2013 schweser kaplan cfa level 2 study notes 15

... 25 7 Index 26 2 SCHWESERNOTES™ 20 14 CFA LEVEL II BOOK 5: DERIVATIVES AND PORTFOLIO MANAGEMENT ? ?20 13 Kaplan, Inc All rights reserved Published in 20 13 by Kaplan, Inc ... 978-1- 427 7-4914-7 I 1- 427 7-4914-0 PPN: 320 0-4 015 If chis book does nor have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, ... by CFA Institute STUDY SESSION 16 Reading Assignments Derivatives and Portfolio Management, CFA Program Curriculum, Volume 6, Level II (CFA Institute, 20 13) 51 Forward Markets and Contracts 52

Ngày tải lên: 28/03/2018, 16:51

... Benchmark Interest Rate Paths for 3-year horizon Path Year Year Year 2% 2% 2% 2% 2. 8050% 2. 8050% 2. 0780% 2. 0780% 4.0787% 3. 021 6% 3. 021 6% 2. 2384% Dixon wants Song to value three-year, 4% annual pay, $100 ... in years 2, and 3, respectively The values for each path and the average value is shown below Path Year 1 2% 2% 2% 2% Path value = C Year 2. 8050% 2. 8050% 2. 0780% 2. 0780% (1. 02) (1.02X1. 028 05) Year ... Cox-Ingersoll-Ross model 157 credit card ABS 26 5 credit enhancement 25 6 credit ratings 23 2, 23 3 credit risk 23 0 credit scoring 23 1 credit spread 23 1 current income 12 curvature 159 , 160 D debt service

Ngày tải lên: 28/03/2018, 17:04

... Violators will be prosecuted SCHWESERNOTES™ 20 15 CFA LEVEL II BOOK 5: DERIVATIVES AND PORTFOLIO MANAGEMENT ? ?20 14 Kaplan, Inc All rights reserved Published in 20 14 by Kaplan, Inc Printed in the United ... Process and the Investment Policy Statement ? ?20 14 Kaplan, Inc page 153 page 21 8 page 23 2 page 24 3 Page PRINTED BY: guidenotes.com - all materials about CFA ACCA FIA CAT CIMA Printing is for personal, ... allocations 24 5 tangency portfolio 174 tax constraints 24 8 theta 80 three-asset portfolio 157 expected return 157 standard deviation 157 ? ?20 14 Kaplan, Inc Page 26 7 PRINTED BY: guidenotes.com -

Ngày tải lên: 28/03/2018, 17:04

... will be prosecuted SCHWESERNOTES™ 20 15 CFA LEVEL II BOOK 2: FINANCIAL REPORTING AND ANALYSIS AND CORPORATE FINANCE ? ?20 14 Kaplan, Inc All rights reserved Published in 20 14 by Kaplan, Inc Printed ... page 126 STUDY SESSION Reading Assignments Financial Reporting and Analysis, CFA Program Curriculum, Volume 2, Level II (CFA Institute, 20 14) 20 Evaluating Quality of Financial Reports 21 Integration ... page 165 page 191 STUDY SESSION Reading Assignments Corporate Finance, CFA Program Curriculum, Volume 3, Level II (CFA Institute, 20 14) 22 Capital Budgeting 23 Capital Structure 24 Dividends and

Ngày tải lên: 16/08/2018, 14:34

... underlying will distribute 2. 927 7 at Time t = 0.5: γt = 2. 927 7 The time until the distribution of 2. 927 7 is t, and hence, the present value is γ0 = 2. 927 7/(1 + 0.05)0.5 = 2. 8571 The time between ... = [ (2. 84 )2 – 2( 2.84)(4.64)(0.575) + (4.64 )2] 1 /2 = 3.80% The active investor assigns a “score” of either +1.0 or –1.0 on credit exposure each quarter Annualized active risk = 3.80 × (4)1 /2 = 7.60% ... annualized active risk = 4.00/7.60 = 52. 6% Ø This implies that portfolio will now be invested 70% + 52. 6% = 122 .6% in investment-grade bonds by taking short position of 22 .6% in high-yield bonds Ø For

