．@TopicWeightingsCFAIIWeightings!SessionNO.ContentPs115-2013-1710-1210-12s2-3ssFinancialAnalysiss10-11StudySession12-13EquityInvestmentssssDerivatives-s．3-57菩業(yè)．創(chuàng)新．增值｀｀｀｀｀，＇S512EquityInvestment(1)}?｀｀｀Investments,/、??、、、、、、、、、、、、、、、、、、-----、?、S513EquityInvestment(2)、???R41EquityValuation:ConceptsandBasicTools4-57蕓業(yè)．創(chuàng)新．增值Reading?A?36?5-57蕓業(yè)．創(chuàng)新．增值Framework5.Classificationofmarkets?Primarymarkets?Moneyvs.Capitalmarkets?Traditionalvs.Alternativemarkets6.Positionsinasset7.Instructionsoftransactionprocesses6-57蕓業(yè)．創(chuàng)新.t旨值140614121512170617121912IntermediariesfinancialIFinancialintermediariesTheservicesthattheyprovideBrokers.dealers.andexchangesManagebgaby．Depos1torymst1tut1onsIandabcanInsurancecompaniesa7-57蕓業(yè)．創(chuàng)新．增值14061412(1)15121706(1)IntermediariesfinancialmarketITheservicesthattheyprovideFinancialintermediariesArbitrageurs:Cus:es8-57蕓業(yè)．創(chuàng)新．增值1406(1)9-57蕓業(yè)．創(chuàng)新.t旨值151216061806Classificationofmarkets?Primarymarket:cecaIPOl),sissues)markets?Secondarymarketr?Capitalmarkets:l?Traditionalimarkets:l,aaTraditionalAlternativemarkets?Alternativemarkets:l.10-57蕓業(yè)．創(chuàng)新．增值1406(1)17061712(1)?HowsecuritiessoldthroughprimarymarketBest;SoldI?D???11-57蕓業(yè)．創(chuàng)新．增值Classificationmarkets?Howsecuritiessoldthroughprimarymarket-soldpublicly?end.Underwritteno?eringBesteffortsIGsofINotposchooseasupposedteemost12-57蕓業(yè)．創(chuàng)新．增值15061512170618061812Order-drivenmarket?geggdexpensyfineBrokeredmarkets13-57蕓業(yè)．創(chuàng)新．增值Classificationmarkets?amIIIaoThe14-57蕓業(yè)．創(chuàng)新.t旨值1506(1)1512(1)16061712asset?Longposition?Peoplep?Benefitanineprice.?Shortposition?havepwhenhavedowhensell?aeisas?Bsecuritylenderswhoareholders.selltraders;?prepurchasingee??Benefitadecreaseinprice.?Thepalgainsapare100蕓業(yè)．創(chuàng)新．增值?Leveragedpositions．．?Buyonmargin:canbybybe?Leverageratio=l/margin16-57蕓業(yè)．創(chuàng)新.t旨值1406160616121812(1)2012?m?Maintenancemargines?Margincall:ifsfallsbuabelmaintenance(minimum)marginrequirem?efaleverageposition.。(IMP?=?MM17-57蕓業(yè)．創(chuàng)新．增值InstructionstransactionprocessesIlimit?eofe?.?Good-d(GTC);?l;?e;?n;?(Eise?e?sr;?sIIUsd.rrss18-57蕓業(yè)．創(chuàng)新．增值1906(1)Instructionstransactionprocesses?oao19-57蕓業(yè)．創(chuàng)新.t旨值15061806(1)InstructionstransactionprocessesOrderPricesBidsOffers(As比）·Tleastaggressivelypricedsellthem釭ket.Thesesellesay.29—TeThebidandspacebestbidando?isinsidemarIfaitanewma竺htdisatmarket.