2013 schweser kaplan cfa level 2 study notes book 1

... Finance, CFA Program Curriculum, Volume 3, Level II (CFA Institute, 2014) 22 Capital Budgeting 23 Capital Structure 24 Dividends and Share Repurchases: Analysis ©2014 Kaplan, Inc page 221 page 269 ... Analysis, CFA Program Curriculum, Volume 2, Level II (CFA Institute, 2014) 20 Evaluating Quality of Financial Reports 21 Integration of Financial Statement Analysis Techniques page 165 page 191 STUDY ... FINANCE ©2014 Kaplan, Inc All rights reserved Published in 2014 by Kaplan, Inc Printed in the United States of America ISBN: 978-1-4754-2770-7 / 1-4754-2770-0 PPN: 3200-5543 If this book does

Ngày tải lên: 16/08/2018, 14:34

... 257 Index 262 SCHWESERNOTES™ 2014 CFA LEVEL II BOOK 5: DERIVATIVES AND PORTFOLIO MANAGEMENT ©2013 Kaplan, Inc All rights reserved Published in 2013 by Kaplan, Inc ... 978-1-4277-4914-7 I 1-4277-4914-0 PPN: 3200-4015 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, ... Statement ©201 Kaplan, Inc page 151 page 216 page 229 page 240 Page Book - Derivatives and Portfolio Management Readings and Learning Outcome Statements LEARNING OUTCOME STATEMENTS (LOS) The CFA Institute

Ngày tải lên: 28/03/2018, 16:51

... Year 4.0787% 3.0216% 3.0216% 2.2384% Average Value $100.18 $101.15 $101.85 $102.58 $101.44 103 = 100.18 (1.02)(1.02805)(1.040787) The value of Zena, Inc., callable bond is $100.82 as shown below ... of 100bps at each node $98.97 $4.0 4.0787% + 1% $100.00 $4.0 $99.68 $4.0 $9.98 $4.0 2.8050% + 1% $100.82 3.0216% + 1% 2.00%+ 1% $100.00 $4.0 $100.88 $100.00 $100.74 $4.0 2.0780% + 1% $100.00 $100.00 ... $103 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) (1.02X1.02805)

Ngày tải lên: 28/03/2018, 17:04

... = wJE(R1) + WjElRÿ portfolio variance (two assets): correlation: p12 = Op = wj erf +w202 +2WJW2COVFJ2 Covi,2 °l*) 225 optimal portfolio selection 185 optimal risky portfolio allocation 173 optimization ... entity 137 reference obligation 37 required return 247 residual frontier 220 residual return 218 residual risk 223 objectives 247 reverse cash-and-carry arbitrage 12, 41 reward-to-risk ratio 170 ... models 188 stock futures 49 stock index futures 45 strategic asset allocation 245 swap 100 swap credit risk 117 swap fixed rate 102 swap pricing 00 swap rate 102 swap spread 118 swaption 115 swap

Ngày tải lên: 28/03/2018, 17:04

... 0.00161  0.000007  0.000256  0.001212  0.003735  0.001067 0.00022  0.001907  0.000015  0.000568  0.001145  0.004921 0.000298 0.000034 0.001359 0.000003 0.000115 0.001284 0.003094  0.000984  0.031373 ... (Yi) A B C D E F 0.0685 0.1160 0.0575 0.1050 0.1250 0.1350 0.0545 0.0776 0.0349 0.0735 0.0825 0.1076 Figure 1-1: Scatter Plot Inflation Rate (%) 11 10 0 10 11 12 13 14 Money Supply Growth Rate ... (Yi)  0.0685 0.116  0.0575 0.105 0.125 0.135 0.607  0.1012 0.0545 0.0776 0.0349 0.0735 0.0825 0.1076 0.4306 0.0718 Cross Product ( X i − X )(Yi − Y ) Squared Deviations ( X i − X )2 Squared Deviations

Ngày tải lên: 23/05/2019, 08:46

... = [(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% ... to= (IC) × (BR)1/2 = 0.10 × (250)1/2 = 1.58 Ø The high 1.58 information ratio indicates that the investor could earn an expected active return of 3.16% with active risk of only 2.00% Ø If expected ... 0.00025/[1 + 0.03(60/360)] = 0.000249 Cash Flows for FRA Valuation are as following: FRA fixed rate: FRA(0,h,m) = {[1 + L0( h+m )th+m]/[1 + L0(h)th] − 1}/ tm E.g FRA(0,90,90) = {[1 + L0(180)t180]/[1

Ngày tải lên: 18/10/2021, 20:35

... total outlay of $1000 and NPV of $440 iii Case Investment outlay NPV PI IRR(%) Project 600 300 1.50 15 Project 10 600 270 1.45 16 Project 11 200 80 1.40 12 Project 12 400 100 1.25 11 • Company will ... is selected 7.2 FinQuiz.com Capital Rationing Assume capital budget = $1000 PI PI IRR(%) Project 600 300 1.50 16 Project 200 80 1.40 18 Project 200 60 1.30 12 Project 200 40 1.20 14 • Company ... – 300,000) – (150,000 – 120,000) – (100,000 – 40,000)] (1 – 0.30) + (100,000 – 40,000) = $102,000 TNOCF = (200,000 – 100,000) + 80,000 – 0.30 [(200,000 – 100,000) – (0 – 0)] = $150,000 CF = (∆S