Ngày tải lên: 18/10/2021, 20:35

... date Example: FCInv = 20 0,000 NWCInv = 30,000 S = 22 0,000 C = 90,000 D = 35,000 T = 40% or 0.40 Sal T = 50,000 B T = 25 ,000 n=5 Outlay = 20 0,000 + 30,000 = $23 0,000 CF = (22 0,000 – 90,000 – 35,000) ... = $ 92, 000 or CF = (22 0,000 – 90,000) (1 – 0.40) + (0.40 × 35,000) = $ 92, 000 TNOCF = 50,000 + 30,000 – 0.40 (50,000 – 25 ,000) = $70,000 NPV is calculated as follows: CF0 = -23 0,000 CF1 = 920 00 ... outlay NPV PI IRR(%) Project 600 300 1.50 15 Project 10 600 27 0 1.45 16 Project 11 20 0 80 1.40 12 Project 12 400 100 1 .25 11 • Company will choose projects & 12 with total outlay of $1000 and NPV

Ngày tải lên: 18/10/2021, 20:35

... EUR =1 .28 75 One year forward rate USD/ EUR = 1 .28 485 One year forward point = 1 .28 485 – 1 .28 75 = –0.0 026 5 • It is scaled up by four decimal places by multiplying it by 10,000 i.e -0.0 026 5 × 10,000 ... = 1.0460 Exchange rate for USD/EUR = 1 .28 80 The exchange rate for CAD/EUR is determined as follows: CAD USD CAD × = USD EUR EUR 1.0460 × 1 .28 80 = 1.34 72 CAD/EUR Now Suppose, The size of the transaction: ... 16 Volume 1, Reading 12 𝒀 𝑲 𝟏 = ! 𝒔 & 3!𝟏, 𝜶& + 𝜹 + 𝜽 FinQuiz.com Practice: Example 10, Volume 1, Reading 12 & + 𝜹 + 𝒏9 𝒌 𝟏, 𝜶 Refer to: Exhibit 13, Volume 1, Reading 12 • The Straight line represents

Ngày tải lên: 18/10/2021, 20:35

... Reading 32 Reading 32 Residual Income Valuation Residual Income Persistence is lower when: • ROE is at an extreme level • Extreme levels of non-recurring and other special items • Extreme level ... value of fixed assets + value of intangible assets Total Value of business = $20 0,000 + $800,000 + $22 ,889 = $1, 022 ,889 Reading 33 4.3 Private Company Valuation Market Approach Methods of Private ... holding period return = 0.74% Annualized Holding period Return = (1.0074)365 – = 13.74 72 or 1,374. 72% 2. 2 Realized and Expected (Holding Period) Return 1) Realized Holding Period Return: Return

Ngày tải lên: 18/10/2021, 20:35

... ASC Topic 320 effect) FinQuiz.com Business Combinations In Joint Venture § IAS 27 IFRS 11 IFRS IFRS 12 IFRS 10 IAS 28 FASB ASC Topic FASB ASC Topics FASB ASC Topic 323 805 and 810 323 Source: ... control Consolidation IAS 28 IAS 27 U.S.GAAP FASB ASC Topic 320 New Financial Reporting (post IFRS taking Classified as: § Fair value through profit or FASB ASC Topic 323 Equity method FASB ASC ... (typically less than 20 % ownership interest*) 2) Investments in associates in which the investor can exert significant influence but not control over the investee (typically between 20 % -50% ownership

Ngày tải lên: 18/10/2021, 20:35

... Lag Autocorrelation Standard Error t-statistic* 0.0677 0.13 02 0.5197 -0.1 929 0.13 02 -1.4814 0.0541 0.13 02 0.41 52 -0.1498 0.13 02 -1 .150 7 * t-statistic = Autocorrelations / Standard Error It can ... monthly sales data, the AR model becomes: xt = b0 + b1x t-1 + b2x t- 12 + εt NOTE: R2 of the model without seasonal lag will be less than the R2 of the model with seasonal lag This implies that when ... Observations in the scatter plot are represented by a point, and the points are not connected 2. 2 & 2. 3 Correlation Analysis & Calculating and Interpreting the Correlation Coefficient The sample

Ngày tải lên: 18/10/2021, 20:35

... Transactions Referral Fees Responsibilities as a CFA Institute Member or CFA Candidate Conduct in the CFA Program Reference to CFA Institute, CFA Designation, and CFA Program QUANTITATIVE METHODS Machine ... nd, translate with current rates Net purch power gain/loss reported in income 最? ?CFA? ??FRM、AQF、ACCA资料欢迎添加微? ?28 69 822 79 Beneish model: Used to detect earnings manipulation based on eight variables ... Linear Regression Correlation: Ny = covXY (sx )( sy ) t-test for r (n ? ?2 df): t = r>/n ? ?2 V l-r cov xy Estimated slope coefficient: CFA? ? E x a m M SR = RSS / k • M SE = SSE / (n - k - 1) • Test statistical