勾2523mar婦I.The邸trket.20-57蕓業(yè)．創(chuàng)新.t旨值?A??SecurityMarketIndices21-57蕓業(yè)．創(chuàng)新.t旨值Framework?Equal-WeightedIndex?MarketCapitalization-WeightedIndex?AMarketCapitalization-Weighted?Fundamentalweighting::?::r?::I尸AeecsheesheciueseswiheAeumeseenee.Aoueecsheesheciuensesbuhesmene．ReturnIndexcedp23-57蕓業(yè)．創(chuàng)新．增值Price-weightedindexArithmeticmean:xisthereturneachsi?X-averagevalue=Equal-weightedindexnGeometricmean:xl+hpr=iichangeaverageindexvalueX…x=2nsxAWeightingbyusingmeasuresacompan'ssizethatare?Fundamentalweightingindependentitssecuritydetermineweightoneachentsecurity.(E.G.bvalue,revenue,?蕓業(yè)．創(chuàng)新．增值enEquyiidxneesAltra??ttmt??tx?tf?Sex?ses?Sx蕓業(yè)．創(chuàng)新．增值?Rebalancing?weight?Reconstitution?e26-57蕓業(yè)．創(chuàng)新.t旨值Reading?A?38?MarketEfficiency27-57蕓業(yè)．創(chuàng)新．增值1.isEfficientCapitalMarketFramework3.Threemarketefficiency?Tneweak-formEMH?Tnesemi-strongformEMH?Tnestrong-formEMHTests,ofEMH5.MarketAnomalies6.BehaviorFinance28-57蕓業(yè)．創(chuàng)新．增值Weak-FormISemi-StrongStrong-FormII侖JMarketinfoPublicinfoAllinfoavailableII,IIIIII11，MarketinfoII!!11N1!II!LTypesAssumptionImplicationEXEXXXiln?NycantXilA29-57蕓業(yè)．創(chuàng)新．增值140614121706(1)(1)1906Economicfundamentals30-57蕓業(yè)．創(chuàng)新.t旨值1506(1)1806biasesidentifiedincludeebpltssece'sycCsetorgltor31-57蕓業(yè)．創(chuàng)新．增值Reading?A?39?OverviewofEquitySecurities32-57蕓業(yè)．創(chuàng)新．增值1.ClassificationofEquitySecurities2.PrivateEquitySecuritiesFramework3.Non-domesticEquitySecurities4.RiskandReturnCharacteristicsEquitySecurities33-57蕓業(yè)．創(chuàng)新.t旨值1812(1)oacompanytheCommonthe(or),butnotthecommonobuyacspthetheortot(common"put"theasptheo34-57蕓業(yè)．創(chuàng)新．增值CharacteristicsofequitysecuritiessecuritiesInofcompany'snetuponn.tondcompany'sexceedsa1convertaspecnumberofcommon、計V菩業(yè)．創(chuàng)新．增值(1)(1)2012equitysecurities?Theriskismostcommonlymeasuredthestandarddeviationofreturns(收益的標(biāo)準(zhǔn)差）．LowriskHighP<P<CaCp<Nop36-57菩業(yè)．創(chuàng)新．增值Non-domesticsecuritiesIIsssfn.csasaec.DR;?DR;(ADRs).37-57蕓業(yè)．創(chuàng)新．增值＾＾???IntroductionIndustryandcompanyAnalysis38-57菩業(yè)．創(chuàng)新．增值Framework?BusinessCycle?Statisticamethods4.Companyanalysis?Competitivestrategies39-57菩業(yè)．創(chuàng)新．增值ltesuI.ofpDI-_,,?11.J汃八豆40-57蕓業(yè)．創(chuàng)新．增值?firm:A???Examplesinclude:cg41-57蕓業(yè)．創(chuàng)新．