本书书适宜作为MBA投资课程的核心教材。自出版以来一直以明晰的写作风格及理论与实践的完美结合在众多类似教材中卓然独立，备受全球投资学老师的青睐。本书贯穿始终的立场为：证券市场近乎有效，多数证券定价都是合理的。新版更多关注资源配置，并对期货、期权与其它金融衍生工具作了更多的研究。
新版特点：
>>更多Excel应用，给学生有效分析工具
>>章后习题全面更新，并增加了标准普尔的有些数据分析例题
>>网上习题大量扩充(称为E-Investments)第11章套利定价理论与风险收益多元分析理论大量更新
>>第12章市场有效性和行为金融重新撰写
>>第25章国际多样化重新撰写
>>学生习题手册全面更新

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We wrote the first edition of this textbook more than 15 years ago. The intervening years have been a period of rapid and profound change in the investments industry. This is due in part to an abundance of newly designed securities, in part to the creation of new trading strategies that would have been impossible without concurrent advances in computer tech- nology, and in part to rapid advances in the theory of investments that have come out of the academic community. In no other field, perhaps, is the transmission of theory to real-world practice as rapid as is now commonplace in the financial industry. These developments place new burdens on practitioners and teachers of investments far beyond what was re- quired only a short while ago.
　Investments, Sixth Edition, is intended primarily as a textbook for courses in investment analysis. Our guiding principle has been to present the material in a framework that is orga- nized by a central core of consistent fundamental principles. We make every attempt to strip away unnecessary mathematical and technical detail, and we have concentrated on providing the intuition that may guide students and practitioners as they confront new ideas and challenges in their professional lives.
　This text will introduce you to major issues currently of concern to all investors. It can give you the skills to conduct a sophisticated assessment of current issues and debates cov- ered by both the popular media as well as more-specialized finance journals. Whether you plan to become an investment professional, or simply a sophisticated individual investor, you will find these skills essential.
　Our primary goal is to present material of practical value, but all three of us are active researchers in the science of financial economics and find virtually all of the material in this book to be of great intellectual interest. Fortunately, we think, there is no contradiction in the field of investments between the pursuit of truth and the pursuit of money. Quite the opposite. The capital asset pricing model, the arbitrage pricing model, the efficient markets hypothesis, the option-pricing model, and the other centerpieces of modern financial re- search are as much intellectually satisfying subjects of scientific inquiry as they are of im- mense practical importance for the sophisticated investor.
　In our effort to link theory to practice, we also have attempted to make our approach consistent with that of the Institute of Chartered Financial Analysts (ICFA), a subsidiary of the Association of Investment Management and Research (AIMR). In addition to fostering research in finance, the AIMR and ICFA administer an education and certification program to candidates seeking the title of Chartered Financial Analyst (CFA). The CFA curriculum represents the consensus of a committee of distinguished scholars and practitioners re- garding the core of knowledge required by the investment professional. This text also is used by the CAIA Association, a nonprofit association that provides education concerning nontraditional investment vehicles and sponsors the Chartered Alternative Investment Analyst designation.
　There are many features of this text that make it consistent with and relevant to the CFA curriculum. The end-of-chapter problem sets contain questions from past CFA exams, and, for students who will be taking the exam, Appendix B is a useful tool that lists each CFA question in the text and the exam from which it has been taken. Chapter 3 includes excerpts from the "Code of Ethics and Standards of Professional Conduct" of the ICFA. Chapter 26, which discusses investors and the investment process, is modeled after the ICFA outline.
　In the Sixth Edition, we have further extended our systematic collection of Excel spreadsheets that give tools to explore concepts more deeply than was previously possible. These spreadsheets are available on the website for this text (www. mhhe.com/bkm), and provide a taste of the sophisticated analytic tools available to professional investors.
UNDERLYING PHILOSOPHY
Of necessity, our text has evolved along with the financial markets. In the Sixth Edition, we address many of the changes in the investment environment.
　At the same time, many basic principles remain important. We believe that attention to these few important principles can simplify the study of otherwise difficult material and that fundamental principles should organize and motivate all study. These principles are crucial to understanding the securities already traded in financial markets and in under- standing new securities that will be introduced in the future. For this reason, we have made this book thematic, meaning we never offer rules of thumb without reference to the central tenets of the modern approach to finance.
　The common theme unifying this book is that securiO' markets are nearly efficient, meaning most securities are usually priced appropriately given their risk and return attrib- utes. There are few free lunches found in markets as competitive as the financial market. This simple observation is, nevertheless, remarkably powerful in its implications for the design of investment strategies; as a result, our discussions of strategy are always guided by the implications of the efficient markets hypothesis. While the degree of market effi- ciency is, and always will be, a matter of debate, we hope our discussions throughout the book convey a good dose of healthy criticism concerning much conventional wisdom.
