cfa一级基础班-权益类其他投资

)

,

'

▁

ঃ

׀

੟

੟

+W[OZ_

/T\KYZSKTZY2-191Topic

Weightings

in

CFA

Level

ISession

NO.ContentWeightingsStudy

Session

1Ethics

&

Professional

Standards15Study

Session

2-3tative

ysis12Study

Session

4-6Economics10Study

Session

7-10Financial

Reporting

and

ysis20Study

Session

11Corporate

Finance7Study

Session

12Portfolio

Management7Study

Session

13-14Equity

Investment10Study

Session

15-16Fixed

e10Study

Session

17Derivatives5Study

Session

18Alternative

Investments4Framework

of

EquityStudy

Session

13

—

Market anization,

Indices

and

EfficiencyR46

Market anization

and

StructureR47

Security

Market

IndicesR48

Market

EfficiencyStudy

Session

14

—

Equity ysis

and

ValuationR49

Overview

of

Equity

SecuritiesR50

Introduction

to

Industry

and

company

ysisR51

Equity

Valuation:

Concept

and

Basic

Tool3-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义FrameworkR46:

Market anization

and

StructureMain

Functions

of

the

Financial

MarketIntermediaries

of

Financial

MarketWell

functioned

financial

marketClassification

of

assetsClassification

of

marketsPrimary

vs.

Secondary

marketsMoney

vs.

Capital

marketsTraditional

vs.

Alternative

marketsPositions

in

an

assetInstructions

of

transaction

processes4-191Characteristics

of

a

FinancialMarketMain

Functions

of

the

Financial

Market

(Totally

three

functions)Fulfill

different

entities’

requirementsSave

and

borrow

money,

raise

equity

capital,

manage

risks,

trade

assetscurrently

or

in

the

future,

and

trade

based

on

their

estimates

of

assetvalues.Determine

interest

ratesDetermine

the

returns

(i.e.,

interest

rates)

that

equate

the

total

supply

ofsavings

with

the

total

demand

for

borrowing.Allocate

capital

to

its

most

efficient

usesThe

financial

system

allows

the

transfer

of

assets

and

risks

from

one

entityto

another

as

well

as

across

time.5-191Characteristics

of

a

FinancialMarketfunction:

fulfill

different

entities’

requirementsSavings:

stocks,

bonds, s

of

deposit,

realassets,

and

other

assets

are

tools

for

saving.Borrowing:

Borrow

money

fromlenderswho

require

collateral,

take

an

equity

position,

orinvestigate

the

credit

riskof

the

borrower

to

protectthemselves

incase

of

borrower

defaults.Issuing

equity:

Anothermethod

of

raisingcapital

beside

borrowing

is

to

issue

equity,

where

the

capital

providerswill

share

inany

future

profits.Risk

management:

Entities

face

risks

from

changing

interest

rates,currency

values,

commodities

values,

anddefaultson

debt,

among

other

things.

So

they

wouldlike

to

find

a

way

tomanage

these

risks.Exchanging

assets:

Thefinancial

marketalsoallows

entitiestoexchange

assets

with

other

entities.Utilizing

information:

Investors

with

correctly

yzed

information

expect

to

earn

anadditional

return

by

identifying

assets

thatare

currently

undervalued

or

overvalued.Information-motivated

traders:

trade

to

profit

from

informationthat

theybelieve

allows

them

to

predict

future

prices.6-191【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

Characteristics

of

a

FinancialMarketSecond

function:

Determine

interest

ratesInterest

ratesarejustified

according

to

the

total

supply

ofsavings

and

the

totaldemand

of

borrowings.Equilibrium

interest

rate:when

the

interest

rate

at

which

the

entities

are

willing

to

borrow

is

equal

tothe

amount

that

entities

are

willing

to

lend,

we

say

that

the

supply

anddemand

are

balanced,

and

such

balanced

interest

rate

is

called

theequilibrium

interest

rate.Equilibrium

rates

for

different

types

of

borrowing

and

lending

will

differdue

to

differences

in

risk,

liquidity,

and

maturity.7-191Characteristics

of

a

FinancialMarketThird

function:

