2013 CFA Level 1 Book 4: Corporate Finance, Portfolio Management, and Equity Investments

337 Pages·9.128 MB·English

BOOK CORPORATE FINANCE,
4-
PORTFOLIOM ANA GEMENT,A ND
EQUITYI NVESTMENTS
ReadAisnsgi gnamneLdne tasr nOiuntgc oSmtea tements 3
........................................
Study S1e1- sCsoiropnoF rianta.e..n. ..c....e... ..................................................... 11
Selefs-tCT-orpoFrianta.e..n.. ..c....e.... .............................................................. 121
Study S1e2-sPsoirotnfM oalniaog e..m....e...n....t.... ......................................... 125
Selefs-tPT-ortfMoalniaog e.m....e....n....t.... ........................................... .......... 195
StuSdeys s1i3-o Enq uity:O rMgaarnkieMztaa trikoent, a Inndd ices,
MarkEeffitc ie...n....c...y.... ................................................................................. 198
StuSdeys s1i4o-Enq uiAtnya laynsVdial su at....i....o....n... ................................ 258
SeTlef-s-Etquity Investments 320
...........................................................................
Formulas 324
............................................................................................................
Index 330
.................................................................................................................
SCHWESERNOT2E0S1C™3F A LEVBEOLO K4I :C ORPOARTEF INANCE,
PORTFOLMIAON AGEMENATN,D E QUITIYN VESTMENTS
©2102 K aplIannc,. r iAglrhlet sse rved.
Publiisn2h 01e 2bd y K aplIannc,.
PrinttehdUe n iintS etdao tfAe mse rica.
ISB9N7:8 -1-42771--44226767--74 266-9
I
PPN3:2 00-2847
Ifth bioso dko enso hta vteh heo logwriattmhh Kea plSacnh welsoegoron t hbea ccko viewtr a,s
distriwbiuttheodu t peorfKm aipslSsacinho wne asD eirv,i soifKo anp lIannc,a. n,id si nd irveicotl ation
ofg lobcaolp yrighYtou arls aswiss.it npa unrcseu piontge nvtiioallao tfto hrlisas iw sg reaatplpyr eciated.
RequiCrFeAId n stidtiustcel a"iCmFeAar®n: Cd h artFeirneadn Acnialaylsa tr®te r ademoawrnkesd
byC FAI nstiCtFuAIt nes.t i(tfuotremt ehrAels ys ocifaotIrin ovne stMmaennatg emaennRdte search)
doenso etn dorpsreo,m orteev,io erww a,r rtahnaetc curoaftc hype r oduocrst esr voiffceersbe yKd a plan
Schweser."
Certmaaitne rcioanltsa wiintehdti hnti esax trt eh ceo pyripgrhotpeeodrfC t FyAI nstiTthueft oel.l owing
itsh ceo pyrdiigshctl foostruh remesa et er"iCaolpsy:r ighCtF,A I nstiRteuptreo.d auncde d
2012,
republfirsohme dL earnOiuntgc oSmtea temLeenvtIes,Il, I a ,n IdI qIu estfiroonCmsF A®P rogram
2013
MaterCiFaAlI sn,s tiSttuatnedo afPr rdosf esCsoinodnuaaclnt Cd,F AI nstituteI'nsv eGsltombeanlt
PerforSmtaanncdewa irtdphse rmisfsrioComFn A I nstiAltlRu itge.hR tess erved."
Thesmea termiaaynl osbt e c opiweidt hworuitt pteernm isfsriotomhn ae u thTohreu. n authorized
duplicoaftt hieonsnoe t ieassv iolaotfgi loonbc aolp yrliagwahsnt td h CeF AI nstiCtoudotefeE thics.
Youars sisitnpa unrcseu piontge nvtiioallao rfto hrlisas iw sg reaatplpyr eciated.
