Throughout the development of this text, experienced instructors have provided critical feedback and suggestions for improvement. These individuals deserve a special thanks for their valuable insights and contributions. The following instructors played a vital role in the development of this and previous editions of Investments:

Scott Besley University of Florida

John Binder

University of Illinois at Chicago Paul Bolster Northeastern University Phillip Braun Northwestern University L. Michael Couvillion Plymouth State University Anna Craig Emory University David C. Distad

University of California at Berkeley Craig Dunbar

University of Western Ontario

Michael C. Ehrhardt

University of Tennessee at Knoxville

David Ellis Babson College

Greg Filbeck University of Toledo Jeremy Goh Washington University John M. Griffin Arizona State University Mahmoud Haddad Wayne State University Robert G. Hansen Dartmouth College Joel Hasbrouck New York University

Andrea Heuson University of Miami

Eric Higgins Drexel University

Shalom J. Hochman

University of Houston

A. James Ifflander

A. James Ifflander and Associates

Robert Jennings

Indiana University

Richard D. Johnson Colorado State University

Susan D. Jordan University of Kentucky

G. Andrew Karolyi Ohio State University Josef Lakonishok

University of Illinois at Champaign/Urbana

Dennis Lasser

Binghamton University

Christopher K. Ma

Texas Tech University

Anil K. Makhija

University of Pittsburgh

Steven Mann

University of South Carolina

Deryl W. Martin

Tennessee Technical University

Jean Masson University of Ottawa

Ronald May

St. John's University

Rick Meyer

University of South Florida Mbodja Mougoue Wayne State University Don B. Panton

University of Texas at Arlington Robert Pavlik Southwest Texas State Herbert Quigley University of D.C. Speima Rao

University of Southwestern Louisiana

Leonard Rosenthal Bentley College

Eileen St. Pierre

University of Northern Colorado Anthony Sanders Ohio State University John Settle

Portland State University


Edward C. Sims Western Illinois University Steve L. Slezak

University of North Carolina at Chapel Hill

Keith V. Smith

Purdue University

Patricia B. Smith

University of New Hampshire

Laura T. Starks

University of Texas

Manuel Tarrazo University of San Francisco

Jack Treynor

Treynor Capital Management Charles A. Trzincka SUNY Buffalo Yiuman Tse Suny Binghampton

Gopala Vasuderan Suffolk University Joseph Vu De Paul University Simon Wheatley University of Chicago Marilyn K. Wiley Florida Atlantic University James Williams

California State University at Northridge Tony R. Wingler

University of North Carolina at Greensboro

Hsiu-Kwang Wu University of Alabama

Thomas J. Zwirlein

University of Colorado at Colorado Springs

For granting us permission to include many of their examination questions in the text, we are grateful to the Institute of Chartered Financial Analysts.

Much credit is due also to the development and production team: our special thanks go to Steve Patterson, Executive Editor; Sarah Ebel, Development Editor; Jean Lou Hess, Senior Project Manager; Keith McPherson, Director of Design; Susanne Riedell, Production Supervisor; Cathy Tepper, Supplements Coordinator; and Mark Molsky, Media Technology Producer.

Finally, we thank Judy, Hava, and Sheryl, who contributed to the book with their support and understanding.

Zvi Bodie Alex Kane Alan J. Marcus

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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