--CFA一级Notes习题笔记
cfa level 1 notes
EthicsEthics●Shared beliefs. Ethics are important because the investment industry is built on trust.●Profession: Specialized knowledge and skills, commitment to serve others, a sharedcode of ethics.●Ethical and law: 有相同的地方，也有独立的地方。
（比如举报老板可能是违法的）●Situational influences (e.g. environmental and cultural elements) lead to unethicalbehaviour than internal traits. Loyalty to employer/colleagues is powerful among them.●Ethical decision-making process: Identify-Consider-Decide, Act- Reflect●The code of ethics publicly communicates the established principles and expectedbehaviour of its members, while the standards of conduct serve as benchmark for the minimally acceptable behaviour of community members.The Code of Ethics●Act with integrity, competence, diligence, and respect and in an ethical manner with theparticipants in the global capital markets.●Place the integrity of the investment profession and the interests of clients above.●Reasonable care and independent professional judgment on professional activities.●Practice and encourage others to practice in a professional and ethical manner.●Promote the integrity and viability of the global capital markets for the ultimate benefitof society.●Maintain and improve their professional competence.Standards of Professional Conduct●Professionalism: Knowledge of the law, independence, objectivity, no misrepresentation, nomisconduct (Breaking the law is related to civil obedience, not necessarily misconduct).●Integrity of capital market: Do not act on material non-public information (包括无意泄露，而不是单纯考虑是否利用信息进行了套利). No market manipulation. However, it isacceptable to use public and nonmaterial non-public information to form the analysis which can be material. (Mosaic Theory)●Duties to clients: Loyalty, prudence, care, fair dealing, suitability of advisory, performancepresentation, preservation of confidentiality. (能自己支付的费用就自己付，不能因为disclose了就安然接受)●Duties to employers: Loyalty, no additional compensation, supervision to their work. (Cancontact former clients in the absence of noncompetence agreements)●Investment analysis, recommendations, and actions: Diligence, reasonable basis,communication with (prospective) clients, record retention.●Conflicts of interest: Disclosure of conflicts and referral fee, prioritize transaction.●CFA candidate: Not imply there is some sort of partial designation earned after passing alevel. (e.g. Tracy, CFA II is unethical)Global Investment Performance Standards (GIPS)●Firms must include all fee-paying, discretionary portfolios (委托账户) for at least 5years or since inception, then build up to 10 years.●Sections: Fundamentals of compliance (total firm assets), input data (fair value),calculation methodology (firmwide consistent), composite construction (asset value weighted average), disclosure, presentation, real estate, private equity, wrapfee/separately managed account (SMA) portfolios.●Compliance are recommended but not required to be verified by third party (excludingthe audit group).Quantitative MethodsYielda)Interest rate●The interest rate, r, is the required rate of return; also called the discount rate oropportunity cost. It can be viewed as the sum of the real risk-free interest rate and a set of premiums: inflation, default risk, liquidity and maturity.b)Holding period return●(ending value – beginning value + cashflow received)/beginning valuec)Bank discount yield●The bank for US Treasury bills (and other money-market instruments sold on a discountbasis) is given by r BD= (F − P0)/F × 360/t , where F is the face amount to be received at maturity, P0 is the price of the Treasury bill, t is the number of days to maturity.●Money market/Bond equivalent yield r MM = HPY ×360/t = (360 × r BD)/(360 − t × r BD).●Discount yield = 贴现值/面值×360/nAdd-on yield = 贴现值/市价×365/nd)Continuous Compound●The stated annual interest rate is a quoted interest rate that does not compound withinthe year. The periodic rate is the quoted interest rate per period, equalling the stated annual interest rate divided by the number of compounding periods per year.这里指的都是，而不是连续复利●The effective annual rate is the amount by which a unit of currency will grow in a yearwith interest on interest included. We can use discrete or continuous compounding to find a periodic rate that corresponds to a particular EAR. E.g. For an 8% annual interest rate with semiannual compounding, the EAR is 8.16%. 1.00*(1.04)2 = 1.0816e)Cost of trade credit●Credit term 2/10 means 2% discountf)Spread●G-spread: A yield spread over a government bond.●I-spread: interest rate swap in the same currency with the same tenor as a bond●Z-spread: add an equal amount to each benchmark spot rate and value the bond.●Option adjusted spread OAS = Z-spread – option valueAnnuity● An annuity is a finite set of level sequential cash flows.● Two types of annuities, the annuity due (a first cash flow that occurs immediately) and the ordinary annuity (first cash flow occurs one period from the present).● The present value of a perpetuity is A/r . A is the periodic payment.● E.x. Pay nothing for three years, but then pay $20,000 per year for four years. 20000的年金算完之后处以3年的discount rate 而不是4年（答案52585.46） NPV and IRR● The net present value (NPV) of a project is the present value of its cash inflows minus the present value of its cash outflows. The internal rate of return (IRR) is the discount rate that makes NPV equal to 0.● The IRR rule is to accept all projects with an internal rate of return exceeding therequired rate of return. It can be affected by problems of scale and timing of cash flows. If there are conflicts between the IRR and NPV method, use NPV.● Profitability index = NPV/CF 0, accept if PI>1Statisticsa) Summary Statistics● Population (all members of a specified group) VS Sample (subset of a population). Population Variance Sample Variance● Semivariance: the average squared deviation below the meanTarget semivariance: average squared deviation below a stated targeCoefficient of variance CV= sample standard deviation/sample mean● The geometric mean is always no larger than the arithmetic mean, and the difference increases as the dispersion increases. Harmonic mean is even smaller.● Mean absolute deviation MAD= ∑|X i −X ̅|/N n i=1● C hebyshev’s inequality: 任意数据集，位于其平均数m 个标准差范围内的比例总是至少为（1- 1m 2），m 为大于1的任意整数。
CFA一级笔记之经济学
AVC=
X
c Cost per share ATC
AVC
Economy scale
ATC= =AVC+
MC——总成本关于 Q 的导数
TC=VC+FC
成本曲线的移动：
（1）资源 P↑,成本↑
（2）tax↑，cost↑
Diseconomy （3）regulation↑
scale
LTC cost↑
Q
Q
Q
9. 四种市场结构（profit max MR=MC）。
Elasticity
P
Inelasticity
P
高价区间弹性大，P↓，
P-E
总收入↑
1.替代品的存在
P-1
E=-1，单位弹性收入最大化
2.预算约束
低价区间弹性大，P↑， 总收入↓
D
D
需求收入弹性→1.低档品，负弹性，收入↑→D↓。2.正常商品，收入↑→D↑。 0<E<1, 必需品。E>1 奢侈品
7. law of D (边际效用 8.