DisclaTihmeSe crh:w esersNhootubeleuds s eidnc onjunwcittithoh oner igrienaadlia nss gefsto rbtyh
CFAI nstiitntu hteei r CFAL evIeS lt uGduyi dTeh.ei nformcaotnitoanii ntn heedNs oet ceosv ers
2013
topciocnst aiinnt ehrdee adirnegfse rbeynC cFeAId n stiatnuidtsb ee liteovb eead c curHaotwee.v er,
theaicrc urcaacnynb oegt u aranntoeireas dn wya rracnotnyv eaysre oyd o uurl timeaxtasemu ccTehses .
authooftr hsre e ferreenacdeihdna gvnseo etn dorosrse pdo nstohreeNsdoe t es.
Pag2e ©2012K aplIannc,.
READINGA SSINGMENTS AND
LEARNINGO UTCOME SATTEMENTS
The wfoilnmlgao teirasri eavloi fte hwCe op rorFanitaen Pcoer,tfo Mlainoea mgeanntd,
EquiItyvn esetnspmt rciinpdlegesnsiet daod drtehlseers an ionugt csotemamete snefotrtst b hy
CPAI nstitute.
STUDSYE SSI1O1N
ReadAisnsgi gnments
CoproartFeni anCcFeA, Pro2g0r1Ca3um r ricVuolluum4m(, eC FIAn sti2t0u1t2e),
36C.a piBtuadlg eting pag1e1
37C.o sotfC apital pag3e5
38M.e asuorfLe esv erage pag6e0
39D.i vidaennSddh sa Rreep urcBhaassiecss: pag7e5
40W.o rkiCnagp iMtaanla gement pag8e9
41T.h Ceo rpoGroavteer noafLni cseCt oemdp anAiM easn:uf aoIlrn vesptaog1re0s 5
STUDSYE SSI1O2N
ReadAisnsgi gnments
PortfoMlainoam geenCtF,AP rog2r0a1mC 3u rricVuolluu4mm( ,eC FIAn sti2t0u1t2e),
42P.o rotlfMiaon agemAenOn vte:r view pag1e2 5
43P.o rotlfRiios akn Rde tuPranrI:t pag1e3 6
44P.o rotlfRiiosa kn Rde tuPranrI:tI pag1e5 9
45B.a soifc sPo olrPitlofa nnainCndog n struction pag1e8 4
STUDSYE SSI1O3N
ReadAisnsgi gnments
EquMiatyr:k Oegrtan izaMtarikoIennt,d iacnMedasr ,kE effitce incy,
CFAP rog2r0a1mC3 u rriculu5m( ,C FVAo lIunm2se0t 1i2t)u te,
46M.a rkOertg aniaznaSdtt irounc ture pag1e9 8
47S.e cuMrairtkyIe ntd ices pag2e2 6
48M.a rkEeffti ciency pag2e4 5
STUDSYE SSI1O4N
Reading Assignments
EquAintyas lyiasnVa dl uiaotCnF,AP rog2r0a1mC3 u rricVuolluu5mm( ,eC FIAn stitute,
2012)
49O.v erviEeqwu iSotefyc urities pag2e5 8
50I.n trodtuoIc ntdiuoasnnt Cdro ym paAnnya lysis pag2e7 1
51E.q uiVtayl uaCtoinocnea:pn tBdsa sTioocl s pag2e9 1
©2102K a plIann,c . Pag3e
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Book CorpoFriantaePn ocreot,lfM iaon agemaennEdtq ,u iItyn vestments
-
ReadAisnsgi gnamneLdne tasr nOiuntgc ome Statements
LE INGO UTCOMSET ATEMEN(TLSO S)
ARN
STUDSYE SSI1O1N
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn ngs taistseuidrtg eena ding:
36C.a piBtuadlg eting
The candidbaeat betl oes: h ould
a.D esctrhiceba ep ibtuadelgt ipnrgo cienscsl,ut dhtieyn pgis ctaeolpft s h per ocess,
anddi stianmgounigsv hat rhiecoa utse goofcr aipeipstr aolj( epcat1gs)1e.
b.D escribbaesp irtcih nec oifcp alpeibstu adlg eitnicnlgu,cd aisnhg flow
estim(aptai1go2en) .
c.E xplhaoiwtn h eev uaaltiaonsdne leocftcia opnip traolji eascfe tfcst beyd
mutuaelxlcyl upsriovjpee rcotjsse,ecq tu enacnicdna gp,irt aatli o(npian1gg)4e.
d.C alcualnaidtn et etrhper ertue ssiuenlagtco shft hfelo lowmientgh tood s
evalaus aitnecg alpeip traoljn eecpttr :e sveanl(tuN eP Vi)n,t errantaerl e touf rn
(IRpRa)y,b paecrki doids,c opuanytbepadec rki aondpd,r ofitaibnid(lePixIt )y .
