دانلود کتاب CFA Level 1 Volume 6

فهرست مطالب :

How to Use the CFA Program Curriculum
Errata
Designing Your Personal Study Program
CFA Institute Learning Ecosystem (LES)
Feedback
Portfolio Management
Learning Module 1 Basics of Portfolio Planning and Construction
Introduction
The Investment Policy Statement
The Investment Policy Statement
Major Components of an IPS
IPS Risk and Return Objectives
Return Objectives
IPS Constraints
Liquidity Requirements
Time Horizon
Tax Concerns
Legal and Regulatory Factors
Unique Circumstances and ESG Considerations
Gathering Client Information
Portfolio Construction and Capital Market Expectations
Capital Market Expectations
Strategic Asset Allocation
Portfolio Construction Principles
New Developments in Portfolio Management
ESG Considerations in Portfolio Planning and Construction
Summary
Practice Problems
Solutions
Learning Module 2 The Behavioral Biases of Individuals
Introduction
Behavioral Bias Categories
Cognitive Errors
Belief Perseverance Biases
Processing Errors
Emotional Biases
Loss-Aversion Bias
Overconfidence Bias
Self-Control Bias
Status Quo Bias
Endowment Bias
Regret-Aversion Bias
Behavioral Finance and Market Behavior
Defining Market Anomalies
Momentum
Bubbles and Crashes
Value
Summary
References
Practice Problems
Solutions
Learning Module 3 Introduction to Risk Management
Introduction
Risk Management Process
Risk Management Framework
Risk Governance - An Enterprise View
An Enterprise View of Risk Governance
Risk Tolerance
Risk Budgeting
Identification of Risk - Financial Vs. Non-Financial Risk
Financial Risks
Non-Financial Risks
Interactions Between Risks
Measuring and Modifying Risk: Drivers and Metrics
Drivers
Metrics
Risk Modification: Prevention, Avoidance, and Acceptance
Risk Prevention and Avoidance
Risk Acceptance: Self-Insurance and Diversification
Risk Modification: TransferRING, Shifting, and How To Choose
Risk Shifting
How to Choose Which Method for Modifying Risk
Summary
Practice Problems
Solutions
Learning Module 4 Technical Analysis
Introduction
Principles, Assumptions, and links to Investment Analysis
Principles and Assumptions
Technical Analysis and Behavioral Finance
Technical Analysis and Fundamental Analysis
The Differences in Conducting/Interpreting Technical Analysis in Various Types of Markets
Chart Types
Types of Technical Analysis Charts
Trend, Support, and Resistance
Common Chart Patterns
Reversal Patterns
Continuation Patterns
Technical Indicators: Moving Averages and Bollinger Bands
Technical Indicators
Technical Indicators: Oscillators, Relative Strength, and Sentiment
Rate of Change Oscillator
Relative Strength Index
Stochastic Oscillator
Moving-Average Convergence/Divergence Oscillator (MACD)
Sentiment Indicators
Intermarket Analysis
Principles of Intermarket Analysis
Technical Analysis Applications to Portfolio Management
The Role of the Technical Analyst in Fundamental Portfolio Management
Summary
Practice Problems
Solutions
Learning Module 5 Fintech in Investment Management
Introduction
What Is Fintech?