Ngày tải lên: 23/05/2019, 08:56

... 0 .22 24 0.6 0 .22 57 0 .22 91 0 .23 24 0 .23 57 0 .23 89 0 .24 22 0 .24 54 0 .24 86 0 .25 17 0 .25 49 0.7 0 .25 80 0 .26 11 0 .26 42 0 .26 73 0 .27 04 0 .27 34 0 .27 64 0 .27 94 0 .28 23 0 .28 52 0.8 0 .28 81 0 .29 10 0 .29 39 0 .29 67 0 .29 95 ... 0.9 115 0.9131 0.9147 0.91 62 0.9177 1.4 0.91 92 0. 920 7 0. 922 2 0. 923 6 0. 925 1 0. 926 5 0. 927 9 0. 929 2 0.9306 0.9319 1.5 0.93 32 0.9345 0.9357 0.937 0.93 82 0.9394 0.9406 0.9418 0.9 429 0.9441 1.6 0.94 52 ... 0. 125 5 0. 129 3 0.1331 0.1368 0.1406 0.1443 0.1480 0 .151 7 0.4 0 .155 4 0 .159 1 0.1 628 0.1664 0.1700 0.1736 0.17 72 0.1808 0.1844 0.1879 0.5 0.1 915 0.1950 0.1985 0 .20 19 0 .20 54 0 .20 88 0 .21 23 0 .21 57 0 .21 90

Ngày tải lên: 28/03/2018, 16:42

... ) (;m � 42 43 42 42 47 48 52 52 47 48 8 .2% 9.9% 7.6% 8 .2% 9 .2% 9.4% 20 .2% 22 .2% 9.8% 7.9% 20 2 20 5 20 0 20 2 22 4 23 5 24 5 24 3 23 8 24 2 320 2 320 5 320 0 320 2 323 4 323 5 324 5 324 3 323 8 324 2 Falcon Wealth ... Return 1996 1997 998 1999 20 00 20 01 20 02 2003 20 04 20 05 45.8% -6.8% 2. 2% 9.7% 33 .2% 22 .6% 22 .9% -28 .3% -25 .3% 29 .8% 38 .2% -9.9% 3.6% 8 .2% 29 .2% 29 .4% 22 .2% -22 .2% -29 .8% 27 .9% Total Composite Total ... Published in 20 12 by Kaplan Schweser Printed in the United States of America ISBN: 978-1 - 427 7- 422 7-8 I - 427 7- 422 7-8 PPN: 320 0 -28 59 If this book does not have the hologram with the Kaplan Schweser

Ngày tải lên: 28/03/2018, 16:43

... Asset Class Weights % A B c D 5.95o/o 0.756 12 13 70 7 .25 o/o 8.30o/o 0.633 22 21 52 8.00o/o 1 15% 0.538 32 18 15 35 8.75o/o 14 .25 o/o 0.474 42 21 22 15 2% 25 % for Carlson and Olsen, Assuming inflation ... 175 178 25 7 26 2 26 4 20 13 2: SCHWESERNOTES™ CFA LEVEL III BOOK INSTITUTIONAL INVESTORS, CAPITAL MARKET EXPECTATIONS, ECONOMIC CONCEPTS, AND ASSET ALLOCATION ? ?20 12 Kaplan, Inc All rights ... Published in 20 12 by Kaplan Schweser Printed in the United States of America 978-1- 427 7- 423 9-1 I 1- 427 7- 423 9-1 PPN: 320 0 -28 56 ISBN: If this book does not have the hologram with the Kaplan Schweser

Ngày tải lên: 28/03/2018, 16:43

... SCHWESERNOTES™ 20 13 CFA LEVEL III BOOK 3: FIXED INCOME PORTFOLIO MANAGEMENT, FIXED INCOME DERIVATIVES, AND EQUITY PORTFOLIO MANAGEMENT ? ?20 12 Kaplan, Inc All rights reserved Published in 20 12 ... Published in 20 12 by Kaplan Schweser Printed in the United States of America ISBN: 978-1- 427 7- 425 9-9 I 1- 427 7- 425 9-6 PPN: 320 0 -28 57 If this book does not have the hologram with the Kaplan Schweser logo ... Management 68 131 Study Session 11 -Equity Portfolio Management 134 Study Session 12- Equity Portfolio Management 188 22 1 22 5 22 7 Self-Test- Equity