（1）完全竞争（同质产品、价格接受者、无进入障（2）垄断竞争（monopolistic competition 差异化产品、负斜率 D、低障碍）
P
M
P
MC
P
ATC
MR=P=D
ATC
M
P
long
short
D
M AT
short
MR=P=D
AT
D
利润最大化
Q
long
Q
（3）垄断（monopoly 一个卖者，无替代品，进入障碍高）
经济学
1. 财政政策——凯恩斯主义（关注 AD 而非 AS，价格和工资具有向下刚性） （1） 相机决策（discretionary）→反周期政策（countercyclical）
CFA一级笔记第九部分衍生品
CFA一级笔记第九部分衍生品CFA一级考试知识点第九部分衍生品衍生品derivative是特殊金融工具，是基于标的资产underlyingasset派生出来的金融产品。
标的资产的交易市场成为现货市场spotmarket，与衍生品市场相对应。
衍生品与保险合同非常相似。
标的资产类型分为：金融衍生品、实物衍生品、其他衍生品（天气、总统竞选）买方buyer，也称为holder，同时也是衍生品多头或持有多头头寸longposition。
卖方seller，也称为writer，同时也是衍生品空头或持有空头头寸shortposition。
交易所交易市场exchange-tradedmarkets，也称为场内市场：标准化合约、没有违约风险、受到监管、交易透明。
场外市场over-the-countermarkets，OTC，做市商扮演重要角色，充当买卖双方对手方，通过低买高卖争取差价。
特点：合约个性化、存在违约风险/交易对手风险、缺少监管、交易不透明。
衍生品类别：远期承诺：远期、期货、互换。
或有索取权contingentclaim：单务合同，一方有权利无义务，权利义务不对等，期权。
远期合约forwardcontracts是场外OTC衍生品合约交易价格事先约定，也称为远期价格forwardprice，是一种零和博弈。
交割分为：实物交割delivery、现金交割cashsettlement/nondeliverableforwards，简称NDFs（俗称补差价contractsfordifferences）。
期货合约futurescontracts是特殊的远期合约，是标准化standardized，且在期货交易所中交易的合约。
因此期货合约流动性更好，并且不容易违约。
期货价格futuresprice合约中约定的资产未来某一时刻交易的价格。
盯市制度marktomarket/dailysettlement每日结算制度，结算机构会根据当天的结算价格settlementprice来确定收益，确保“当日无负债”。
CFA一级：NOTES教材上的重点
CFA一级：NOTES教材上的重点在备考CFA一级时，高顿小编想说说关于CFA考试教材Notes和CFA考试重点问题1.cfa考试的notes用背下来吗？不用的话需要看到什么程度才能通过考试？观点：不用背下来。
CFA考察的是考生是否已经掌握了知识点，不是考政治经济学。
五本NOTES一般整套看下来需要多遍，因人而异，看到打开目录中的LOS，每看一个LOS都能简单说出LOS中的精华即可，对于一些模棱两可的知识点，务必回到书本上仔细再看。
通常第一遍看完还不是特别懂。
往往按顺序读完了最后的Alternatives，你就把前面的economics, quantitative通通忘掉了，有点像“转碟子”的杂技，不断的让碟子重新转动起来才是最后的成功。
这种情况不妨可以开始做题。
NOTES中的题目有点偏难，主要是“偏”，不过知识点差不多一样，可以对着书本，开卷考试做一套，没压力，还知道了知识点是如何变成考题的。
等你题目从头到尾做了120道题，彻底觉得再一打开目录中的LOS就知道每个LOS要点。
就算程度达到了。
剩下的就是不断的模考再模考。
CFA考试资料2.考试重点在哪能找到，什么时候能出考试重点？观点：其实没什么考试重点。
考试是以一个一个部分出现的，你看看下面这同学的成绩单：Multiple Choice --failQ# Topic Max Pts <=50% 51%-70% >70%- Alternative Assets 12 - - *- Derivatives 12 * - -- Economics 24 * - -- Equity Analysis 24 * - -- Ethical 36 - * -- Financial Statemen 68 - * -- Fixed Income 24 - * -- Portfolio 12 - - *- Quantitative 28 - * -*号表示通过所在的范围九块科目，每一块都很重要。
CFA 1 笔记
Session11、永续年金只有现值PERPETUAL ANNUITIES 或PERPETUITIES)永续年金是指无限期支付的年金2、马赛克理论 mosaic theory 一个洞察力很强的分析员，如果通过对公开信息，以及一些非重大的非公开信息的分析，得出了关于公司的行为或者事件的结论，即使这个结论是重大的非公开信息，也不构成对这条准则的违反，这就是所谓的马赛克理论，也是分析员的价值所在。
3、P44客户隐私保守，但非法的，法律要求的，客户允许的可披露，同时可给为同一客户服务的同事。
P46，工作之外的行为要报告雇主且在开始前得到雇主同意P47为了保护客户的利益，或者为了维护资本市场的诚信，而不是为了个人的得失的情况下，有时候可以违反对雇主的的忠诚责任（有限忠诚）4、记录保存，如公司没有要求，CFA要求保存7年P605、Chartered Financial Analyst 或者CFA 的标志，必须跟在一个证书持有人名字的后面（比如张三，CFA），或者作为形容词（例如张三是CFA Charterholder）；但是不能够作为名词(不能够说，张三是CFA)。
这个规定适用于书面和口头的沟通。
CFA 个人titile,不能用作公司titile.CFA 三级前只有candidate（报名，且参加考试后）6、GIPS 标准是2004 年12 月7 日被投资业绩委员会(IPC)修订，并于2005 年2 月4 日被CFA 协会理事会(CFA Institute Board ofGovernors)采用的。
修订之后的标准的生效时间是2006 年1 月1 日。
包含了2005 年12 月31 日以后数据的业绩表现，都必须符合修订之后的标准的要求。
只包含2005 年12 月31 日以前数据的业绩表现，可以按照符合1999 年版本的GIPS 标准进行展示(06年以前特别国家适用CVG的公司也可以宣称符合GIPS, country version of GIPS(CVG ),are granted reciprocity to claim compliance with theGIPS standards for historical periods prior to 1 January 2006。
CFA level1 notes summary 01
1.Code of Ethics and Standards of Professional Conduct 道德准则及七大职业标准，前导考点：CFA从业人员必须遵守的准则；不遵守会出现可能的处罚结果，什么样的情况下受到处罚；CFA协会里哪些部门负责准则调查；Question1A broker and CFA charterholder has been arrested for the crime of murder. Which, if any, of the following could result in the member being summarily suspended from using the CFA designation?CFA持证人因为暗杀被抓，在哪种情况下会取消CFA的资格？A)Either being convicted or pleading guilty to the crime. 被判有罪，暗杀成立B)Both of the results listed here.C)He is acquitted of the crime, but he is barred from continuing to work in the investmentindustry. Acquit宣判…无罪，被判无罪，但是被禁止在本行业工作如果题目改下，酒驾、打架被抓，理由荒唐，不会被取消CFA资格Solution B：Both of these are reasons that CFA Institute may use for summarily suspending use of the CFA designation.持证人一旦违反准则，受到的处罚结果有三个：The Designated Officer may decide:1.That no disciplinary sanctions are appropriate. 无任何处罚结果2.To issue a cautionary letter. 发警告信（严重性一般）3.To discipline the member or candidates. 处罚（严重性强），直接取消资格第三种还有两种可能：Sanctions may include condemnation by member’s peers or suspension of candidates participation in the CFA program. 其他的CFA持证人对其进行公开谴责（严重性强）Inquiry can be prompted by: 可能被调查的情况•Self-disclosure by members or candidates. 自我披露，CFA每年做问卷调查，FCS职业准则申明，告诉协会过去一年是否严格遵守准则，未遵守的地方要披露。
CFA一级笔记-第五部分 公司金融
CFA一级考试知识点第五部分公司金融公司治理corpoate governance是指对公司的内部控制和流程进行管理的系统。
传统公司治理理论称为股东理论shareholder theory，认为公司管理层最重要的责任就是最大化股东利益。
利益相关者理论stakeholder theory，不仅要关注股东，还要关注客户、供应商、雇员和其他相关利益者。
股东对高管薪水具有决定权say on pay董事会必须做到两点：勤勉义务duty of care、忠诚义务duty of loyalty。
董事会下设专门职能委员会审计委员会audit committee薪酬委员会remuneration / compensation committee提名委员会nomination committee治理委员会governance committee风险管理委员会risk committee投资委员会investment committeeESG投资，也称为ESG整合，就是在投资过程中充分考虑环境environment、社会society、治理governance三个因素。
这种投资也被称为可持续投资、责任投资或社会责任投资。
ESG应用方法主要以下四种：负面筛查法、正面筛查法、影响力投资、主题投资。
项目类型分为五类替换项目、扩张项目、新产品项目、强制性项目mandatory projects、其他项目（喜好等）分析现金流时需要关注项目能给公司带来的税后增量现金流after tax incremental cash flows，其中又包括机会成本opportunity costs和外部效应externalities两个因素。
机会成本是指公司放弃的次优项目的收益。
外部效应一方面是正外部效应，也称协同效应synergy，另一方面是负外部效应，也称利益侵蚀cannibalization.（对公司同类产品的影响）同时需要考虑到税后的因素。
CFA 1 笔记
Session11、永续年金只有现值PERPETUAL ANNUITIES 或PERPETUITIES)永续年金是指无限期支付的年金2、马赛克理论 mosaic theory 一个洞察力很强的分析员，如果通过对公开信息，以及一些非重大的非公开信息的分析，得出了关于公司的行为或者事件的结论，即使这个结论是重大的非公开信息，也不构成对这条准则的违反，这就是所谓的马赛克理论，也是分析员的价值所在。
3、P44客户隐私保守，但非法的，法律要求的，客户允许的可披露，同时可给为同一客户服务的同事。
P46，工作之外的行为要报告雇主且在开始前得到雇主同意P47为了保护客户的利益，或者为了维护资本市场的诚信，而不是为了个人的得失的情况下，有时候可以违反对雇主的的忠诚责任（有限忠诚）4、记录保存，如公司没有要求，CFA要求保存7年P605、Chartered Financial Analyst 或者CFA 的标志，必须跟在一个证书持有人名字的后面（比如张三，CFA），或者作为形容词（例如张三是CFA Charterholder）；但是不能够作为名词(不能够说，张三是CFA)。
这个规定适用于书面和口头的沟通。
CFA 个人titile,不能用作公司titile.CFA 三级前只有candidate（报名，且参加考试后）6、GIPS 标准是2004 年12 月7 日被投资业绩委员会(IPC)修订，并于2005 年2 月4 日被CFA 协会理事会(CFA Institute Board ofGovernors)采用的。
修订之后的标准的生效时间是2006 年1 月1 日。
包含了2005 年12 月31 日以后数据的业绩表现，都必须符合修订之后的标准的要求。
只包含2005 年12 月31 日以前数据的业绩表现，可以按照符合1999 年版本的GIPS 标准进行展示(06年以前特别国家适用CVG的公司也可以宣称符合GIPS, country version of GIPS(CVG ),are granted reciprocity to claim compliance with theGIPS standards for historical periods prior to 1 January 2006。
10A通过-CFA-level-1-知识点精简总结