Big Data
Sources of Big Data
Big Data Challenges
Advanced Analytical Tools: AI and Machine Learning
Types of ML
Data Science: Extracting Information from Big Data
Data Processing Methods
Data Visualization
Applying Fintech to Investment Management
Text Analytics and Natural Language Processing
Robo-Advisory Services
Risk Analysis
Algorithmic Trading
DLT and Permissioned and Permissionless Networks
Permissioned and Permissionless Networks
Applications of DLT to Investment Management
Cryptocurrencies
Tokenization
Post-Trade Clearing and Settlement
Compliance
Summary
Practice Problems
Solutions
Ethical and Professional Standards
Learning Module 1 Ethics and Trust in the Investment Profession
Introduction
Ethics
Ethics and Professionalism
How Professions Establish Trust
Professions Are Evolving
Professionalism in Investment Management
Trust in Investment Management
CFA Institute as an Investment Management Professional Body
Challenges to Ethical Conduct
Ethical vs. Legal Standards
Ethical Decision-Making Frameworks
The Framework for Ethical Decision-Making
Applying the Framework
Conclusion
Summary
Practice Problems
Solutions
Learning Module 2 Code of Ethics and Standards of Professional Conduct
Preface
Evolution of the CFA Institute Code of Ethics and Standards of Professional Conduct
Standards of Practice Handbook
Summary of Changes in the Eleventh Edition
CFA Institute Professional Conduct Program
Adoption of the Code and Standards
Acknowledgments
Ethics and the Investment Industry
Why Ethics Matters
CFA Institute Code of Ethics and Standards of Professional Conduct
Preamble
The Code of Ethics
Standards of Professional Conduct
Practice Problems
Solutions
Learning Module 3 Guidance for Standards I–VII
Standard I(A): Professionalism - Knowledge of the Law
Standard I(A) Knowledge of the Law
Guidance
Standard I(A): Recommended Procedures
Members and Candidates
Distribution Area Laws
Legal Counsel
Dissociation
Firms
Standard I(A): Application of the Standard
Example 1 (Notification of Known Violations):
Example 2 (Dissociating from a Violation):
Example 3 (Dissociating from a Violation):
Example 4 (Following the Highest Requirements):
Example 5 (Following the Highest Requirements):
Example 6 (Laws and Regulations Based on Religious Tenets):
Example 7 (Reporting Potential Unethical Actions):
Example 8 (Failure to Maintain Knowledge of the Law):
Standard I(B): Professionalism - Independence and Objectivity
Guidance
Standard I(B): Recommended Procedures
Standard I(B): Application of the Standard
Example 1 (Travel Expenses):
Example 2 (Research Independence):
Example 3 (Research Independence and Intrafirm Pressure):
Example 4 (Research Independence and Issuer Relationship Pressure):
Example 5 (Research Independence and Sales Pressure):
Example 6 (Research Independence and Prior Coverage):
Example 7 (Gifts and Entertainment from Related Party):
Example 8 (Gifts and Entertainment from Client):
Example 9 (Travel Expenses from External Manager):
Example 10 (Research Independence and Compensation Arrangements):
Example 11 (Recommendation Objectivity and Service Fees):
Example 12 (Recommendation Objectivity):
Example 13 (Influencing Manager Selection Decisions):
Example 14 (Influencing Manager Selection Decisions):
Example 15 (Fund Manager Relationships):
Example 16 (Intrafirm Pressure):
Standard I(C): Professionalism – Misrepresentation
Guidance
Standard I(C): Recommended Procedures
Factual Presentations
Qualification Summary
Verify Outside Information
Maintain Webpages
Plagiarism Policy
Standard I(C): Application of the Standard
Example 1 (Disclosure of Issuer-Paid Research):
Example 2 (Correction of Unintentional Errors):
Example 3 (Noncorrection of Known Errors):
Example 4 (Plagiarism):
Example 5 (Misrepresentation of Information):
Example 6 (Potential Information Misrepresentation):
Example 7 (Plagiarism):
Example 8 (Plagiarism):
Example 9 (Plagiarism):
Example 10 (Plagiarism):
Example 11 (Misrepresentation of Information):
Example 12 (Misrepresentation of Information):
Example 13 (Avoiding a Misrepresentation):
Example 14 (Misrepresenting Composite Construction):
Example 15 (Presenting Out-of-Date Information):
Example 16 (Overemphasis of Firm Results):
Standard I(D): Professionalism – Misconduct
Guidance
Standard I(D): Recommended Procedures
Standard I(D): Application of the Standard
Example 1 (Professionalism and Competence):
