cfa一级equity讲义

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1、22011011年年66月月CFACFA一级强化班一级强化班EquityInvestmentsEquityInvestments讲师：乐锦日期：2011年4月地点：■上海□北京□深圳□南京上海金程国际金融专修学院CFA一级课程框架StudySession1Ethics&ProfessionalStandards15StudySession2-3QuantitativeMethods12StudySession4-6EconomicAnalysis10StudySession7-10FinancialStatemen

2、tAnalysis20StudySession11CorporateFinance8StudySession12PortfolioManagement5StudySession13-14EquityInvestments10StudySession15-16FixedIncomeAnalysis12StudySession17DerivativeInvestments5StudySession18AlternativeInvestments3Total:1001-154100%ContributionBreedsP

3、rofessionalismOverviewofEquityAnalysis¾StudySession13—SecuritiesMarketsòR52OrganizationandFunctioningofSecuritiesMarketsòR53Security-MarketIndexesòR54EfficientCapitalMarketsòR55MarketEfficiencyandAnomalies¾StudySession14—IndustryandCompanyAnalysisòR56AnIntrodu

4、ctiontoSecurityValuationòR57IndustryAnalysisòR58CompanyAnalysisandStockValuationòR59IntroductiontoPriceMultiples2-154100%ContributionBreedsProfessionalismFrameworkofSS13¾Characteristicofgoodmarket¾Primary&Secondarymarket¾Organizationandfunction¾Orders¾Transact

5、ion¾Methodologies¾Index¾Bias¾OtherindexSecurityMarket¾Hypothesis¾TestsandResults¾EMH¾Implication¾BehavioralFinance¾Limitations¾MarketEfficiencyandAnomalies¾Misprice¾Anomalies3-154100%ContributionBreedsProfessionalismOrganizationandFunctioningOrganizationandFun

6、ctioningofSecuritiesMarketsofSecuritiesMarkets4-154100%ContributionBreedsProfessionalismCharacteristicsofwellCharacteristicsofwell--functioningmarketfunctioningmarket¾CharacteristicsofaGoodMarketòTimelyandAccurateInformation:Informationonpriceandvolumeofpasttr

7、ansactionsandoncurrentsupplyanddemandconditionsMarketabilityPriceContinuityòLiquidityDepth(TradingVol.)òInternalEfficiency(lowtransactioncost)òInformational(External)EfficiencyPriceadjustrapidlytonewinformation.5-154100%ContributionBreedsProfessionalismMarketD

8、epthMarketDepth6-154100%ContributionBreedsProfessionalismPrimaryCapitalMarketPrimaryCapitalMarket¾PrimaryCapitalMarket---salesofnewissuesofsecurities¾GovernmentBondIssues¾Municipal