CFA level 1 notes声明：本资源系楼主本人整理，仅供学习，禁止商业用途！ContentsBook 1 Ethics and Professional Standards and Quantitative Methods (2)Reading 1 (2)Standard Ⅰ: Professionalism (3)Standard Ⅱ: Integrity of Capital Markets (5)Standard Ⅲ: Duties to Clients (6)Standard Ⅳ: Duties to Employers (9)Standard ⅤInvestment Analysis, recommendations and actions (11)Standard Ⅵ: Conflicts of Interest (13)Standard Ⅶ: Responsibilities as CFA Institute Member or Candidate (14)Reading 4 Introduction to GIPS (15)Reading 5 The time value of the money (17)Reading 6 Discounted Cash Flow Applications (18)Reading 7 Statistical Concepts and Market Returns (18)Reading 8 Probability Concepts (19)Reading 9 Common Probability Distribution (20)Reading 10 Sampling and estimates (21)Reading 11 Hypothesis Testing (22)Reading 12 Technical Analysis (24)Book 2 Economics (25)Reading 13 Demand and Supply Analysis: Introduction (25)Reading 14 Demand and Supply Analysis: Consumer Demand (30)Reading 15 Demand and Supply Analysis: The firm (31)Reading 16 The firm and Market Structures (36)Reading 17 Aggregate Output, Prices, and Economic growth (41)Reading 18 Understanding Business Cycle (47)Reading 19 Monetary and Fiscal Policy (51)Reading 20 International Trade and Capital Flows (56)Reading 21 Currency Exchange Rates (59)Book 3 Financial Reporting and Analysis (61)Reading 22 Financial statement analysis: An Introduction (61)Reading 23 Financing Reporting Mechanics (63)Reading 24 Financial Reporting Standards (64)Reading 25 Understanding Income Statements (65)Reading 26 Understanding Balance Sheets (68)Reading 27 Understanding Cash Flow Statements (71)Reading 28 Financial Analysis Techniques (73)Reading 29 Inventories (73)Reading 30 Long-lived Assets (75)Reading 31 Income Taxes (78)Reading 32 Non-Current Liabilities (80)Reading 33 Financial Reporting Quality: Red Flags and Accounting Warning Signs84 Reading 34 Accounting Shenanigans on the Cash Flow Statement (86)Reading 35 Financial Statement Analysis: Applications (87)Book 4 Corporate Finance, Portfolio Management and Equity Investment.88Reading 36 Capital Budgeting (88)Reading 37 Cost of Capital (90)Reading 38 Measure of leverage (92)Reading 39 Dividends and share repurchase basics (92)Reading 40 Working Capital Management (93)Reading 41 the Corporate Governance of Listed Companies (95)Reading 42 Portfolio Management: An Overview (97)Reading 43 Portfolio risk and return: Part 1 (98)Reading 44 Portfolio risk and return: Part 2 (99)Reading 45 Basics of portfolio planning and construction (101)Reading 46 Market organization and structure (102)Reading 47 Security Market Indices (106)Reading 48 Market Efficiency (108)Reading 49 Overview of Equity Securities (111)Reading 50 Introduction to Industry and Company analysis (113)Reading 51 Equity valuation (116)Book 5 Fixed Income, Derivatives, and alternative investments (117)Reading 52 Fixed-income securities: Defining Elements (117)Reading 53 Fixed-income Markets: Issuance, Trading, and Funding (121)Reading 54 Introduction to Fixed Income Valuation (122)Reading 55 Understanding Fixed-Income Risk and Return (124)Reading 56 Fundamentals of credit analysis (126)Reading 57 Derivative Markets and Instruments (129)Reading 58 Forward Markets and Contracts (130)Reading 59 Future Markets and Contracts (131)Reading 60 Option Markets and Contracts (132)Reading 61 Swap Markets and Contracts (134)Reading 62 Risk Management Applications of Option Strategies (135)Reading 63 Introduction to Alternative Investments (135)Book 1 Ethics and Professional Standards and Quantitative MethodsTips: 答案中违反两种规则的，倾向于选择只违反一个规则的选项。
CFA一级重要笔记
Ethic1.GIPS 初始5年，而后每年+1保存至少10年记录。
2.must promote the integrity and viability of the global capital markets for theultimate benefit of society. 是原则不是standard。
3.Standard V diligence and resonable basis 可以使用第三方研报，但要定期对研报提供者进行考察。
4.Portfolio valuations must use fair market values for periods on or after 1 January2011.5.Standard III(C)–Suitability of the CFA Institute Standards of ProfessionalConduct requires that when members and candidates are in an advisory relationship with a client, they must judge the suitability of investments in the context of the client’s total portfolio.6. a personal bankruptcy does not necessarily constitute a violation of StandardI(D). If the circumstances of the bankruptcy involved fraudulent or deceitful business conduct, then failing to disclose it may constitute a violation of the Standards.7. A composite must include all actual, fee-paying, discretionary portfoliosmanaged in accordance with the same investment mandate, objective, or strategy.Quantitative methodsHypothesis testCOefficient=S/X拔The variance of the number of yearly increases over the next 10 years is σ2=np(1 −p)binomial randomThe position of the first quintile is found with the following formula:Ly= (n+ 1) × (y/100),.Free trade areas(FTA) are one of the most prevalent forms of regional integration in which all barriers to the flow of goods and services among members have been eliminated. However, each country maintains its own polices against non-members.A customs union extends the FTA by not only allowing free movement of goods and services among members but also creating a common trade policy against non-members.The common market is the next level of economic integration that incorporates all aspects of the customs union and extends it by allowing free movement of factors of production among members.Economics求谁的弹性，谁就是分母We can expand Equation 5 algebraically by noting that the percentage change in any variable x is simply the change in x (∆x) divided by the level of x. So, we can rewrite Equation 5, using a few simple steps, asE>1ELASTIC E<1 inelastic求谁的弹性，谁就是分母In summary, own-price elasticity of demand is likely to be greater (i.e., more sensitive) for items that have many close substitutes, occupy a large portion of the total budget (House), are seen to be optional instead of necessary, or have longer adjustment times. Obviously, not all these characteristics operate in the same direction for all goods, so elasticity is likely to be a complex result of these and other characteristics. In the end, the actual elasticity of demand for a particular good turns out to be an empirical fact that can be learned only from careful observation and, often, sophisticated statistical analysis.Market structureShifts in the aggregate demand curveShifts in the SR aggregate supply curve•●Easy fiscal policy/tight monetary policy: If taxes are cut or government spendingrises, the expansionary fiscal policy will lead to a rise in aggregate output. If this is accompanied by a reduction in money supply to offset the fiscal expansion, then interest rates will rise and have a negative effect on private sector demand.We have higher output and higher interest rates, and government spending will be a larger proportion of overall national income.