I am developing a directory of concepts on knol platform. Prsently I am setting up the framework or structure. I shall create individual knols for each concept over a period of time.
Investment Banking, Analysis and Portfolio Management Concepts Directory (Ua to Uz)
http://knol.google.com/k/narayana-rao-kvss/copy-of-investment-banking-analysis-and/2utb2lsm2k7a/835
Saturday, January 31, 2009
Wednesday, February 13, 2008
CFA Level 2 Quant Method - New Reading
CFA Refresher Readings
Quantitative Methods: Study Session 3
Study Session Materials
New Readings from the 2008 CFA Program
Complete List of CFA Program Readings
Topic Overview
Quantitative Methods for Valuation
This study session begins with a discussion of linear correlation and then focuses on linear regression, one of the most widely used statistical techniques in financial modeling. In addition to a discussion of building and interpreting multiple regression models, the readings present information about testing the significance of the estimated parameters and verifying the whole regression model. Equally important is understanding the assumptions behind the structure of regression models, making corrections if the observed variables do not exhibit the assumed properties, and avoiding misspecification of the models.
Time-series analysis is used to describe the dynamic behavior of an economic or financial variable, to forecast its future values, and to detect relations between the time series of different variables. Indeed, regression models must be treated within a time-series context if the variables are measured over time. Regression reports for such models should include standard time-series tests to ensure that the results of the regression are interpreted correctly. Using time-series analysis to explain the past and predict the future of a data series can help improve portfolio management decision making. Model assumptions and the consequences of model misspecification must be considered in any application. In addition, such time-series properties as stationarity and mean reversion have important consequences for portfolio planning.
View learning outcome statements (LOS) for readings objectives.
--------------------------------------------------------------------------------
New Readings from the 2008 CFA Program
“Time-Series Analysis”
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF) View LOS
--------------------------------------------------------------------------------
Complete List of CFA Program Readings
“Correlation and Regression”
Ch. 8, pp.405–440, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
View LOS
"Multiple Regression and Issues in Regression Analysis”
Ch. 9, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
View LOS
“Time-Series Analysis”
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
Quantitative Methods: Study Session 3
Study Session Materials
New Readings from the 2008 CFA Program
Complete List of CFA Program Readings
Topic Overview
Quantitative Methods for Valuation
This study session begins with a discussion of linear correlation and then focuses on linear regression, one of the most widely used statistical techniques in financial modeling. In addition to a discussion of building and interpreting multiple regression models, the readings present information about testing the significance of the estimated parameters and verifying the whole regression model. Equally important is understanding the assumptions behind the structure of regression models, making corrections if the observed variables do not exhibit the assumed properties, and avoiding misspecification of the models.
Time-series analysis is used to describe the dynamic behavior of an economic or financial variable, to forecast its future values, and to detect relations between the time series of different variables. Indeed, regression models must be treated within a time-series context if the variables are measured over time. Regression reports for such models should include standard time-series tests to ensure that the results of the regression are interpreted correctly. Using time-series analysis to explain the past and predict the future of a data series can help improve portfolio management decision making. Model assumptions and the consequences of model misspecification must be considered in any application. In addition, such time-series properties as stationarity and mean reversion have important consequences for portfolio planning.
View learning outcome statements (LOS) for readings objectives.
