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Investment Analysis and Portfolio Management

Motivation for Developing the Course Research by the members of the project consortium Employers’ Confederation of Latvia and Bulgarian Chamber of Commerce and Industry indicated the need for further education courses. Innovative Content of the Course The course is developed to include the following innovative content: • Key concepts of investment analysis and portfolio management which are explained from an applied perspective emphasizing the individual investors‘decision making issues. | Lifelong Learning Programme Leonardo da vinci Transfer of Innovation Kristina Levisauskaite Investment Analysis and Portfolio Management Leonardo da Vinci programme project Development and Approbation of Applied Courses Based on the Transfer of Teaching Innovations in Finance and Management for Further Education of Entrepreneurs and Specialists in Latvia Lithuania and Bulgaria Vytautas Magnus University Kaunas Lithuania 2010 Investment Analysis and Portfolio Management Table of Contents Introduction.4 1. Investment environment and investment management process.7 1.1 Investing versus financing.7 1.2. Direct versus indirect investment.9 1.3. Investment environment.11 1.3.1. Investment vehicles.11 1.3.2. Financial markets.19 1.4. Investment management process.23 Summary.26 Key-terms.28 Questions and problems.29 References and further readings.30 Relevant websites.31 2. Quantitative methods of investment analysis.32 2.1. Investment income and risk.32 2.1.1. Return on investment and expected rate of return.32 2.1.2. Investment risk. Variance and standard deviation.35 2.2. Relationship between risk and return.36 2.2.1. Covariance.36 2.2.2. Correlation and Coefficient of determination.40 2.3. Relationship between the returns on stock and market portfolio.42 2.3.1. Characteristic line and Beta factor.43 2.3.2. Residual variance.44 Summary.45 Key-terms.48 Questions and problems.48 References and further readings.50 3. Theory for investment portfolio formation.51 3.1. Portfolio theory.51 3.1.1. Markowitz portfolio theory.51 3.1.2. The expected rate of return and risk of portfolio.54 3.2. Capital Asset Pricing Model.56 3.3. Arbitrage Price Theory.59 3.4. Market Effi ci ency Theory.62 Summary.64 Key-terms.66 Questions and problems.67 References and further readings.70 4. Investment in stocks.71 4.1. Stock as specific investment.71 4.2. Stock analysis for investment decision making.72 4.2.1. E-I-C analysis.73 4.2.2. Fundamental analysis.75 4.3. Decision making of investment in