL POLICY AND SHORT-TERM DREDIT CASH AND MAEKETABLE SECURTIES RECEIVABLES AND INVENTORY MANAGEMENT

📖 Contenu

Evaluating the control Environment Limited review of interim financial, information and assessment of materiality and risk The staff demands and time budgets . Cash and marketable securities - working paper preparation . Accounts Receivable and allowance for doubtful accounts : confirmations, flowcharting, and generalized audit software .Inventory and prepaids( audit objectives) Utility plant , CWIP, and nuclear fuel (audit programs and analytical review)Account payable, purchasing , and long-term debt( statistical sampling and supervisory responsabilities ) Payroll, revenue and expenses, and use of internal audit ( review notes and analytical review) Other accounts and reporting requirments; compoletion of the audit

📖 Contenu

an overview of financial mangement financial statments, taxes , and cash flows finacial market, institution and interest rates risk and rates of return time value of money bonfd and stock valuation analysis of finacial statments financial forcatsing the basics of capital budgeting cash flow estimation, replacement , and other topics in capital budgeting risk analysis in capital budgeting common stock and the investissment banking process long term debt hybrid finacing :preferred stock,leasting, and option securities mergers, divestitures , and holding companies the cost of capital,leverage,and dividend policy capital structure and leverage dividend policy working capital policy and short term credit cash and marketable securities receivables and inventory management