Ngày tải lên: 28/03/2018, 16:43

... accounts 27 2 tax alpha 27 8 tax avoidance 22 6, 321 tax considerations 22 6 tax deferral 22 6, 25 8 tax-deferred account 27 2 tax drag 25 5 taxes and investment risk 27 7 taxes on consumption 25 1 taxes ... income 25 1 tax evasion 321 tax-exempt account 27 2 tax j urisdiction 315 tax loss harvesting 28 0 tax reduction 22 7 tax regimes 25 4 technical anomalies 153 territorial tax system 315 time horizon 22 5 ... anomalies 1 52 L leaseback 349 legal and regulatory factors 22 8 letter of wishes 314 leveraged recapitalization 345 life insurance 315, 365 liquidity 22 7, 61 longevity risk 365, 3 72 loss aversion 21 5

Ngày tải lên: 16/08/2018, 14:34

... lndex 43 106 26 6 27 1 27 6 SCHWESERNOTES™ 20 13 CFA LEVEL I BOOK 3: EQUI T Y I N VESTMENTS ? ?20 Publi12shedKaplina20n, 1I2nc.byAlKapll rigahtnsSchwes ... ValValuuatatioionn 37 ResPriviatduale Company Equity, STUDY SESSION 11 pagepage219 Equity, STUDY SESSION 12 page 4361 page Equity, ? ?20 12 Kaplan, Inc page 151 106 page page 22 7195 page Page Book Equity Investments ... reserved.er PriISBN:nted978-1in the4Uni277-te4d245-Stat2esIof1-Ameri c a 27 74 24 56 PPN: 320 0 -28 51 If this book does not have the hologram with the Kaplan Schweser logo o n the back cover, i t

Ngày tải lên: 04/03/2019, 13:39

... different consumers SASF CFA Review 20 05 Level I – SS 5 – Macroeconomics Page 22 of 23 20 04 Study Session #5 Answers 1 2 3 4 5 C D B D B LOS Level I Study Session. .. collusion ... SASF CFA ® Review 20 05 Level I – SS 5 – Macroeconomics Page 10 of 23 [...]... A LOS Level I Study Session 5- 1 .A.h LOS Level I Study Session 5- 1 .A.b LOS Level I Study ... LOS Level I Study Session 5- 1 .A.a LOS Level I Study Session 5- 1 .A.b LOS Level I Study Session 5- 1 .B.e LOS Level I Study Session 5- 1 .C.c LOS Level

Ngày tải lên: 25/01/2014, 07:20

... risk = V(0 .15 )2( 0 )2 +(0.45 )2( 0. 025 )2 +(0 .25 )2( 0.03 )2 + (0.10 )2 (0.055 )2 + (0.05 )2 (0.0 72) 2 = V0.00 022 6 = 0. 0150 = 1.50% The investor’s information ratio is then: 1.77% / 1.50% = 1.18 15 The manager’s ... prosecuted SCHWESERNOTES™ 20 15 CFA LEVEL III BOOK 3: FIXED-INCOME PORTFOLIO MANAGEMENT (1, 2) AND EQUITY PORTFOLIO MANAGEMENT ? ?20 14 Kaplan, Inc All rights reserved Published in 20 14 by Kaplan, Inc ... Volume 4, Level III 23 Fixed-Income Portfolio Management Part II page 65 — STUDY SESSION 12 Reading Assignments Equity Porfolio Management, CFA Program 20 15 Curriculum, Volume 4, Level III 24 Equity

Ngày tải lên: 04/02/2018, 21:05

... 28 29 30 31 32 33 34 35 36 37 38 i iii iv v vi vii viii ix 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 ... 23 Concept Checkers Answers – Concept Checkers 11 Self-Test: Global Investment Performance Standards 12 Formulas 13 Copyright Page List 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ... and asset return expectations 11 Key Concepts LOS 32. a LOS 32. b LOS 32. c LOS 32. d LOS 32. e LOS 32. f LOS 32. g LOS 32. h LOS 32. i 10 LOS 32. j 12 Concept Checkers Answers – Concept Checkers Self-Test:

Ngày tải lên: 07/03/2018, 09:37