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)
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“Guidance” for Standards I – VII
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
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“CFA Institute Soft Dollar Standards”
(AIMR, 1998; reprinted 2004)
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“CFA Institute Research Objectivity Standards”
(AIMR, 2003; reprinted 2005)
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“The Glenarm Company”
Glen A. Holden, Jr., Ethics Cases (CFA Institute, 1996; adapted 2005)
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“Preston Partners”
Jules A. Huot, Ethics Cases (CFA Institute, 1996; adapted 2005)
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“Super Selection”
Paul F. Van Schyndel, Ethics Cases (CFA Institute, 1996; adapted 2005)
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“Trade Allocation: Fair Dealing and Disclosure”
Standards Reporter (AIMR, November/December 1996; adapted 2005)
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“Case Study: Changing Investment Objectives”
Standards Reporter (AIMR, January/February 1998; adapted 2005)
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“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)
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“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)
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"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)
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“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)
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“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)
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“Valuing Bonds with Embedded Options”
Ch. 9, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley 2007)
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“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)
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"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)
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A Note on Harry M. Markowitz's "Market Efficiency: A Theoretical Distinction and So What?"
prepared by Adam Kobor (CFA Institute, 2006)
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"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)