📖 Contenu

Chapitre 1 DÉFINIR LE COMPORTEMENT ENTREPRENEURIAL INTRODUCTION Les quatre dimensions du comportement entrepreneurial 1 Définitions opérationnelles 3 Implications 5 COMPORTEMENT ENTREPRENEURIAL 5 Activités 6 Qualité intentionnelle du comportement entrepreneurial 8 Implications 20 TYPES D'ENTREPRENEURIAT Archétypes de l'entrepreneuriat WNork 21 Une typologie des événements entrepreneuriaux 23 Implications 29 Chapitre 2 ENTREPRENEURIAT : VISION CRÉATIVE INTRODUCTION 35 Implications 36 LE PROCESSUS CRÉATIF 37 Définition des termes 37 Implications 47 Créativité dans la résolution de problèmes 40 Obstacles à la créativité 47 Implications 49 Chapitre 1 DÉFINIR LE COMPORTEMENT ENTREPRENEURIAL INTRODUCTION Les quatre dimensions du comportement entrepreneurial 1 Définitions opérationnelles 3 Implications 5 COMPORTEMENT ENTREPRENEURIAL 5 Activités 6 Qualité intentionnelle du comportement entrepreneurial 8 Implications 20 TYPES D'ENTREPRENEURIAT Archétypes de l'entrepreneuriat WNork 21 Une typologie des événements entrepreneuriaux 23 Implications 29 Chapitre 2 ENTREPRENEURIAT : VISION CRÉATIVE INTRODUCTION 35 Implications 36 LE PROCESSUS CRÉATIF 37 Définition des termes 37 Implications 47 Créativité dans la résolution de problèmes 40 Obstacles à la créativité 47 Implications 49 Chapitre 4 IDENTIFIER ET DÉVELOPPER LES BONS ÉLÉMENTS : MOTIVATION INTRODUCTION 77 Motivation de réussite Motivation à la réussite chez les entrepreneurs 79 Implications 80 BESOIN DE CONTRÔLE 81 Importance du hasard et des autres puissants 83 Implications 84 ACCEPTATION DES RISQUES 84 Un modèle de comportement à risque 85 Implications 89 VALEURS 94 Recherche sur la prise de risque entrepreneuriale 89 Implications Entrepreneuriat : un mode de vie valorisé 95 Résultats entrepreneuriaux valorisés 77 Implications 107 Impact organisationnel des valeurs entrepreneuriales 106 Chapitre 5 LE RÔLE DES CAPACITÉS ET DE LA MOTIATION : UN RÉSUMÉ 108 413 L'IMPACT DE L'HISTOIRE PERSONNELLE : AU-DELÀ DE LA PEUR ET LA CULPABILITÉ INTRODUCTION 113 103 MODÈLE PSYCHANALYTIQUE DE L'ENTREPRENEURIAT 115 LA FAMILLE DE L'ENTREPRENEUR 117 Père négatif 117 Impact du Père 118 Le père comme modèle : apprentissage social 118 Mère positive et négative 119 impact de la famille sur la personnalité 121 Impact de la psychodynamique sur l'organisation 123 Tensions psychologiques courantes 125 Résumé Implications de l'entrepreneur autoritaire 127 AU-DELÀ DE LA PEUR ET DE LA CULPABILITÉ : L'APPEL À L'AVENTURE 127 Le voyage du héros 128 Chapitre 6 LE LIEU : DES SITUATIONS QUI CATALYSENT ENTREPRENEURIAT 137 INTRODUCTION 137 La nature et l'importance du contexte 138 L'ÉCOLOGIE DE L'ENTREPRENEURIAT 139 Survie : Sélection par « Nature 140 » Implications 142 Survie : « Nourrir » stratégique 143 Implications 146 CONTEXTE GÉNÉRAL : ÉCONOMIQUE, SOCIAL ET POLITIQUE CONDITIONS 146 Conditions économiques, technologiques et de marché 146 Turbulences et Chaos 148 Implications 151 Conditions sociales et culturelles 151 Implications 153 Conditions politiques 153 CONTEXTE SPÉCIFIQUE : DÉPLACEMENTS 154 CONTEXTE SPÉCIFIQUE : INCUBATEURS D'ENTREPRENEURIAT 157 Entreprises dérivées 157 Incubation prévue 160 Implications 163 RÉSULTATS ÉCONOMIQUES, SOCIAUX ET POLITIQUES DE ENTREPRENEURIAT 163 Implications 134 impact de la famille sur la personnalité 121 Impact de la psychodynamique sur l'organisation 123 Tensions psychologiques courantes 125 Résumé Implications de l'entrepreneur autoritaire 127 AU-DELÀ DE LA PEUR ET DE LA CULPABILITÉ : L'APPEL À L'AVENTURE 127 Le voyage du héros 128 Chapitre 6 LE LIEU : DES SITUATIONS QUI CATALYSENT ENTREPRENEURIAT 137 INTRODUCTION 137 La nature et l'importance du contexte 138 L'ÉCOLOGIE DE L'ENTREPRENEURIAT 139 Survie : Sélection par « Nature 140 » Implications 142 Survie : « Nourrir » stratégique 143 Implications 146 CONTEXTE GÉNÉRAL : ÉCONOMIQUE, SOCIAL ET POLITIQUE CONDITIONS 146 Conditions économiques, technologiques et de marché 146 Turbulences et Chaos 148 Implications 151 Conditions sociales et culturelles 151 Implications 153 Conditions politiques 153 CONTEXTE SPÉCIFIQUE : DÉPLACEMENTS 154 CONTEXTE SPÉCIFIQUE : INCUBATEURS D'ENTREPRENEURIAT 157 Entreprises dérivées 157 Incubation prévue 160 Implications 163 RÉSULTATS ÉCONOMIQUES, SOCIAUX ET POLITIQUES DE ENTREPRENEURIAT 163 Implications 134 Contributions 164 Résultats organisationnels 165 RÉSUMÉ DES FACTEURS CONTEXTUELLES IMPORTANCE DU CONFLIT 167 Chapitre 7 LE CHEMIN : CARRIÈRES ET MODES DE VIE DE ENTREPRENEURS 469 INTRODUCTION 169 Choix de carrière 170 Appariement organisationnel des personnes et des emplois 172 CARRIÈRES ENTREPRENEURIALES 173 Types de carrières entrepreneuriales 173 PHASES DE LA CARRIÈRE