2023年全國(guó)碩士研究生考試考研英語(yǔ)一試題真題(含答案詳解+作文范文)_第1頁(yè)
已閱讀1頁(yè),還剩6頁(yè)未讀, 繼續(xù)免費(fèi)閱讀

下載本文檔

版權(quán)說(shuō)明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)

文檔簡(jiǎn)介

1、LEVELIISCHWESERCriticalConceptsforthe2018CFAExamETHICALPROFESSIONALSTARDSII(A)I(B)I(C)I(D)IIII(A)II(B)IIIHI(A)HI(B)HI(C)HI(D)HI(E)IVIV(A)IV(B)IV(C)Vv(A)V(B)V(C)VIVI(A)VI(B)VI(C)VIIVII(A)VII(B)ProfessionalismKnowledgeofth

2、eLawIndependenceObjectivityMisrepresentationMisconductIntegrityofCapitalMarketsMaterialNonpublicInfmationMarketManipulationDutiestoClientsLoyaltyPrudenceCareFairDealingSuitabilityPerfmancePresentationPreservationofConfid

3、entialityDutiestoEmployersLoyaltyAdditionalCompensationArrangementsResponsibilitiesofSupervissInvestmentAnalysisRecommendationsActionDiligenceReasonableBasisCommunicationwithClientsProspectiveClientsRecdRetentionConflict

4、sofInterestDisclosureofConflictsPriityofTransactionsReferralFeesResponsibilitiesasaCFAInstituteMemberCFACidateConductintheCFAProgramReferencetoCFAInstituteCFADesignationCFAProgramQUANTITATIVEMETHODSSimpleLinearRegression

5、Crelation:covXYrXY=(sx)(sy)ttestfr(n2df):t=rVn—2Estimatedslopecoefficient:covxycriticaltpvalueXbid.BCofferAXBV^TxXofferbidBC^offerCurrencyarbitrage:“Upthebiddowntheask.”Fwardpremium=(fwardprice)(spotprice)Valueoffwdcurre

6、ncycontractpritoexpiration:(FPt—FP)(contractsize)Vt=1RAdays360Coveredinterestrateparity:1RaF=^days360?01RBdays360Uncoveredinterestrateparity:e(%asw=RKFisherrelation:R=R.E(inflation)nominalrealInternationalFisherRelation:

7、R.—R.=E(inflation.)nominalAnominalBvAE(inflationB)RelativePurchasingPowerParity:Highinflationratesleadstocurrencydepreciation.%AS(AB)=inflationXjinflationB)where:%AS(AB)=changeinspotprice(AB)ProfitonFXCarryTrade=interest

8、differentialchangeinthespotrateofinvestmentcurrency.MundellFlemingmodel:Impactofmoaryfiscalpoliciesoninterestratesunexpectedchangesininflationaffectprojectprofitabilityreducestherealtaxsavingsfromdepreciationdecreasesval

9、ueoffixedpaymentstobondholdersaffectscostsrevenuesdifferently.CapitalRationing?IfpositiveNPVprojectsavailablecapitalchoosethecombinationwiththehighestNPV.RealOptions?Timingabonmentexpansionflexibilityfundamentaloptions.E

10、conomicAccountingIncome?Econincome=ATCFAinproject’sMV.?Econdep.basedonAininvestment’sMV.?Econincomeiscalculatedbefeinterestexpense(costofcapitalisreflectedindiscountrate).?Accountingincome=revenuesexpenses.?Acc.dep’nbase

11、doniginalinvestmentcost.?Interest(financingcosts)deductedbefecalculatingaccountingincome.ValuationModels?Economicprofit=NOPAT$WACC?MarketValueAdded=t=i(1WACC)r?Residualincome:=NI—equitygediscountedatrequiredreturnonequit

12、y.?ClaimsvaluationseparatesCFsbasedonequityclaims(discountedatcostofequity)debtholders(discountedatcostofdebt).MMPropI(NoTaxes):capitalstructureirrelevant(notaxestransactionbankruptcycosts).V=VVLVUMMPropII(NoTaxes):incre

13、aseduseofcheaperdebtincreasescostofequitynochangeinWACC.re=1800).nHHI=^(MSiXl00)2i=lMethodstoDetermineTargetValueDCFmethod:targetprofmaFCFdiscountedatadjustedparablecompanyanalysistargetvaluefromrelativevaluationmetricso

14、nsimilarfirmstakeoverparabletransactionanalysis:targetvaluefromtakeovertransactiontakeoverpremiumincluded.MergerValuationsCombinedfirm:Yat=VaVtS—CTakeoverpremium(totarget):GainT=TP=PT—VTSynergies(toacquirer):GainA=S—TP=S

15、—(PT—VT)MergerRiskacquirerpreferscash&targetprefersstock.Fmsofdivestitures:equitycarveoutsspinoffssplitoffsliquidations.EQUITYHoldingperiodreturn:=r=Pl~p0cfi=p1cflxPoPequiredreturn:Minimumexpectedreturnaninvestrequiresgi

16、venanasset’sacteristics.Internalrateofreturn(IRR):Equatesdiscountedcashflowstothecurrentprice.Equityriskpremium:requiredreturn=riskfreerate((3xERP)Gdongrowthmodelequityriskpremium:=1yrfecasteddividendyieldonmarketindexco

17、nsensuslongtermearningsgrowthratelongtermgovernmentbondyieldIbbotsonChenequityriskpremium[1i]x[1rEg]x[1PEg]1Y—RF^SMB.jX^Modelsofrequiredequityreturn:?CAPM:r.=RF(equityriskpremiumx0.)?Multifiactmodel:requiredreturn=RF(ris

18、kpremium)j...(riskpremium)n?FamaFrench:r.=RF0.x(R—RF)j1mktjxmkt“small_Pyg)^HML.jX~~PastStambaughmodel:AddsaliquidityfacttotheFamaFrenchmodel.?Macroeconomicmultifiactmodels:Usesfactsassociatedwitheconomicvariables.?Buildu

19、pmethod:r=RFequityriskpremiumsizepremiumspecificcompanypremiumBlumeadjustment:adjustedbeta=(23xrawbeta)(13x1.0)WACC=weightedaveragecostofcapitalMVdebt^^debtequityrd(lT)MV.equityMVdebtequityDiscountcashflowstofirmatWACCca

20、shflowstoequityattherequiredreturnonequity.DiscountedCashFlow(DCF)MethodsUsedividenddiscountmodels(DDM)when:?Firmhasdividendhisty.?Dividendpolicyisrelatedtoearnings.?Minityshareholderperspective.Usefreecashflow(FCF)model

溫馨提示

  • 1. 本站所有資源如無(wú)特殊說(shuō)明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒(méi)有圖紙預(yù)覽就沒(méi)有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 眾賞文庫(kù)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。

評(píng)論

0/150

提交評(píng)論