--------------------------------------------------------------------------------
New Readings from the 2008 CFA Program
“Time-Series Analysis”
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF) View LOS
--------------------------------------------------------------------------------
Complete List of CFA Program Readings
“Correlation and Regression”
Ch. 8, pp.405–440, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
View LOS
"Multiple Regression and Issues in Regression Analysis”
Ch. 9, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
View LOS
“Time-Series Analysis”
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
Wednesday, February 6, 2008
CFA Refresher Valuation (Level II) Readings
CFA Refresher Readings
Valuation (Level II) Readings
“Code of Ethics and Standards of Professional Conduct”
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)
“Guidance” for Standards I – VII
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)
“CFA Institute Soft Dollar Standards”
(AIMR, 1998; reprinted 2004)
Free download (PDF)
“CFA Institute Research Objectivity Standards”
(AIMR, 2003; reprinted 2005)
Free download (PDF)
“The Glenarm Company”
Glen A. Holden, Jr., Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Preston Partners”
Jules A. Huot, Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Super Selection”
Paul F. Van Schyndel, Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Trade Allocation: Fair Dealing and Disclosure”
Standards Reporter (AIMR, November/December 1996; adapted 2005)
Member download (PDF)
“Case Study: Changing Investment Objectives”
Standards Reporter (AIMR, January/February 1998; adapted 2005)
Member download (PDF)
“Prudence in Perspective”
Ch. 2, including Appendixes 3 and 4, Investing and Managing Trusts under the New Prudent Investor Rule, John Train and Thomas A. Melfe (Harvard Business School Press, 1999)
“Correlation and Regression”
Ch. 8, pp.405–440, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle (Wiley, 2007)
"Multiple Regression and Issues in Regression Analysis”
Ch. 9, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle (Wiley, 2007)
"Time Series Analysis"
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
“Economic Growth”
Ch. 25, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
“Regulation and Antitrust Policy in a Globalized Economy”
Ch. 27, pp. 651–659 including “Issues and Applications” on pages 664–665, Economics Today, 12th edition, Roger LeRoy Miller (Pearson Addison-Wesley, 2004)
"Trading With the World"
Ch. 33, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
"International Finance"
Ch 34, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
“Foreign Exchange”
Ch. 1, pp. 7-21, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Foreign Exchange Parity Relations”
Ch. 2, pp. 44–78, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Measuring Economic Activity”
Ch. 3, Guide to Economic Indicators, Fifth Edition (The Economist, 2003)
“Analysis of Intercorporate Investments”
Ch. 13, pp. 454-490 (including Box 13-4), The Analysis and Use of Financial Statements, 3rd edition, Gerald I White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
“Mergers, Acquisitions, and Other Intercorporate Investments”
Ch. 13, Financial Statement Analysis: A Global Perspective, Thomas R. Robinson, Paul Munter, and Julia Grant (Pearson-Prentice Hall, 2004)
"Variable Interest Entities, Intercompany Debt, Consolidated Cash Flows, and Other Issues"
Ch. 6, Advanced Accounting, Joe B. Hoyle, Thomas F. Schaefer, and Timothy P. Doupnik (McGraw-Hill, 2007)
"Understanding Retirement Benefit Accounting and Disclosures for Financial Analysis"
Thomas R. Robinson, Paul Munter, and Julia Grant, Financial Statement Analysis: A Global Perspective (Pearson/Prentice Hall, 2004)
"FAS 123(R) − Accounting for Stock-Based Compensation: Happy Anniversary"
Diane Doubleday, Susan Eichen, and Linda Laarman (Mercer Human Resource Consulting, 2005)
“Analysis of Multinational Operations”
Ch. 15, pp. 546-574 (including Box 15-1), The Analysis and Use of Financial Statements, 3rd edition, Gerald I White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
"Accounting Shenanigans on the Cash Flow Statement"
Marc A. Siegel, The CPA Journal (New York State Society of Certified Public Accountants, 2006)
"Financial Reporting Quality: Red Flags and Accounting Warning Signs"
Thomas R. Robinson and Paul Munter, Commercial Lending Review (CCH Incorporated, 2004)
"The Lessons We Learn"
Pamela P. Peterson and Frank J. Fabozzi, Analysis of Financial Statements (Wiley, 2006)
“Analysis of Financial Statements: A Synthesis”
Ch. 17, (including Box 17-1), The Analysis and Use of Financial Statements, 3rd edition, Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
