Consumption-Based Model and Basic Pricing model Basic question to decide for an investor: (1) how much to save; (2)how much to consume; (3)what portfolio of assets to hold. Pricing equation come from the first order condition for this decision

Outline MM ean-variance analysis; ean-variance analysis and utility maximization; Does high moment matter?

Discussion Points How to measure returns? How to choose benchmark? How to adjust for risk? Performance attribution. Active return and risk

Introduction Overview of investment styles; Empirical evidence on returns of small capitalization firms and value stocks; How to identify investment styles of a mutual fund Characteristic-based style analysis Return-based style analysis Style benchmarks

INVESTMENTS Fourth Edition Efficient Market Hypothesis (EMHD Do security prices reflect information Why look at market efficiency Implications for business and corporate finance Implications for investment

Types of market efficiency The weak-form of efficiency: price accurately reflect all information that can be derived by examining market trading data such as past prices, trading volume, short interest rate, etc

第二节股票 1、定义 股票是股份有限公司发行的用以证明投资 者的股东身份和权益,并据以获得股息和 红利的凭证

第六章投资组合理论 第一节风险与投资 第二节资产定价模型 第三节期货定价模型

第五章技术分析 第一节几个基本问题 第二节常用术语 第三节K线理论 第四节形态理论

第七章 政府部门、第八章 货币需求、第九章 货币供给过程