(pa1g4e)
e.E xpltahiNenP Vp roficloem,p tahrNeeP Va nIdR Rm ethwohdesen v aluating
indepeanndmdeu nttu aelxlcyl upsriovjaeen cdt sd,e scprriobbel etmhse
associaetaecodhft hweeiv tahl umaettihoo(ndp sa2.g2 e)
f.D escarniadbc ec ofuornt thr ee laptoipvuel oaftr hiveta yr icoaupsib tuadlg eting
methaondedsx plain the rNePlVaa ntcdio omnp avbnaeylta uwnesed te onc k
pri(cpea.2g 5e)
g.D esctrhieebx ep ercetleadat mioonnagsni nvestNmPeV,nc to'msp avnayl ue,
ansdh aprrei (cpea.2g 5e)
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn ngs taistseuidrtg eena ding:
37C.o sotfC apital
The candidbaeat betl oes: h ould
a.C alcualnaidtn et etrhpwere eitg hatveedrc aogoseftc api(tWAaClC o)f a
compa(npya3.g5 e)
b.D eschroiwtb aex aefesfc tth ceo osftca pifortmad lie frfecnatp istoaulr ces.
(pa3g5e)
c.E xplaalitne rmneatthioovfdce sa l cutlhawete iingughs tesdt hWieAn C C,
inclutdhien gut shceeo mopfa tnayr'cgsae pti tal (spta3rg7ue)c ture.
d.E xplhaoiwtn h mea rgcinooaslftc a piatntadhl ie n vesotpmeptnoutrn ity
scheadruuels eet dod etertmhioenp et icmaaplib tuadlg( epta3.g8 e)
e.E xplain thceo osmftca arpgiitnaaldl'e st erromltiehnn eiei pntnrg e sveanlotuf e
ap roj(epcat3g.9e )
f. Calcualnaidtn et etrhper eotcffi o xsetd rate udseitbnhtgye i cealpdi-ttaol­
maturity aanpdp drteohbaetc -har aptpirno(gap ca3hg9.e )
g.C alcualnaidtn et etrhpcero eostftn oncalnloanbcloen,vp erretfiesbrtlroeec dk .
(page 40)
h.C alcualnaidtn et erpcroeostfte qtuhcieat pyiu tsaitlnh gce a piatsasle t pricing
model aptphdreio vaicdhe,n dm oddiaesplcp oruonaatnc tdhh b,eo n-dyield­
pluriss k-praepmpiruoma c4h.1 )( page
Calcualnaidtn et etrhpbere etatan c do osftc apifrot apalr oj(epca4tg3.e )
1.
Expltahiceno unrtirpsyrk e miiuntm he es timoaftt hiceoo nos fte qufirot ya
J·
compalnoyc aitnae dd evemlaorpki(enptga.4 g 5e)
Page ©2012K aplIannc,.
4
Book CorpoFriantaePn ocroetl,fMi aon agemaenndt ,E qIunvietys tments
4-
ReadAisnsgi gnmaenLnde tarsn iOnugt coSmtea tements
k.D esctrhimeba er gcionasltc a opifst cahle deuxlpelw,ah iyin mt a yb eu pward­
slopwiintrghe spteoac dtd itciaopniaatnlacd la ,l caunlidan ttee irtpbsrr eeta k­
poin(tpsa4.g6 e)
l.E xplaaniddne monstthrceao trert erceta tomffle ontta ctoiso(tnps a.4g 8e)
Thteoi pccaolav gecero prrosenw sditthhfoe l lowCPiAIn ngs taisstigunrteeeda ding:
38M.e asuorfLe esv erage
Thec andisdhaotubelea d b lteo :
a.D efianneedx pllaeivne braugseir,ni essskas,lr eisso kp,e rartiisankngf,d i nancial
risakn,cd l asars iifysg ki,va ed ne scri(ppta6ig0oe)n .