“Capital Budgeting”
Ch. 2, pp. 22 to end-of-chapter, John Stowe and Jacques R. Gagne, Corporate Finance for the CFA Program (CFA Institute forthcoming)
Member download (PDF)
"Capital Structure and Leverage"
Raj Aggarwal, Cynthia Harrington, Adam Kobor, and Pamela P. Peterson (CFA Institute, 2005)
“Dividends and Dividend Policy”
Ch. 5, pp. 22 to end of chapter, George H. Troughton and Catherine E. Clark, Corporate Finance for the CFA Program (CFA Institute, forthcoming)
“Corporate Governance”
Ch. 1, Rebecca Todd McEnally and Kenneth Kim, Corporate Finance for the CFA Program (CFA Institute, forthcoming)
"Mergers and Acquisitions"
Rosita P. Chang and Keith M. Moore (CFA Institute, 2007)
“A Note on Valuation”
George H. Troughton, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“The Equity Valuation Process”
Ch. 1, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Equity: Markets and Instruments”
Ch. 5, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
"Capital Markets and the Economy"
Ch. 12, Flying on One Engine: The Bloomberg Book of Master Market Economist, David P. Goldman, edited by Thomas Keene (Bloomberg, 2005)
“Equity: Concepts and Techniques”
Ch. 6, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Competitive Strategy: The Core Concepts”
Ch. 1, Competitive Advantage: Creating and Sustaining Superior Performance, Michael E. Porter (The Free Press, 1985, 1998)
“Industry Analysis”
Ch. 6, Security Analysis On Wall Street: A Comprehensive Guide To Today's Valuation Methods, Jeffrey C. Hooke (Wiley, 1998)
“Valuation in Emerging Markets”
Ch. 22, Valuation: Measuring and Managing the Value of Companies, 4th edition, Tim Koller, Marc Goedhart, and David Wessels (Wiley, 2004)
“Company Analysis and Stock Valuation”
Ch. 14, pp 562-566, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006)
"U.S. Portfolio Strategy: Seeking Value − Anatomy of Valuation"
David J. Kostin, Jessica Binder, Robert Koyfman, and Caesar Maasry, Anatomy of Valuation (Goldman Sachs Group, Inc., 2006)
“Discounted Dividend Valuation”
Ch. 2, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Free Cash Flow Valuation”
Ch. 3, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
Member download (PDF)
“Market-Based Valuation: Price Multiples”
Ch. 4, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Residual Income Valuation”
Ch. 5, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
Member download (PDF)
“Security Analysis Using Value-Based Metrics”
Ch. 12, James A. Abate and James L. Grant, The Theory & Practice of Investment Management, Frank J. Fabozzi and Harry M. Markowitz, ed. (Wiley, 2002)
"Investment Analysis"
Ch. 6, Real Estate, 13th edition, James D. Shilling (South-Western, 2002)
"Income Property Analysis and Appraisal"
Ch. 10, Real Estate, 13th edition, James D. Shilling (South-Western, 2002)
"Evaluating the Performance of Your Hedge Funds"
Ch. 8, Evaluating Hedge Fund Performance, Vinh Q. Tran (Wiley, 2006)
"Buyers Beware: Evaluating and Managing the Many Facets of the Risks of Hedge Funds"
Ch. 9, Evaluating Hedge Fund Performance, Vinh Q. Tran (Wiley, 2006)
“Term Structure and Volatility of Interest Rates”
Ch. 8, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
Member download (PDF)
“Valuing Bonds with Embedded Options”
Ch. 9, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
Member download (PDF)
“Mortgage-Backed Sector of the Bond Market”
Ch. 10, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
"Europe's Whole Loan Sales Market Burgeoning as Mortgage Credit Market Comes of Age"
Emily Bradley and Brian Kane, S&P's Structured Finance (McGraw-Hill, 2005)
“Asset-Backed Sector of the Bond Market”
Ch. 11, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi. (Wiley, 2007)
“Valuing Mortgage-Backed and Asset-Backed Securities”
Ch. 12, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley, 2007)
“Forward Markets and Contracts”
Ch. 2, pp. 37–66, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Futures Markets and Contracts”
Ch. 3, pp. 103–116, 124–142, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Option Markets and Contracts”
Ch. 4, pp. 187–242, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Swap Markets and Contracts”
Ch. 5, pp. 285–318, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Interest Rate Derivative Instruments”
Ch. 13, pp. 494–502, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley, 2007)
"Using Credit Derivatives to Enhance Return and Manage Risk"
George Spentzos, Conference Proceedings Quarterly (CFA Institute, 2006)
Member download (PDF)
"Portfolio Concepts"
Ch. 11, Quantitative Methods for Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
A Note on Harry M. Markowitz's "Market Efficiency: A Theoretical Distinction and So What?"