Allocate

capital

to

its

most

efficient

usesInvestors

have

to

weigh

the

expectedrisks

and

returnsof

different

investmentsto

determine

their

most

preferred

investments

due

to

limited

availability

ofcapital.This

would

result

in location

to

capital

to

its

most

valuable

uses.8-191Characteristics

of

a

FinancialMarketIntermediaries

of

Financial

Market

(Summary)Brokers,

Dealers

and

ExchangeSecuritizersDepository

InstitutionsInsurance

CompaniesArbitrageursClearinghouses

and

CustodiansHedgers9-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义Intermediaries

of

Financial

MarketBrokers,

Dealers

and

ExchangeBrokers:

Brokers

help

theirclients

buy

and

sell

securities

byfindingcounterparties

to

trades

in

a

cost

efficient

manner.Block

brokers:

help

with

the

placement

of

Large

trades.

Typically,

large

tradesare

difficult

to

place

without

moving

the

market.Investment

banks:

help

corporations

sell

common

stock,

preferred

stock,

anddebt

securities

to

investors.Exchanges:

provide

a

venue

whew

traders

can

meet.

Exchanges

sometimes

actas

brokers

by

providing

electronic

order

matching.Alternative

trading

systems

(ATS):

serve

the

same

trading

functionas

exchanges

but

have

no

regulatory

function,

are

also

known

as

electroniccommunication

networks

(ECNs)

or

multilateral

trading

facilities

(MTFs).ATS

that

do

not

reveal

current

client

orders

are

known

as

dark

pools.(used

to

reduce

market

impact)10-191Intermediaries

of

Financial

MarketBrokers,

Dealers

and

Exchange

(Cont.)Dealers:tradeby

buying

for

or

selling

from

their

own

inventory

and

thusprovide

liquidity

in

the

market

and

profit

primarily

from

the

differences

ofbuy

and

sell

prices.Dealers

that

trade

with

central

banks

to

affect

the

money

supply

arereferred

to

as

primary

dealers.Broker-dealers:

Some

dealers

also

a brokers.

Broker

dealers

have

aninherent of

interest.Brokers:

should

seek

the

best

prices

for

their

clients;Dealers:

are

to

profitthrough

prices

or

spreads.11-191Intermediaries

of

Financial

MarketSecuritizersSecuritizers

pool

large

amounts

of

securitiesor

other

assets

togetherand

sellinterests

in

the

pool

to

other

investors.By

securitizing

the

assets,

the

securitizer

creates

a

diversified

pool

ofassets

with

more

predictable

cash

flows

than

the

individual

assets

in

thepool.This

creates

liquidity

in

the

assets,

because

the

ownershi s

aremore

easily

valued

and

traded.There

are

also

economies

of

scale

in

the

management

costs

of

large

poolsof

assets

and

potentialbenefitsfrom

the

manager’s

selection

of

assets.12-191【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

Intermediaries

of

Financial

MarketSecuritizers

(Cont.)Assetsthat

are

often

securitized

include

mortgages,

car

loans,

credit

cardreceivables,

bank

loans,

and

equipment

leases.A

firm

may

set

up

a

special

purpose

vehicle

(SPV)

or

special

purpose

entity

(SPE)

to

buy

firm

assets,

which

removes

them

from

the

firm’s

balance

sheetand

may

increase

their

value

by

removing

the

risk

that

financial

trouble

at

thefirm

will

give

other

investors

a

claim

to

the

assets’

