Part Ⅰ Overview on International Investment
Chapter 1 Overview on International Investment
The requirement of Learning
1 The conception and thetypes
1．1 The conception
1．2 The types
2 International Investments and Balance of Payments
2．1 Basic structure
2．2 The reconciliation of BOP and IIP
3 The difierence of FDI and IPI
4 Development of International Investment
4．1 Before 1914
4．2 During the period of the world wars
4．3 From the end of world war It to 1979
4．4 From 1980s to 2000s
4．5 From 2000s to 2010
4．6 The Latest development of International investment
Summary
Exercises
Part Ⅱ International Portfolio Investment(IPI)
Chapter 2 Diversification and Portfolio Theory
The requirement of Learning
1 Why a Diversified Portfolio Investment is Important
1．1 Avoiding Disaster
1．2 Portfolio：Reduce Risk
2 The Modem Portfolio Theory
2．1 The Emergence of Modem Portfolio Theory
2．2 The Theory of Security Portfolio
Summary
Exercises
Chapter 3 CAPM and International CAPM
The requirement of Learning
1 Capital Assets Pricing Model(CAPM)
1．1 Assumptions
1．2 The capital market line
1．3 The market portfolio
1．4 The eIbcient set
1．5 The security market line
1．6 Market and Non-Market Risk
2 International CAPM
2．1 Real exchange rate
2．2 Foreign Currency Risk Premiums
2．3 Separation Theorem and Risk-pricing relation
Summary
Exercises
Chapter 4 The Practice for International Diversification
The requirement of Learning
1 Traditional Case International Diversification
1．1 Risk Reduction through Attractive Correlations
1．2 Portfolio Return Performance
1．3 Forward-Looking Optimization
1．4 Currency Risk Not a Barrier to International Investment
2 The Case Against International Diversification
2．1 Increase in Correlations
2．2 Past Performance Is a Good Indicator of Future Performance
2．3 Barriers to International Investments
3 The Case for Emerging Markets
3．1 The Basic Case
3．2 Volatility，Correlations，and Currency Risk
3．3 Portfolio Return Performance
3．4 Investability of Emerging Markets
3．5 Segmentation versus Integration Issue
Summary
Exercises
Chapter 5 International Equity Investment
The requirement of Learning
1 Market Differences：A Historical Perspective
1．1 Historical Differences in Market Organization
1．2 Historical Differences in Trading Procedure
2 Global Market Statistics
2．1 Market Size
2．2 Liquidity
2．3 Concentration
3 Market Practical Aspects
3．1 Tax Aspects
3．2 Stock Market Indexes
4 Investing in foreign Equity Securities
4．1 Investing the Shares of foreign Listing
4．2 Depository Receipt
4．3 Closed end Country Funds
4．4 An Exchange-Traded Fund(ETF)
5 Analysis Methods
5．1 The information Problem
5．2 A vision of the wodd
5．3 Differences in National Accounting Standards
5．4 The effects of Accounting Principles on Earnings and Stock Prices
6 G10bal Analyses
6．1 Country Analysis
6．2 Industry Analysis
7 Equity Analyses
7．1 Global finan ratio analysis
7．2 Valuation Models
7．3 The effects of inflation on Stock Drices
Summary
Exercises
Chapter 6 International Bond Investment
The requirement of Learning
1 The Introduction of Global Bond Market
1．1 The various Segments
1．2 World market size
1．3 Bond Indexes
1．4 The Eurobond Market
1．5 Emerging Markets and Brady Bonds
2 Major Differences among Bond Markets
2．1 Tvpes of Instruments
2．2 Quotations，Day Count，and Frequency of Coupons
3 A Refresher on Bond Valuation
3．1 Zero-Coupon Bonds
3．2 Bond with Coupons
3．3 Duration and Interest Rate Sensitivity
3．4 Credit Spreads
3．5 The return and risk on foreign bond investment
4 Floating Rate Notes and Structured Notes
4．1 Floating-Rate Notes(FRNs)
4．2 Bull FRN
4．3 Bear FRN
4．4 Dual-Currency Bonds
4．5 Curre
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