Distinctive Themes　Investments is organized around several important themes'
1. The central theme is the near-informational-efficiency of well-developed security markets, such as those in the United States, and the general awareness that competitive markets do not offer "free lunches" to participants.
A second theme is the risk-return trade-off. This too is a no-free-lunch notion, holding that in competitive security markets, higher expected returns come only at a price: the need to bear greater investment risk. However, this notion leaves several questions unanswered. How should one measure the risk of an asset What should be the quantitative trade-off between risk (properly measured) and expected return The approach we present to these issues is known as modern portfolio theory, which is another organizing principle of this book. Modern portfolio theory focuses on the techniques and implications of efficient diversification, and we devote considerable attention to the effect of diversification on portfolio risk as well as the implications of efficient diversification for the proper measurement of risk and the risk-return relationship.
2. This text places greater emphasis on asset allocation than most of its competitors.
We prefer this emphasis for two important reasons. First, it corresponds to the procedure that most individuals actually follow. Typically, you start with all of your money in a bank account, only then considering how much to invest in something riskier that might offer a higher expected return. The logical step at this point is to consider other risky asset classes, such as stock, bonds, or real estate. This is an asset allocation decision. Second, in most cases, the asset allocation choice is far more important in determining overall investment performance than is the set of security selection decisions. Asset allocation is the primary determinant of the risk-return profile of the investment portfolio, and so it deserves primary attention in a study of investment policy.
3. This text offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investments texts. These markets have become both crucial and integral to the financial universe and are the major sources of innovation in that universe. Your only choice is to become conversant in these markets　whether you are to be a finance professional or simply a sophisticated individual investor.
NEW IN THE SIXTH EDITION
Following is a summary of the content changes in the Sixth Edition:
The Investment Environment (Chapter 1)　　　　　　
Chapter 1 contains extensive new material on failures in corporate gover-nance in the boom years of the 1990s and the conflicts of interest that gave rise to the many scandals of those years.
How Securities Are Traded (Chapter 3)
We have added new material on securities trading including initial public offerings, electronic trading, and regulatory reforms in the wake of recent　　　　　　　　　　　　　　　　　　　　 corporate scandals to Chapter 3.
History of Interest Rates and Risk Premiums (Chapter 5)
We have extended the historical evidence on security returns to include international comparisons as well as new approaches to estimating the mean market return. We also have added an introduction to value at risk using historic returns as a guideline.
Arbitrage Pricing Theory and Multifactor Models of Risk and Return (Chapter 11)
We have largely rewritten this chapter. There is now greater focus on the use of factor models as a means to understand and measure various risk expo-sures. The intuition for the multifactor risk-return relation has been en-hanced, and the comparison between the multifactor APT and CAPM has been further developed.
Market Efficiency and Behavioral Finance (Chapter 12)
We have fully reworked our treatment of behavioral finance by adding more careful development of behavioral hypotheses, their implications for secu-rity pricing, and their relation to the empirical evidence on security pricing.
Empirical Evidence on Security Returns (Chapter 13)
We have updated our discussion of the value and size effects, with an em-phasis on competing interpretations of these premiums.
Bond Prices and Yields (Chapter 14)　　　　　　
We have added new spreadsheet material helpful in analyzing bond prices and yields. This new material enables students to price bonds between coupon dates.
Equity Valuation Models (Chapter 18)
We have added new material on quality of earnings, earnings management, and the use of accounting data in valuation analysis to this chapter.
Financial Statement Analysis (Chapter 19)
We have added new material related to the accounting scandals of the last few years to this chapter. It discusses ways in which accounting rules were skirted in the 1990s and ongoing reforms in accounting standards.
Option Valuation (Chapter 21)
We have extended the binomial option pricing model to a multiperiod exam-ple to illustrate how the model may be used to obtain realistic prices.
International Diversification (Chapter 25)
We have fully rewritten this chapter, which now contains considerably more Diversification　evidence on global financial markets and security returns.
　In addition to these changes, we have updated and edited our treatment of topics wherever it was possible to improve exposition or coverage.
The Process of Portfolio Management (Chapter 26)
We have added to this chapter an appendix containing an extensive spread-Portfolio Management　sheet model for sophisticated financial planning. The spreadsheets (available as well at the course website) allow students to study the interaction of taxes and inflation on long-term financial strategies.
ORGANIZATION AND CONTENT
The text is composed of seven sections that are fairly independent and may be studied in a variety of sequences. Since there is enough material in the book for a two-semester course, clearly a one-semester course will require the instructor to decide which parts to include.
