Updated for the fourth edition, this textbook includes expanded discussion on IPOs and under pricing; further material on trading issues; and a new chapter on mutual funds and other investment companies.

INVESTMENT's unifying theme is that security markets are nearly efficient, meaning that most securities are usually priced appropriately given their risk and return attributes. The text places greater emphasis on asset allocation, and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts.