Ebook Essentials of investments (7th edition): Part 2
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Ebook Essentials of investments (7th edition): Part 2
ell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2of security analysis. How do analysts choose the stocks and other securities to hold in their portfolios?Security analysis requires a wide mix ol skills. You need to be a decent economist with a good grasp of both macroeconomics and microeconomics, the former Io help you lorm forecasts of the genera Ebook Essentials of investments (7th edition): Part 2l direction of the market and the latter to help you assess the relative position of particular industries or firms. Yau need a good sense of demograpEbook Essentials of investments (7th edition): Part 2
hic and social trends to help identify industries with bright prospects. You need to be a quick study of the ins and outs ol particular industries to ell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2nalysis13Equit)' ValuationFinancial Statement AnalysisPART FOURSECURITY ANALYSISanalyze the financial statements that firms provide to the public. You also need to have mastered corporate finance, since security analysis at its core is the ability to value a firm. In short, a good security analyst w Ebook Essentials of investments (7th edition): Part 2ill be a generalist, with a grasp of the widest range of financial issues. This is where there is the biggest premium on "putting it all together."TheEbook Essentials of investments (7th edition): Part 2
chapters in Parr Four are an introduction to security analysis. We will provide you with a "top-down" approach to the subject, starling with an overvell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2 fundamental analysis. Alter reading these chapters, you will have a good sense OÍ the various techniques used to analyze stocks and rhe stock market.www.downloadslide.comCHAPTERI J Macroeconomic andI Industry AnalysisAFTER STUDYING THIS CHAPTER YOU SHOULD BE ABLE TO:Predict the effect of monetary a Ebook Essentials of investments (7th edition): Part 2nd fiscal policies on key macroeconomic variables such as gross domestic product, interest rates, and the inflation rate.Use leading, coincident, andEbook Essentials of investments (7th edition): Part 2
lagging economic indicators to describe and predict the economy's path through the business cycle.Predict which industries will be more or less sensitell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2sisThe analysis of determinants of firm value, such as prospects for earnings and dividends.TO determine a proper price for a firm's stock, the security analyst must forecast the dividends and earnings that can be expected from the firm. This is the heart of fundamental analysis, that is, the analys Ebook Essentials of investments (7th edition): Part 2is of determinants of value such as earnings prospects. Ultimately, the business success of the firm determines the dividends it can pay to shareholdeEbook Essentials of investments (7th edition): Part 2
rs and the price it will command in the stock market. Because the prospects of the firm are tied to those of the broader economy, however, valuation aell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2er influence on profits than the firm's relative performance within its industry. In other words, investors need to keep the big economic picture in mind.Therefore, in analyzing a firm's prospects it often makes sense to start with the broad economic environment, examining the state of the aggregate Ebook Essentials of investments (7th edition): Part 2 economy and even the international economy. From there, one considers the implications of the outside environment on the industry in which the firm oEbook Essentials of investments (7th edition): Part 2
perates. Finally, the firm's position within the industry is examined.370www.downk>adslid0.cofnThis chapter examines the broad-based aspects of fundamell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2al factors relevant to firm performance and move on to an overview of the significance of the key variables usually used to summarize the state of the economy. We then discuss government macroeconomic policy and the determination of interest rates. We conclude the analysis of the macroeconomic envir Ebook Essentials of investments (7th edition): Part 2onment with a discussion of business cycles. Next, we move to industry analysis, treating issues concerning the sensitivity of the firm to the businesEbook Essentials of investments (7th edition): Part 2
s cycle, the typical life cycle of an industry, and strategic issues that affect industry performance.Related Web sites for this chapter arc availableell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2ight affect a firm's export prospects. The price competition it faces from foreign competitors, or the profits it makes on investments abroad. Certainly, despite the fact that the economies of most countries arc linked in a global macroeconomy, there is considerable variation in economic performance Ebook Essentials of investments (7th edition): Part 2 across countries at any time. Consider, for example. Table 12 1. which presents data on several major economies. The table documents striking variatiEbook Essentials of investments (7th edition): Part 2
on in growth rales of gconomic output. For example, while the Chinese economy grew by 10.4% in 2006 (see last column), output in Japan grew by only 1.ell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart o Ebook Essentials of investments (7th edition): Part 2ns of the table.These data illustrate that the national economic environment can be a crucial determinant of industry performance. 11 is far harrier for businesses to succeed in a contracting economy than in an expanding one. This observation highlights the role of a big-picture macroeconomic analys Ebook Essentials of investments (7th edition): Part 2is as a fundamental pan of the investment process.TABLE 12.1Stock Market Return (%)Growth in GDPEconomic performance.In Local CurrencyIn U.S. Dollars(Ebook Essentials of investments (7th edition): Part 2
%)2006Brazil32.945.23.2ell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart oell your friends or relatives that you are studying investments and they will ask you, "What stocks should I buy?" This is the question at the heart oGọi ngay
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