Example 2 (Fraud and Deceit):
Example 3 (Fraud and Deceit):
Example 4 (Personal Actions and Integrity):
Example 5 (Professional Misconduct):
Standard II(A): Integrity of Capital Markets - Material Nonpublic Information
Standard II(A) Material Nonpublic Information
Guidance
Standard II(A): Recommended Procedures
Achieve Public Dissemination
Adopt Compliance Procedures
Adopt Disclosure Procedures
Issue Press Releases
Firewall Elements
Appropriate Interdepartmental Communications
Physical Separation of Departments
Prevention of Personnel Overlap
A Reporting System
Personal Trading Limitations
Record Maintenance
Proprietary Trading Procedures
Communication to All Employees
Standard II(A): Application of the Standard
Example 1 (Acting on Nonpublic Information):
Example 2 (Controlling Nonpublic Information):
Example 3 (Selective Disclosure of Material Information):
Example 4 (Determining Materiality):
Example 5 (Applying the Mosaic Theory):
Example 6 (Applying the Mosaic Theory):
Example 7 (Analyst Recommendations as Material Nonpublic Information):
Example 8 (Acting on Nonpublic Information):
Example 9 (Mosaic Theory):
Example 10 (Materiality Determination):
Example 11 (Using an Expert Network):
Example 12 (Using an Expert Network):
Standard II(B): Integrity of Capital Markets - Market Manipulation
Guidance
Standard II(B): Application of the Standard
Example 1 (Independent Analysis and Company Promotion):
Example 2 (Personal Trading Practices and Price):
Example 3 (Creating Artificial Price Volatility):
Example 4 (Personal Trading and Volume):
Example 5 (“Pump-Priming” Strategy):
Example 6 (Creating Artificial Price Volatility):
Example 7 (Pump and Dump Strategy):
Example 8 (Manipulating Model Inputs):
Example 9 (Information Manipulation):
Standard III(A): Duties to Clients - Loyalty, Prudence, and Care
Standard III(A) Loyalty, Prudence, and Care
Guidance
Standard III(A): Recommended Procedures
Regular Account Information
Client Approval
Firm Policies
Standard III(A): Application of the Standard
Example 1 (Identifying the Client—Plan Participants):
Example 2 (Client Commission Practices):
Example 3 (Brokerage Arrangements):
Example 4 (Brokerage Arrangements):
Example 5 (Client Commission Practices):
Example 6 (Excessive Trading):
Example 7 (Managing Family Accounts):
Example 8 (Identifying the Client):
Example 9 (Identifying the Client):
Example 10 (Client Loyalty):
Example 11 (Execution-Only Responsibilities):
Standard III(B): Duties to Clients - Fair Dealing
Guidance
Standard III(B): Recommended Procedures
Develop Firm Policies
Disclose Trade Allocation Procedures
Establish Systematic Account Review
Disclose Levels of Service
Standard III(B): Application of the Standard
Example 1 (Selective Disclosure):
Example 2 (Fair Dealing between Funds):
Example 3 (Fair Dealing and IPO Distribution):
Example 4 (Fair Dealing and Transaction Allocation):
Example 5 (Selective Disclosure):
Example 6 (Additional Services for Select Clients):
Example 7 (Minimum Lot Allocations):
Example 8 (Excessive Trading):
Example 9 (Limited Social Media Disclosures):
Example 10 (Fair Dealing between Clients):
Standard III(C): Duties to Clients – Suitability
Guidance
Standard III(C): Recommended Procedures
Investment Policy Statement
Regular Updates
Suitability Test Policies
Standard III(C): Application of the Standard
Example 1 (Investment Suitability—Risk Profile):
Example 2 (Investment Suitability—Entire Portfolio):
Example 3 (IPS Updating):
Example 4 (Following an Investment Mandate):
Example 5 (IPS Requirements and Limitations):
Example 6 (Submanager and IPS Reviews):
Example 7 (Investment Suitability—Risk Profile):
Example 8 (Investment Suitability):
Standard III(D): Duties to Clients - Performance Presentation
Guidance
Standard III(D): Recommended Procedures
Apply the GIPS Standards
Compliance without Applying GIPS Standards
Standard III(D): Application of the Standard
Example 1 (Performance Calculation and Length of Time):
Example 2 (Performance Calculation and Asset Weighting):
Example 3 (Performance Presentation and Prior Fund/Employer):
Example 4 (Performance Presentation and Simulated Results):
Example 5 (Performance Calculation and Selected Accounts Only):
Example 6 (Performance Attribution Changes):
Example 7 (Performance Calculation Methodology Disclosure):
Example 8 (Performance Calculation Methodology Disclosure):
Standard III(E): Duties to Clients - Preservation of Confidentiality
