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equity 임시 LOS 44.ainformation-motivated trader: 예측모델을 활용한 결과가 superior information을 준다고 믿고 그에 기반해 투자하는 사람 LOS 44.dDark pools : 거래소 같은 기능을 하는데 규제를 받지 않음trading venues that function like exchanges but do not exercise regulatory authority over their subscribers except with respect to the conduct of their trading in those venues. LOS 45.eprice-weighted index- 주식분할발생시, New divisor를 구해서 조정 LOS 48.b Russell Glob.. 공감수 0 댓글수 0 2019. 10. 23.
Quant 임시 LOS 7.dMoney weighted return : IRR개념, 금액가중수익률, 투자자입장Time weighted return : 기하평균 개념, 시간가중수익률, 펀드매니저입장 LOS 8.bempirical probability : 과거데이터로부터 상대도수로 확률구함. - probability estimated from data as a relative frequency of occurrence. subjective probability : 주관적인 생각으로부터 확률- probability drawing on personal or subjective judgment. priori probability : 논리적 분석(베이즈정리) 으로부터 얻을 수 있는 확률- probability obtained ba.. 공감수 0 댓글수 0 2019. 10. 20.
Fixed Income 임시 LOS 54.ashort investment horizon : market price risk > reinvestment risklong investment horizon : market price risk < reinvestment risk LOS 54.bDuration : bond's의 interest rate risk, sensitivity를 측정하는 지표- 단, 이자율의 변화가 parallel shifts라고 가정 Macaulay Duration - 채권의 가중평균회수기간- 채권가격 변화율(%) / YTM 변화율(%)- (dp/p) / (dy/1+y) Modified Duration= MacDuration / (1 + YTM)= (dp/p) / dy- 채권가격의 대략적인 변화율을 구할 수 있음= .. 공감수 1 댓글수 0 2019. 10. 15.
AI : reading 58. Introduction to Alternative Investments STUDY SESSION 19 reading: 58. Introduction to Alternative Investments a. compare alternative investments with traditional investments. (page 185) Alternative Investments - use derivatives, leverage- invest in illiquid assets- hedge funds, private equity funds, real estate, ETFs, commodity 등- higher management fees (additional incentive fees)- low corr with traditional investment- more specializa.. 공감수 0 댓글수 0 2019. 10. 13.
EI : Reading 49. Equity Valuation: Concepts and Basic Tools reading: 49. Equity Valuation: Concepts and Basic Tools a. evaluate whether a security, given its current market price and a value estimate, is overvalued, fairly valued, or undervalued by the market. (page 289) Intrinsic value > market price : UndervaluedIntrinsic value = market price : Fairly valuedIntrinsic value < market price : Overvalued- security가 followed by many analysts일수록 현재 가격이 corre.. 공감수 0 댓글수 0 2019. 10. 6.
EI : Reading 48. Introduction to Industry and Company Analysis reading: 48. Introduction to Industry and Company Analysisa. explain uses of industry analysis and the relation of industry analysis to company analysis. (page 267) ▪ 산업분석은 회사에 대한 이해를 돕는 framework 제시▪ Understanding a company’s business and business environment▪ 회사의 현재 산업 business cycle에 따라 가중치 조절 - Industry Rotation▪ Portfolio performance attribution 성과분석에서 산업은 주요 component b. compare methods by.. 공감수 0 댓글수 0 2019. 10. 6.
EI : Reading 47. Overview of Equity Securities reading: 47. Overview of Equity Securitiesa. describe characteristics of types of equity securities. (page 253) 1. Common Stock• Ownership interests → voting right• Statutory voting : 1인 1투표권• Cumulative voting : 1인 다투표권(한 후보에게 몰아주기가능)• Residual claim Preference Stock (= preferred stock)• 주식과 채권성격 가짐 (고정적 div, 만기 없음)• 보통 voting rights 없음 b. describe differences in voting rights and other ownersh.. 공감수 0 댓글수 0 2019. 10. 6.
