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Tài liệu CFA LEVEL 1 2017 Schweser Notebook 4 - chính gốc - file PDF rõ, đẹp
Table of Contents Getting Started Flyer Contents Readings and Learning Outcome Statements Corporate Governance and ESG: An Introduction Exam Focus LOS 34.a LOS 34.b LOS 34.c LOS 34.d LOS 34.e LOS 34.f LOS 34.g LOS 34.h 10 LOS 34.i 11 LOS 34.j 12 LOS 34.k 13 Key Concepts LOS 34.a LOS 34.b LOS 34.c LOS 34.d LOS 34.e LOS 34.f LOS 34.g LOS 34.h LOS 34.i 10 LOS 34.j 11 LOS 34.k 14 Concept Checkers 15 Answers – Concept Checkers Capital Budgeting Exam Focus LOS 35.a LOS 35.b LOS 35.c LOS 35.d LOS 35.e LOS 35.f Key Concepts LOS 35.a LOS 35.b LOS 35.c LOS 35.d LOS 35.e LOS 35.f Concept Checkers 10 Answers – Concept Checkers Cost of Capital Exam Focus LOS 36.a LOS 36.b LOS 36.c LOS 36.d LOS 36.e LOS 36.f LOS 36.g LOS 36.h 10 LOS 36.i 11 LOS 36.j 12 LOS 36.k 13 LOS 36.l 14 Key Concepts LOS 36.a LOS 36.b LOS 36.c LOS 36.d LOS 36.e LOS 36.f LOS 36.g LOS 36.h LOS 36.i 10 LOS 36.j 11 LOS 36.k 12 LOS 36.l 15 Concept Checkers 16 Answers – Concept Checkers Measures of Leverage Exam Focus LOS 37.a LOS 37.b LOS 37.c LOS 37.d LOS 37.e Key Concepts LOS 37.a LOS 37.b LOS 37.c LOS 37.d LOS 37.e Concept Checkers Answers – Concept Checkers Dividends and Share Repurchases: Basics Exam Focus LOS 38.a LOS 38.b LOS 38.c LOS 38.d LOS 38.e LOS 38.f 10 11 12 Key Concepts LOS 38.a LOS 38.b LOS 38.c LOS 38.d LOS 38.e LOS 38.f Concept Checkers 10 Answers – Concept Checkers Working Capital Management Exam Focus LOS 39.a LOS 39.b LOS 39.c LOS 39.d LOS 39.e LOS 39.f LOS 39.g Key Concepts LOS 39.a LOS 39.b LOS 39.c LOS 39.d LOS 39.e LOS 39.f LOS 39.g 10 Concept Checkers 11 Answers – Concept Checkers Self-Test: Corporate Finance Portfolio Management: An Overview Exam Focus LOS 40.a LOS 40.b LOS 40.c LOS 40.d LOS 40.e Key Concepts LOS 40.a LOS 40.b LOS 40.c LOS 40.d LOS 40.e Concept Checkers Answers – Concept Checkers Risk Management: An Introduction Exam Focus LOS 41.a LOS 41.b LOS 41.c LOS 41.d LOS 41.e LOS 41.f LOS 41.g Key Concepts LOS 41.a LOS 41.b LOS 41.c LOS 41.d LOS 41.e LOS 41.f LOS 41.g 10 Concept Checkers 11 Answers – Concept Checkers 13 Portfolio Risk and Return: Part I Exam Focus LOS 42.a LOS 42.b LOS 42.c LOS 42.d LOS 42.e LOS 42.f LOS 42.g LOS 42.h 10 Key Concepts LOS 42.a LOS 42.b LOS 42.c LOS 42.d LOS 42.e LOS 42.f LOS 42.g LOS 42.h 11 Concept Checkers 12 Answers – Concept Checkers 14 Portfolio Risk and Return: Part II Exam Focus LOS 43.a LOS 43.b LOS 43.c LOS 43.d LOS 43.e LOS 43.f LOS 43.g LOS 43.h 10 Key Concepts LOS 43.a LOS 43.b LOS 43.c LOS 43.d LOS 43.e LOS 43.f LOS 43.g LOS 43.h 11 Concept Checkers 12 Answers – Concept Checkers 15 Basics of Portfolio Planning and Construction Exam Focus LOS 44.a LOS 44.b LOS 44.c LOS 44.d LOS 44.e LOS 44.f LOS 44.g Key Concepts LOS 44.a LOS 44.b LOS 44.c LOS 44.d LOS 44.e LOS 44.f LOS 44.g 10 Concept Checkers 11 Answers – Concept Checkers 16 Self-Test: Portfolio Management 17 Market Organization and Structure Exam Focus LOS 45.a LOS 45.b LOS 45.c LOS 45.d LOS 45.e LOS 45.f LOS 45.g LOS 45.h 10 LOS 45.i 11 LOS 45.j 12 LOS 45.k 13 LOS 45.l 14 Key Concepts LOS 45.a LOS 45.b LOS 45.c LOS 45.d LOS 45.e LOS 45.f LOS 45.g LOS 45.h LOS 45.i 10 LOS 45.j 11 LOS 45.k 12 LOS 45.l 15 Concept Checkers 16 Answers – Concept Checkers 18 Security Market Indices Exam Focus 10 11 12 13 LOS 46.a LOS 46.b LOS 46.c LOS 46.d LOS 46.e LOS 46.f LOS 46.g LOS 46.h LOS 46.i LOS 46.j LOS 46.k Key