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T H I R T E E N T H
E D I T I O N
ZVI BODIE
Boston University
ALEX KANE
University of California, San Diego
ALAN J. MARCUS
Boston College
Final PDF to printer
INVESTMENTS, THIRTEENTH EDITION
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Library of Congress Cataloging-in-Publication Data
Names: Bodie, Zvi, author. | Kane, Alex, 1942- author. | Marcus, Alan J.,
author.
Title: Investments / Zvi Bodie, Boson University, Alex Kane, University of
California, San Diego, Alan J. Marcus, Boston College.
Description: Thirteenth edition. | New York, NY : McGraw Hill LLC, [2024] |
Includes index.
Identifiers: LCCN 2022048517 (print) | LCCN 2022048518 (ebook) |
ISBN 9781264412662 (hardcover) | ISBN 9781266837227 (ebook)
Subjects: LCSH: Investments. | Portfolio management.
Classification: LCC HG4521 .B564 2024 (print) | LCC HG4521 (ebook) |
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bod12665_fm_i-xxviii.indd iv
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About the Authors
ZVI BODIE
Boston University
Zvi Bodie is Professor ­Emeritus at Boston University. He holds a PhD from the ­Massachusetts Institute of
Technology and has served on the finance faculty at the Harvard Business School and MIT’s Sloan School
of ­Management. He has ­published widely in scholarly and professional journals on pension investment strategy
and life-cycle asset-liability matching. In 2007 the ­Retirement Income Industry Association gave him its ­Lifetime
Achievement Award for applied research.
ALEX KANE
University of California, San Diego
Alex Kane holds a PhD from the Stern School of Business of New York University and has been Visiting
­Professor at the Faculty of Economics, University of Tokyo; Graduate School of Business, Harvard; Kennedy
School of Government, Harvard; and Research Associate, National Bureau of Economic Research. An author
of many articles in finance and management ­journals, Professor Kane’s research is mainly in corporate finance,
portfolio management, and capital markets.
ALAN J. MARCUS
Boston College
Alan Marcus is the Mario J. Gabelli Professor of Finance in the Carroll School of Management at Boston
­College. He received his PhD in economics from MIT. Professor Marcus has been a visiting professor at the
Athens Laboratory of Business Administration and at MIT’s Sloan School of Management and has served as a
research associate at the National Bureau of Economic Research. Professor Marcus has published widely in the
fields of capital markets and portfolio management. He also spent two years at the Federal Home Loan Mortgage
Corporation (Freddie Mac), where he developed models of mortgage pricing and credit risk. He currently serves
on the Research Foundation Advisory Board of the CFA Institute.
Special Contributor
Nicholas Racculia, Saint Vincent College
Nicholas Racculia holds a PhD from Princeton University and serves as Professor of Finance at St. Vincent
­College. Professor Racculia teaches a wide range of classes in Corporate Finance and Investments. He has
­significantly participated in the expansion of Chapter 26 on Alternative Assets. His contributions also play a key
role in the development of online content for the text.
v
Brief Contents
Preface
xvi
PART III
Equilibrium in Capital
Markets 283
PART I
Introduction 1
9
1
The Investment Environment
The Capital Asset Pricing Model
1
10
2
Asset Classes and Financial Instruments
3
How Securities Are Traded
Arbitrage Pricing Theory and Multifactor
Models of Risk and Return 315
31
11
61
The Efficient Market Hypothesis
4
Behavioral Finance and Technical
Analysis 381
13
PART II
Empirical Evidence on Security Returns
Portfolio Theory and
Practice 125
5
Risk, Return, and the Historical Record
6
Capital Allocation to Risky Assets
7
Efficient Diversification
Index Models
341
12
Mutual Funds and Other Investment
Companies 99
8
283
409
PART IV
Fixed-Income Securities 439
125
14
Bond Prices and Yields
167
439
15
The Term Structure of Interest Rates
201
16
Managing Bond Portfolios
251
vi
509
481
Brief Contents
PART V
PART VII
Security Analysis 551
Applied Portfolio
Management 827
17
Macroeconomic and Industry Analysis
18
551
24
Portfolio Performance Evaluation
Equity Valuation Models 583
19
Financial Statement Analysis
25
International Diversification
629
26
Alternative Assets
The Theory of Active Portfolio
Management 935
Options, Futures, and Other
Derivatives 673
20
Options Markets: Introduction
21
Option Valuation
715
Futures Markets
763
22
23
28
Investment Policy and the Framework of the
CFA Institute 959
673
Futures, Swaps, and Risk Management
867
895
27
PART VI
827
REFERENCES TO CFA PROBLEMS 995
GLOSSARY
G-1
NAME INDEX
I
SUBJECT INDEX I-4
791
NOTATION, FORMULAS F-1
vii
Contents
Preface
xvi
Chapter 2
Asset Classes and Financial Instruments
PART I
Introduction
2.1
1
The Investment Environment 1
Real Assets versus Financial Assets
1.2
Financial Assets 3
1.3
Financial Markets and the Economy
2
2.2
The Investment Process
1.5
Markets Are Competitive
2.3
The Players
10
11
2.4
2.5
54