EI : Reading 46. Market Efficiency reading: 46. Market Efficiency a. describe market efficiency and related concepts, including their importance to investment practitioners. (page 239) Informationally Efficient capital market- 가격과 관련된 모든 Information → Price에 모두(fully, quickly, rationally) 반영- Price는 이미 알려진 정보에는 반응 안함, New info 만이 가격에 영향- 시장을 이길 수 없기 때문에 passive 운영이 best efficient b. distinguish between market value and intrinsic .. 공감수 0 댓글수 0 2019. 10. 6.
EI : Reading 45. Security Market Indexes Reading 45. Security Market Indexesa. describe a security market index. (page 219) b. calculate and interpret the value, price return, and total return of an index. (page 219) Price return index : 가격 변화만 고려Total return index : 가격 외에도 부차적인 income(ex. div)도 고려 C. describe the choices and issues in index construction and management. (page 220) 1. index가 측정할 target market2. 포함될 securities3. securiti.. 공감수 0 댓글수 0 2019. 10. 6.
EI : Reading 44. Market Organization and Structure reading: 44. Market Organization and Structurea. explain the main functions of the financial system. (page 189) 1. allocate capital to its most efficient use2. Determine Interest rate : 시장의 수요 공급에 맞게3. Transfer Asset & Risk b. describe classifications of assets and markets. (page 191) Traditional investment markets - dept, equityAlternative investment markets - dept, equity를 제외한 모든 것 ex) hedge f.. 공감수 0 댓글수 0 2019. 10. 6.
PM : Reading 43. Fintech in Investment Management Reading 43. Fintech in Investment Management a. describe "fintech." (page 177) fintech - financial service에 적용되는 기술 b. describe Big Data, artificial intelligence, and machine learning. (page 178) Big Data- traditional data + alternative data- potentially useful information = corporate exhaust- 3V = Volume, Velocity, Variety AI- programmed to simulate human cognition, 인간처럼 정보를 처리하는 process- Neura.. 공감수 0 댓글수 0 2019. 10. 3.
PM : Reading 42. Risk Management: An Introduction Reading: 42. Risk Management: An Introduction a. define risk management. (page 165) risk management 1. risk tolerance 확인2. 직면한 risk 확인 및 측정3. risk 관리 및 monitoring- risk를 완전 없애거나 최소화하는 것이 목적이 아님- 상황에 맞게 risk에 대한 노출도 조정 b. describe features of a risk management framework. (page 166)risk management framework- risk governance에 대한 policy 확립- 조직의 risk tolerance 결정- existing risk 측정- risk를 관리해서 optimal.. 공감수 0 댓글수 0 2019. 10. 3.
PM : Reading 41. Basics of Portfolio Planning and Construction Reading 41. Basics of Portfolio Planning and Constructiona. describe the reasons for a written investment policy statement (IPS). (page 153) b. describe the major components of an IPS. (page 154) - Risk object- Return object- 투자 제약사항- 투자 가이드라인 - 책임, 의무 C. describe risk and return objectives and how they may be developed for a client. (page 154)absolute risk objectives - 특정한 비교대상 없이 절대적 risk, ret.. 공감수 0 댓글수 0 2019. 10. 3.
PM : Reading 40. Portfolio Risk and Return: Part II reading 40. Portfolio Risk and Return: Part IIa. describe the implications of combining a risk-free asset with a portfolio of risky assets. (page 129) - risky asset과 risk-free asset 간의 공분산은 0임 b. explain the capital allocation line (CAL) and the capital market line (CML) (page 130) CALCAL 수식- 기울기가 클수록 최대 효용을 줄 수 있음 - 기대 수익률과 기대 risk가 사람마다 다르게 생각하면 여러개의 CAL이 존재 CMLCML수식- 사람들의 기대가 homogeneous 하면 시.. 공감수 0 댓글수 0 2019. 10. 3.