Guidance
Standard III(E): Recommended Procedures
Communicating with Clients
Standard III(E): Application of the Standard
Example 1 (Possessing Confidential Information):
Example 2 (Disclosing Confidential Information):
Example 3 (Disclosing Possible Illegal Activity):
Example 4 (Disclosing Possible Illegal Activity):
Example 5 (Accidental Disclosure of Confidential Information):
Standard IV(A): Duties to Employers – Loyalty
Standard IV(A) Loyalty
Guidance
Standard IV(A): Recommended Procedures
Competition Policy
Termination Policy
Incident-Reporting Procedures
Employee Classification
Standard IV(A): Application of the Standard
Example 1 (Soliciting Former Clients):
Example 2 (Former Employer’s Documents and Files):
Example 3 (Addressing Rumors):
Example 4 (Ownership of Completed Prior Work):
Example 5 (Ownership of Completed Prior Work):
Example 6 (Soliciting Former Clients):
Example 7 (Starting a New Firm):
Example 8 (Competing with Current Employer):
Example 9 (Externally Compensated Assignments):
Example 10 (Soliciting Former Clients):
Example 11 (Whistleblowing Actions):
Example 12 (Soliciting Former Clients):
Example 13 (Notification of Code and Standards):
Example 14 (Leaving an Employer):
Example 15 (Confidential Firm Information):
Standard IV(B): Duties to Employers - Additional Compensation Arrangements
Guidance
Standard IV(B): Recommended Procedures
Standard IV(B): Application of the Standard
Example 1 (Notification of Client Bonus Compensation):
Example 2 (Notification of Outside Compensation):
Example 3 (Prior Approval for Outside Compensation):
Standard IV(C): Duties to Employers - Responsibilities of Supervisors
Guidance
Standard IV(C): Recommended Procedures
Codes of Ethics or Compliance Procedures
Adequate Compliance Procedures
Implementation of Compliance Education and Training
Establish an Appropriate Incentive Structure
Standard IV(C): Application of the Standard
Example 1 (Supervising Research Activities):
Example 2 (Supervising Research Activities):
Example 3 (Supervising Trading Activities):
Example 4 (Supervising Trading Activities and Record Keeping):
Example 5 (Accepting Responsibility):
Example 6 (Inadequate Procedures):
Example 7 (Inadequate Supervision):
Example 8 (Supervising Research Activities):
Example 9 (Supervising Research Activities):
Standard V(A): Investment Analysis, Recommendations, and Actions - Diligence and Reasonable Basis
Standard V(A) Diligence and Reasonable Basis
Guidance
Standard V(A): Recommended Procedures
Standard V(A): Application of the Standard
Example 1 (Sufficient Due Diligence):
Example 2 (Sufficient Scenario Testing):
Example 3 (Developing a Reasonable Basis):
Example 4 (Timely Client Updates):
Example 5 (Group Research Opinions):
Example 6 (Reliance on Third-Party Research):
Example 7 (Due Diligence in Submanager Selection):
Example 8 (Sufficient Due Diligence):
Example 9 (Sufficient Due Diligence):
Example 10 (Sufficient Due Diligence):
Example 11 (Use of Quantitatively Oriented Models):
Example 12 (Successful Due Diligence/Failed Investment):
Example 13 (Quantitative Model Diligence):
Example 14 (Selecting a Service Provider):
Example 15 (Subadviser Selection):
Example 16 (Manager Selection):
Example 17 (Technical Model Requirements):
Standard V(B): Investment Analysis, Recommendations, and Actions - Communication with Clients and Prospective Clients
Guidance
Standard V(B): Recommended Procedures
Standard V(B): Application of the Standard
Example 1 (Sufficient Disclosure of Investment System):
Example 2 (Providing Opinions as Facts):
Example 3 (Proper Description of a Security):
Example 4 (Notification of Fund Mandate Change):
Example 5 (Notification of Fund Mandate Change):
Example 6 (Notification of Changes to the Investment Process):
Example 7 (Notification of Changes to the Investment Process):
Example 8 (Notification of Changes to the Investment Process):
Example 9 (Sufficient Disclosure of Investment System):
Example 10 (Notification of Changes to the Investment Process):
Example 11 (Notification of Errors):
Example 12 (Notification of Risks and Limitations):
Example 13 (Notification of Risks and Limitations):
Example 14 (Notification of Risks and Limitations):
Standard V(C): Investment Analysis, Recommendations, and Actions - Record Retention
Guidance
Standard V(C): Recommended Procedures
Standard V(C): Application of the Standard