ENTREPRENEURIALE 177 Phase 1 : Entrée dans l'entrepreneuriat 177 Phase 2 : Travailler durLe style de vie entrepreneurial 184 Phase 3 : Grandir ou ne pas grandir 193 Phase 4 : Sortir 195 CRISES DE CARRIÈRE ET TRANSITIONS DE RÔLE 202 Implications 202 Chapitre 8 ÉQUIPES INTERNES : PARTENAIRES INTRODUCTION 205 ÉQUIPES D'ENTREPRISE 206 Taille de l'équipe 206 Recherche sur les équipes d'investissement 207 Relations instrumentales 207 Tâches de travail en équipe 209 Partenariats fondés sur l'amitié et le mariage 210 Contributions 164 Résultats organisationnels 165 RÉSUMÉ DES FACTEURS CONTEXTUELLES IMPORTANCE DU CONFLIT 167 Chapitre 7 LE CHEMIN : CARRIÈRES ET MODES DE VIE DE ENTREPRENEURS 469 INTRODUCTION 169 Choix de carrière 170 Appariement organisationnel des personnes et des emplois 172 CARRIÈRES ENTREPRENEURIALES 173 Types de carrières entrepreneuriales 173 PHASES DE LA CARRIÈRE ENTREPRENEURIALE 177 Phase 1 : Entrée dans l'entrepreneuriat 177 Phase 2 : Travailler durLe style de vie entrepreneurial 184 Phase 3 : Grandir ou ne pas grandir 193 Phase 4 : Sortir 195 CRISES DE CARRIÈRE ET TRANSITIONS DE RÔLE 202 Implications 202 Chapitre 8 ÉQUIPES INTERNES : PARTENAIRES INTRODUCTION 205 ÉQUIPES D'ENTREPRISE 206 Taille de l'équipe 206 Recherche sur les équipes d'investissement 207 Relations instrumentales 207 Tâches de travail en équipe 209 Partenariats fondés sur l'amitié et le mariage 210 STRUCTURES DE PARTENARIAT 214 Définition 215 Éléments structurels 217 PROCESSUS DYNAMIQUES DE PARTENARIATS 2199 Attraction (Rapprochement) 221 Liens (Rester ensemble) Projection 225 Gestion du changement et des conflits 225 Développement interpersonnel 228 PARTENARIATS RÉUSSIS 228 Valeur ajoutée 230 Réussite en affaires 231 Chapitre 9 ÉQUIPES INTERNES : EMPLOYÉS INTRODUCTION 233 MOTIVATIONS DES EMPLOYÉS 233 Environnements créatifs pour adultes 234 Visibilité et opportunités d'apprentissage 235 Participation 235 Partage des bénéfices et capitaux propres 236 Implications 238 ENTREPRENEURS COMME PATRONS 239 Motivations des entrepreneurs 239 PRATIQUES DU PERSONNEL 240 Recrutement et embauche 241 Formation et développement 247 Implications 249 LA FIN DE L'ÉQUIPE 250 RÉSUMÉ ET CONCLUSIONS SUR LES ÉQUIPES INTERNES : PARTENAIRES ET EMPLOYÉS 251 Chapitre 11 LE RÔLE ENTREPRENEURIAL : L'ÉVOLUTION D'UN LEADER 299 INTRODUCTION 299 THÉORIE DES RÔLES 299 Un modèle de développement de rôle 300 TÂCHES DU RÔLE ENTREPRENEURIAL 303 Dilemmes de rôle TYPES DE RÔLES ENTREPRENEURIAUX 305 Créateur de l'organisation Transformateur d'organisation 318 Promoteur 320 Mentor et modèle 321 Investisseur et social Figure 324 LEADERSHIP ENTREPRENEURIAL 325 Leadership comparé à la gestion 326 Entrepreneurs en tant que gestionnaires 326 X Aspects du leadership 328 Responsabilités de leadership 329 Implications 334 TRANSITIONS DE RÔLE 334 Étapes de la croissance organisationnelle 336 Problèmes liés à la croissance 338 Leadership à différentes étapes 339 Le choix de l'entrepreneur : changer ou quitter la croissance Entreprise 346 Implications 347 CONCLUSIONS : À PROPOS DU LEADERSHIP ENTREPRENEURIAL 348 Chapitre 12 APPRENTISSAGE, AUTOGESTION ET AUTRES COMPÉTENCES DES ENTREPRENEURS À SUCCÈS INTRODUCTION 349 Chapitre 10 RELATIONS EXTÉRIEURES 253 INTRODUCTION 253 ENVIRONNEMENT ENTREPRENEURIAL 253 Analyse de l'environnement 255 CAPITAL-RISQUE 256 Définition 256 Nature de la relation Contributions en capital-risque à l'entreprise 262 Une relation en évolution 272 CONSEILS D'ADMINISTRATION ET CONSEILLERS 274 Avantages et inconvénients Structure du Conseil 276 Dynamique changeante 276 PARTENAIRES D'ENTREPRISE ET ALLIANCES STRATÉGIQUES 277 Nature de l'Alliance Trouver un allié 279 banquiers Avocats 284 Questions sans réponse 279 CONSEILLERS PROFESSIONNELS 283 Comptables 285 Autres conseillers 288 Soutien financier 289 SYSTÈMES DE SOUTIEN PERSONNEL : FAMILLE ET AMIS 28E Conflits de valeurs 290 RÉSEAUX 294 Aide aux entreprises non financières 289 Réseaux formels et informels 294 Fonctions du réseau 294 Qualités des réseaux 295 Faiblesses du réseautage 296 Implications 297

📖 Contenu

Defining entrepreneurial behavior. ENTREPRENEURSHIP :creative vision,identifying and develppping the right stuff : experrience and background. Identifying and developing the right stuff : motivation. The impact of personal history : beyond fear and guilt.The place : situations that catalyze entrepreneurship. The path : carees and lifestyles of entreprneurs. Internal teams : partners, Internal teaams : employees,External relationships.the entrepreneurial role : the evolution of A leader.Learning self management,and other competencies of successful entrepreneurs.notes on research rigor and relevance. Locus of control.