b.C alcualnaidtn et etrhpdere egtro efoe p eralteivnegtr hadege eg,ro effe i nancial
levearnatdghe de,e groefte o tlaelv er(apga6eg1.e)
c.D esctrhieebfe efc otffi nanlceivaelor naa cg oem panneyit'n sc oamnerd e turn
one qui(tpya6.g4 e)
d.C alcutlhbaert eea kqeuvaennot fsi atlyae nsdd e tertmhiceno em panneyt' s
incoamte vasrailloeeulsvss e( .p a6g6e)
e.C alcualnaidtn et etrhpoerp eetr abtrienagkq euvaennot fsi tayl( epsa6.g6 e)
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn sngt iatsgusntierede ading:
39D.i vidaennSddh sa Rreep huracsBeass:i cs
Thec andisdhaotubelea d b lteo :
a.D escrreigbuecl aasrh dievxitddreianv disds,et noddcsik,v idsetnodscspk,l its,
anrde vesrtsosecp kl iintcsl,ut dhienigr expoenca st headr eehffwoeelcadtle trh' s
anadc omapnyf'isn arnacti(iapolas 7g.5e )
b.D escdriivbiepd aeynmdce nhtr onyo,i lnocglutdhsiein ggn ifoifc ance
declarhaotlidoenr,- oefx--rddeeicnvoaidrn,dd , payme(npta 7gd8ea) t es.
c.C ompasrhea re rempeutrhco(hdpasa7s.ge9 e )
d.C alcualnacdto em ptahreeefe fcotfsas harreep urocnhe aasren piensrgh sa re
whe1nt) h ree puricfshi ansaewn ictethdhc eo mpany'csa saehnx2 dc) te hses
compaunsyfenu sd edde bttof inancree putrhce(h paa7sg9ee).
e.C alcutlheaefet fceot fa s harreep urocnhb aosoveka lpueesr h a(rpea.8g 2e)
f. Explainc awsdhhiy v iada enands d h arreep urocfth hasesa ema em ouanrte
equiviantl eernmtts h eeof cfft oe ns harehwoeladleatrlehsll,' bs eei enqgu al.
(page 82)
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn sngt iatsgusntierede ading:
40W.o rkiCnagp iMtaanla gement
Thec andisdhaotubelea d b lteo :
a.D escprriibmeaa nrsdye consdoaurroycfl e isq uaindfdica ttyot rhsai tn fluae nce
company'sp olsiiq(tupiiaod8gni9e.t) y
b.C ompaacr oem palniyq'usmi edaistuwyri etthsh oosfe pceoemrp anies.
(pa9g0e)
c.E valwuoartkec ianpgie tfefaclt ivoefanc eosmsp abnayso endi tosp eraatnidn g
cascho nvecryscilaoennsd , cotmhpceao rmep aenfeyfc'tsi vweinttehhs oastf
peecro mpan(ipae9gs2e.)
d.E xpltahieenfe fcotfd ifefretnytpo efcs a sflho wosna coamnpyn'esdt a iclays h
positio9n2.) (page
e.C alcualnaidtn et ecropmrpeatr yaibeollnedv sa risoeucsu rciotmipeasr,e
portfoliaog ariaen tssuttr anbnsed nacrhdma anredkv ,a lau actoem psahnoyr'ts­
terimn vesptomleginuctiy d e(lpian9ge3es) .
©2102K a plIannc,. Page
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4
Book CorpoFriantaePn ocreot,lfM iaon agemaennEdtq ,u iItyn vestments
-
ReadAisnsgi gnamneLdne tasr nOiuntgc ome Statements
f. Evaluaa tceo mpmaannya'gse omfae cncto ruenctesi ivnavbelneat,no dr y,
accopuanytasob vleteri maen cdo mpared to p(epear9g 5ec) o mpanies.
