CFA一级强化班培训项目：权益-另类-衍生（标准版）

．@TopicWeightingsCFAIIWeightings!SessionNO.ContentPs115-2013-1710-1210-12s2-3ssFinancialAnalysiss10-11StudySession12-13EquityInvestmentssssDerivatives-s．3-57菩业．创新．增值｀｀｀｀｀，＇S512EquityInvestment(1)}•｀｀｀Investments,/、••、、、、、、、、、、、、、、、、、、-----、►、S513EquityInvestment(2)、•••R41EquityValuation:ConceptsandBasicTools4-57芸业．创新．增值Reading�A�36�5-57芸业．创新．增值Framework5.Classificationofmarkets•Primarymarkets•Moneyvs.Capitalmarkets•Traditionalvs.Alternativemarkets6.Positionsinasset7.Instructionsoftransactionprocesses6-57芸业．创新.t旨值140614121512170617121912IntermediariesfinancialIFinancialintermediariesTheservicesthattheyprovideBrokers.dealers.andexchangesManagebgaby．Depos1torymst1tut1onsIandabcanInsurancecompaniesa7-57芸业．创新．增值14061412(1)15121706(1)IntermediariesfinancialmarketITheservicesthattheyprovideFinancialintermediariesArbitrageurs:Cus:es8-57芸业．创新．增值1406(1)9-57芸业．创新.t旨值151216061806Classificationofmarkets✓Primarymarket:cecaIPOl),sissues)markets✓Secondarymarketr✓Capitalmarkets:l✓Traditionalimarkets:l,aaTraditionalAlternativemarkets✓Alternativemarkets:l.10-57芸业．创新．增值1406(1)17061712(1)►HowsecuritiessoldthroughprimarymarketBest;SoldI✓D✓✓✓11-57芸业．创新．增值Classificationmarkets►Howsecuritiessoldthroughprimarymarket-soldpublicly•end.UnderwrittenofferingBesteffortsIGsofINotposchooseasupposedteemost12-57芸业．创新．增值15061512170618061812Order-drivenmarket✓geggdexpensyfineBrokeredmarkets13-57芸业．创新．增值Classificationmarkets•amIIIaoThe14-57芸业．创新.t旨值1506(1)1512(1)16061712asset►Longposition•Peoplep•Benefitanineprice.►Shortposition•havepwhenhavedowhensell•aeisas✓Bsecuritylenderswhoareholders.selltraders;✓prepurchasingee✓•Benefitadecreaseinprice.•Thepalgainsapare100芸业．创新．增值►Leveragedpositions．．•Buyonmargin:canbybybe•Leverageratio=l/margin16-57芸业．创新.t旨值1406160616121812(1)2012•m✓Maintenancemargines✓Margincall:ifsfallsbuabelmaintenance(minimum)marginrequirem✓efaleverageposition.。(IMP�=�MM17-57芸业．创新．增值InstructionstransactionprocessesIlimit✓eofe•.✓Good-d(GTC);✓l;✓e;✓n;✓(Eiseffe•sr;•sIIUsd.rrss18-57芸业．创新．增值1906(1)Instructionstransactionprocesses•oao19-57芸业．创新.t旨值15061806(1)InstructionstransactionprocessesOrderPricesBidsOffers(As比）·Tleastaggressivelypricedsellthem釭ket.Thesesellesay.29—TeThebidandspacebestbidandoffisinsidemarIfaitanewma竺htdisatmarket.勾2523mar妇I.The邸trket.20-57芸业．创新.t旨值�A��SecurityMarketIndices21-57芸业．创新.t旨值Framework•Equal-WeightedIndex•MarketCapitalization-WeightedIndex•AMarketCapitalization­Weighted•Fundamentalweighting::�::r�::I尸AeecsheesheciueseswiheAeumeseenee.Aoueecsheesheciuensesbuhesmene．