增值150615121706?Barrierstoentry?lowelihighdotmeanhigh??mallyilessvei42-57蕓業(yè)．創(chuàng)新．增值influences?CompetitiveAdvantage?caneofeknownasaclassic?Rivalryamongexistingcompetitors:whichaec?ThreatQfsubstitutes:whichcanaffect扣。.ways43-57蕓業(yè)．創(chuàng)新．增值Companyanalysis?Focus:aaa.IPfILow-costII????Set?e?.:'44-57蕓業(yè)．創(chuàng)新．增值＾＾·??EquityValuation:ConceptandBasicTool45-57菩業(yè)．創(chuàng)新．增值1.EvaluateasecurityFramework2.categoriesofvaluationmodels46-57菩業(yè)．創(chuàng)新．增值(1)?ChronoloHolder-of-recorddateex-dividenddateI1_2inesslThedeclarationIofpaymentI?Thedeclarationdate;?ex-dividenddate;?Theholder-of-recorddate;Thepaymentdate.47-57菩業(yè)．創(chuàng)新．增值1712(1)1806(1)?Thesholdasdan;?sissinceitno?ValuasDp=D=(1+P『N(l+幾P48-57菩業(yè)．創(chuàng)新．增值A(chǔ)ssumption?D?aD。。c+D+g)D+。。=V++r2+)r(l+)+)eeD。(l+g)DV。＝c1=rrcece49-57菩業(yè)．創(chuàng)新．增值Discountedmodels?Importantconclusionhanhewa，aanhet＇?:,氣產(chǎn)？壓50-57菩業(yè)．創(chuàng)新．增值(1)1906(1)?Thealayal一一一一一一一一一一一一一一一一一一一一一一一一一一一一一一啊-、，DvdGr(g)3%e1e2、Time451-57菩業(yè)．創(chuàng)新．增值(1)Priceapproach?offiwiiniesordiffeyao?Disadvantagespricemultiples?erald?sfia？sforlfihighlyi52-57蕓業(yè)．創(chuàng)新．增值?Multiplesbasedfundamentals?TheDOM?DOM。=?JustifiedP/E:sweeeq1eq?LeadingP/E:PD1-b＝＝Er-g1?TrailingP/E:donlg+)+=Dlg()言t953-57菩業(yè)．創(chuàng)新．增值?ec,?EV=s+?Advantage?Disadvantages?l?beqwsm,sc;?Ssbya54-57蕓業(yè)．創(chuàng)新．增值??modelforaaproportionofor"offbooks"?Theasset-basedvaluationapproachmostapplicablew?o耍55-57菩業(yè)．創(chuàng)新．增值調(diào)致。敢千與困難短兵相接，而非繞道而行。無堅不摧的能力才是最重要的。56-57菩業(yè)．創(chuàng)新．增值所有提交的內(nèi)容我們會在最快時間內(nèi)核查并給與答復(fù)。?如何告訴我們？?將您發(fā)現(xiàn)的問題通過電子郵件告知我們，具體的內(nèi)容包含：eg.210SCFA級長線無憂班）?所在班級C?問題所在科目（若未知科目，請?zhí)峁┱鹿?jié)、知識點）和頁碼?您對問題的詳細描述和您的見解?一。我們也將開通其他問題反饋渠道（如微信等）。57-57菩業(yè)．創(chuàng)新．增值一-．CFA一級培訓(xùn)項目WeightingsI8-128-128-12icsFiReaDesAlternativeInvestments5-8s-s18-19Portfoliome2-32蕓業(yè)．創(chuàng)新．增值'?｀｀｀｀｀｀｀｀、、、、、、、、、、、、、、、、、、、3-32蕓業(yè)．創(chuàng)新．增值FundsfundsII|II勹Performance,diversificationInvestmentesIIFuturespricinginvestments4-32蕓業(yè)．創(chuàng)新．增值14061506(1)18061906(1)Investments??Characteristicsofalternativeinvestments???5-32蕓業(yè)．創(chuàng)新．增值??Risksforalternativeinvestments?6-32蕓業(yè)．創(chuàng)新.11906?Illiquidnatureoftheassets??dSbe?d?distribution??Alternativeinvestmentreturn:leptokurtic.negativelyskewed?usesk?oobe?sk?Tailevents7-32蕓業(yè)．創(chuàng)新．增值1412161218061912?Lessdinve?period8-32蕓業(yè)．