g.E vlauatthece h oiocfse hso rtf-nutdeiranmvg a itloaac b olmep aannyd
recommafe innda nmceitnhgo d.9 8()p age
Thteoi pccaolav gecero prnrodewssi tthhfo el loCwPiAIn ngs taistseuidrtg eena ding:
41T.h eC orpoGroavteer noafLn icseCt oemdp anAi eMsa:nf uoIarnl v estors
Thec andisdhaotubelea d b le to:
a.D efine cgoorrvpenoarn(acpteae.1g0 e5 )
b.D escprriabcert eilcaettsobe oda arndcd o mmiitntdeeep enedxepnecrei,e nce,
compensatiocno,n suelxattnaefdernr qtnusael,on fec lye ctions, and determine
whetthheery s uaprrpeto iovfe sharperoowtnee(crpt aigo0en6 .) 1
c.D escbroiabirend d epenadneedxn pclea iinm ptohrteoa fin ncdee pendent board
membercso ripnog roavteer n(apna1cg0 ee7. )
d.I denftcaitfyot rhsaa nta nalsyhsotuc lodn sideerv awlhuteahnte i ng
qualifoifc abtmoieaomrnbdse (rpsa1.g0 e7 )
e.D esctrhirebe es ponsoiftb hiaelu idctioitme,ps ensaantndio omni,n ations
commitatniedde esn ftcaitfyoa rnis n vesshtooucrlo dn swihdeeenrv alutahtei ng
qualoifet aycc ho mmit(tpea1eg0 .e8 )
f. Explaipnr otvhitesh iaotn ssb heio nuclldiu ndas e tdr coonrgp ocroadotefe
ethi(pcas1g.01e )
g.E vlauaftorem, s ah areopwenresrp'ecsco tmipvapeno,yl irceileatstov e odt ing
rulsehsa,r eoswpnoenrsp orroepdo csoamlmsso,nt occlka sasnetdsa ,k eover
deefns(epsa.1g 1e) 1
STUDSYE SSI1O2N
Thteoi pccaolav gecero prroenwsdistt hhfo el loCwPiAIn ngs taistseuidrtg eena ding:
42P.o rtfMoalniaog eAmneO nvte:r view
Thec andisdhaotubele d atbol:e
a.D esctrhipebo er tfaoplpiroot aoic nhv esti1ng2.5 )( page
b.D esctryipboeefis n vesatndodir sst icnhcatriavceta enrndie seotdfeis ac csh .
(pa1g62e)
c.D esctrhisebt eei pnts h peo rotlfmiaon agepmreonct(e psas1g.72e )
d.D escmruitbuefa unlda sn cdo mparew ittohhte hpmeo ro liendve stment
produ(cpta1sg2.e8 )
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn ngs taistseuidrtg eena ding:
43P.o rtfRoilsaikno Rd e tuPranrI:t
The cansdhiodubaleatd be tl eo :
a.C alcualnaidtn et emrapjrroeertt urn amneddae ssucrtrehiseab iperp ropriate
use(sp.a1 g63e)
b.C alcualnaidtn et etrhpmere eatvn a,r iaannccdoe v,a r(ioacrno crer eloaft ion)
assreett ubransosen hd i stodrait(capa.al1 g 93e)
c.D esctrhicebh ea ractoeftr hmieas jtaoiscrscs el ta ssiensv etschtoaontrs isin d er
formingo lpio(orptsaf.1g2 4e)
d.E xplraiiasnvk ei roasnn idr ism plicfaropt oirotnfssoe llieoc( tpia1og4ne3. )
e.C alcualnadt ei nptoerrtpfsrotelatin odd eavrida (tpiao1gn4e.4 )
f. Desctrhieebfe efc otna p ortfroilosifiko n 'vse sitnai snstgeh taasrt le e tshsa n
perfeccotrlrye( lpaat1ge4ed5 .)
Page ©2012K aplIannc,.