Example 1 (Record Retention and IPS Objectives and Recommendations):
Example 2 (Record Retention and Research Process):
Example 3 (Records as Firm, Not Employee, Property):
Standard VI(A): Conflicts of Interest - Disclosure of Conflicts
Standard VI(A) Disclosure of Conflicts
Guidance
Standard VI(A): Recommended Procedures
Standard VI(A): Application of the Standard
Example 1 (Conflict of Interest and Business Relationships):
Example 2 (Conflict of Interest and Business Stock Ownership):
Example 3 (Conflict of Interest and Personal Stock Ownership):
Example 4 (Conflict of Interest and Personal Stock Ownership):
Example 5 (Conflict of Interest and Compensation Arrangements):
Example 6 (Conflict of Interest, Options, and Compensation Arrangements):
Example 7 (Conflict of Interest and Compensation Arrangements):
Example 8 (Conflict of Interest and Directorship):
Example 9 (Conflict of Interest and Personal Trading):
Example 10 (Conflict of Interest and Requested Favors):
Example 11 (Conflict of Interest and Business Relationships):
Example 12 (Disclosure of Conflicts to Employers):
Standard VI(B): Conflicts of Interest - Priority of Transactions
Guidance
Standard VI(B): Recommended Procedures
Standard VI(B): Application of the Standard
Example 1 (Personal Trading):
Example 2 (Trading for Family Member Account):
Example 3 (Family Accounts as Equals):
Example 4 (Personal Trading and Disclosure):
Example 5 (Trading Prior to Report Dissemination):
Standard VI(C): Conflicts of Interest - Referral Fees
Guidance
Standard VI(C): Recommended Procedures
Standard VI(C): Application of the Standard
Example 1 (Disclosure of Referral Arrangements and Outside Parties):
Example 2 (Disclosure of Interdepartmental Referral Arrangements):
Example 3 (Disclosure of Referral Arrangements and Informing Firm):
Example 4 (Disclosure of Referral Arrangements and Outside Organizations):
Example 5 (Disclosure of Referral Arrangements and Outside Parties):
Standard VII(A): Responsibilities as a CFA Institute Member or CFA Candidate - Conduct as Participants in CFA Institute Programs
Standard VII(A) Conduct as Participants in CFA Institute Programs
Guidance
Standard VII(A): Application of the Standard
Example 1 (Sharing Exam Questions):
Example 2 (Bringing Written Material into Exam Room):
Example 3 (Writing after Exam Period End):
Example 4 (Sharing Exam Content):
Example 5 (Sharing Exam Content):
Example 6 (Sharing Exam Content):
Example 7 (Discussion of Exam Grading Guidelines and Results):
Example 8 (Compromising CFA Institute Integrity as a Volunteer):
Example 9 (Compromising CFA Institute Integrity as a Volunteer):
Standard VII(B): Responsibilities as a CFA Institute Member or CFA Candidate - Reference to CFA Institute, the CFA Designation, and the CFA Program
Guidance
Standard VII(B): Recommended Procedures
Standard VII(B): Application of the Standard
Example 1 (Passing Exams in Consecutive Years):
Example 2 (Right to Use CFA Designation):
Example 3 (“Retired” CFA Institute Membership Status):
Example 4 (Stating Facts about CFA Designation and Program):
Example 5 (Order of Professional and Academic Designations):
Example 6 (Use of Fictitious Name):
Practice Problems
Solutions
Learning Module 4 Introduction to the Global Investment Performance Standards (GIPS)
Introduction
Why Were the GIPS Standards Created, Who Can Claim Compliance, & Who Benefits from Compliance?
Who Can Claim Compliance?
Who Benefits from Compliance?
Composites
Fundamentals of Compliance
Verification
Practice Problems
Solutions
Learning Module 5 Ethics Application
Introduction
Professionalism
Knowledge of the Law
Independence and Objectivity
Misrepresentation
Misconduct
Integrity of Capital Markets
Material Nonpublic Information
Market Manipulation
Duties to Clients
Loyalty, Prudence, and Care
Fair Dealing
Suitability
Performance Presentation
Preservation of Confidentiality
Duties to Employers
Loyalty
Additional Compensation Arrangements
Responsibilities of Supervisors
Investment Analysis, Recommendations, and Actions
Diligence and Reasonable Basis
Communication with Clients and Prospective Clients
Record Retention
Conflicts of Interest
Disclosure of Conflicts
Priority of Transactions
Referral Fees
Responsibilities as a CFA Institute Member or CFA Candidate
Conduct as Participants in CFA Institute Programs
Reference to CFA Institute, the CFA Designation, and the CFA Program