Concepts LOS 46.a LOS 46.b LOS 46.c LOS 46.d LOS 46.e LOS 46.f LOS 46.g LOS 46.h LOS 46.i 10 LOS 46.j 11 LOS 46.k 14 Concept Checkers 15 Answers – Concept Checkers 19 Market Efficiency Exam Focus LOS 47.a LOS 47.b LOS 47.c LOS 47.d LOS 47.e LOS 47.f LOS 47.g Key Concepts LOS 47.a LOS 47.b LOS 47.c LOS 47.d LOS 47.e LOS 47.f LOS 47.g 10 Concept Checkers 11 Answers – Concept Checkers 20 Overview of Equity Securities Exam Focus LOS 48.a LOS 48.b LOS 48.c LOS 48.d LOS 48.e LOS 48.f LOS 48.g LOS 48.h 10 Key Concepts LOS 48.a LOS 48.b LOS 48.c LOS 48.d LOS 48.e LOS 48.f LOS 48.g LOS 48.h 11 Concept Checkers 12 Answers – Concept Checkers 21 Introduction to Industry and Company Analysis Exam Focus LOS 49.a LOS 49.b LOS 49.c LOS 49.d LOS 49.e LOS 49.f LOS 49.g LOS 49.h 10 LOS 49.i 11 LOS 49.j 12 LOS 49.k 13 Key Concepts LOS 49.a LOS 49.b LOS 49.c LOS 49.d LOS 49.e LOS 49.f LOS 49.g LOS 49.h LOS 49.i 10 LOS 49.j 11 LOS 49.k 14 Concept Checkers 15 Answers – Concept Checkers 22 Equity Valuation: Concepts and Basic Tools Exam Focus LOS 50.a LOS 50.b LOS 50.c LOS 50.d LOS 50.e LOS 50.f LOS 50.g LOS 50.h 10 LOS 50.i 11 LOS 50.j 23 24 25 26 12 LOS 50.k 13 Key Concepts LOS 50.a LOS 50.b LOS 50.c LOS 50.d LOS 50.e LOS 50.f LOS 50.g LOS 50.h LOS 50.i 10 LOS 50.j 11 LOS 50.k 14 Concept Checkers 15 Answers – Concept Checkers Self-Test: Equity Investments Formulas Copyright Pages List Book Version The fundamental P/E ratio is sensitive to its inputs It uses the DDM as its framework, and the denominator k – g in both has a large impact on the calculated P/E or stock value 13 Which of the following firms would most appropriately be valued using an asset-based model? A An energy exploration firm in financial distress that owns drilling rights for offshore areas B A paper firm located in a country that is experiencing high inflation C A software firm that invests heavily in research and development and frequently introduces new products The energy exploration firm would be most appropriately valued using an asset-based model Its near-term cash flows are likely negative, so a forward-looking model is of limited use Furthermore, it has valuable assets in the form of drilling rights that likely have a readily determined market value The paper firm would likely not be appropriately valued using an asset-based model because high inflation makes the values of a firm’s assets more difficult to estimate An asset-based model would not be appropriate to value the software firm because the firm’s value largely consists of internally developed intangible assets SELF-TEST: EQUITY INVESTMENTS You have now finished the Equity Investments topic section To get immediate feedback on how effective your study has been for this material, log in to your Schweser online account and take the self-test for this topic area The number of questions on this test is equal to the number of questions for the topic on one-half of the actual Level I CFA exam Questions are more exam-like than typical Concept Checkers or QBank questions; a score of less than 70% indicates that your study likely needs improvement These tests are timed and allow 1.5 minutes per question FORMULAS WACC = (wd)[kd (1 – t)] + (wps)(kps) + (wce)(kce) after-tax cost of debt = kd (1 – t) cost of preferred stock = kps = Dps / P cost of common equity: kce = Rf + β[E(Rm) – Rf] kce = bond yield + risk premium unlevered asset beta: project beta: cost of common equity with a country risk premium: operating