Ngày tải lên: 18/10/2021, 20:35

... EUR =1.2875 One year forward rate USD/ EUR = 1.28485 One year forward point = 1.28485 – 1.2875 = –0.00265 • It is scaled up by four decimal places by multiplying it by 10,000 i.e -0.00265 × 10,000 ... See: Exhibit 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 ... GBP 10 million at an AUD/GBP rate of 1.600 and subsequently sold them at a rate of 1.6200 The 3-month discount rate is 4.80% (annualized) Practice: Example 3, Volume 1, Reading 11 • Long GBP 10

Ngày tải lên: 18/10/2021, 20:35

... estimated as follows: Total Discount = [1 – (1 – DLOC in %) × (1 – DLOM in %)] Example: Assume DLOC = 10% DLOM = 20% Total discount = [1 – (1 – 10%) × (1 – 20%)] = 28% Practice: Example Volume 4, Reading ... Premium = [{(1+EINFL) (1+EGREPS) (1+EGPE)-1} +EINC]-Expected risk-free return where, • EINFL= expected inflation It is forecasted as {(1+YTM of 20-year maturity Tbonds) / (1+YTM of 20-year maturity ... income i.e RI$ RI* RI+ ! + + +⋯(1 + 𝑟)$ (1 + 𝑟)* (1 + 𝑟)+ 4 35$ 35$ RI3 𝐸3 − 𝑟𝐵38$ 𝑉/ = 𝐵/ + = 𝐵/ + (1 + 𝑟)3 (1 + 𝑟)3 𝑉/ = 𝐵/ + ! RI$ RI* RI+ + + + ⋯(1 + 𝑟)$ (1 + 𝑟)* (1 + 𝑟)+ where, V0 = value of

Ngày tải lên: 18/10/2021, 20:35

... below: 10(1 + 0.07) × (1 + 0.09) × (1 + 0.111) × (1 + 0.131) + 10(1 + 0.09) × (1 + 0.011) × (1 + 0.131) + 10(1 + 0.111) × (1 + 0.131) + 10(1 + 0.131) + 110 ≈ $162.22 Expected bond return = ($162.22 ... (T) = {[ + r (1)] [1 + f (1,1)] [1 + f (2,1)] [1 + f (3,1)] … [1 + f (T – 1,1)]} (1/T) E.g suppose T* = 1, T = 5, r (1) = 2%, and r (6) = 4%; !.89 !.8: < ;= (1.04) = 1.044 è f (1,5) = 4.405% ... i.e $2.5 every six months 1.5-year spot rate is calculated as follows: Price = $2.5 / (1 + [6-month spot/2]) + $2.5 / (1 + [12month spot/2)]) + $102.5 / (1 + [18-month spot/2]) $98 = $ 2.5/ (1 +

Ngày tải lên: 18/10/2021, 20:35

... 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: Exhibit 1, ... Example 2, Volume 2, Reading 14 5.2 Investment Costs that Exceed the Book Value of the Investee There are two types of cost models used to report property, plant and equipment (PPE): 1) Historical ... 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 Topics 805 and 810 Consolidation

Ngày tải lên: 18/10/2021, 20:35

... follows: Lag Autocorrelation Standard Error t-statistic* 0.0677 0.1302 0.5197 -0.1929 0.1302 -1.4814 0.0541 0.1302 0.4152 -0.1498 0.1302 -1.1507 * t-statistic = Autocorrelations / Standard Error It can ... Method 2: Using Dickey-Fuller Test Subtracting xt-1 from both sides of AR (1) equation we have: xt - x t-1 = b0 + (b1 -1) x t-1 + εt (or) xt - x t-1 = b0 + g1x t-1 + εt where, g1 = (b1 -1) where, ... b0 + b1 x t-1 + εt First order autoregressive AR (1) for the variable xt is: xt = b0 + b1 x t-1 + εt A pth-order autoregressive AR (p) for the variable xt is: xt = b0 + b1 x t-1 + b2 x t-2 + …

Ngày tải lên: 18/10/2021, 20:35

... 50 15% 40% 30% 1.25 1.15 0.85 18.75% 46.00% 25.50% 100 20 15% 0.65 9.75% 100% -8% 0% 6% -120 -10 10% Total Exp(Utility) = wP_8%U_8% + wP0%U0% + wP6%U6% + wP10%U10% = 0.1875(— 120) + 0.46(-10) ... contributions to the 2014 Level III SchweserNotesTM for the CFA Exam Time to hit the books, David Hetherington David Hetherington, CFA VP and CFA Level III manager Kaplan Schweser Page ©2014 Kaplan, Inc ... prosecuted SCHWESERNOTES™ 2015 CFA LEVEL III BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, BEHAVIORAL FINANCE, AND PRIVATE WEALTH MANAGEMENT ©2014 Kaplan, Inc All rights reserved Published in 2014 by Kaplan,