cash

flows.Depository

InstitutionsAbsorb

deposits

by

paying

interest

on

customer

depositsProvide

transaction

services

on

one

hand,

and

then

make

loans

with

thedeposits

on

the

other

hand.13-191Intermediaries

of

Financial

MarketInsurance

CompaniesInsurance

companies

collect

insurance

premiums

inreturnfor

providing

riskreduction

to

the

insured.Such

intermediaries

are

able

to

do

this

by

pooling

policyholders

withuncorrelated

risk

of

losses.Insurance

firms

also

provide

a

benefit

to

investors

by

managing

the

risks:Moral

hazard

occurs

because

the

insured

may

take

more

risks

once

theyare

protected

against

losses.Adverse

selection

those

who

purchase

insurance

against

risk

are

morelikely

than

t

eralpopulation

to

be

at

risk..In

fraud

ˈ

the

insured

purposely

cause

damage

or

claim

fictitious

losses

sothey

can

collect

on

their

insurance

policies.14-191Intermediaries

of

Financial

MarketArbitrageursArbitrageurs

are

intermediarieswho

seek

to

gain

certainreturn

withoutbearing

any

risk.In

markets

with

good

information,

pure

arbitrage

is

rare

because

traders

willfavor

the

markets

with

the

best

prices.Clearinghouses

and

CustodiansClearinghouses:

a

buyers

when

customers

want

to

sell

assets

and

as

sellerswhen

customers

want

to

buy

assets,

and

thus

limit

counterparty

risk.Custodians:

also

improve

market

integrity

by

holding

client

securities

andpreventing

their

loss

due

to

fraud

or

other

events

that

affect

the

broker

orinvestment

manager.15-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义Security-Market

Indexes

-

ExampleExample

˖Akihiko

Takabe

has

designed

a

sophisticated

forecastingmodel,

whichpredictsthe

movements

in

the

overall

stock

market,

in

the

hope

of

earning

a

return

in

excess

of

afair

return

for

the

risk

involved.

He

uses

the

predictions

of

the

model

to

decidewhether

to

buy,

hold,

or

sell

the

shares

of

an

index

fund

that

aims

to

replicate

themovements

of

the

stock

market.

Takabe

would

best

be

characterized

as

a(n):rmation

motivated

trader.Solution:

CTakabe

is

best

characterized

as

an

information

motivated

trader.

Takabe

believesthat

his

model

provides

him

superior

information

about

the

movements

in

the

stockmarket

and

his

motive

for

trading

is

to

profit

from

this

information.Think

about

what

if

a

investor

who

buys

the

stock

of

an

oil

producer

may?16-191ExampleIf

a

trader

buy

and

sell

identical

or

essentially

similar

instruments

at

differentprice

in

different

market,

which

type

will

the

trader

most

likely

be?Information

motivatorArbitrageursSecuritizersSolution:

BArbitrageurs

trade

when

they

can

identify

opportunities

to

buy

and

sell

identical

or

essentially

similar

instruments

at

different

prices

in

different

markets.

They

profitwhen

they

can

buy

in

one

market

for

less

than

they

sell

in

another

market.17-191Well

functioned

financial

marketA

well

functioned

financial

market:allows

entitiesto

achieve

their

purposes.Characteristics

of

a

well

functioned

financial

MarketComplete

markets:

Savers

receive

a

return,

borrowers

can

obtain

capital.hedgers

can

manage

risks,

and

traders

can

acquire

needed

assets.Operational

efficiency:

Trading

costs

are

low.Informational

efficiency:

Prices

reflect

fundamental

information

quickly.Allocational

efficiency:

Capital

is

allocated

to

its

most

productive

use.18-191【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

19-191Market

RegulationMarket

RegulationProblems

when

there

are

no

regulationsObjectives

of

market

regulationsFraud

and

theft:

the

potential

for

theft

andfraud

increases

because

investment

managerstake

advantage

of

unsophisticated

investors.Protect

unsophisticated

investors.Require

minimum

standards

of

competencyto

make

it

easier

to

perform

valuation.Insider

trading:

Investors

would

exit

the

marketand

thus

reduced

liquidity

if

they

believe

traderswith

inside

information

will

exploit

them.Prevent

insiders

from

exploiting

otherinvestors.Costly

information:

If

obtaining

information

isrelatively

expensive,

marketswill

not

be

asinformational

efficient

and

investors

will

notinvest

as

much.Require

common

financial

reportingrequirements.Defaults:

Parties

might

not

honortheirobligations

in

markets.Require

minimum

levels

of

capital

so

thatparticipants

will

honor

long

termcommitments.ExampleWhich

of

the

following

would

least

like

be

an

objective

of

market

regulation?Reduce

burdensome

accounting

standardsMake

it

easier

for

investors

to

evaluate

performancePrevent

investors

from

using

inside

information

in

securities

tradingCorrect

Answer:

AMarket

regulation

should

require

financial

reporting

standards

so

thatinformation

gathering

is

less

expensive

and

the

information

efficiency

ofthe

market

is

enhanced.20-191Classification

of

assets

and

marketsClassification

of

assets

(Summary)Financial

AssetsSecurityFixed e

vs.

Equity

SecuritiesPublic

vs.

privateCurrencyDerivative

contractsFinancial

derivative

contractsPhysical

derivative

contractsReal

AssetsCommodityReal

Estate21-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义Classification

of

assets

and

marketsClassification

of

assets-Financial

AssetsSecurity

(Fixed e

vs.

Equity

Securities

)Fixed e

securities:

make

sure

the

borrowed

funds

can

be

repaid22-191BondsGenerally

long

term

(with

maturity

longer

than

10

years)NotesIntermediate

term

(with

maturity

between

2

to

10

years)BillsShort

term

(with

maturity

less

than

1

year)Commercial

p

rShort

term

issued

by

firms

(with

maturity

less

than

1

2years)s

of

depositIssued

by

banksRepurchase

agreementsBorrower

sells

a

high

quality

asset

and

has

both

the

rightand

obligation

to

repurchase

it

(at

a

higher

price)

in

thefuture.Repurchase

agreements

can

be

for

terms

as

short

as

one

day.Convertible

debtIs

debt

that

an

investor

can

exchange

for

a

specified

numberof

equity

shares

of

the

issuing

firmClassification

of

assets

and

marketsClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Equity

securities:

represent

ownership

in

a

firm23-191Common

stockResidual

claim

on

a

firm’s

assets.Dividends

are

paid

only

after

interest

is

paid

to

debtholders

and

dividends

are

paid

to

preferred

stockholders.Debt

holders

and

preferred

stockholders

have

priority

overcommon

stockholders

in

the

event

of

firm

liquidationPreferred

stockIs

an

equity

security

with

scheduled

dividends

that

typically

do

not

change

over

the

security’s

life

and

must

bepaid

before

any

dividends

on

common

stock

may

be

paid.WarrantsAre

similar

to

options

in

that

they

give

the

holder

the

rightto

buy

a

firm’s

equity

shares

(usually

common

stock)

at

afixed

exercise

price

prior

to

the

warrant’s

expiration.Classification

of

assets

and

marketsClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Pooled

investment

vehicles:individual

securities

can

be

combined

in

pooled

investment

vehicles.Include

mutual

funds,

depositories,

and

hedge

funds.The

investor’s

ownershi s

are

referred

to

as

shares,

units,depository

receipts,

or

limited

partnershi

s.24-191【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

Classification

of

assets

and

marketsClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Pooled

investment

vehicles:25-191Mutual

fundsare

pooled

investment

vehicles

in

which

investors

can

purchaseshares,

either

from

the

fund

itself

(open

end

funds)

or

in

the

secondarymarket

(closed

end

funds)Exchange

tradedfunds

(ETFs)