　Part I is introductory and contains important institutional material focusing on the fi- nancial environment. We discuss the major players in the financial markets, provide an overview of the types of securities traded in those markets, and explain how and where se- curities are traded. We also discuss in depth mutual funds and other investment companies, which have become an increasingly important means of investing for individual investors.
　The material presented in Part I should make it possible for instructors to assign term projects early in the course. These projects might require the student to analyze in detail a particular group of securities. Many instructors like to involve their students in some sort of investment game and the material in these chapters will facilitate this process.
　Parts II and III contain the core of modern portfolio theory. Chapter 5 is a general dis-
cussion of risk and return, making the general point that historical returns on broad asset classes are consistent with a risk-return trade-off. We focus more closely in Chapter 6 on how to describe investors' risk preferences. In Chapter 7 we progress to.asset allocation and then in Chapter 8 to portfolio optimization.
　After our treatment of modern portfolio theory in Part II, we investigate in Part III the implications of that theory for the equilibrium structure of expected rates of return on risky assets. Chapters 9 and 10 treat the capital asset pricing model and its implementation using index models, and Chapter 11 covers multifactor descriptions of risk and the arbitrage pric- ing theory. We complete Part II with a chapter on the efficient markets hypothesis, includ- ing its rationale as well as the behavioral critique of the hypothesis, the evidence for and against it, and a chapter on empirical evidence concerning security returns. The empirical evidence chapter in this edition follows the efficient markets chapter so that the student can use the perspective of efficient market theory to put other studies on returns in context.
　Part IV is the first of three parts on security valuation. This Part treats fixed-income se-curities　bond pricing (Chapter 14), term structure relationships (Chapter 15), and interest- rate risk management (Chapter 16). The next two Parts deal with equity securities and derivative securities. For a course emphasizing security analysis and excluding portfolio theory, one may proceed directly from Part I to Part III with no loss in continuity.
　Part V is devoted to equity securities. We proceed in a "top down" manner, starting with the broad macroeconomic environment (Chapter 17), next moving on to equity valuation (Chapter 18), and then using this analytical framework, we treat fundamental analysis in- cluding financial statement analysis (Chapter 19).
　Part VI covers derivative assets such as options, futures, swaps, and callable and con-vertible securities. It contains two chapters on options and two on futures. This material covers both pricing and risk management applications of derivatives.
　Finally, Part VII presents extensions of previous material. Topics covered in this Part include evaluation of portfolio performance (Chapter 24), portfolio management in an in- ternational setting (Chapter 25), a general framework for the implementation of investment strategy in a nontechnical manner modeled after the approach presented in CFA study ma- terials (Chapter 26), and an overview of active portfolio management (Chapter 27).
SUPPLEMENTS
For the Instructor　Instructor's Resource CD 0072861819 This comprehensive CD contains all the following instructor supplements. We have compiled them in electronic format for easier access and convenience. Print copies are available through your publisher's representative.
· Instructor's Manual The Instructor's Manual, prepared by Richard D. Johnson, Colorado State University, has been revised and improved in this edition. Each chapter includes a chapter overview, a review of learning objectives, an annotated chapter outline (organized to include the Transparency Masters/PowerPoint package), and teaching tips and insights. Transparency Masters are located at the end of each chapter.
· PowerPoint Presentation Software These presentation slides, also developed by Richard D. Johnson, provide the instructor with an electronic format of the Transparency Masters. These slides, revised for this edition, follow the order of the chapters, but if you have PowerPoint software, you may choose to customize the presentations to fit your own lectures.
· Test Bank The Test Bank, prepared by Larry Prather, East Tennessee State University, has' been revised to increase the quantity and variety of questions. Short- answer essay questions are also provided for each chapter to further test student comprehension and critical thinking abilities. The Test Bank is also available in computerized format for Windows.
The Wall Street Journal Edition Your students can subscribe to The Wall Street Journal for 15 weeks (which includes access to the Dow Jones Interactive Online Asset) at a specially priced rate of $20.00 in addition to the price of the text. Students will receive a "How to Use the WSJ" handbook plus a pass code card shrink-wrapped with the text.
Videos　0072861835 There are seven video segments covering careers, financial mar- kets, bonds, going public, derivatives, portfolio management, and foreign exchange.
For the Student　Solutions Manual 007286186X The Solutions Manual, prepared by Bruce Swensen, Adelphi University, provides detailed solutions to the end- of-chapter problems. This manual is available for packing with the text. Please contact your local McGraw-Hill/Irwin representative for further details on how to order the Solutions Manual/Textbook package.
