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.

AUSTIN MURPHY is Professor Finance at Oakland University in Michigan.

Preface
Introductory
Portfolio Analysis
Introduction: Investment Goals and Opportunities
Diversification Analysis
An Applied Theory of Portfolio Selection
Fundamental Analysis
Foundations of Investment Valuation
Fixed-Income Security Analysis: Introduction
Fundamental Analysis of Fixed-Income Securities
Analysis of Equity Investments: Introduction
Fundamental Analysis of Equity Investments
Fundamental Analysis of Real Asset Investments
Fundamental Analysis of Foreign Assets
A Fundamental Survey of the Existing Investment Opportunity Set
Spot Assets
Forward and Futures Contracts
Options
Investment Companies
The Existing Market Environment
The Trading Environment
The Taxation Environment
The Regulatory and Ethical Environment
Market Efficiency and Investment Performance
Specific Portfolio Strategies
Arbitrage
The Theory and Practice of Technical Analysis
Hedging
A Summary of Portfolio Management Strategies
Index