cycle = average days of inventory + average days of receivables cost of trade credit = where: days past discount = number of days after the end of the discount period sample covariance from historical data: standard deviation for a two-asset portfolio: equation of the CML: total risk = systematic risk + unsystematic risk capital asset pricing model (CAPM): E(Ri) = Rf + β i[E(Rmkt) – Rf] preferred stock valuation model: one-period stock valuation model: infinite period model: multistage model: earnings multiplier: expected growth rate: g = (retention rate)(ROE) enterprise value = market value of common and preferred stock + market value of debt – cash and short-term investments All rights reserved under International and Pan-American Copyright Conventions By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this eBook on screen No part of this text may be reproduced, transmitted, downloaded, decompiled, reverse engineered, or stored in or introduced into any information storage and retrieval system, in any forms or by any means, whether electronic or mechanical, now known or hereinafter invented, without the express written permission of the publisher SCHWESERNOTES™ 2017 LEVEL I CFA® BOOK 4: CORPORATE FINANCE, PORTFOLIO MANAGEMENT, AND EQUITY INVESTMENTS (EBOOK) ©2016 Kaplan, Inc All rights reserved Published in 2016 by Kaplan, Inc Printed in the United States of America ISBN: 978-1-4754-4116-1 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, a Division of Kaplan, Inc., and is in direct violation of global copyright laws Your assistance in pursuing potential violators of this law is greatly appreciated Required CFA Institute disclaimer: “CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.” Certain materials contained within this text are the copyrighted property of CFA Institute The following is the copyright disclosure for these materials: “Copyright, 2016, CFA Institute Reproduced and republished from 2017 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with permission from CFA Institute All Rights Reserved.” These materials may not be copied without written permission from the author The unauthorized duplication of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics Your assistance in pursuing potential violators of this law is greatly appreciated Disclaimer: The Schweser Notes should be used in conjunction with the original readings as set forth by CFA Institute in their 2017 Level I CFA Study Guide The information contained in these Notes covers topics contained in the readings referenced by CFA Institute and is believed to be accurate However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success The authors of the referenced readings have not endorsed or sponsored these Notes PAGES LIST BOOK VERSION 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Cover i iii iv v vi vii viii ix x xi xii xiii 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 64 62 63 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 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Checkers 15 Basics of Portfolio Planning and Construction Exam Focus LOS 44 .a LOS 44 .b LOS 44 .c LOS 44 .d LOS 44 .e LOS 44 .f LOS 44 .g Key Concepts LOS 44 .a LOS 44 .b LOS 44 .c LOS 44 .d LOS 44 .e LOS 44 .f... LOS 34. a LOS 34. b LOS 34. c LOS 34. d LOS 34. e LOS 34. f LOS 34. g LOS 34. h 10 LOS 34. i 11 LOS 34. j 12 LOS 34. k 13 Key Concepts LOS 34. a LOS 34. b LOS 34. c LOS 34. d LOS 34. e LOS 34. f LOS 34. g LOS 34. h