&exchange

tradednotes

(ETNs)trade

like

closed

end

funds,

but

have

special

provisions

allowingconversion

into

individual

portfolio

securities,

or

exchange

ofportfolio

shares

for

ETF

shares,

that

keep

their

market

prices

closeto

the

value

of

their

proportional

interest

in

the

overall

portfolio.Asset

backedsecuritiesrepresent

a

claim

to

a

portion

of

a

pool

of

financial

assets

such

asmortgages,

car

loans,

or

credit

card

debt.Hedge

funds

anized

as

limited

partnerships(

investors limited

partners;fund

manager general

partner).Hedge

funds

often

use

leverage.Hedge

fund

managers

are

compensated

based

on

the

amount

ofassets

under

management

as

well

as

on

their

investment

results.Classification

of

assets

and

marketsClassification

of

assets-Financial

Assets-SecuritySecurity

(Public

vs.

private)Public

securities:

are

traded

on

exchanges

or

through

securities

dealersand

are

subject

to

regulatory

oversight.Private

securities:

are

not

traded

in

public

markets

which

are

often

illiquidand

not

subject

to

regulation.26-191Classification

of

assets

and

marketsClassification

of

assets-Financial

AssetsCurrency:Are

issued

by

a ernment’s

central

bank.Some

are

referred

to

as

reserve

currencies,

which

are

those

held

byernments

and

central

banks

worldwide.27-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义Classification

of

assets

and

marketsClassification

of

assets-Financial

AssetsContract:are

agreements

between

two

parties

that

require

some

action

in

the

future,such

as

exchanging

an

asset

for

cash.28-191Forward

contractIs

an

agreement

to

buy

or

sell

an

asset

in

the

future

at

a

pricespecified

in

the

contract

at

its

inceptionFutures

contractsAre

similar

to

forward

contracts

except

that

they

are

standardized,and

are

traded

on

an

exchange

so

that

they

are

liquid

investments.Swap

contractsA

series

of

forward

contractsOption

contractsGives

its

owner

the

right

to

buy

or

sell

an

asset

at

a

specificexercise

price

at

some

specified

time

in

the

future.Insurance

contractsPays

a

cash

amount

if

a

future

event

occurs.

They

are

used

tohedge

against

unfavorable,

unexpected

events.Credit

default

swapsAre

a

form

of

insurance

that

makes

a

payment

if

an

issuer

defaultson

its

bonds.Classification

of

assets

and

marketsClassification

of

assets-Real

AssetsCommodity:Commodities

are

goods

like

precious

metals,

industrial

metals,agricultural

products,

energy

products,

and

credits

for

carbon

reductionthat

are

traded

in

spot,

forward,

and

futures

markets.Note:

Spot

markets

are

for

immediate

delivery

while

forwards,

futures,

andoptions

markets

are

for

the

future

delivery

of

physical

and

financial

assets.Real

Assets:Examples

of

real

assets

are

real

estate,

equipment,

and

machinery.Characteristics:Provide e,

tax

advantage,

diversification

benefitsEntail

substantial

management

costsRequire

substantial

due

diligence

before

investing29-191ExampleConsider

a

mutual

fund

that

invests

primarily

in e

securities

thathave

been

determined

to

be

appropriate

given

the

fund's

investment

goal.Which

of

the

following

is

least

likely

to

be

a

part

of

this

fund?Warrants.Commercial

p

r.Repurchase

agreements.Correct

Answer:

A

is

correct.Warrants

are

least

likely

to

be

part

of

the

fund.

Warrant

holders

have

theright

to

buy

the

issuer's

common

stock.

Thus,

warrants

are

typicallyclassified

as

equity

and

arc

least

likely

to

be

a

part

of

a

emutual

fund.

Commercial

p r

and

repurchase

agreements

are

short-terme

securities.30-191【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

Classification

of

assets

and

marketsClassification

of

marketsPrimary

vs.

Secondary

marketsMoney

vs.

Capital

marketsTraditional

vs.

Alternative

markets31-191Classification

of

assets

and

marketsClassification

of

marketsPrimary

vs.