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Book CorpoFriantaePn ocroetl,fMi aon agemaenndt ,E qIunvietys tments
4-
ReadAisnsgi gnmaenLndet arsn iOnugt coSmtea tements
g.D escarniidbn et etrhpmeri entim m-uvariaenffciec fiaorennndtt io efrr iss ky
assaenttdsh gel ombianli mum-vpaorritaf(nopclae1ig o4e.7 )
h.D isctuhssees l eocfti oaopnnt ipmoarlt fgoilvaienoin ,n vesuttoir(l'oirsrti y s k
aversainotdhn ce)a piatlallo claitn(iepo.an1 g 4e8 )
Thteoi pccaolav gecero prrosenw sditthhfoe l lowCPiAIn ngs taisstigunrteeeda ding:
44P.o rtfRoilsaikno Rd e tuPranrI:tI
Thec andisdhaotubelea d b tleo :
a.D escriibmep ltihcoeaf ct oimobnisan r iinsrgke a-esf sweitta ph orotlfoifor i sky
ass(eptas1g.95e )
b.E xpltahicena piatlallo clait(niCeoA naL )n d ctahpeim taarlkl eit(n CeM .L )
(pa1g06e)
c.E xplain saynsndto enmsaytsitrcei msiaknt,ci lcu diannig n vwehsyt onro ts hould
expteocr te ceaidvdei trieotnfuaorrbl ne arnionngs ystreims(akpt.a1i g4c6e)
d.E xplraeitngu ernne rmaotdien(lgis n cltuhdmeia nrgkm eotd ealn)d tuhseeisr.
(pa1g66e)
e.C alcualnaidtn et ebreptr(eapt.a1 g76e)
f. Explaicna ptiahtseasp ler ti cmiondg(e ClA P)Mi,n clutdhrieen qgu ired
assumpatnitdoh nsese ,c umrairtklyei t(n SeM L()p.a1 g96e)
g.C alcualnaidtn et erthpeerx epte rcetteoudfra n na ssuestit nhgCe A PM.
(pa1g37e)
h.D escarniddbe em onsatprpaltieco aftt hiCeoA nPsMa ntdh SeM L(.p a1g47e)
Thteoi pccaolav gecero prnrodewssi tthhfo el loCwPiAIn sngt iatsgusntierede ading:
45 .B asoifPc osr tfPollainona inCndog n struction
Thec andisdhaotubelea d b tleo :
a.D escrirbeea sftoorhn ewsar ititnevne sptomlesinttca yt e(mIePn(Stp) a.1g 48e)
b.D esctrhimeba ej coorm ponoefan nIt PsS( p.a 1g48e)
c.D escrriiasbnkerd e toubrejnc tiavnhedos w t hemya yb ed eevlopfoeardc lient.
(pa1g58e)
d.D istinbgeutiwtsehhewe ni llianngtdnhe aesb siy (l ciatpatcoti atkryei)i s nk
analyaznii nnvge sftionra'rnsict siokal le r(apnac1ge68e.)
e.D esctrhiiebn ev esctomnesnttor fal iidnqitutsity i,mh eo ritzaocxno ,n cerns,
legaanlrd e gulfaattcoorrasny,ud n ique ciracnutdmh seitimarpn lciecfsaro t ions
the cohfpo oirctef olio 1a68s)s ets. (page
f. Explaisnp etchiefo ifac sasctelitao sns es tioan s sareletll oact(aiptoain1go 88en) .
g.D isctuhpsers i ncoifpp olroetlsfci oon straunctdth ireoo onlfe a s saeltl ocation
inr elattoti hoIenP (Sp.a 1g98e)
STUDSYE SSI1O3N
Thteoi pccaolav gecero prrosenw sditthhfo el loCwPiAIn sngt iatsgusntierede ading:
46M.a rkOertg aniaznaSdtt irounc ture
Thec andisdhaotubelea d b tloe :
a.E xpltahien mfunacitni oofn sfit nhaen scyisatl(e pma.1g 89e)
b.D esccrliabses ioffia csasatenitmdosa n rsk (eptas2g.0e 0 )
c.D esctrhimeba ej toyrp oefss e curciutrireescn,oc nitersca,oc mtmso,d ities,
anrde al astsreaitdnose r gtahnamitaz rek,die ntsclutdhiedniigrs tinguishing
charactaenrmdia sjstouirybc ptse (sp.a2 g01e )
©2102
KaplIannc,. Pag7e
4
Book CorpoFriantaePn ocreot,lfM iaon agemaennEdtq ,u iItyn vestments
-
ReadAisnsgi gnamneLdne tasr nOiuntgc ome Statements
d.D esctryipboeeffs i nainnctiearlm eadnisdae rrivteihscta ehtse p yr ovide.
(pa2g0e4 )
e.C ompaproes itaini onnvse sttoarki enac naa sns (epta2.g 0e7 )
f. Calcualnadt ei ntelrepvreerrtaa tgttiehhor ee,a o tfer etounra nm argin
transaacnttdih oen ,s epcruiarctwie ht iytc hhie n vewsotuorlred c eami avreg in
cal(lp.a2g 0e9 )
g.C ompaerxee cuvtailoinad,ni cdtl ye,a irnisntgr u(cptai2go1en 0s).
h.C ompamraer koertd weirtslh i moirtd e(rpsa2.g1 e 0)
Define apnrsdie mcaornymd aarrkyae ntedsx plhaoiwsn e cornymd aarkets
1.
suppporritm maarryk (eptas2g.1e )3
)-Deschroiwsb ee curciotniterasan,ccd tu sr,r eanrcei etsirn qa udoetde -driven,
ordere-nad,nr di vbroker(epda 2gm1e)a5 rkets.
k.D esccrhiabrea ctoefarw ieslutlni-ccftsi foinniansngyc sita(elpm a2.g 1e)7
Descorbijbeec otfmi avrekse t re(gpua2lg1ae)8t ion.
1.
Thteoi pccaolav gecero prrosenw sditthhfo el loCwFiAIn ngs taistseuidrtg eena ding:
47S.e cuMrairtkyIe ntd ices
The cansdhiodubaleatd be tl oe:
a.D escars iebceu mrairtkiyen td (epxa.g e 226)
b.C alcualnaidtn et erpretp rtirhceeet uavrnantdl,o u tea,l orfae nit nudrenx .
(pa2g2e6 )
c.D escricbheo iatcnhedes iisnis nudecesox n strucmtainoang eamnedn t.
(pa2g2e7 )
d.C ompatrhdeei efrfewneti ghmteitnhguo sdesid ni ndceoxn struction.
(pa2g2e7 )
e.C alcualnaadtn eal tyhzveea l aunerd e toufra nni ndoentx h bea soifis t s
weighmteitnhg(o pda.2g 2e9 )
f. Descrreibbael aannrcdei ncgo nstoifat niu ntdi(eopxna.2 g 3e3 )
g.D escursioebfsse e cumrairtkiyen td i(cpea2sg3.e 4 )
h.D esctryipboeefes q uiintyd i(cpea2sg3.e4 )
Desctryipboeeffs ie xd-inicnodmie(c pea2sg.3e 5 )
1.
Describe indiacletse rrinenapvtreiesvste(em pneatn2git3ens6 g.)
)k·. C ompatryepo efss e cumrairtkiyen td i(cpeas2g.3e 7 )
Thteoi pccaolav gecero prrosenw sditthhfo el loCwFiAIn ngs taistseuidrtg eena ding:
48M.a rkEeffitc iency
Thec andisdhaotubelea d b tleo :
a.D escmrairbkeeefi ftc ieanncrdye lactoendc epts, iinmcplourdttiaonn gc et heir
invesptrmaecntti (tpiao2gn4ee5 r)s .
b.D istinbgeutiwmseaher nk veatla uneid n trvianls(uipeca. 2g 4e6 )
c.E xplfacaitnot rhsaa ftef catm arkeeftcf'iise n(cpya2.g4 e6 )
d.C ontwreaaskt- fsoermmi,- sotrrmao,nn sdgt -rfoonrgmm-a frkeefitfc iency.
(pa2g4e7 )
e.E xplain the imfporlmi cmoaaftr ikeoefifntcs i efonorffc unyed aacmhe ntal
analtyescihsna,in caalalyn stdih sce,h obiectew aecetnai nvpdea sspiovret folio
manage(mpena2tg4.e8 )
f. Describe sealneocmtae(ldpi ae2mgs4ae.9r )ke t
g.C onttrhabese th avfiionravanilce oewfi nvebsethoartv oit ohroa tft raditional
fina(npcae2g.5e 2 )
Pag8e ©2012K aplIannc,.