End of Chapter Material
The Financial Crisis of 2008–2009 19
56–60
Chapter 3
Antecedents of the Crisis / Changes in Housing Finance /
Mortgage Derivatives / Credit Default Swaps / The Rise
of Systemic Risk / The Shoe Drops / The Dodd–Frank
Reform Act
How Securities Are Traded 61
3.1
How Firms Issue Securities 61
Privately Held Firms / Publicly Traded Companies / Shelf
Registration / Initial Public Offerings / SPACs versus
­Traditional IPOs
Outline of the Text 27
End of Chapter Material
Derivative Markets
Options / Futures Contracts
Robo Advice / Blockchains / Cryptocurrencies /
Digital Tokens / Digital Currency
1.8
Stock and Bond Market Indexes 47
Stock Market Indexes / Dow Jones Industrial Average
/ The Standard & Poor’s 500 Index / Russell Indexes /
Other U.S. Market-Value Indexes / Equally Weighted
Indexes / Foreign and International Stock Market Indexes
/ Bond Market Indicators
13
Financial Intermediaries / Investment Bankers /
Venture Capital and Private Equity / Fintech,
Financial Innovation, and Decentralized
Finance
1.7
Equity Securities 44
Common Stock as Ownership Shares / Characteristics of
Common Stock / Stock Market Listings / Preferred Stock /
Depositary Receipts
The Risk–Return Trade-Off / Efficient Markets
1.6
The Bond Market 37
Treasury Notes and Bonds / Inflation-Protected Treasury
Bonds / Federal Agency Debt / International Bonds /
Municipal Bonds / Corporate Bonds / Mortgage and
Asset-Backed Securities
5
The Informational Role of Financial Markets /
Consumption Timing / Allocation of Risk / Separation of
Ownership and Management / Corporate Governance
and Corporate Ethics
1.4
The Money Market 31
Treasury Bills / Certificates of Deposit / Commercial
Paper / Bankers’ Acceptances / Eurodollars / Repos and
Reverses / Federal Funds / Brokers’ Calls / LIBOR and
Its Replacements / Yields on Money Market Instruments /
Money Market Funds
Chapter 1
1.1
31
27–30
viii
Contents
3.2
How Securities Are Traded
67
4.6
Exchange-Traded Funds 112
4.7Mutual Fund Investment Performance:
A First Look 115
Types of Markets
Direct Search Markets / Brokered Markets / Dealer
­Markets / Auction Markets
4.8
Information on Mutual Funds
End of Chapter Material
Types of Orders
116
119–124
Market Orders / Price-Contingent Orders
PART II
Trading Mechanisms
Portfolio Theory
and Practice 125
Dealer Markets / Electronic Communication Networks
(ECNs) / Specialist/DMM Markets
3.3
The Rise of Electronic Trading
3.4
U.S. Markets
72
74
Chapter 5
NASDAQ / The New York Stock Exchange / ECNs
3.5
New Trading Strategies
Risk, Return, and the Historical
Record 125
76
Algorithmic Trading / High-Frequency Trading / Dark
Pools / Internalization / Bond Trading
3.6
Globalization of Stock Markets
3.7
Trading Costs
3.8
Buying on Margin
3.9
Short Sales
5.1Measuring Returns over Different Holding Periods 126
Annual Percentage Rates / Continuous Compounding
5.2 Interest Rates and Inflation Rates 129
Real and Nominal Rates of Interest / The Equilibrium
Real Rate of Interest / Interest Rates and Inflation /
Taxes and the Real Rate of Interest / Treasury Bills and
Inflation, 1926–2021
5.3 Risk and Risk Premiums 133
Holding-Period Returns / Expected Return and Standard
Deviation / Excess Returns and Risk Premiums / The
Reward-to-Volatility (Sharpe) Ratio
5.4 The Normal Distribution 137
5.5 Deviations from Normality and Tail Risk 140
Value at Risk / Expected Shortfall / Lower Partial
Standard Deviation and the Sortino Ratio / Relative
Frequency of Large, Negative 3-Sigma Returns
5.6 Learning from Historical Returns 143
Time Series versus Scenario Analysis / Expected Returns
and the Arithmetic Average / The Geometric (TimeWeighted) Average Return / Estimating Variance and
Standard Deviation / Mean and Standard Deviation
Estimates from Higher-Frequency Observations
5.7 Historic Returns on Risky Portfolios 147
A Global View of the Historical Record
5.8 Normality and Long-Term Investments 156
Short-Run versus Long-Run Risk / Forecasts for the
Long Haul
End of Chapter Material 160–166
80
81
82
85
3.10 Regulation of Securities Markets
89
Self-Regulation / The Sarbanes-Oxley Act /
Insider Trading
End of Chapter Material
93–98
Chapter 4
Mutual Funds and Other Investment
Companies 99
4.1
Investment Companies
4.2
Types of Investment Companies
99
100
Unit Investment Trusts / Managed Investment
Companies / Exchange-Traded Funds / Other Investment
Organizations
Commingled Funds / Real Estate Investment Trusts
(REITs) / Hedge Funds
4.3
Mutual Funds
104
Investment Policies
Money Market Funds / Equity Funds / Sector
Funds / Bond Funds / International Funds /
Balanced Funds / Asset Allocation and Flexible
Funds / Index Funds
How Funds Are Sold
4.4
Costs of Investing in Mutual Funds
107
Chapter 6
Fee Structure
Capital Allocation to Risky Assets
Operating Expenses / Front-End Load / Back-End
Load / 12b-1 Charges
6.1
Fees and Mutual Fund Returns
4.5
Taxation of Mutual Fund Income
167
Risk and Risk Aversion 168
Risk, Speculation, and Gambling / Risk Aversion and
Utility Values / Estimating Risk Aversion
111
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