PM : Reading 39. Portfolio Risk and Return: Part I reading: 39. Portfolio Risk and Return: Part Ia. calculate and interpret major return measures and describe their appropriate uses. (page 107) 1. HPR(Holding period return ,기간수익률)= (Pt+Div)/P0 - 1- 어떤 기간동안의 수익률을 나타냄. 연수익률 아님 2. arithmetic mean return (산술평균수익률)= (r1+r2) / 2- 수익률을 과대평가하는 특성이 있음 3. geometric mean return (기하평균수익률) = time-weighted rate of return=수식 - 복리를 고려한 수익률 - 중간에 C/F유출입을 고려하지 않고.. 공감수 0 댓글수 0 2019. 10. 3.
PM : Reading 38. Portfolio Management: An Overview reading: 38. Portfolio Management: An Overviewa. describe the portfolio approach to investing. (page 95) portfolio approach- diversification(분산투자) : 기대수익률 감소 없이 risk만 줄여줌 1950s Markowitz -(위험자산)분산투자이론 1960s Treynor, Sharpe, Mossin, Lintner-MPT(Modern portfolio theory) : 기대수익률과 포트폴리오 risk의 선형관계(SML)-portfolio 분산투자는 market이 normal할 때 작동함, market turmoil(혼란)에서는 효과가 떨어짐 b. describe types of investor.. 공감수 0 댓글수 0 2019. 10. 3.
CF : Reading 37. Working Capital Management reading: 37. Working Capital Managementa. describe primary and secondary sources of liquidity and factors that influence a company's liquidity position. (page 73) primary sources - sources of cash balance 1. cash balances (상품 판매, A/R회수 등) 2. short-term funding (판매자로부터 외상매입, 은행에서 돈빌리는 것) 3. effective cash flow management (A/R 최대한 빨리 회수, A/P 최대한 늦게 지급) secondary sources of liquidity- 기업의 financial.. 공감수 0 댓글수 0 2019. 9. 30.
CF : Reading 36. Measures of Leverage STUDY SESSION 11reading: 36. Measures of Leveragea. define and explain leverage, business risk, sales risk, operating risk, and financial risk and classify a risk. (page 61) leverage- 고정비용의 총량으로 측정됨 - 고정비가 클수록 기업의 after tax operating income, net income의 변동이 큼 operating leverage : Sales 변화에 대한 operating earnings의 변화financial leverage : operating earnings의 변화에 대한 net income의 변화 Business risk- Sale.. 공감수 0 댓글수 0 2019. 9. 30.
CF : Reading 35. Cost of Capital reading: 35. Cost of Capital a. calculate and interpret the weighted average cost of capital (WACC) of a company. (page 39) b. describe how taxes affect the cost of capital from different capital sources (page 39) WACC (Weighted Average Cost of Capital) = MCC (Marginal Cost of Capital)WACC = Wd(1-t)(Kd) + Wps(Kps) + Wce(Kce)Wd = capital structure에서 dept의 비중Wps = capital structure에서 preferred sto.. 공감수 1 댓글수 0 2019. 9. 29.
CF : Reading 34. Capital Budgeting reading: 34. Capital Budgetinga. describe the capital budgeting process and distinguish among the various categories of capital projects (page 19) Capital budgeting process- capital project를 찾아내고 평가하는 과정- capital project : 투자결과 향후 현금흐름 창출할 수 있는 project들을 말함 steps of Capital budgeting process 1. Idea : 좋은 투자 아이디어 생성(가장중요!) 2. Analyzing project : 프로젝트의 향후 현금흐름 분석 3. Capital budget 생성 : 회사사정에 맞게 자본.. 공감수 0 댓글수 0 2019. 9. 29.
CF : Reading 33. Corporate Governance and ESG: An Introduction STUDY SESSION 10reading: 33. Corporate Governance and ESG: An Introduction a. describe corporate governance. (page 1) corporate governance - 구성원 간의 권리, 역할, 책임감 등을 규정한 framework를 제시 - 이해관계자 간의 conflict를 최소화 하는 것이 목적- shareholder theory 하에선 주주와 경영자 간의 conflict를 다룸- stakeholder theory 하에선 이해관계자(주주, 채권자, 경영자, 고객 등) 간의 conflict를 다룸 b. describe a company's stakeholder groups and compare interests of s.. 공감수 0 댓글수 0 2019. 9. 29.
