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1、TopicWeightingsiniCFALevelISessionNO.Study Session 1EthicalandProfoWm*RQuantitativeMetlhodsEconomicsFinancialReportingandAnalysisDerivativesAlternativeInvestments5-8StudySession18-19PortfolioManagement5-8 Fra mew orkEquity Invest mentsR37SecurityMarketlndcx.esR38MaiketEfficiencySS13EquityInvestmentR
2、39OverviewofEquitySecuritiesR40IntroductiontoIndustryandCompanyAnalysisR41EquityValuation:ConceptsandBasicTools4571.i.MarketOrganizationandStructure专业.创新I旨僧1.MinFunctionsofIheFinancialMarketFramework5lQaSsinCaliOnofarketsPrimaryVSSecondarymarketsMoneyvsCapitalma,kets7.Instructionsoftransactionproces
3、ses亏业创新1吕值1406(2)1412(1)1512(1)1706(1)1712(1)1912(I)-57IntermediariesoffinancialmarketFinancialintermediaries第servicesthattheyprovideBrokerdealers,andHelpwiththetradeofsecuritiestchrigSecuritizersAbsorbdepositsbypayinginterestonCUSIomerdepositsCreateinsurancecontractspolicies)thatprovideapaymentinth
4、eeventthatsomclossoccurs;loralhazard:aHvorsnspnrtinn:fal7-57TreservicesthattheyprovideArbitrageursSeektogainceltainreturnwithoutbearinganyrisk;BuyandsellidenticaloressentiallysimilarinstrumentsatHiFfprontPfirQaindifFnrpntmarkPtgCl,waliqluusys.;arrangeforfinalsettlementoftradestolimitthecounterpartyr
5、isk;CusiudiaJJishoLdsecuritiesonbehalfoftheircIientstopreventthelossofsecuritiesthroughfradfoversight,or弓业1406(1)*WellFunctionedFinancialMarketAWellfunctionedfinancialmarkel:Operationaleficiency:amarkethasrelativelyLowtransactioncostsamarketinwhichassetpricesreflectnewinformationquicklyandrationally
6、efficiency:amarketpromotestheallocationofresourcestotheirIiighestvalueuses.1406(1)1512(1)1606(1)1706(1)1806(1)1906ClassificationofmarketsClassifiPrimaryVSSecondaryarketsJ,*c,IrIrlHlv111themarketf*shortterindebtinstruments(one-yearmaturityorless)./Capitalmarkets:financialmarketsthattradesecuritiesofl
7、ongerdurationsuchasbondsandTraditionalVSAlternativeQiarkeLsEqJTT/Traditionalihvestmentmarkets:marketsfortraditionalinvestmentsincludeallpubliclytradeddebtsandequities/Alternativemarkets:maketforinvestraentsotherW-5714061412(1)1606(1)1706(1)1712(1)ClassificationofmarketsHQWSCCUritiC5arcSCldthroughPti
8、marymarketSecuritytrans;JJctionmethodsSoldpublicly/Underwrittenoffering(themostcommonway);/Bestefforts;/Indicationsofinterest-/RCCkEnilding/Dividendreinvestmeritplan;/Rightsofferin911-57亏业创新I旨僭ClassificationofmarketsHowsecuritiesaresoldthroughplimarymarket-soldpubliclyDifferencebetweenunderwrittenof
9、feringandbesteffortsUnderwrittenofferingBesteffortsGUHranIeeSLhesaleoftheissueNotObIigaIedIDbuytheUnSoIdportionInvestmentbankgenerallyaresupposedtoselecttheofferingpricethatwillraisethemostmoney.12-57亏业创新1包1506(1)1512(1)1606(1)17061806(1)1812(1) ciHowsecuritiesaretradPricepriority:thehighestpricedbu
10、yordersandthelowestpricedsellordersgofirst;Secondaryprecedencerule:useIimeprecedenceLorankordersatthesamepriceThefirstordertoarrivehasprecedenceoverotherordersBrokeredmarketsClassificationofmarketsSecondarycapitalmarketsHowsecuritiesaretradedinsecondarymarketsCallMarkets-AtspecifictimesAtanytimewhen
11、marketisopenThepiceisdeteminedeithe亏业创新I旨1506(1)15121606(D1712(1)Positionsinanasset1.ongpositionPeoplehaveIongpositionswhentheyownassetsorcontracts:Benefitformanincreaseintheprice.ShortpositionPeoplehaveshortpositionswhentheyhavesoldassetsthattheydonotown,orwhentheywriteandsellcontractsForaShorl-Sal
12、eIheprocedureisasbelow/Maintaintheproceedsofshort-salesascollateral15-57percentwhereasthepotentialb:sscsareunbounded亏业创新-【包1三*Definition:tradersbuysecuritiesbyborrowingsomeofthepurchaseprice1.everageratio=l/margin6TT亏业创新11406(D1606(1)16(1)1706(1)1812(1)2(HMI)Positionsinanasset1.everagedpositionsMarg
13、inrequirement:therequiredequitypositionisCaIIedthemarginrequireUient/Initialmargin:aminimumamountofequityatthetimeofanewinarginpurchase;/MaintenancemarginIstheinvestorsrequiredequitypositionintheaccount;17-57P=P1LM亏业创新|旨1906The bid and欢Onl the market.Behindthemarket:Abuyorderplacedbelowthebestbidora
14、sellorderplacedabovethebestoffer;19571506(D1806(1)1812(1)InstructionsoftransaprocessesOrdirPrSc.BidsOffers(AsU)1己LLChoIItIket二TheWWt也0QFF扭Urrentbidande行eris,rha*rkel.lfanB,laitorderThese buyar,b,hindth,mnrket.Vealsosay)DltheyW-57buriereorejarfmhe专业.创新I旨僧See uri ty Market Ind icesEqual-WeightedIndexMarketCapitalization-WeightedIndexAHoat-AdjusledMarketCapitalization-WeightedindexFundamentalweighting22-571412(1)150616061612(D1806(D1812(1)2012(D23-