創(chuàng)新．增值15121906(1)?GP.9-32蕓業(yè)．創(chuàng)新．增值(1)1906(1)10-32蕓業(yè)．創(chuàng)新．增值?Equityhedgestrategies11-32蕓業(yè)．創(chuàng)新．增值1606(1)??Subdivisions?s:on．．,,12-32蕓業(yè)．創(chuàng)新.1strategies?Seeka?Examplesofrelativevaluestrategies?short·aorlooksforIe蕓業(yè)．創(chuàng)新.1strategies14-32蕓業(yè)．創(chuàng)新．增值1706(1)Equityhedgestrategies?Equityhedgestrategies?Examplesofequityhedgestrategies?upon.ea15-32蕓業(yè)．創(chuàng)新.1?Management??iveofr.?Basedon(or?yifrnahurdle?Hi?ue?Therecoverloushiaddiiveis?clicerer16-32蕓業(yè)．創(chuàng)新．增值14061506(2)1706(1)1906(1)FundFees?eareowpol?.17-32蕓業(yè)．創(chuàng)新．增值?equity(PE):investinginprivatelyownedcompaniesorpubliccompanieswiththeintenttoprivate.?Lgaehd?ofeed?dee?ing?o.?:edof臼產(chǎn)氣18-32蕓業(yè)．創(chuàng)新．增值1506(1)Strategies-?unavailableorslesslikelyo?leveragedhld?veragedloanscarrye?Redsuparamers.?Reronmaking?droughhld?Keyre:leveragedloansareseseile?areunsed19-32蕓業(yè)．創(chuàng)新．增值?CharacteristicsofAttractiveTargetCompaniesforLBOs?p?TheuepPepapp??a???yepdebt?l?PEdebt??sd5c飛?,20-32蕓業(yè)．創(chuàng)新．增值?:?:Atesaby?:steVCs21-32蕓業(yè)．創(chuàng)新．增值15121912PrStructure??Feestructuresalsolikehedgefunds??Clawback:backand.22-32蕓業(yè)．創(chuàng)新．增值?Commonstrategies:?saleaa?IPO??salea蕓業(yè)．創(chuàng)新．增值15121706(2)17121906Performance?Appraisal?of(appraisals)astothe?oncblesaacashanalysis?tevolatility?REIT24-32蕓業(yè)．創(chuàng)新．增值Valuation?NOi?levelcap?of,levelofof,vacancy,ocosts,ncos?costof25-32蕓業(yè)．創(chuàng)新．增值Valuation?REITvaluation?basedapproach?Assetbasedapproach26-32蕓業(yè)．創(chuàng)新．增值14061506151216061806(1)1906(1)??Fce>Sce??Fce<Sce??intion.27-32蕓業(yè)．創(chuàng)新．增值14122012(1)28-32蕓業(yè)．創(chuàng)新．增值???Highbarrierstoentry?Stable?29-32蕓業(yè)．創(chuàng)新．增值Infrastructure??FormsInfrastructureInvestments?directlyinunderlyingassets?Indirectinvestment?MLPReturns?dependsunderlyingasset?inherentrisktoinfrastructureisyrisk.30-32蕓業(yè)．創(chuàng)新．增值—個真正的朋友會握著你的手，觸動你的心。31-32蕓業(yè)．創(chuàng)新．增值問題反饋??將您發(fā)現(xiàn)的問題通過電子郵件告知我們，具體的內(nèi)容包含：）?一我們也將開通其他問題反饋渠道（如微信等）。32-32蕓業(yè)．創(chuàng)新．增值CFA一級培訓(xùn)項目@SessionNO.ContentaProfessionalMeI18-12Re8-12Derivatives2-41菩業(yè)．創(chuàng)新．增值｀｀｀｀｀I｀｀II，，，，，/，｀｀，，，I｀｀｀，，，，｀?，，、、、、、，，，、、、，，，，、、、、、、、、、、3-41菩業(yè)．創(chuàng)新．增值Futures?Swap｛Arbitrage-FreePricingForward,Futures&SwapOptionDer1vat1vePr1c1ngAndValuation{·B1nom1alValuation(4-41菩業(yè)．創(chuàng)新．