FRA : Reading 32. Financial Statement Analysis: Applications reading: 32. Financial Statement Analysis: Applicationsa. evaluate a company's past financial performance and explain how a company's strategy is reflected in past financial performance. (page 301)- financial ratios를 통해 trend를 찾아냄으로써 회사의 경영 strategies를 알아냄 b. forecast a company's future net income and cash flow. (page 302)- key ratios는 constant라고 가정하고 매출 예측 후 비율을 곱해서 예측 c. describe the role of f.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 30. Non-Current (Long-term) Liabilities reading 30. Non-Current (Long-term) Liabilities a. determine the initial recognition, initial measurement and subsequent measurement of bonds. (page 252) premium bond- (coupon rate > market yield at issuance)- premium is amortized (reduced), it reaches its face value at maturity discount bond- (market yield at issuance > coupon rate)- discount is amortized, it reaches its face value at maturity... 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 29. Income Taxes 29. Income Taxesa. describe the differences between accounting profit and taxable income and define key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense. (page 225) 용어정리- Taxable income : 과세소득- Taxes payable : 미지급세금, B/S항목- Income tax paid : 실제 납부가 이뤄지는 금액- Accounting profit : EBT, 회계적이익- Income tax expense : I/S 항목의 Tax* .. 공감수 1 댓글수 2 2019. 9. 28.
FRA : Reading 28. Long-Lived Assets 28. Long-Lived Assets a. distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred. (page 189)Capitalized cost- purchase price- installment cost- 내용연수를 증가시키는 cost cost expense- training cost- 단순 수리 및 내용연수 유지 b. compare the financial reporting of the following types of intangible assets: purchased, internally developed, acquired in a busin.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 27. Inventories Reading 27. InventoriesMerchandising firms : inventory is reported in one account Manufacturing firms : three accounts(raw materials, work-in-process, finished goods) begin inv + purchase = COGS + end inv a. Distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred - purchase cost, conversion(labor, overhead(간접비)) costs, freight_i.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 26. Financial Analysis Techniques Reading: 26. Financial Analysis Techniques a. describe tools and techniques used in financial analysis, including their uses and limitations. (page 121)- Horizontal Common-Size : 특정 년도 기준 1로 하고 분석 b. classify, calculate, and interpret activity, liquidity, solvency, profitability, and valuation ratios. (page 127)1. Activity : how efficiently manageturnover ratio 와 days of something으로 구성- receivab.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 25. Understanding Cash Flow Statements Reading 25. Understanding Cash Flow Statements a. compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items. (page 90) 1. CFO- Interest, *dividends received- Interest, Tax Paid- trading securities 매매 손익2. CFI- fixed assests, debt, equity 투자- loans3. CFF- stock, debt issuing- *d.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 24. Understanding Balance Sheets Reading 24. Understanding Balance Sheets a. describe the elements of the balance sheet: assets, liabilities, and equity. (page 65)b. describe uses and limitations of the balance sheet in financial analysis. (page 66) 활용 - 기업의 liquidity, solvency등을 평가하는데 사용- liquidity : ability to meet short-term obligations- solvency : ability to meet long-term obligations 한계 : - 시장가치, 내재가치 반영 x- reputation 등 무형.. 공감수 0 댓글수 0 2019. 9. 28.
FRA : Reading 23. Understanding Income Statements STUDY SESSION 7Reading 23. Understanding Income Statements a. describe the components of the income statement and alternative presentation formats of that statement. (page 28)Components of IS1. Revenues = Sales2. Expenses :- grouped by nature : 각각 하나하나 특성에 따른 분류 - grouped by function : 비슷한 기능을 하는 비용을 하나로 묶음 ex. COGS3. Gain and losses : not result from ordinary buiness activities Presentation for.. 공감수 0 댓글수 0 2019. 9. 28.

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