prepared by Adam Kobor (CFA Institute, 2006)
Member download (PDF)
"International Asset Pricing"
Ch. 4, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“The Theory of Active Portfolio Management”
Ch. 27, Investments, 7th edition, Zvi Bodie, Alex Kane, and Alan J. Marcus (McGraw-Hill/Irwin, 2008)
“The Portfolio Management Process and the Investment Policy Statement”
Ch. 1, Managing Investment Portfolios: A Dynamic Process, John L. Maginn, Donald L. Tuttle, Dennis W. McLeavey, and Jerald E. Pinto, 3rd edition (Wiley, 2007)
Valuation (Level II) Readings
“Code of Ethics and Standards of Professional Conduct”
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)
“Guidance” for Standards I – VII
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)
“CFA Institute Soft Dollar Standards”
(AIMR, 1998; reprinted 2004)
Free download (PDF)
“CFA Institute Research Objectivity Standards”
(AIMR, 2003; reprinted 2005)
Free download (PDF)
“The Glenarm Company”
Glen A. Holden, Jr., Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Preston Partners”
Jules A. Huot, Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Super Selection”
Paul F. Van Schyndel, Ethics Cases (CFA Institute, 1996; adapted 2005)
Member download (PDF)
“Trade Allocation: Fair Dealing and Disclosure”
Standards Reporter (AIMR, November/December 1996; adapted 2005)
Member download (PDF)
“Case Study: Changing Investment Objectives”
Standards Reporter (AIMR, January/February 1998; adapted 2005)
Member download (PDF)
“Prudence in Perspective”
Ch. 2, including Appendixes 3 and 4, Investing and Managing Trusts under the New Prudent Investor Rule, John Train and Thomas A. Melfe (Harvard Business School Press, 1999)
“Correlation and Regression”
Ch. 8, pp.405–440, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle (Wiley, 2007)
"Multiple Regression and Issues in Regression Analysis”
Ch. 9, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle (Wiley, 2007)
"Time Series Analysis"
Ch. 10, Quantitative Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle, and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
“Economic Growth”
Ch. 25, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
“Regulation and Antitrust Policy in a Globalized Economy”
Ch. 27, pp. 651–659 including “Issues and Applications” on pages 664–665, Economics Today, 12th edition, Roger LeRoy Miller (Pearson Addison-Wesley, 2004)
"Trading With the World"
Ch. 33, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
"International Finance"
Ch 34, Economics, 7th edition, Michael Parkin (Pearson Addison-Wesley, South-Western, 2005)
“Foreign Exchange”
Ch. 1, pp. 7-21, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Foreign Exchange Parity Relations”
Ch. 2, pp. 44–78, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Measuring Economic Activity”
Ch. 3, Guide to Economic Indicators, Fifth Edition (The Economist, 2003)
“Analysis of Intercorporate Investments”
Ch. 13, pp. 454-490 (including Box 13-4), The Analysis and Use of Financial Statements, 3rd edition, Gerald I White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
“Mergers, Acquisitions, and Other Intercorporate Investments”
Ch. 13, Financial Statement Analysis: A Global Perspective, Thomas R. Robinson, Paul Munter, and Julia Grant (Pearson-Prentice Hall, 2004)
"Variable Interest Entities, Intercompany Debt, Consolidated Cash Flows, and Other Issues"
Ch. 6, Advanced Accounting, Joe B. Hoyle, Thomas F. Schaefer, and Timothy P. Doupnik (McGraw-Hill, 2007)
"Understanding Retirement Benefit Accounting and Disclosures for Financial Analysis"
Thomas R. Robinson, Paul Munter, and Julia Grant, Financial Statement Analysis: A Global Perspective (Pearson/Prentice Hall, 2004)
"FAS 123(R) − Accounting for Stock-Based Compensation: Happy Anniversary"