增值＾＾???Derivativemarketsandinstruments5-41菩業(yè)．創(chuàng)新．增值Framework?Advantage&disadvantagederivatives2.Fourmainderivative?6-41菩業(yè)．創(chuàng)新．增值?IsanthatobligatestobotherForwardcontract?Iff,?Isaspecializedveofafthathasbeenizedthatesasexchange.?Afh?dailysettlementf7-41蕓業(yè)．創(chuàng)新．增值Swapcontract?ThehaseeobligOptioncontract?Rightinsoeineed·_，8-41菩業(yè)．創(chuàng)新．增值—ClassesofderivativespStructureofderivativepOopJi?叩9-41蕓業(yè)．創(chuàng)新．增值1712(1)1906(1)1912(1)DerivativeMarketsInstruments?Price?Risk??Lowrequirement??Easeofshort?marketefficiency?Disadvantage?Toorisky??Complex?likened?Keyint?Alwaysincreaserisk??No.10-41菩業(yè)．創(chuàng)新．增值?Basic?AforwardcontractabilaltandosellasanatasetaDefinitionFinancialHedgerisk:costsSpeculation:p??CharacteristicsEachdefaultriskJ?11-41菩業(yè)．創(chuàng)新．增值Physicalscost,uscAtexpirationI?Priorto．．?12-41蕓業(yè)．創(chuàng)新．增值1506(2)1812(1)一???Example:3X6FRA90-dayUBORl,!!·wno90?_、settlement?·orexpiration，13-41菩業(yè)．創(chuàng)新．增值一mizeddmeMaad14-41菩業(yè)．創(chuàng)新．增值1812(1)一????Method2:dailypricelimit15-41菩業(yè)．創(chuàng)新．增值1606(1)1612(1)一?Margin(con't):emFuturesmarginEquitymarginLm16-41菩業(yè)．創(chuàng)新．增值一?Theplaininterestswaptmm(r?Counterpart1es:tsco17-41菩業(yè)．創(chuàng)新．增值1606(1)一?Basic．．Ibuyutaddaexerciseor)?Calloption:l&shortl?Putoption:&short?Prices18-41菩業(yè)．創(chuàng)新．增值1706(1)一?Moneyness:ontheposition??themoney:aaf?money:a?Outthemoney:aa店?onS,eX.MoneynessCalloptionPut>XS<X=SXSS<XS>X19-41菩業(yè)．創(chuàng)新．增值1506(1)一?PayoffPayoffPayoffKKSTSTLongcallShortcall}＼Payo?ksK卡TSTs?':!?\??勹r??:?從20-41蕓業(yè)．創(chuàng)新．增值1506(1)1606(1)1912(1)一LongcallrProfitSrput?21-41蕓業(yè)．創(chuàng)新．增值1512(1)1706(1)1712(1)1806(1)一?O+??At?eemorevolatilep22-41菩業(yè)．創(chuàng)新．增值一?callparityT=S+p?t—s—c+p-X/(1+R爪p—c+S—X/(1T1+)勹：—:.,23-41蕓業(yè)．創(chuàng)新．增值??Theportfolio(fiduciary)consistX(+R)C1Tfcostof:FP+OT(l+R)f?Thepayoffportfoliotimetisthatthesecondportfolio.Thenthecostofbothportfoliosmustbeequal.。飛。Cp??1(24-41菩業(yè)．創(chuàng)新．增值1606(1)1906(1)一?=C?e=。CC?American四options?P。>p。,。。bPp>ash25-41菩業(yè)．創(chuàng)新．增值1506(1)1706(1)1512(1)1712(1)1906(1)2012(3)OptionPricingPuts*??ThereexceptiontothegeneralruleEuropeanputoptionarenegative.T:put.:mayincreasesas至JmaturityifthetprJII1丿lJ沁optiondee?in廿：heclose'maturity.26-41蕓業(yè)．創(chuàng)新．增值＾＾·?49?DerivativePricingValuation27-41菩業(yè)．創(chuàng)新．增值1.Framework2.ForwardMarketsandContracts?PriceandValue