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Essentials of Investments: Chapter 12 - Macroeconomic and Industry Analysis

Essentials of Investments: Chapter 12 - Macroeconomic and Industry Analysis includes Fundamental Analysis, The Global Econom, The Domestic Macroeconom, The Domestic Macroeconomy, Demand and Supply Shocks, Fiscal Polic. | CHAPTER 12 Macroeconomic and Industry Analysis INVESTMENTS | BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 17-2 Fundamental Analysis • A firm’s value comes from its earnings prospects, which are determined by: – The global economic environment – Economic factors affecting the firm’s industry – The position of the firm within its industry INVESTMENTS | BODIE, KANE, MARCUS 17-3 The Global Economy • Stock markets around the world responded in unison to the financial crisis of 2008. • Performance in countries and regions can be highly variable. • It is harder for businesses to succeed in a contracting economy than in an expanding one. INVESTMENTS | BODIE, KANE, MARCUS 17-4 The Global Economy • Political risk: – The global environment may present much greater risks than normally found in U.S.-based investments. • Exchange rate risk: – Changes the prices of imports and exports. INVESTMENTS | BODIE, KANE, MARCUS 17-5 Table 17.1 Economic Performance INVESTMENTS | BODIE, KANE, .