Diane Doubleday, Susan Eichen, and Linda Laarman (Mercer Human Resource Consulting, 2005)
“Analysis of Multinational Operations”
Ch. 15, pp. 546-574 (including Box 15-1), The Analysis and Use of Financial Statements, 3rd edition, Gerald I White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
"Accounting Shenanigans on the Cash Flow Statement"
Marc A. Siegel, The CPA Journal (New York State Society of Certified Public Accountants, 2006)
"Financial Reporting Quality: Red Flags and Accounting Warning Signs"
Thomas R. Robinson and Paul Munter, Commercial Lending Review (CCH Incorporated, 2004)
"The Lessons We Learn"
Pamela P. Peterson and Frank J. Fabozzi, Analysis of Financial Statements (Wiley, 2006)
“Analysis of Financial Statements: A Synthesis”
Ch. 17, (including Box 17-1), The Analysis and Use of Financial Statements, 3rd edition, Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003)
“Capital Budgeting”
Ch. 2, pp. 22 to end-of-chapter, John Stowe and Jacques R. Gagne, Corporate Finance for the CFA Program (CFA Institute forthcoming)
Member download (PDF)
"Capital Structure and Leverage"
Raj Aggarwal, Cynthia Harrington, Adam Kobor, and Pamela P. Peterson (CFA Institute, 2005)
“Dividends and Dividend Policy”
Ch. 5, pp. 22 to end of chapter, George H. Troughton and Catherine E. Clark, Corporate Finance for the CFA Program (CFA Institute, forthcoming)
“Corporate Governance”
Ch. 1, Rebecca Todd McEnally and Kenneth Kim, Corporate Finance for the CFA Program (CFA Institute, forthcoming)
"Mergers and Acquisitions"
Rosita P. Chang and Keith M. Moore (CFA Institute, 2007)
“A Note on Valuation”
George H. Troughton, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“The Equity Valuation Process”
Ch. 1, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Equity: Markets and Instruments”
Ch. 5, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
"Capital Markets and the Economy"
Ch. 12, Flying on One Engine: The Bloomberg Book of Master Market Economist, David P. Goldman, edited by Thomas Keene (Bloomberg, 2005)
“Equity: Concepts and Techniques”
Ch. 6, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“Competitive Strategy: The Core Concepts”
Ch. 1, Competitive Advantage: Creating and Sustaining Superior Performance, Michael E. Porter (The Free Press, 1985, 1998)
“Industry Analysis”
Ch. 6, Security Analysis On Wall Street: A Comprehensive Guide To Today's Valuation Methods, Jeffrey C. Hooke (Wiley, 1998)
“Valuation in Emerging Markets”
Ch. 22, Valuation: Measuring and Managing the Value of Companies, 4th edition, Tim Koller, Marc Goedhart, and David Wessels (Wiley, 2004)
“Company Analysis and Stock Valuation”
Ch. 14, pp 562-566, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006)
"U.S. Portfolio Strategy: Seeking Value − Anatomy of Valuation"
David J. Kostin, Jessica Binder, Robert Koyfman, and Caesar Maasry, Anatomy of Valuation (Goldman Sachs Group, Inc., 2006)
“Discounted Dividend Valuation”
Ch. 2, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Free Cash Flow Valuation”
Ch. 3, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
Member download (PDF)
“Market-Based Valuation: Price Multiples”
Ch. 4, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
“Residual Income Valuation”
Ch. 5, Equity Asset Valuation, John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)
Member download (PDF)
“Security Analysis Using Value-Based Metrics”
Ch. 12, James A. Abate and James L. Grant, The Theory & Practice of Investment Management, Frank J. Fabozzi and Harry M. Markowitz, ed. (Wiley, 2002)
"Investment Analysis"
Ch. 6, Real Estate, 13th edition, James D. Shilling (South-Western, 2002)
"Income Property Analysis and Appraisal"
Ch. 10, Real Estate, 13th edition, James D. Shilling (South-Western, 2002)
"Evaluating the Performance of Your Hedge Funds"
