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TABLE OF CONTENTS 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 EQUILIBRlUM 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 SECURlTIES 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 DERlVATIVES 695 20 Options Markets: Introducti.on 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 EvaIuation 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