●Tight fiscal policy/easy monetary policy: If a fiscal contraction is accompanied byexpansionary monetary policy and low interest rates, then the private sector will be stimulated and will rise as a share of GDP, while the public sector will shrink.●Easy monetary policy/easy fiscal policy: If both fiscal and monetary policy areeasy, then the joint impact will be highly expansionary—leading to a rise in aggregate demand, lower interest rates (at least if the monetary impact is larger), and growing private and public sectors.●Tight monetary policy/tight fiscal policy: Interest rates rise (at least if themonetary impact on interest rates is larger) and reduce private demand. At the same time, higher taxes and falling government spending lead to a drop in aggregate demand from both public and private sectors.Trade surplus X>MTrade dificit X <M•Empl oyed: The number of people with a job. This figure normally does not include people working in the informal sector (e.g., unlicensed cab drivers, illegal workers, etc.).Labor force: The number of people who either have a job or are actively looking for a job. This number excludes retirees, children, stay-at-home parents, full-time students, and other categories of people who are neither employed nor actively seeking employment.Unemployed: P eople who are actively seeking employment but are currently without a job. Some special subcategories include:Long-term unemployed: People who have been out of work for a long time (more than three to four months in many countries) but are still looking for a job. Frictionally unemployed: they are “between jobs,” and those new entrants or re-entrants into the labor force who have not yet found work. Frictional unemployment is short-term and transitory in natureUnemployment rate: The ratio of unemployed to labor force.Activity ratio(or participation ratio): The ratio of labor force to total population of working age (i.e., those between 16 and 64 years of age).Underemployed: A person who has a job but has the qualifications to work at a significantly higher-paying job.Discouraged worker:Discouraged workers are statistically outside the labor force (similar to children and retirees), which means they are not counted in the officialunemployment rate.•Equal weighting 1/nPrice weightingMarket-Capitalization WeightingFinancial report周转天数Money marketyield 360=FV-PV/PV*(360/days) Bond equivalent yield =FV-PV/PV*(365/days)天Discount basis yield =FV-Pv/FV*(360/days)Under US GAAP, material items that are unusual or infrequent and that are both as of reporting periods beginning after 15 December 2015 are shown as part of a company’s continuing operations but are presented separately.Fixed incomeMoneyDur = AnnModDur ×PV Full永续麦考利回流的时间ModDur =1/1+r*麦考林久期收益率变动1%，债券价格变动的% R 是期间利率。
CFA一级会计笔记
会计笔记2使用reconciliation statement 表述不同会计标准..Characteristics: Transparent; comprehensive; consistent Barriers: valuation; standard setting; measurement 二、Understanding Income Statement1. income statement Revenue-expense=net incomeGain and loss ：可能是经营活动产生;也可能不是;如变卖设备;sales price-book value..Noncontrolling interest; minority interest.Gross profit. 毛利;总利润- operating profit- interest expense income before tax- provision for income taxes income from continuing operations- earnings from discontinued operations; net of tax net income2.收入的确认：分期销售：1确定可收;一般方法;2无法估计;installment method收到时才确认..3highly uncertainty;recovery method;收到的超过成本才确认..Gross revenue reporting 总收入报告 net revenue reporting 净收入报告3.费用的确认Matching 原则;与产生收入的对应..此外;period cost期间费用as administrative cost1inventory expense recognition：FIFO和weighted average GAAP和IFRS都认可;LIFO;GAAP认可;IFSB不允许..2depreciation expense recognition：Straight-line depreciation=cost-residual value /useful life accelerated depreciation有些资产在早期产生benefit多;DDBdouble-declining balance=2/useful lifecost –accumulated depreciation3Amortization expense无形资产;一般用直线法;indefinite live as goodwill;不摊销;但需要至少每年test impairment..Impairment部分需确认expense..4bad debt expense & warranty expense确认：在销售当期确认..费用的加速或推迟确认增加current 利润;更激进;analyst需要考虑确认方法改变的原因;与行业内其他公司比较non-recurring items 非经常项目discontinued operations非持续经营项目---在收入表中单独列出来;显示税后数据;列在continued operations的后面；之前的income statement 需要将discontinued operation分出来restated..在measurement date 入账日期formal plan的处理时间;需要计入估计loss on the phase out periodformal plan的时间到实际处理资产的时间 and the sale of business..在分析future earning时;不应考虑discontinued operation..Unusual or infrequent itemssale of asset or part of business的损益;impairment;write-off;write-down;restructuring cost---和continuing operations放在一起因此是税前上报的Extraordinary items—both Unusual and infrequent items;asset expropriation;债务提前偿还的损益;为保险的自然损益4. changes in accounting standards1Accounting principles;eg LIFO to FIFO;需要retrospective application相应的调整currently present的前期报告..2accounting estimates由于新信息产生的management judgment的变化;不需要调整之前的报表;一般不影响现金流..prospectively3prior-period adjustment;从不正确的会计方法转到GAAP或FIRS接受的;或更正之前的任何错误..需要restate all 前期in the current statement;披露调整的nature和对net income的影响..一般含错误或新会计方法;不影响现金流;错误显示内控weak..5.EPS earnings per share 每股收益Reported only for common stockSimple capital structure;只有普通股..只report;basic EPS Complex capital structure;含有潜在稀释证券;as 期权;权证;可转债等..必须分别计算basic and diluted EPS..1基本每股收益Basic EPS=NI-Pref. Div/weighted average of common shrs outstanding。
泽稷教育 CFA一级金融数量分析笔记
CFA一级金融数量分析笔记（上）Overview：CFA原版书将数量分为两个session去阐述。
第一个session主要围绕着计量的基本概念去展开第二个session则着眼于实际运用。
其实我们也可以自己就每个Reading的具体内容去做一个分类Reading 5和Reading 6是铺垫类的内容，为学习其他科目做一个铺垫，同时也是金融人的common sense的一部分。
Reading 7，Reading 8和Reading 9是描述性统计的内容。
Reading 10和Reading 11是推断性统计的内容。
Reading 12其实就是一个理论具体分析运用的过程，为分析师们提供了一些可实操重要指标。
小编在梳理数理笔记同时分上中下进行的，本次主要为大家奉上Reading 5 & Reading 6的内容；数量（中）为大家奉上描述性统计的内容；数量下奉上推断性统计和Reading 12的内容希望能给大家带来帮助~不管你是喜欢小编的内容，还是不喜欢有改进建议的，又或者是有想要小编推的内容，都可以留言哦~小编会根据大家的留言做适时调整的。
言归正传，正文开始！Reading 5 The time value of the money笔记一：同一个时间点的现金流才可直接相加；不同的时间点的钱如若要相加，就需要引入利率的概念将其等同起来笔记二：利率可作为要求的回报率（Required rate of return），折现率（Discounted rate）和现在消费的机会成本（Opportunity cost）笔记三：利率的组成部分（不考虑风险的情况）名义的无风险利率（nominal risk-free rate）= 实际的无风险利率（real risk-free rate）+ 预期的通货膨胀率（expected inflation rate）其中：实际的无风险利率是在假定没有预期通货膨胀的情况下，单期贷款的理论利率。
CFA一级笔记第三部分经济学
CFA一级笔记第三部分经济学CFA一级考试知识点第三部分经济学需求函数demand function Q x d=f(P x , I , P y…)Q x d为商品X的需求量；P x为商品X的价格； I 为消费者收入；P y为其他相关商品的（替代品或互补品）Y的价格。
需求曲线公式也可以简化为Q x d = f(P x)，需求曲线与需求函数式互为反函数，被称为反需求函数P x = f(Q x d)ΔPΔQ需求曲线，ΔP是价格的变化量、ΔQ是需求量的变化量，横坐标是需求曲线Q，纵坐标是价格P ，图形是个向右下倾斜的曲线。
需求价格弹性，衡量商品需求对价格变化的敏感程度E px dE px d= (ΔQ x dΔP x ) (P xQ x d) 其中ΔQ x dΔP x是需求函数的斜率，不是需求曲线的斜率。
如果题目中表达式是：Q=10-2P，则ΔQ x dΔP x =-2，如果P=5-1/2Q，ΔQ x dΔP x等于-1/2的倒数，即ΔQ x dΔP x=-2曲线弹性绝对值大于1，富有弹性elastic曲线弹性绝对值小于1，缺乏弹性inelastic曲线弹性绝对值等于1，单位弹性unit elastic需求价格弹性的因素：替代品的可得性availability of substitutes与相似性closeness of substitutes、该商品展消费者总预算的比例、反应时间、商品服务的必要性。
商品富有弹性E px d＞1，价格下降需求量上升幅度会超过商品下降幅度，从而总收入或总支出增加，商品富有弹性时，价格和总收入或总支出呈反向关系。
E px d＜1时，商品缺乏弹性，价格和总收入或总支出呈正向关系。
飞机经济舱富有弹性，降价会提高整体收入，商务舱价格弹性低，打折会使得整体收入降低。
交叉弹性为正是替代品交叉弹性为负是互补品收入弹性为正是正常品（奢侈品）收入弹性为负是低档品（劣质品）需求量增加的为正效应、需求量减少的为负效应。
CFA一级学习重点记录
CFA一级学习重点记录Q uantitative methodP99、P253Continuous compounding: EAR=eRcc-1Continuous compounding of return (Rcc) = ln(1+EAR)P141:Time-weighted rate of return（分期计算收益率，然后相乘再开根，与投入资金的时间无关）Money-weighted rate of return（IRR）P143:Bank discount yield = D/F * 360/t 即把折扣率单利年化HPY holding period yieldEAY effective annual yield = (1+HPY)365/t – 1 即把HPY按照复利年化（365）MMY money market yield（CD equivalent yield ）= HPY * 360/t 即把HPY单利年化(360)BEY bond-equivalent yield = HPY * 365 / t 即把HPY按照单利年化（365）: (1 + BEY/2)2 = 1 + EAY切比雪夫不等式：在k standard deviation 以内的概率至少有1-1/k2 (k>1)夏普比率Sharpe ratio = ( portfolio return – risk-free return )／standard deviation of portfolio returns条件概率P(I|O) = P(O|I)*P(I) / P(O)置信区间：Two-tailed : 90% ? 1.65 , 95% ? 1.96 , 99% ? 2.58 .One-tailed : 90% ? 1.28 , 95% ? 1.65 , 99% ? 2.33 .SFR ratio SFR比率越大，越不可能小于threshold level ? P250 中央极限定理：Standard error of the sample mean isReliability factor is 置信区间的上界如90% （a=10%）? Z=1.65 , 95% (a=5%)? Z=1.96 , 99% ? 2.58 .假设检验：Type I error: H0 is true but reject it. = significance levelType II error: H0 is false but fail to reject it. Power of the test = 1 – P (Type II error)差异假设检验：正态分布、两变量有关联，用paired comparisons test （difference 的均值检验）正态分布、方差未知、方差可相等可不相等，两变量相互独立时，用t检验。
CFA Level 1 Notes
CFA NotesBy Xiong, personal note for CFA IBOOK IIIBalance Sheet Ratio1Liquidity Ratios Calculation MeasurementCurrent Current Assers/ Current liabilities Ability to meet currentliabilitiesQuick(acid test) (Cash+Marketable securities+Receivables)/Current liabilitiesSame as aboveCash (Cash+Marketable securities)/ CurrentliabilitiesSame as aboveSolvency RatioLong-term debt to equity Total long-term debt/totalequityFinancial risk and leverageDebt to equity Total debt/total equity Same as aboveTotal debt Total debt/total assets Same as aboveFinancial leverage Total assets/total equity Same as aboveasset 资产equity 股本；股权；股票；权益；产权liability 负债；法律责任FCFF2=NI+NNC+Int(1- Tax rate)-FCInv-WCInv, FCFF=Free Cash Flow to the firmNI=Net Income, NCC=Noncash Charges, Int=Interest expenseFCInv=Capital expenditures, WCInv=Working capital expendituresFCFF=CFO+ Int(1- Tax rate)-FCInvFCFF=CFO-FCInv+Net Borrowing-Net debt repaymentCash Flow Ratio3( CFO= Cash Flow from Operation)Performance Ratios Calculation MeasurementCash Flow to revenue CFO/Net revenue Cash generated from per dollar ofrevenueCash return on assets CFO/Average total assets Cash generated from all resources Cash return on equity CFO/Average shareholders’ equity Cash generated from ownerresourcesCash to income CFO/Operating income Cash-generating ability ofoperationsCash flow per share (CFO-Prefered dividends)/numberof common shares outstanding Operating cash flow on a per-share basisCoverage Ratio Calculation MeasurementDebt coverage CFO/total debt Financial risk and leverage Interest coverage (CFO+ Interest paid+Taxes paid)/ Ability to meet interest obiligations1III, Page 2332III, Page 279Interest paidReinvestment CFO/Cash paid for long-term assets Ability to acquire assets with CFODebt payment CFO/ Cash paid for long-term debt repayment Ability to pay debts with CFODividend payment CFO/Dividend paid Ability to pay dividend s with CFO Investing and financingCFO/Cash out flows for investing and financing activitiesAbility to acquire assets, apy debts,and make distributions to ownersInventory Ratio 4Inventory turnover ratio cost of goods sold/ending inventory Number of days of inventory 365days/ Inventory turnover ratio Grosss profit margin Gross profit/total revenue Return on assetsNet income/ending total assetsPVf 5=Cash Outflow/(1+r)tPV=PMT ]11[)1(rtr +-PMT=annual payment, PV=present value, r=market rate, t=number of periodsDefered incomme tax Issues 6IFRS and U.S. GAAP Methodology Similarities and Differences IssueIFRS U.S. GAAP General considerations:General approachFull provision Similar to IFRS Basic for deferred tax assets and liabilitiesTemporary differences-i.e., the difference between carrying amount and tax base of assets and liabilities (see exceptions below)Similar to IFRSExceptions (i.e., deferred tax is not provided on the temporary difference) Nondeductible goodwill (that which is not deductible for tax purposes) does not give rise to taxable temporary differences Similar to IFRS, except no initial recognition exemption and special requirements apply in computing defered tax on leveraged leases. GeneralConsiderationsInitial recognition of an asset or liabilities in a transaction that: (a) is not a business combination; and (b) affects neither accounting profit nor taxable profit at the time od the transaction.4 III, Page307 5III, Page 427Other amounts that do not have a taxconsequence.Specific applications:Revaluation of plant, property, and equipment and intangible assets Deferred tax recognized in equity. Not applicable, as revaluation isprohibited.Foreign nonmonentary assets/liabilitiesWhen the tax reporting currency is not the functional currency Deferred tax recognized on thedifference between the carryingamount, determined using the historicalrate of exchange, and the tax base,determined using the balance sheet adteexcchange rate.Deferred tax recognized for thedifferencerelated to assets andliabilities that are remeasuredfrom local currency into thefunctional currency resultingfrom changes in exchange rates orindexing for tax purpose.Investments in subsidiaried-treatment of undistributed profit Defered tax is recognized except whenthe perent