精品久久亚洲精品,九九久久亚洲精品,欧美专区在线观看,免费人成视频x8x8入口观

導讀：《Equity invest》 is the core course for undergraduate students majored in finance. The course includes two sessions. The first session provides a structural overview of financial markets and their operating characteristics. The study session then turns to the calculation, construction, and use of security market indexes. A discussion of market efficiency and the degree to which market prices may reflect available information concludes the session. The second session focuses on the characteristics, analysis, and valuation of equity securities. Various equity types including public and private equities are described. The various industry classification approaches for global equities and useful frameworks for conducting industry and individual company analysis are presented. Coverage of the three main equity valuation approaches (present value, multiplier, and asset based) conclude the session. After learning the course, students should be able to describe characteristics of equity investments, security markets, and indexes, analyze industries, companies, and equity securities and to describe and demonstrate the use of basic equity valuation models.

英文名：Equity Investment

學分/學時：2/32

一、課程的性質和任務

Equity Investment is the core course for the finance program. This course refers to the money that is raised by a company in the form of stock (shares). These are long term-investments and the investor usually recovers his/her money fully only when the shares are sold. Equity Investment involves investing in various equity instruments. This course focuses on the important characteristics of markets that trade equities, fixed-income instruments, derivatives and alternative investments.

二、課程的基本要求

1. Explain the main functions of the financial system;

2. Describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing characteristics and major subtypes;

3. Calculate and interpret the value, price return, and total return of an index;

4. Describe types of equity indexes;

5. Describe market efficiency and related concepts, including their importance to investment practitioners;

6. Contrast weak-form, semi-strong-form, and strong-form market efficiency;

7. Explain the role of equity securities in the financing of a company’s assets;

8. Compare a company’s cost of equity, its (accounting) return on equity, and investors’ required rates of return;

9. Explain uses of industry analysis and the relation of industry analysis to company analysis;

10. Describe macroeconomic, technological, demographic, governmental, and social influences on industry growth, profitability, and risk;

11. Describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;

12. Calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate.

三、課程內容

（一）Market Organization and Structure

1.教學內容：Introduce financial markets and their operating characteristics.

2.教學要求：Understand the concept of purchasing stock on margin and be able to calculate the return on an investment using margin. Know that market regulation should increase informational, allocational, and operational market efficiency.

3.重點、難點：Differentiate between markets and limit orders as well as between quote-driven, order-driven, and brokered markets.

4.教學建議：Use real examples to illustrate theoretical concepts of overall financial markets.

（二）Security Market Indices

1.教學內容：Describe types of equity indexes and compare types of security market indexes.

2.教學要求：Students should understand the construction, calculation, and weaknesses of price-weighted, market capitalization-weighted and equal-weighted indexes. Be familiar with the various security indexes and their potential weaknesses.

3.重點、難點：Compare the different weighting methods used in index construction.

4.教學建議：Use a real stock index to explain how to construct a stock index and evaluate the performance of the selected index.

（三）Market Efficiency

1.教學內容：Describe market efficiency and related concepts, including their importance to investment practitioners.

2.教學要求：Students should understand the three forms of market efficiency and know the evidence from tests of each form of market efficiency. Be familiar with market anomalies listed and the perspective provided by behavioral finance.

3.重點、難點：Distinguish between market value and intrinsic value.

4.教學建議：Use figures to illustrate the trading implication when fundamental value are different from market value.

（四）Overview of Equity Securities

1.教學內容：An overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context.

2.教學要求：Students should know the characteristics of common and preferred equity types, as well as the methods of investing in foreign stock. Understand the difference between the book value of equity and market value of equity and what this difference represents.

3.重點、難點：Compare the risk and return characteristics of different types of equity securities.

4.教學建議：Show stock market evolvement.

（五）Introduction to Industry and Company Analysis

1.教學內容：Industry analysis and company analysis includes understanding a company’s business and business environment, Identifying active equity investment opportunities and Portfolio performance attribution.

2.教學要求：Students should understand the effects of business cycles and the stage of an industry’s life cycle. Know the effects on price competition and profitability of the items considered in industry analysis and of the various firm characteristics discussed.

3.重點、難點：Explain the effects of barriers to entry, industry concentration, industry capacity, and market share stability on pricing power and price competition.

4.教學建議：Example illustration.

（六）Equity Valuation: Concepts and Basic Tools

1.教學內容：Introduce major categories of equity valuation models calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model.

2.教學要求：Students should knowwhen the various models are appropriate, how to apply them, and their advantages and disadvantages.

3.重點、難點：Two-stage dividend discount model.

4.教學建議：Example illustration.

四、本課程與其它課程關系

本課程的前繼課程有：《CFA中級金融學》，《CFA商業數理統計分析基礎》等。

后續課程有：《CFA公司金融》等。

五、學時分配

六、教材及參考書

教 材：

CFA Program Curriculum Level I Volume 4;

SchweserNotes Level 1 CFA Book 4:Equity Investment