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Overview
A state-of-the art treatment offering scientific procedures that require no special scientific expertise, Murphy's unusual new book provides a unified framework for the evaluation of investment assets and strategies—a particularly useful way to conduct security analysis, portfolio management, and trading, and for other general investment applications. Murphy covers practical methods for credit analysis and demonstrates ways to value equities using a pro forma model that integrates forecasting with the detailed use of financial statements and footnotes.
Scientific Investment Analysis explains how to evaluate both fixed income securities and equities, as well as options, futures, and investment companies. It illustrates the use of practical dynamic software for valuing complex call, conversion, and other option features embedded in security contracts. The valuation concepts he presents are well grounded in theory and empirical investigation and explained within the context of international portfolio management. The effects of trading, tax, and regulatory environments on market prices and investment strategies are thoroughly discussed. This is an important resource for investment analysts, researchers, advisers, and brokers, an as excellent text for students in advanced investment or portfolio management at upper university levels.
Synopsis
A unified, scientific approach to evaluating international investments and portfolio strategies.
Booknews
Murphy (finance, Oakland U., Michigan) sees a number of possible uses for his comprehensive treatment of analyzing investments: a reference for investment professionals, a review guide by which analysts can refresh their skills, and either a core or supplementary textbook for a graduate or upper-level undergraduate course in investments. Though he grounds all the material in scientific theory, he strongly emphasizes applied methods for evaluating investments. Annotation c. Book News, Inc., Portland, OR (booknews.com)