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_TopicWeightingsin1CFALevelIISessNO.Study1EthicalaQuantitativeReporting5-8Session18-19Portfolio5-83--57亏业.创新·I包值@FrameworkEquityInvestments•R37iR38Efficiency/、、.SS13EquityInvestment(2)R39tiR40onCompanyAnalysisR41BasicTools4-57�MarketOrganitionaStructure专业.创新·I旨僭—MainofeFinancialFramework5.Classificationof•Primary•vs.7.onprocesses6-57亏业.创新·I吕僵(2)(1)1712Intermediariesmarket�eservicestheyprovideBrokers,dealers,andexchangesSecuritizersareservicestheyprovideArbitrageursloss亏业1406(1)WellFunctionedFinancialMarketAwellfunctionedfinancialmarke1:•Operationaleficiency:aaandefficiency:aof亏业创·11406(1)(1)1606(1)ofmarketsPrimaryVSSecondarymarkets✓marketoress).✓Capitalmarkets:such✓Traditionalnvestmentmarkets:equitiesTraditionalVSAlternativemarkets✓Alternativemarkets:W-(1)(1)1606(1)Classificationofmarkets►securitiessoldthroughprimaryjionmethods✓✓Soldpublicly✓✓Book✓✓I亏业.创新·I旨僭Classificationofmarkets►Howsecuritiesaresoldthroughp1market-soldpubliclyr•lBestbuybank亏业.创新·I包值12:-1506(1)170618061812(1)•Cl..•highestpricedlowest•toTheBrokeredmarketsClassificationof►Secondarycapitalmarkets•I-whenThe亏业.创新·I旨僭PositionsanLongposition•or•Shortposition•whendowhenthey•a✓亏业.创新·I包值►Definition:buybyLeverageratio=l/margin亏业.·l,立1706(1)1812(1)Positionsinasset►Leveragedpositions•✓margin:aa✓Maintenancemargin1s1-IMp=PJL亏业.创新·I旨僭\mparemarketordersw�"···✓Thecommon•••✓•instructions:I亏业.创新·I包值1906(1)◄•BehindtheAorderoraabove5715061812(1)Instructionstransa◄processesOrdtrPric,.stsellfar33them釭ketal,o•Iat·lbidande1cebetweencurrentbidando行er坎,anhere.itean釭,Teheisalbuyar,b,hindalsoyaawayfe冒esuvelybuyrareJarfW-57专业.创新·I旨僭·�•SecuriMarketIndices21-57亏业.创新·I吕僵Framework』•Equal-WeightedIndex•MarketCapitalization-WeightedIndex•AFloat-AdjustedMarketCapitalizationWeighted•Fundamentalweighting'-57(1)1506(2)1606(2)1612(1)1812(1)2012(1)Introductionsecuri飞tymarketindex岂heofanaMetIApriceindexreflectsonlythepricesoftheconstituentsecuritieswithi11theindex;PriceindexAtotalreturnindexreflectsnotonlythepricesoftheconstituentsecuritiesbutalsothereinvestmentofallincomeReturnindexIreceivedsinceinception;Total「eturnmeasu「esp「iceappreciationplusinterest,dividends,andotherdistributions..23,-57亏业.创新·I旨僭(1)15061512(3)1612(1)171:2sc1)in81)2012(2)ofsumArithmeticmeaX;isthereturn竺achstock�xchangeinaverageindexvalue=nGeometricmeaX=l+hpr;changeinaverageindexvalue=对XXx-1lvaluestocksMarketcapitalization-xbyeariueweightedindexbaseyearvalue…12nTheweightoneachconstituentsecurityisdeterminedbyadjustingitsmarketcapitalzationforthenumberofsharesoftheconstituentsecuritythatareavailabletotheinvestingpublic.Afloat-adjustedmarketcapitalization-weightedindexWeightingbyusingmeasuresofacompany'ssizethataretent�Al�5m;Ioffixed•••Style(1)1606(1)Rebalancmgandreconst1tut1on...►RebalancingReconstitutionin,•·�•Framework28:-571406(2)15061512(1)(2)1706(1)1712(1)1812(1)2012formsofefficiency►Threeofmarketefficiency:二三「1「-三1I•1II.1I11111PriceII1---------·IVolumeNon-mairket一一一一一一一一J.Typesstrong-forminfo.EMHXStrong-formEMHinfo.FundamentalanalysiswinthemarketX29-571406,141216121706(1)171218121906(1)Tests.implicationsandconclusionsofEMHCalendaranomaliesincross-sectionaleClosed-endfundsannouncementsInitialofferingsoidentifiedanomaliesEconomicfundamentals-57t1ebeenidentifiedNarrow31-57••��OverviewofEquitySecurities亏业.创新·I旨酒—3.1812(1)..equitysecurities.Representanacompanyandarepredominante34-57(1)1506161217122012(1)..secur1t1esIfcompanydecidesnottopayaoneorfullbeforeoncommonsharescanexceedsalevel.preferencesharesshareholde「stoconvertsha『esanumberofcommonshares1706(1)2012(1)Riskreturnofequitysecurities►Theriskmostcommonlymeasuredasthestandarddeviationofreturns(收益的标准差).重risk,HighPreferredstock<CommonstockPutable<Callablestockpreferred<Non-cumulativepreferredstock1412(1)(1)(1)1906(1)Non-domesticIsGlobal(GRS)BasketofAref(ETF)a(BLDR)(DRs).Areonalocal.(DRs)••••DR;UnsponsoredDR;Global(GDRs);(ADRs).•酝王•��IntroductiontoandcompanyAnalysis亏业.创新·I旨酒—1.Top-down•Cycle•4.Co•39ClassificationbyseEmbryonicstagestageIndustry►thataffectthesensitivityc,fbusiness•✓Highvolatility•Non-cyclicalAof✓✓industries:so✓Examplesinclude:15121706(1)2012Industry►••Industryconcentration✓•Industrycapacity✓►►•Rivalryexisting•Powerofsuppliers:•Threatsubstitutes:if43,-57(1)Companyanalysis►Threegenericcompetitivestrategies_-nopn•••—•4-57亏业.创新·I旨酒�•��EquityValuation:ContandBasicTool1.EvaluateasecurityFramework2.Majorcategoriesofequitymodels•iscountedcashflowmodelsD•Multiplier•46,-571806(1]fortheDividendDiscountModel►recorddatedate1_2businessdays1decla「ationdeclarationdate;date;paymentdate.47'-5717061712(1)(1)Discountedflowmodels►Valuingpreferredstock•Thep「eferredstockholdersarep「omisedto「eceiveastatedinfiniteperiod;•Preferredstockperpetuitysinceithasnomaturity;•apreferredstockDV=+-+…+PP=坠(l+r)N(l+r)rPpPflowmodelsa。。。。c)D(l+jg…+++(l)r2(l+.)。D(lD)。=-=c1rg-,flowmodels✓Importantconclusionr♦rg1612(1)1906(1]cashflowmodels✓aaa[,,15%3%、1!2,,41712✓Disadvantagesofusingpricemultiples♦♦♦for►onfundamentals•DDM✓DDMID=-✓—=Egg1♦TrailingP/E:onfor凡。归)E1506(1)160619062012Pricemultipl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