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Part One: Introduction to Investments Chapter 1: The Investment Setting Chapter 2: Security Markets Chapter 3: Participating in the Market Chapter 4: Investment Companies: Mutual Funds, Exchange-Traded Funds, Closed-End funds, and Unit Investment Trusts Part Two: Analysis and Valuation of Equity Securities Chapter 5: Economic Activity Chapter 6: Industry Analysis Chapter 7: Valuation of the Individual Firm Chapter 8: Financial Statement Analysis Part Three: Issues in Efficient Markets Chapter 9: Efficient Markets and Anomalies Chapter 10: Behavioral Finance and Technical Analysis Part Four: Fixed-Income and Leveraged Securities Chapter 11: Bond and Fixed-Income Fundamentals Chapter 12: Principles of Bond Valuation and Investment Chapter 13: Convertible Securities and Warrants Part Five: Derivative Products Chapter 14: Put and Call Options Chapter 15: Commodities and Financial Futures Chapter 16: Stock Index Futures and Options Part Six: Broadening the Investment Perspective Chapter 17: A Basic Look at Portfolio Management and Capital Market Theory Chapter 18: Duration and Bond Portfolio Management Chapter 19: International Securities Markets Chapter 20: Investments in Real Assets Chapter 21: Alternative Investments: Private Equity and Hedge Funds Chapter 22: Measuring Risks and Returns of Portfolio Managers Appendices Appendix A: Compound Sum of 1 Appendix B: Compound Sum of an Annuity of 1 Appendix C: Present Value of 1 Appendix D: Present Value of an Annuity of 1 Appendix E: Time Value of Money and Investment Applications Appendix F: Using Calculators for Financial Analysis
Lashgari et al. (Sun,) studied this question.