is able to control thedistribution of profit and it is probablethat the temporary difference will notreverse in the forseeable future.Defered tax is required ontemporary differences arisingafter 1992 that relate toinvestments in domesticsubsidiaries, unless such amountscan be recovered tax-free and theentity expects to use that method.No deferred taxes are recognizedon undistributed profits or foreignsubsidiaries that meet theindifinite reverse criterion.Investments in joint ventures- treatment of undistributed profit Deferred tax is recognized except whenthe venture can control the sharing ofprofits and if it is probable that thetemporary difference will not reverse inthe foreseeable future.Deferred tax is required ontemporary differences aring after1992 that related to invetment indomestic corporate joint ventures.No deferred taxes are recognizedon undistributed profits of foreigncorporate joint ventures that meetthe indefinite reversal criterionsIssue IFRS U.S. GAAPInvestment in associates –treatment of undistributed profit Differred tax is not recognized exceptwhne the investor can control thesharing of profits and it is probable thatthe temporary difference will notreverse in the forseeable future.Differred tax is recognized ontemporary differences relating toinvestments in investees.Uncertain tax position Reflects the tax consequences thatfollow from the manner in which theentity expects, at the balance sheetdate, to be paid to (recovered from ) thetaxation authorities. A tax benefit from an uncertain tax position may be recognized only if it is “more likely than not”that the tax position is sustainable based on its technical merits. The tax position is measured as thelargest amount of tax benefit thatis greater than 50 percent likelyof being realized upon ultimatesettlement.Measurement ofdefferred tax:Tax rates Tax rates and tax laws that have beenenacted or substantively enacted. Use of substantively enacted rates is not permitted. Tax rate and tax laws used must have been enacted.Recognization of deffered tax assets A deferred tax asset is recognized if itis probable (more likely than not) thatsufficient taxable profit will beavailable against which the temporarydifference can be utilized.A deferred tazx asset isrecognized in full but is thenreduced by a valuation allowanceif it is more likely than not thatsome or all of the deferred taxasset will not be realized.Business combinations – Acquitions:Set-up of acquired assets/liabilities to fair value Dferred tax is recorded unless the taxbase of the asset is also stepped up.Similar to IFRS.Previously uncognized tax losses of the acquirer A deferred tax asset is recognized if therecognition critria foe the deferred taxasset are meet as a result of theacquisition. Offsetting credit isrecoeded in income.Similar to IFRS, except theoffsetting credit is recordedagainst goowill..Tax losses of the acquiree (initial recognition) Silimilar requirements for the acquirerexcept the offsetting credit is recordedagainst good will.Similar to IFRS.Subsequent resolution of income tax uncertainties in a business combination If the resolution is more than one yearafter the year in which the businesscombination occurred, the result isrecognized on the income statement.The subsequent resolution of anytax uncertainty relating to abusiness combination is recordedagainst goodwill.Subsequent recognition of deferred tax assets that were not “probable”at the time of the business combination A deferred tax asset that was notconsidered probable at the time of thebusiness combination but later becomesprobable is recognized. The adjustmentis to income tax expense with acorresponding adjustment to goodwill.The income statement shows a debit togoodwill expense and a credit o incometax expense. There is no time limit forrecognitionof this eferred tax asset.The subsequent resolution of anytax uncertainty relating to abusiness combination is recordedfirst against goodwill, thennoncurrent intangibles, and thenincome tax expense. There is notime limit for recognition of thisdeferred tax asset.Presentation ofdeferred tax:Offset of deferred tax assets and liabilities Permitted only when the entity has alegally enforceable right to offset andthe banlance relates to tax levied by thesame authority.Similar to IFRS.Current/noncurrent Deferred tas assets and liabilities areclassified net as noncurrent on thebalance sheet, with supplemental notdisclosure for (1)the compoents of thetemporary differences, and (2) amountsexpected to be recovered within 12months and more than 12 months fromthe balance sheet date. Deferred tax assets and libilities are either classified as current or noncurrent, based on the classification of the related non-tax asset or liability for financial reporting. Tax assets not associated with an underlying asset or liability are classified based on the expected reversal period.Reconciliation of actual and expected tax expense Required. Computed by applying theapplicable tax rates to acxountingprofit, disclosing also the basis onwhich the applicable tax rates recalculated.Requied for public conpaniesonly. Calculted by applying thedomestic federal statutory taxrates to pre-tax income fromcontinuing operations.Categories of Financial Ratio7Category MeasurementsActivity Efficiency to performs day-to-day tasks, such as collection of receiveables andmanagement of inventoryLiquidity Ability to meet short-term obiligationsSolvency Ability to meet long-term obiligations, etc. leverage, long-term debt ratio Profitability Ability to generate profitable sales from its resources(assets)Valuation Quantity of an asset or flow (e.g. earnings) associatied with ownership of aspecified claim(e.g. a share or ownership of the enterprise)Definitions of Commomly used Activity Ratios8Activity Ratios Numerator DenominatorInventory turnover Cost of goods sold Average inventoryDays of inventory on hand(DOH)Number of days in period Inventory turnover Receiveables turnover Revenue Average receivablesDays of Sales outstanding(DSO)Number of days in period Receibles turnover Payables turnover Purchases Average trade payables Number of days of payables Number of days in period Payables turnover7III, Page 498Working capital turnover Revenue Average working capital Fixed asset turnover Revenue Average net fixed asset Total