Student Problem Manual 0072861843 New to this edition! To give students a better resource for working through problems, we have created a comprehensive problem manual. This useful supplement, also developed by Larry Prather, contains problems cre- ated to specifically relate to the concepts discussed in each chapter. Solutions are provided at the end of each chapter.
Online Learning Center Find a wealth of information online! At www. mhhe.com/ bkm, instructors will have access to teaching support such as electronic files for the ancil- lary material and students will have access to study materials created specifically for this text. The Excel Applications spreadsheets, also prepared by Bruce Swensen, are located at this site. Additional information on the text and authors and links to our powerful support materials are also available. Standard & Poor's Educational Version of Market Insight McGraw-Hill/ Irwin and the Institutional Market Services division of Standard & Poor's are pleased to announce an exclusive partnership that offers instructors and students access to the edu- cational version of Standard & Poor's Market Insight. The Educational Version of Market Insight is a rich online resource that provides 6 years of fundamental financial data for over 500 companies in the renowned COMPUSTAT~ database. Standard and Poor's and McGraw-Hill/Irwin have selected the best, most-often researched companies in the data- base. S&P-specific problems can be found at the end of relevant chapters in this text.
PowerWeb With PowerWeb, getting information online has never been easier. This McGraw-Hill/Irwin website is a reservoir of course-specific articles and current events. Simply type in a discipline-specific topic for instant access to articles, essays, and news for your class.
All of the articles have been recommended to PowerWeb by professors, which means you will not get all the clutter that seems to pop up with typical search engines. However, PowerWeb is much more than a search engine. Students can visit PowerWeb to take a self- grading quiz, work through interactive exercises, click through an interactive glossary, and even check the daily news. In fact, an expert for each discipline analyzes the day's news to show students how it is relevant to their field of study.

Zvi Bodie Alex Kane Alan J．Marcus：Zvi Bodie:滋维·博迪(Zvi Bodie) 滋维·博迪是波士顿大学管理学院的金融学教授，他拥有麻省理工学院的博士学位，并一直在哈佛大学和麻省理工学院讲授金融学，同时他还是宾夕法尼亚大学养老金研究会的会员。他有多种著述涉及养老金财务、私人和公共部门的融资担保管理及通货膨胀环境下的投资策略等各个领域。
Alex Kane:亚历克斯·凯恩(Alex Kane) 亚历克斯·凯恩是加利福尼亚州大学圣迭戈分校国际关系研究生院及太平洋研究所的金融与经济学教授。他的主要研究领域是公司财务、资产组合管理与资本市场。他最近的研究重点是市场波动的测度和期权定价。
Alan J．Marcus:艾伦J．马库斯(Alan J．Marcus) 艾伦J．马库斯是波士顿学院华莱士E. 卡雷尔管理学院的金融学教授，获麻省理工学院经济学博士。马库斯教授在资本市场和资产组合管理领域著述颇丰，研究重点为期货、期权定价模型的应用。

PART ONE
INTRODUCTION　1
1　The Investment Environment　3
2　Financial Instruments　31
3　How Securities are Traded　65
4　Mutual Funds and Other Investment companies　107
PART TWO
PORTFOLIO THEORY　135
5　History of Interest Rates and Risk Premiums　137
6　Risk and Risk Aversion　165
7　Capital Allocation Between the Risky Asset and the Risk-Free Asset　197
8　Optimal Risky Portfolios　223
PART THREE
EQUILIBRIUM IN CAPITAL MARKETS　279
9　The Capital Asset Pricing Model　281
10　Index Models　317
11　Arbitrage Pricing Theory and Multifactor Models of Risk and Return　343
12　Market Efficiency and Behavioral Finance　369
13　Empirical Evidence on Security Returns　415
PART FOUR
FIXED-INCOME SECURITIES　445
14　Bond Prices and Yields　447
15　The Term Structure of Interest Rates　487
16　Managing Bond Portfolios　519
PART FIVE
SECURITY ANALYSIS　569
17　Macroeconomic and Industry Analysis　571
18　Equity Valuation Models　605
19　Financial Statement Analysis　655
PART SIX
OPTIONS, FUTURES, AND OTHER DERIVATIVES　　695
20　Options Markets: Introduction　697
21　Option Valuation　745
22　Futures Markets　791
23　Futures and Swaps: A Closer Look　821
PART SEVEN
APPLIED PORTFOLIO MANAGEMENT　859
24　Portfolio Performance Evaluation　861
25　International Diversification　905
26　The Process of Portfolio Management　939
27　The Theory of Active Portfolio Management　981
Appendix A Quantitative Review　1005
Appendix B CFA Citations　1043
Appendix C　1047
Name Index　1061
Subject Index　1065