2011 CFA Program Curriculum Level 2 Volume 2 1st Edition by CFA INSTITUTE ISBN 0558521886 9780558521882 by Cfa Institute 9780558521882, 0558521886 instant download after payment.

2011 CFA Program Curriculum Level 2 Volume 2 1st Edition by CFA INSTITUTE - Ebook PDF Instant Download/Delivery: 0558521886, 9780558521882
Full download 2011 CFA Program Curriculum Level 2 Volume 2 1st Edition after payment

Product details:

ISBN 10: 0558521886 
ISBN 13: 9780558521882
Author: CFA INSTITUTE

The exact split of Study Sessions across volumes can shift slightly year to year. However, Equity Valuation is a major component of Level 2, and often spans multiple volumes, with Fixed Income typically following.

2011 CFA Program Curriculum Level 2 Volume 2 1st Table of contents:

Study Session 4: Equity Valuation (continued from Volume 1)

Reading 10: Discounted Dividend Valuation

• The Dividend Discount Model (DDM)
• The Gordon Growth Model (GGM)
• Multistage Dividend Discount Models
• Free Cash Flow to Equity (FCFE) Valuation

Reading 11: Free Cash Flow Valuation

• Free Cash Flow to Firm (FCFF) and Free Cash Flow to Equity (FCFE)
• FCFF and FCFE Valuation Approaches
• Single-Stage and Multistage FCFF/FCFE Models

Reading 12: Market-Based Valuation: Price and Enterprise Value Multiples

• Price-to-Earnings (P/E) Ratio
• Price-to-Book Value (P/B) Ratio
• Price-to-Sales (P/S) Ratio
• Price-to-Cash Flow (P/CF) Ratio
• Enterprise Value (EV) Multiples (EV/EBITDA, EV/Sales)
• Justified Multiples and Determinants

Reading 13: Residual Income Valuation

• The Residual Income Model (RIM)
• Single-Stage and Multistage RIM
• Strengths and Weaknesses of RIM

Reading 14: Private Company Valuation

• Reasons for Valuing Private Companies
• Valuation Approaches (Income, Market, Asset-based)
• Specific Valuation Issues for Private Companies (e.g., control premiums, marketability discounts)

Study Session 5: Equity Valuation and Portfolio Management (likely, or transition to Fixed Income)

Reading 15: Equity Portfolio Management Strategies (This might sometimes be in a later volume, but could appear here)

• Passive Equity Portfolio Management
• Active Equity Portfolio Management (Fundamental, Quantitative)
• Equity Market Neutral Strategies
• Styles of Investing (Growth, Value)

Study Session 6: Fixed Income Analysis

Reading 16: The Term Structure and Interest Rate Dynamics

• Spot Rates and Forward Rates
• Bootstrapping the Yield Curve
• Theories of the Term Structure (Expectations, Liquidity Preference, Segmented Markets)
• Interest Rate Risk and Immunization

Reading 17: The Analysis of Bonds with Embedded Options

• Callable Bonds and Putable Bonds
• Convertible Bonds
• Interest Rate Caps, Floors, and Collars
• Valuation of Bonds with Embedded Options (Option-Adjusted Spread - OAS)

Reading 18: Mortgage-Backed Securities and Asset-Backed Securities

• Introduction to Securitization
• Mortgage Pass-Through Securities
• Collateralized Mortgage Obligations (CMOs)
• Commercial Mortgage-Backed Securities (CMBS)
• Asset-Backed Securities (ABS) (Credit Card ABS, Auto Loan ABS)
• Prepayment Risk and Extension Risk

Reading 19: Valuation and Analysis of Swaps, Forwards, Futures, and Options on Fixed Income (This could be a separate derivatives section too, but often combined with fixed income)

• Interest Rate Swaps
• Forward Rate Agreements (FRAs)
• Fixed Income Futures and Options

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