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Equity and fixed income CFA 2016

Equity and fixed income CFA 2016

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How to Use the CFA Program Curriculum
Curriculum Development Process
Organization of the Curriculum
Features of the Curriculum
Designing Your Personal Study Program
Study Session 13 Equity: Market Organization, Market Indices, and Market Efficiency
Reading 46 Market Organization and Structure
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
Real Assets
Financial Intermediaries
Brokers, Exchanges, and Alternative Trading Systems
Depository Institutions and Other Financial Corporations
Insurance Companies
Settlement and Custodial Services
Short Positions
Leveraged Positions
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
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
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