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Equity and fixed income CFA 2016

Equity and fixed income CFA 2016

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CONTENTS

How to Use the CFA Program Curriculum
Curriculum Development Process
Organization of the Curriculum
Features of the Curriculum
Designing Your Personal Study Program
Feedback
Equity
Study Session 13 Equity: Market Organization, Market Indices, and Market Efficiency
Reading 46 Market Organization and Structure
Introduction
The Functions of the Financial System
Helping People Achieve Their Purposes in Using the Financial System -
Determining Rates of Return
Capita! Allocation Efficiency
Assets and Contracts
Classifications of Assets and Markets
Securities
Currencies
Contracts
Commodities
Real Assets
Financial Intermediaries
Brokers, Exchanges, and Alternative Trading Systems
Dealers"
Securitizers
Depository Institutions and Other Financial Corporations
Insurance Companies
Arbitrageurs
Settlement and Custodial Services
Summary
Positions
Short Positions
Leveraged Positions
Orders
Execution instructions
Validity Instructions
Clearing Instructions
Primary Security Markets
Public Offerings
Private Placements and Other Primary Market Transactions
Importance of Secondary Markets to Primary Markets
Secondary Security Market and Contract Market Structures Trading Sessions Execution Mechanisms Market Information Systems Well-Functioning Financial Systems Market Regulation Summary Practice Problems Solutions
 
Reading 47 Security Market Indices
 
Introduction
 
Index Definition and Calculations of Value and Returns Calculation of Single-Period Returns Calculation of Index Values over Multiple Time Periods,
 
Index Construction and Management
 
Target Market and Security Selection Index Weighting
 
Index Management: Rebalancing and Reconstitution Uses of Market Indices
 
Gauges of Market Sentiment
 
Proxies for Measuring and Modeling Returns, Systematic Risk, and Risk-Adjusted Performance Proxies for Asset Classes in Asset Allocation Models
 
Benchmarks for Actively Managed Portfolios
 
Model Portfolios for Investment Products Equity Indices
 
Broad Market Indices Multi-Market Indices Sector Indices Style Indices Fixed-Income Indices Construction
 
Types of Fixed-Income indices Indices for Alternative Investments Commodity Indices Real Estate Investment Trust Indices Hedge Fund Indices Summary Practice Problems Solutions
 
Reading 48 Market Efficiency
 
Introduction
 
The Concept of Market Efficiency
 
The Description of Efficient Markets
 
Market Value versus Intrinsic Value
 
Factors Contributing to and Impeding a Market's Efficiency
 
Transaction Costs and Information-Acquisition Costs
Weak Form 125
 
Semi-Strong Form 125
 
Strong Form 128
 
implications of the Efficient Market Hypothesis 128
 
Market Pricing Anomalies 129
 
Time-Series Anomalies 130
 
Cross-Sectional Anomalies 132
 
Other Anomalies 133
 
Implications for Investment Strategies 136
 
Behavioral Finance 136
 
Loss Aversion 137
 
Herding 137
 
Overconfidence 137
 
Information Cascades 138
 
Other Behavioral Biases 138
 
Behavioral Finance and Investors 139
 
Behavioral Finance and Efficient Markets 139
 
Summary 139
 
Practice Problems 142
 
Solutions 145
 
Study Session 14 Equity Analysis and Valuation 147
 
Reading 49 Overview of Equity Securities 149
 
Introduction 149
 
Equity Securities in Global Financial Markets 150
 
Types and Characteristics of Equity Securities 155
 
Common Shares 156
 
Preference Shares 159
 
Private versus Public Equity Securities 162
 
Investing in Non-Domestic Equity Securities 164
 
Direct investing 165
 
Depository Receipts 166
 
Risk and Return Characteristics of Equity Securities 169
 
Return Characteristics of Equity Securities 169
 
Risk of Equity Securities 170
 
Equity Securities and Company Value 172
 
Accounting Return on Equity 172
 
The Cost of Equity and Investors'Required Rates of Return 177
 
Summary 178
 
Practice Problems 180
 
Solutions 184
 
Reading 50 Introduction to Industry and Company Analysis 187
 
introduction 188
 
Uses of Industry Analysis 188
 
Approaches to Identifying Similar Companies 189
 
Products and/or Services Supplied 189
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