asset turnover Revenue Average total assetDefinitions of Commomly used Lidiquity Ratios9Lidiquity Ratios Numerator DenominatorCurrent Current assets Current libilitiesQuick Cash+short-term marketableCurrent libilitiesinvestments +receivablesCurrent libilitiesCash Cash+short-term marketableinvestmentsDefensive inerval Cash+short-term marketableDaily cash expendituresinvestments +receivablesAdditional Liquidity MeasurementCash conversion (net operating) cycle DOH+DSO-number of days of paymentDefinitions of Commomly used Solvency Ratios10Solvency Ratios Numerator DenominatorDebtDebt-to-asset Total debt Total assetDebt-to-capital Total debt Total debt+Total shareholders’ equity Debt-to-equity Total debt Total shareholders’ equityDebt-to-leverage Average total assets A verage total equityCoverage RatioInterest Coverage EBIT Interest paymenytFixed charge Coverage EBIT+lease payment Interest paymenyt+lease payment “Debt-to-asset ratio” sometimes used as “Total debt ratio”For this table total debt=interest-bearing short-term and long-term debtDefinitions of Commomly used Profitable Ratios11Profitable Ratios Numerator DenominatorReturn on SalesGross profit margin Gross profit RevenueOperating profit margin Operating income RevenuePretax margin EBIT(earnings beforeRevenuetax but after interest)Net profit margin Net income RevenueReturn on InvestmentOperating ROA Operating income Average total assetsROA Net income Average total assetsReturn on total capital EBIT Short- and long-term debt and equity9III, Page 50710III, Page 511ROE Net income Average total equity Return on commonEquityNet income Average total equity Dupont Anysis of Anson Industres’ ROE12Definitions of Selected V aluation Ratios and Related Quantities13Numerator Denominator Valuation RatioP/E Price per share Earnings per share P/CF Price per share Cash flow per share P/S Price per share Sales per shareP/BV Price per share Book value per share Per-Share QuantitiesBasic EPS Net income- prefereddividends Weighted average number of ordinary shares outstandingDiluted EPS Adjusted income availablefor ordinary shares,reflecting conversion ofdiolutive securities Weighted average number of ordinary and potiential ordinary shares outstanding12III, Page 524Cash flow per share Cash flow from operations Average number of shares outstanding EBITDA per share EBITDA Average number of shares outstandingDividends per share Common divendendsdeclared Weighted average number of ordinary shares outstandingDavidend-Related QuantitiesDividend payout ratio Common share dividends Net income attributable to commonsharesRetention rate (b) Sustainable growth rate Net income attributable tocommon shares - Commonshare dividendsNet income attributable to commonsharesSustainable groeth rate B*ROEDefinitions of some common industry and task-specific Ratios14ratios Numerator Denominator Business RiskCoefficient of variation of operating income Standard deviation ofoperating incomeAverage operating incomeCoefficient of variation of net income Standard deviation of netincomeAverage net incomeCoefficient of variation of revenue Standard deviation ofrevenueAverage revenueFinancial Sector RatiosCapital adequacy-banks Various components ofcapital Risk-weighted assets, market risk exposure, and level of operational risk assumedMonetary reserverequirementReserves held at central bank Specified deposit liabilities Liquid asset requirement Approved “readilymarketable” securitiesSpecified deposit liabilities Net interest margin Net interest income Total interest-earning assets Retail RatiosSame (or comparable store sales) Average revenue growth yearovere year for stores open inboth periodsNot applicableSales per square foot(meter)Revenue Toatl retail space in feet or meter Service CompaniesRevenue per employee Revenue Toatl number of employeesNet income per employee Net income Toatl number of employees HotelAverage daily rate Room revenue Number of rooms sold Occupancy rate Number of rooms sold Number of rooms availableDefinitions of Selected V aluation Ratios and Related Quantities15Credit ratio Numerator DenominatorEBIT interest coverage EBIT Gross inetrest (prior to daductions forcapitalized interest or interest income)EBITDA interest coverage EBITDA Gross inetrest (prior to daductions forcapitalized interest or interest income)Funds from operations to total debt FFO (net income adjustedfor non-cash items)Total debtFree operating cash flow to total debt CFO (adjusted) –capital expenditureTotal debtTotal debt to EBITDA Total debt EBITDAReturn on capital EBIT Capital=Average equity (common andpreferd stock) and short-term portionsof debt, noncurrent defered taxes,minority interesTotal debt to total debtplus equityTotal debt Total debt plus equity16Definitions of Selected V aluation Ratios and Related Quantities17Extent of control Percent Ownship Accounting TreatmentSignificant influence Between 20-50% Equity accounting15III, Page 53416III, Page 5Control More than 50% Business combinations/consolidationJoint control Shared Joint venture/proportionateconsolidation or equity accountingStatement of Cash Flows18Classification of interest and DividendsUnder International and U.S. StandardsCategory Cassification in IFRS vs. U.S. GAAPCash Flow from Operating ActivitiesCash from principal revenue-producting activities of the entity (i.e., cash receipts from customers less cash payments to suppliers and employees).Interest received IFRS alternatives: operating or investing sectionU.S. GAAP; mandated operating sectionDividends received IFRS alternatives: operating or investing sectionU.S. GAAP; mandated operating sectionInterest paid IFRS alternatives: operating or fiancing sectionU.S. GAAP; mandated operating sectionDividends paid (IFRS only) IFRS alternatives: operating or fiancing sectionCash Flows from Investing ActivitiesPurchase of long-term assets and other investments not included in cash equivalents; proceeds on sale.Interest receivedIFRS alternatives: operating or investing section(IFRS only)IFRS alternatives: operating or investing sectionDividends received(IFRS only)Cash flows from financing ActivitiesCash flow issuance or repayment of equity capital and/or long-term debt.Dividends paid IFRS alternatives: operating or financing sectionU.S. GAAP; mandated financing sectionInterest paid IFRS alternatives: operating or financing sectionExample of Stock ScreenCriterion Percent of Total %Price per share/Scales per share<1.5 37.1Total assets/Equit y≤2.050.5Dividends>0 59.4Consensus forcast EPS>0 70.3Meeting all four criteria simultaneously 11.3。