Ngày tải lên: 16/08/2018, 14:34

... 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 ... 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 significance o f ... > 100% over yrs GAAP: use temporal method IFRS: 1st, restate foreign curr st for infl nd, translate with current rates Net purch power gain/loss reported in income 最新CFA、FRM、AQF、ACCA资料欢迎添加微信286982279

Ngày tải lên: 23/05/2019, 08:56

... 0.2190 0.2224 0.6 0.2257 0.2291 0.2324 0.2357 0.2389 0.2422 0.2454 0.2486 0.2517 0.2549 0.7 0.2580 0.2611 0.2642 0.2673 0.2704 0.2734 0.2764 0.2794 0.2823 0.2852 0.8 0.2881 0.2910 0.2939 0.2967 ... 0.1255 0.1293 0.1331 0.1368 0.1406 0.1443 0.1480 0.1517 0.4 0.1554 0.1591 0.1628 0.1664 0.1700 0.1736 0.1772 0.1808 0.1844 0.1879 0.5 0.1915 0.1950 0.1985 0.2019 0.2054 0.2088 0.2123 0.2157 0.2190 ... 0.9192 0.9207 0.9222 0.9236 0.9251 0.9265 0.9279 0.9292 0.9306 0.9319 1.5 0.9332 0.9345 0.9357 0.937 0.9382 0.9394 0.9406 0.9418 0.9429 0.9441 1.6 0.9452 0.9463 0.9474 0.9484 0.9495 0.9505 0.9515

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% 202 205 200 202 224 235 245 243 238 242 3202 3205 3200 3202 3234 3235 3245 3243 3238 3242 Falcon Wealth ... offees) Return 1996 1997 998 1999 2000 2001 2002 2003 2004 2005 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 ... $2,3 50,000 $18,162,500 $2,250,000 = 0.12 = 12% $ 18,162,500 14 B $26,000 -$ 171,000 -$ 168,000 - $135,000 $18,162,500 -$448,000 = -0.02 = -2% $18,162,500 - Ry = Rc +R1 = 12% - 2% = 10% For the

Ngày tải lên: 28/03/2018, 16:43

... Asset Class Weights % A B c D 5.95o/o 0.756 12 13 70 7.25o/o 8.30o/o 0.633 22 21 52 8.00o/o 1 15% 0.538 32 18 15 35 8.75o/o 14.25o/o 0.474 42 21 22 15 2% 25% for Carlson and Olsen, Assuming inflation ... ALLOCATION ©20 12 Kaplan, Inc All rights reserved Published in 2012 by Kaplan Schweser Printed in the United States of America 978-1-4277-4239-1 I 1-4277-4239-1 PPN: 3200-2856 ISBN: If this book does ... foreign currency, and the correlation between the two: i = (0.31)2 + (0.1 1)2 +2(0.3 1)(0.1 1)(0.2) = 0.1218 cr cr$ = Jo.1218 = 0.3491 = 34.91 o/o A The contribution of currency risk measures the risk

Ngày tải lên: 28/03/2018, 16:43

... 134 Study Session 12- Equity Portfolio Management 188 221 225 227 Self-Test- Equity Portfolio Management Formulas Index SCHWESERNOTES™ 2013 CFA LEVEL ... 978-1-4277-4259-9 I 1-4277-4259-6 PPN: 3200-2857 If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, ... returns 87 investability 202 investment policy statement (IPS) 137 investment processes 101, 107 Page 228 Kantian ethics 193 key rate duration 16, 33 key rate durations 121 managers 89 market capitalization-weighted

Ngày tải lên: 28/03/2018, 16:43

... avoidance 226, 321 tax considerations 226 tax deferral 226, 258 tax-deferred account 272 tax drag 255 taxes and investment risk 277 taxes on consumption 251 taxes on income 251 tax evasion 321 tax-exempt ... risk-averse 141 risk aversion 141,215 risk management 06 risk-neutral 142 risk objective 223 risk seeker 142 risk-seeking behavior 215 ruin probability 307 s safety reserve 306 sales taxes 251 sample ... theory 143 V valuation discounts 312 value-added taxes 251 variable annuity 372 w weak-form efficient 151 wealth-based taxes 251,259 wealth transfer 337 wealth transfer taxes 227, 300,316 will 299

Ngày tải lên: 16/08/2018, 14:34

... LEVEL I BOOK 3: EQUI T Y I N VESTMENTS ©20Publi12shedKaplina20n, 1I2nc.byAlKapll rigahtnsSchwes reserved.er PriISBN:nted978-1in the4Uni277-te4d245-Stat2esIof1-Ameri c a 2774 2456 PPN: 3200-2851 If ... Study Session 12- Equity Investments: Valuation Models Self-Test - Equity Investments Formulas lndex 43 106 266 271 276 SCHWESERNOTES™ 2013 CFA LEVEL ... Company Equity, STUDY SESSION 11 pagepage219 Equity, STUDY SESSION 12 page 4361 page Equity, ©20 12 Kaplan, Inc page 151106 page page 227195 page Page Book Equity Investments Readings and Learning Outcome

Ngày tải lên: 04/03/2019, 13:39