Secondary

marketsPrimary

market:

is

the

market

where

newly

issued

securities

are

sold.Newly

issued

securities

involve:IPO

(initial

public

offerings):

time

issues

by

firms

whose

shares

arenot

currently

publicly

traded.Seasoned

offerings

(secondary

issues):

new

shares

issued

by

firms

whoseshares

are

already

trading

in

the

marketplace.32-191Classification

of

assets

and

marketsClassification

of

marketsMoney

vs.

CapitalmarketsMoney

markets:

refer

to

markets

for

debt

securities

with

maturities

of

oneyear

or

less.Capital

markets:

refer

to

markets

for

longer

term

debt

securities

andequity

securities

that

have

no

specific

maturity

date.Traditional

vs.

Alternative

marketsTraditional

investment

markets:

refer

to

markets

for

debt

and

equity.Alternative

markets:

refer

to

markets

for

hedge

funds,

commodities,

realestate,

collectibles,

gemstones,

leases,

and

equipment.33-191【梦轩考资wwwmxkaozicom】专业提供CFAFRM全程+讲义anization

of

the

securities

marketHow

securities

are

sold

through

primary

marketSold

Publicly

:Underwritten

Offering

(the

most

common

way)Best

EffortsIndications

of

InterestBook

buildingSold

Priva

yPrivate

placementOther

transaction

methodsShelf

registrationDividend

Reinvestment

PlanRights

OfferingCompetitive

bidsNegotiated

sales34-191anization

of

the

securities

marketHow

securities

are

sold

through

primary

market-

Sold

Publicly

:Underwritten

Offering

(themostcommonway

)Investment

bank

purchases

the

entire

issue

at

a

price

that

is

negotiatedbetween

the

issuer

and

bank.Investment

bank

bears

the

risk

of

buying

the

unsold

portion

of

securities

if

the number

of

shares

to

be

issued

does

not

meet.Best

EffortsUnlike

underwriting

offering,

the

investment

bank

doesn’t

purchase

thewhole

issue.Bank

is

not

obligated

to

buy

the

unsold

portion

if

the

issue

isundersubscribed.Indications

of

Interest35-191anization

of

the

securities

marketHow

securities

are

sold

through

primary

market-

Sold

Publicly

:Difference

between

underwritten

offering

andbest

efforts36-191Underwritten

offeringBest

EffortsObligated

to

buy

the

unsold

portionNot

obligated

to

buy

the

unsold

portionInvestment

bank

would

prefer

that

theprice

be

set

low

enough

to

gain

moreprofitInvestment

bank

sets

the

issue

price

ashigh

as

possible

to

raise

the

most

fundsfor

the

issuer【梦轩考资wwwmxkaozicom】 专业提供CFAFRM全程+讲义

anization

of

the

securities

marketHow

securities

are

sold

through

primary

market-

Sold

Publicly

:Underwritten

OfferingBest

EffortsIndications

of

InterestIndications

of

interest:

the

investment

bank

finds

investors

who

agree

tobuy

part

of

the

issue.This

process

of

gathering

indications

of

interest

is

called

book

building,

andthe

investment

bank

during

this

process

is

called

book

builder

or

bookrunner.If

securities

must

be

issued

quickly,

the

process

is

called

accelerated

bookbuilding.37-191anization

of

the

securities

marketHow

securities

are

sold

through

primary

market-

Sold

Priva y

:Private

placementSecurities

are

sold

directly

to

qualified

investors,

typically

with

theassistance

of

an

investment

bank.Shelf

registrationIn

a

shelf

registration

a

firm

makes

its

public

disclosures

as

in

a

regularoffering,

but

then

issues

the

registered

securities

over

time

when

it

needscapital

and

when

the

markets

are

favorable.Dividend

Reinvestment

PlanA

dividend

reinvestmentplan

(DRP

orDRIP)

allows

existing

shareholdersto

use

their

dividends

to

buy

new

shares

from

the

firm

at

a

slight

discount.Rights

OfferingIn

rights

offering,

existing

shareholders

are

given

the

right

to

buy

newshares

at

a

discount

to

the

current

market

price.38-191Examp