ReturnIndexcedp23-57芸业．创新．增值Price-weightedindexArithmeticmean:xisthereturneachsi�X-averagevalue=Equal-weightedindexnGeometricmean:xl+hpr=iichangeaverageindexvalueX…x=2nsxAWeightingbyusingmeasuresacompan'ssizethatare�Fundamentalweightingindependentitssecuritydetermineweightoneachentsecurity.(E.G.bvalue,revenue,�芸业．创新．增值enEquyiidxneesAltra��ttmt••tx•tf•Sex✓ses•Sx芸业．创新．增值•Rebalancing✓weight•Reconstitution✓e26-57芸业．创新.t旨值Reading�A�38�MarketEfficiency27-57芸业．创新．增值1.isEfficientCapitalMarketFramework3.Threemarketefficiency•Tneweak-formEMH•Tnesemi-strongformEMH•Tnestrong-formEMHTests,ofEMH5.MarketAnomalies6.BehaviorFinance28-57芸业．创新．增值Weak-FormISemi-StrongStrong-FormII仑JMarketinfoPublicinfoAllinfoavailableII,IIIIII11，MarketinfoII!!11N1!II!LTypesAssumptionImplicationEXEXXXiln�NycantXilA29-57芸业．创新．增值140614121706(1)(1)1906Economicfundamentals30-57芸业．创新.t旨值1506(1)1806biasesidentifiedincludeebpltssece'sycCsetorgltor31-57芸业．创新．增值Reading�A�39�OverviewofEquitySecurities32-57芸业．创新．增值1.ClassificationofEquitySecurities2.PrivateEquitySecuritiesFramework3.Non-domesticEquitySecurities4.RiskandReturnCharacteristicsEquitySecurities33-57芸业．创新.t旨值1812(1)oacompanytheCommonthe(or),butnotthecommonobuyacspthetheortot(common"put"theasptheo34-57芸业．创新．增值CharacteristicsofequitysecuritiessecuritiesInofcompany'snetuponn.tondcompany'sexceedsa1convertaspecnumberofcommon、计V菩业．创新．增值(1)(1)2012equitysecurities►Theriskismostcommonlymeasuredthestandarddeviationofreturns(收益的标准差）．LowriskHighP<P<CaCp<Nop36-57菩业．创新．增值Non-domesticsecuritiesIIsssfn.csasaec.DR;•DR;(ADRs).37-57芸业．创新．增值＾＾���IntroductionIndustryandcompanyAnalysis38-57菩业．创新．增值Framework•BusinessCycle•Statisticamethods4.Companyanalysis•Competitivestrategies39-57菩业．创新．增值ltesuI.ofpDI-_,,�11.J汃八豆40-57芸业．创新．增值•firm:A✓✓✓Examplesinclude:cg41-57芸业．创新．增值150615121706•Barrierstoentry✓lowelihighdotmeanhigh✓✓mallyilessvei42-57芸业．创新．增值influences►CompetitiveAdvantage►caneofeknownasaclassic•Rivalryamongexistingcompetitors:whichaec•ThreatQfsubstitutes:whichcanaffect扣。.ways43-57芸业．创新．增值Companyanalysis•Focus:aaa.IPfILow-costII••••Set�e�.:'44-57芸业．创新．增值＾＾·��EquityValuation:ConceptandBasicTool45-57菩业．创新．增值1.EvaluateasecurityFramework2.categoriesofvaluationmodels46-57菩业．创新．增值(1)►ChronoloHolder-of-recorddateex-dividenddateI1_2inesslThedeclarationIofpaymentI•Thedeclarationdate;•ex-dividenddate;•Theholder-of-recorddate;Thepaymentdate.47-57菩业．创新．增值1712(1)1806(1)•Thesholdasdan;•sissinceitno•ValuasDp=D=(1+P『N(l+几P48-57菩业．创新．增值Assumption✓D♦aD。。c+D+g)D+。。=V++r2+)r(l+)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