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1、2012CFALevelICurriculumBookVJieWuThisworkislicensedundertheCreativeCommonsAttribution-NonCommercial-ShareAlike3.0License.2DISCLAIMER:Theauthorisnotresponsibleorliableforanyerrorcontainedinthisdocument.Theimagesarecollectedfromtheinternetandextractedfromthecurriculumbookthecopyrightsofwhichbelong
2、totheoriginalmakers.Chapter1Equity1.1MarketOrganization,MarketIndices,andMarketEf- ciency1.1.1MarketOrganizationandStructurebreakdown:thereare10sectionsSection2:functionsof nancialsystemSection3:assetsandassetclassi cationSection4: nancialintermediariesSection5:tradingpositionsSection6:tradeorde
3、rSection7:primarymarketsSection8:structuresofsecondarymarketsinsecuritiesSection9:characteristicsofawell-functioning nancialsystemSection10:regulationfunctionsof nancialsystem:tofacilitatetheful llmentofpeople'ssixtradingpurposes:savingforfuture:pp.8,createinvestmentvehicleswithoutsubstantialtra
4、nsactioncoststofacilitatesavingsborrowingforcurrentuse:pp.9,aggregatefundsfromsaversforborrowing,analyzethecredibilityofborrowers,estimatethecollaterals(oftenincludethosethatwillbepurchasedbytheloan)needed,andenforcetherightoflendersraisingequity(ownershipinterests)capital:pp.9,priceandissueequi
5、ties,provideliquidmarketsfortransactionsofequitymanagingrisks(futureuncertainties):pp.10,designforward,future,option,insur-ancecontractsthatsetfuturetradeprice,provideliquidmarketsfortransactionsofcontractsexchangingassetsforimmediatedelivery(spotmarkettrading):pp.10,provideliq-uidmarketsfortrad
6、eofoneassetforanother34CHAPTER1.EQUITYinformation-motivatedtrading:pp.11,pureinvestors.VS.information-motivatedtraders:pureinvestors:movewealthfrompresenttofuture,receivenormalfairrateofreturninformation-motivatedtraders:pro tfromsuperiorinformationaboutfuturepricesoastoearnareturninexcessofthef
7、airratepp.12,provideliquidmarketsandinformationtoinformation-motivatedtradersdeterminationofratesofreturn:pp.12,saving,borrowing,andsellingequityareallmeansofmovingmoneythroughtime,saversmovemoneyfrompresenttofuturewhereasbo
