讲义教程分析

2015CFA一级知识框架ReadingMarketMarketOrganization&本章知识点比较零散FinancialFinancialMainFunctionsoftheFinancial IntermediariesofFinancial 概念，学FulfillFulfilldifferententities’DetermineinterestAllocatecapitaltoitsmostefficient

Allocational

Brokers,DealersandDepositoryBrokers,DealersandDepositoryClearinghousesand Fraudand ClassificationofPrimaryvs.SecondaryClassificationofPrimaryvs.SecondaryMoneyvs.CapitalHowsecuritiesaresoldthroughHowsecuritiesaresoldthroughprimarySoldPubliclyUnderwrittenOffering(themostcommonBestIndicationsofSold PrivateplacementtoqualifiedOthertransactionShelfDividendReinvestmentPlanexistingRightsOfferingexistingSecondaryCapitalWhensecuritiesSecondaryCapitalWhensecuritiesare HowsecuritiesarePriceSecondaryprecedenceBid-AskCallContinuousMarginCallMarginCall 计算，买空卖空业Financialevs.EquityPublicvs.FinancialderivativeRealRealLongBenefitformanincreaseintheLongBenefitformanincreaseintheShortBenefitformandecreaseintheBenefitformanincreaseinthe概念，注意子分Instructionsoftransaction 概念，注意子分 ClearingDayDayGood-on-closeGood-on-openLimitHiddenIceberg提供Market 信 要Pre-tradePre-tradetransparentPreferredbybuy-sidePost-tradetransparentPreferredbyReadingSecuritySecurityMarketDefinitionsaboutMarket Howanindexis UsesofPriceReturnWhatisthetargetPriceReturnisintendedtoWhichsecuritiesfromthetargetmarketshouldbeincludedintheHowshouldthesecuritiesweightedintheHowoftenshouldtheindexWhenshouldtheselectionandweightingofsecuritiesbere-

Reflectionofinvestor arkofmanagerMeasureofmarketreturnandMeasureofbetaandrisk-adjustedModelportfolioforindex区别WeightingWeightingschemesforWeightedIndexEquityEquityeAlternativeCommonCommodityRealestateHedgeFundLargeuniverseofturnoverisBroadmarketfundamentalweightingSectorStyleReadingMarketMarket影new 股

Common归归SemiStrong-Form Public ysisNumberofmarketAvailabilityofImpedimentstomarket

Factorsaffectmarket包括信息范围、那些信息不能 3种EMH★Weak-Form ysisStrong-Form All Nobodycanwinthe试图 ★不能EMH，概MarketMarket BehavioralLossGambler’sDispositionNarrowHerdingCalendarTheoverreactionMomentumSizeEarningsInitialpublicEconomicReadingOverviewOverviewofEquityPublicly y OverseaDirectGlobalregisteredDepositoryreceiptsCommonCallablecommonPutablecommonReadingIntroductionIntroductiontoIndustryandTop-downTop-downStepStep1:SocialStep2:IndustryIndustryIndustryLifeCycleEmbryonicGrowthMatureDecline征识别SensitivityofBusinessCyclicalNon-cyclicalGrowth缺五力模型概CompetitiveRivalryamongexistingThreatofnewThreatofsubstituteBargainingpowerofBargainingpower StepStep3:ThreegenericcompetitiveCostReadingEquityEquityValuation:ConceptandBasic

V=ValuationMethod1:ValuationMethod1:VerysensitivetorandDifficultwithnon-dividendDividendsgrowataconstantTheconstantgrowthratecontinueforaninfiniteTherequiredrateofreturnrisgreaterthangrowthrateg

GGMGGM★★计Multi-StageModel计FCF计MethodMethod2:PriceMultipleReflectReflectonlyEasilyCanbeusedintimeCrosssessionEV=marketvalueEV=marketvalueofcommonstock+marketvalueofpreferredequity+marketvalueofdebt–cashandshort-terminvestments

★计算Leading Leading EPricemultiplesbasedonPricemultiplesbasedonMethod3:Ass