Book CorpoFriantaePn ocroetl,fMi aon agemaenndt ,E qIunvietys tments
4-
ReadAisnsgi gnmaenLndet arsn iOnugt coSmtea tements
STUDSYE SSI1O4N
Thteoi pccaolav gecero prorenwsdistt hhfoe l lowCPiAIn sngt iatsusetidreg e nading:
49O.v ervoifEe qwu iSteyc urities
Thec andisdhaotubelea d b tloe :
a.D esccrhiabrea ctoeftr yiposefets qi ucsiset cyu r(ipta2ige5es8 .)
b.D escdriifbfee irnve ontcireinsgg ah ntodst hoewrn ercshhairpa ctaemroinsgt ics
diefrfeenqtu ciltays (spea2sg5.e9 )
c.D istinbgeutiwpseuheb nal nipdcr iveaqtuesi etcyu r(ipta2ig6ee0s ).
d.D escmreitbhefo rodi sn vesitnni onng- domeeqsusiteticycu r(ipta2ig6ees1 .)
e.C ompatrhreei asnkrd e tcuhranr actoeftr yiposefets qi ucsiset cy urities.
(page 262)
f. Explairno oltfeh eeq uityi nts heec ufriiontfaai neccsoi mnpgaa snsye'tss .
(page 263)
g.D istinbgeutiwtsehheme na rkveatla unebd o ovka loufee q usietcy urities.
(pa2g6e3 )
h.C ompaacr oem pacnoyos'ftes q uyi,i tt(sa ccournettiounnregn q) u yi,a tnd
invesrteoqrusri'ar teedrs e tou(frp na2.g6 e4 )
Thteoi pccaolav gecero prorenwsdistt hhfoe l lowCPiAIn sngt iatsusetidreg e nading:
50I.n trodtuoIc tnidounasn tCdr oym paAnnya lysis
Thec andisdhaotubelea d b tloe :
a.E xplaiuns oetfsih ned uasntarlyay nsdi st heo fri enldauatsnitaorlnyty os is
compaannyai ls(y.ps a2g7e1 )
b.C ompamreet hboydw sh iccohm pacnaibneeg s r oupceudrr,ie nndtu stry
classisfyisctaaetnmidso ,nc lcaosmspiafygn iyava,e d ne scripittaisco tni voift ies
antdh cel assisfiycsatt(eipmao2.gn 7e 1 )
c.E xpltahifecna t otrhsaa ftef ctth see nsiotfai vciotmytp ota hnbeyu siness
cycalned utshees l iamnidt oafit nidonuassn tcdro ym padneys crsiupctahso rs
"gro,w""td heenfsiavne"d,c "yi ccla(lp"a2.g7 e4 )
d.E xpltahirene laotf"i poenge rro uaps, "ui snee qdu viatlyu attoaic oonm,p any's
inducsltarsys i(fpiac2ga7et5 i)o n.
e.D escribe tthhena etee tldoe mcbeoenv teisrna et dh oroiungdhu stry analysis.
(pa2g7e6 )
f. Describe tohfes trpartiengciiocpfa l niae nnsda uls(ytpsrai2ygs7.e 6 )
g.E xpltahieenfe fcotfsb arrtioee nrtsir nyd,u csotnrcye ntirnadtuicsoatnpr,ay c ity,
and marksetta bsoihnlpa irrtieycp ionwgae nrrd e tounrc na pi(tpaa2lg7.e8 )
h.D escprriobdeau ncidtn dulsitcfryeyc m loed ecllsa,sa snii nfyd uasstt olre iy f
cycplhea (see. egm.b,r yonic, grmoawttuyhr,a, in tds hdaekceloiunte,) based
ona d escroifpi ttai,nod dne scribe thoeft hlleii fmei-ctcoayntccileoepn ts in
froecasitnidnugs torrym apn(ecpreaf2.g8 e0 )
Compacrhea racterreipsrteisceisnn tdoauftsf itorvrmtei h evesa rieocuosn omic
1.
sect(opra2sg8.e2 )
Describe dgeomvomegerrnnatpsaholic,aci n,atd le chnoilnofgliucoeannl c es
J· indugsrtorwypt rho,f itaanbrdii ls(ikpt.a2y g8 e2 )
k.D esctrhieebl ee metnhstahts oublecd o veirnaet dh orocuogmhp aannyai lsy.s
(pa2g8e3 )
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KaplIannc,. Pag9e