CFA一级Notes习题笔记
CFA一级Notes习题笔记EthicsCode of Ethics1.act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets2.place the integrity of the investment profession and the interests of clients above their own personal interestse reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities4.practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession5.promote the integrity of, and uphold the rules governing, capital markets6.maintain and improve their professional competence and strive to maintain and improve the competence of other ivestment professionals.Standards of Professional ConductI professionalismA.knowledge of the lawB.independence and objectivityC.MisrepresentationD.MisconductII.integrity of capital marketsA.material nonpublic informationB.market manipulationIII.duties to clientsA.Loyalty,Prudence and CareB.Fair DealingC.SuitabilityD.Performance presentationE.preservation of confidentialityIV.duties to employersA.loyaltyB.additional compensation arrangementsC.responsibilities of supervisorsV.investment analysis, reommendations,and actionsA.Diligence and reasonable basismunication with clients and prospective clientsC.record retentionVI.conflicts of interestA.Disclosure of conflictsB.priority of transactionsC.referral feesVII.responsibilities as a CFA institute member or CFA candidateA.conduct as menbers and candidates in the cfa programB.reference to CFA institute, the cfa designation, and the cfa program1.私人投资跟Code无关，但滥用举报违反personal conduct。
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CFA一级Notes习题笔记EthicsCode of Ethics1.act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets2.place the integrity of the investment profession and the interests of clients above their own personal interestse reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities4.practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession5.promote the integrity of, and uphold the rules governing, capital markets6.maintain and improve their professional competence and strive to maintain and improve the competence of other ivestment professionals.Standards of Professional ConductI professionalismA.knowledge of the lawB.independence and objectivityC.MisrepresentationD.MisconductII.integrity of capital marketsA.material nonpublic informationB.market manipulationIII.duties to clientsA.Loyalty,Prudence and CareB.Fair DealingC.SuitabilityD.Performance presentationE.preservation of confidentialityIV.duties to employersA.loyaltyB.additional compensation arrangementsC.responsibilities of supervisorsV.investment analysis, reommendations,and actionsA.Diligence and reasonable basismunication with clients and prospective clientsC.record retentionVI.conflicts of interestA.Disclosure of conflictsB.priority of transactionsC.referral feesVII.responsibilities as a CFA institute member or CFA candidateA.conduct as menbers and candidates in the cfa programB.reference to CFA institute, the cfa designation, and the cfa program1.私人投资跟Code无关，但滥用举报违反personal conduct。
I(D), misconduct2.承销的公司发现问题，要先向上级反映，寻求支持。
I(A),法律相关3.发现违规但无法纠正，要首先脱离关系，寻求法律支持。
I(A),法律相关4.遵守可行的最严格的法律，没有例外。
SII(A),内幕交易，I(A),法律相关5.人为操纵volume或价格违反code and standards。
II(B),market manipulation6.告知投资者投资策略的情况下，操作细节不披露，不违反II(B)7.最不正确的是“必须向监管机构或政府报告违法证据”，其他选项有：知道违反但不采取任何行为阻止；有责任立刻阻止知法犯法；碰到违法应向上级咨询。
I(A),法律8.不能说有CFA证就better performance，CFA标志只能用作形容词和在某人名字之后，不能放大加粗CFA字母VII(B)，标志使用9.要了解客户的投资需求，不能自以为是，III(C)10.采用federal reserve等公布机构的数据，不算剽窃plagiarism.采用别人的数据结合自己的分析，只用自己的名字发表算剽窃；用别人的分析报告向自己的客户推荐，算剽窃。
I(C)Misrepresentation11.介绍资料中不包括失败的数据，违反c&s III(D) Performance presentation12.接受公司外的offer要向公司报告并获得批准IV(A) Loyalty13.supervisor不仅要警告和阻止下属违规，还要采取措施方式再次发生。
有责任向上级报告监管漏洞，IV(C)responsibilities of supervisors14.supervisor向上级报告漏洞，但公司不予理睬，s应放弃管理职责直到措施被采纳。
IV(C)responsibilities of supervisors15.分析师不能接受高价值的住宿，行程和饭局礼遇，而且要拒绝礼品。
借助高档饭局来做营销，即使通报上级也不可以，因为过于高档，影响独立性原则。
I(B) independence and objectivity16.分析师的旅行和住宿应由公司承担。
分析师要求公布研究公司给的报酬，向公司报告受到的礼品，公布推荐费。
I(B) independence and objectivity17.客户信息保密原则III(E).preservation of confidentiality18.事实和主观判断分开陈述。
V(B)communication with clients and prospectiveclients19.fair dealing原则，不能在消息公布前与大客户沟通，不能让亲属与别的客户区别开，前后都不行，要同步。
不能在消息公布前先行交易（内幕交易）。
III(B).Fair Dealing20.消息公布后应该有合适的waiting period才能操作自己或者公司的交易。
公布同时操作自己的帐户也违反c&sIII(B).Fair Dealing21.不能保证满意，不能保证所有服务（inhouse和外包），不能保证肯定盈利，小公司不能说有长history.I(C)Misrepresentation22.不能给高于平均的交易费来获得信息，不能只选某些交易员因为他们推荐客户，不能随意调整风险组合。
III(A).Loyalty,Prudence and Care23.记忆中重建老公司的模型是允许的，因为重建了supporting data。
IV(A).loyalty .V(C).record retention24.不披露推荐费。
VI(C).referral fees25.正确描述candidate 和member. VII(B).reference to CFA institute, the cfadesignation, and the cfa program26.II(A) 内幕消息。
27.没法律的地方要遵守CFA code，I(A), II(A)内幕交易28.考官提前发考题给两个朋友，一个看了一个没看。
即使一个没看，3个都违反了VII(A)，因为没看的也参与了cheating的计划。
29.网络聊天室中的内幕消息也不能用于交易。
II(A)内幕交易30.接受别的公司的兼职要得到原公司的允许consent to all the terms, IV(A)loyalty31.用小盘股来最终S&P500，并超越它的收益不现实。
III(D)Performancepresentation32.空洞的说辞并不违反standard，但是参与这个行为的分析师违反了I(D).Misconduct33.IPO前按照75%的IPO价格给了10%股份给management，I(A)违法，I(D)misconduct,注意不是利益冲突34.基金经理应朋友要求购买ipo操纵股价。
II(B)35.告知客户推荐费关系的情况下，不违规。
VI(C).referral fees36.因自己的爱好相关的产品对投资作出推荐，违反V(A)Diligence and reasonablebasis37.自己通过信托托管的股票，对分析师发表研究报告也造成利益冲突,必须披露。
VI(A)Disclosure of conflicts38.数据必须包括总结帐户的，必须有据可查，必须考虑听众的知识水平。
III(D)Performance presentation39.fair dealing的推荐：maintain a list关于客户和持仓情况，写下书面的交易流程，review保证没有客户区别对待。
不能对所有客户的需求认为一致。
III(B) fair dealing40.V(A).Diligence and reasonable basis要求对第三方的研究报考review，保证independent和objectivity。
41.VI(B)没说过亲友的交易要在别的客户之后处理。
建议不要参与ipo怕有利益冲突。
Quantitative MethodsConcept Checkers P1281.N=15, I/Y=9, PV=-1000, FV=2.N=50, I/Y=20, PV=-10, FV=3.N=3, I/Y=0, FV=100, PV=4.N=7, I/Y=8, FV=10000, PV=5.N=8, PV=-3, FV=4.5, I/Y=6.I/Y=12, PV=-5000, FV=10000, N=; 也可以用72法则，72/I/Y=翻倍的年数7.CF0=0，CF1=500，CF2=200, CF3=800, I=12, NPV=8.CF0=0, CF1=10, CF2=-20, CF3=10, CF4=150, I=8.5, NPV=9.N=20, I/Y=10, PMT=50000,FV=0, PV=10.N=5, I/Y=9.5, PV=-10000, FV=0, PMT=11.BGN, N=15, I/Y=11, PMT=8000, FV=0, PV= ，END；也可以N=14，I/Y=11,PMT=8000, FV=0, PV=?-800012.N=10, I/Y=11, PV=0, FV=60000, PMT=13.N1=10, I/Y=9, PMT1=4000, FV1=0, PV=?=-FV2, N2=4, PMT2=0, PV2=, 算清楚前一段折现到哪一年末。