Ch. 8, Evaluating Hedge Fund Performance, Vinh Q. Tran (Wiley, 2006)
"Buyers Beware: Evaluating and Managing the Many Facets of the Risks of Hedge Funds"
Ch. 9, Evaluating Hedge Fund Performance, Vinh Q. Tran (Wiley, 2006)
“Term Structure and Volatility of Interest Rates”
Ch. 8, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
Member download (PDF)
“Valuing Bonds with Embedded Options”
Ch. 9, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
Member download (PDF)
“Mortgage-Backed Sector of the Bond Market”
Ch. 10, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
"Europe's Whole Loan Sales Market Burgeoning as Mortgage Credit Market Comes of Age"
Emily Bradley and Brian Kane, S&P's Structured Finance (McGraw-Hill, 2005)
“Asset-Backed Sector of the Bond Market”
Ch. 11, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi. (Wiley, 2007)
“Valuing Mortgage-Backed and Asset-Backed Securities”
Ch. 12, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley, 2007)
“Forward Markets and Contracts”
Ch. 2, pp. 37–66, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Futures Markets and Contracts”
Ch. 3, pp. 103–116, 124–142, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Option Markets and Contracts”
Ch. 4, pp. 187–242, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Swap Markets and Contracts”
Ch. 5, pp. 285–318, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)
“Interest Rate Derivative Instruments”
Ch. 13, pp. 494–502, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley, 2007)
"Using Credit Derivatives to Enhance Return and Manage Risk"
George Spentzos, Conference Proceedings Quarterly (CFA Institute, 2006)
Member download (PDF)
"Portfolio Concepts"
Ch. 11, Quantitative Methods for Investment Analysis, 2nd edition, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle and Mark J.P. Anson (Wiley, 2007)
Member download (PDF)
A Note on Harry M. Markowitz's "Market Efficiency: A Theoretical Distinction and So What?"
prepared by Adam Kobor (CFA Institute, 2006)
Member download (PDF)
"International Asset Pricing"
Ch. 4, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
“The Theory of Active Portfolio Management”
Ch. 27, Investments, 7th edition, Zvi Bodie, Alex Kane, and Alan J. Marcus (McGraw-Hill/Irwin, 2008)
“The Portfolio Management Process and the Investment Policy Statement”
Ch. 1, Managing Investment Portfolios: A Dynamic Process, John L. Maginn, Donald L. Tuttle, Dennis W. McLeavey, and Jerald E. Pinto, 3rd edition (Wiley, 2007)
Sunday, February 3, 2008
CFA Level 2 Examination Paper
The Level II exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.
The Level II exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.
an approximate breakdown of the relative importance of the different topic areas for the Level II exam is as follows:
Ethical and Professional Standards, 5-15 percent
Investment Tools, 35-45 percent
-Quantitative Analysis, 0-10 percent
-Economics, 0-10 percent
-Financial Statement Analysis, 15-25 percent
-Corporate Finance, 5-15 percent
Asset Valuation, 35-45 percent
-Equity Investments, 20-30 percent
-Fixed Income Investments, 5-15 percent
-Derivatives, 0-10 percent
Portfolio Management, 5-15 percent
The Level II exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.
an approximate breakdown of the relative importance of the different topic areas for the Level II exam is as follows:
Ethical and Professional Standards, 5-15 percent
Investment Tools, 35-45 percent
-Quantitative Analysis, 0-10 percent
-Economics, 0-10 percent
-Financial Statement Analysis, 15-25 percent
-Corporate Finance, 5-15 percent
Asset Valuation, 35-45 percent
-Equity Investments, 20-30 percent
-Fixed Income Investments, 5-15 percent
-Derivatives, 0-10 percent
Portfolio Management, 5-15 percent
Subscribe to:
Posts (Atom)