Bärchen Formation

CFA® – Level II

Par Bärchen Formation

Objectifs

  • Décrocher le niveau 2 du CFA

Programme

Ethics

  • Code of Ethics and Standards of Professional Conduct
  • Guidance for Standards I–VII
  • CFA Institute Soft Dollar Standards
  • CFA Institute Research Objectivity Standards
  • The Glenarm Company
  • Preston Partners
  • Super Selection
  • Trade Allocation: Fair Dealing and Disclosure
  • Changing Investment Objectives
  • Prudence in Perspective

Quantitative Methods

  • Correlation and Regression
  • Hypothesis testing
  • ANOVA and F-Statsitic
  • Standard error and confidence intervals
  • Multiple Regression and Issues in Regression Analysis
  • The R coefficient and its interpreatation
  • Multicollinearity
  • Time- Series Analysis
  • Autocorrelation
  • Autoregressive models
  • Mean reversion

Corporate finance part 1

  • Capital Budgeting
  • The impacts of inflation
  • Explain and calculate the discount rate for valuing a capital project
  • Accounting income and economic income
  • Capital Structure
  • The Modigliani-Miller propositions regarding capital structures
  • The effects of capital structures
  • Dividends and Share Repurchases
  • Theory of dividend policies
  • Dividend coverage ratios

Corporate finance part 2

  • Corporate Governance
  • The major business forms
  • Agency theory and relationships
  • Effective corporate governance practices
  • Environmental, social and governance risk exposures
  • Mergers and Acquisitions
  • Bootstrapping of earning per share
  • The Herfindahl-Hirschmann Index
  • Company valuation methods
  • Distinguish among equity carve-outs, spin-offs, split-offs and liquidation

Economics

  • Currency Exchange Rates: Determination and Forecasting
  • Bid-Ask Spread
  • Carry trade
  • The Mundell-Fleming model
  • The role of the central bank
  • Economic Growth and the Investment Decision
  • Impacts of factors on the labor productivity
  • The impact of demography and immigration
  • The different growth theories
  • Regulation principles
  • The main actors of economic regulation
  • The benefits and costs of regulation

Derivatives part 1

  • Forward Markets and Contracts
  • The value of a forward contract is determined at initiation, during the life of the contract, and at expiration
  • Forward contracts on a fixed-income security
  • Forward rate agreements
  • Forward contracts on a currency
  • Futures Markets and Contracts
  • Value of a futures contract
  • Pricing Eurodollar futures
  • Prices of Treasury bond futures, stock index futures, and currency futures

Derivatives part 2

  • Option Markets and Contracts
  • Prices of a synthetic call option, synthetic put option, synthetic bond, and synthetic underlying stock
  • The Black–Scholes–Merton model
  • The put–call parity for options on forwards (or futures)
  • Swap Markets and Contracts
  • Interest Rate Derivative Instruments
  • Cap and Floor structures
  • Credit Default Swaps

Alternative Investments

  • Private Real Estate Investments
  • Income, cost, and sales comparison approaches to valuing real estate properties
  • The direct capitalization and discounted cash flow valuation methods
  • Real estate investment trust (REIT)
  • Publicly Traded Real Estate Securities
  • Private Equity Valuation
  • Investing in Hedge Funds
  • A Primer on Commodity Investing

Financial Analysis part 1

  • Inventories: Implications for Financial Statements and Ratios
  • Impacts of inflation and deflation
  • LIFO reserves and Liquidation
  • Long-lived Assets: Implications for Financial Statements and Ratios
  • Depreciation methods
  • The impact of leasing
  • The impacts of revaluation

Financial Analysis part 2

  • Intercorporate Investments
  • IFRS
  • US GAAP
  • Employee Compensation: Post-Employment and Share- Based
  • The types of post-employment benefits
  • The Benefit pensions costs
  • Multinational Operations
  • The impact of exchange rates on translated sales
  • Current rate and temporal rate method for accounting

Financial Analysis part 3

  • EBITDA, Operating Profit, earnings, net incomes…
  • Evaluating Financial Reporting Quality
  • Integration of Financial Statement Analysis Techniques
  • The impacts of the standard methods on ratios
  • Improvement of the comparability of financial statements
  • Financial reporting choices and biases

Fixed Income part 1

  • Credit Analysis Models
  • Credit scoring and Credit rating
  • Models of corporate credit risk
  • Term structure of credit spreads
  • Term Structure and Volatility of Interest Rates
  • Parallel and non-parallel shifts of the yield curve
  • SWAP rate curve
  • Yield volatility
  • Valuing Bonds with Embedded Options
  • Describe and evaluate a convertible bond
  • Interpret an option-adjusted spread

Fixed Income part 2

  • Mortgage-Backed Sector of the Bond Market
  • Explain investment characteristics, payment characteristics, and risks of mortgage passthrough securities
  • Collateralized mortgage obligation (CMO)
  • The basic structure of a commercial mortgage-backed security (CMBS)
  • Asset-Backed Sector of the Bond Market
  • Amortizing assets and non-amortizing assets
  • Collateralized debt obligations (CDOs)
  • Valuing Mortgage-Backed and Asset- Backed Securities
  • The calculation, use, and limitations of the cash flow yield, nominal spread, and zero-volatility spread for a mortgage-backed security and an asset-backed security

Equity part 1

  • Equity Valuation: Applications and Processes
  • Definitions of value, and justify which definition of value is most relevant
  • Sum-of-the-parts valuation
  • Return Concepts
  • The Fama–French model, the Pastor–Stambaugh model, macroeconomic multifactor models, and the build-up method
  • Describe strengths and weaknesses of methods used to estimate the required return on an equity investment
  • The Five Competitive Forces That Shape Strategy
  • Evaluate the predictability and malleability of an industry and select an appropriate strategy
  • Industry and Company Analysis
  • Top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models
  • The effects of technological developments on demand, selling prices, costs, and margins

Equity part 2

  • Discounted Dividend Valuation* the dividend discount model (DDM) for single and multiple holding periods
  • The present value of growth opportunities (PVGO)
  • The use of DuPont analysis to estimate a company’s sustainable growth rate
  • Free Cash Flow Valuation
  • Compare the free cash flow to the firm (FCFF) and free cash flow to equity (FCFE) approaches to valuation
  • The single-stage (stable-growth), two-stage, and three-stage FCFF and FCFE models
  • Market-Based Valuation: Price and Enterprise Value Multiples
  • Residual Income Valuation
  • Private Company Valuation
  • The role of valuation standards in valuing private companies

Portfolio Management part 1

  • Portfolio Concepts
  • mean–variance analysis
  • minimum-variance and efficient frontiers
  • variance of an equally weighted portfolio of n stocks, explain the capital allocation and capital market lines (CAL and CML)
  • the arbitrage pricing theory (APT)
  • Residual Risk and Return: The Information Ratio
  • the terms “alpha” and “information ratio” in both their ex post and ex ante senses
  • the information ratio and the alpha’s T-statistic
  • investor risk aversion

Portfolio Management part 2

  • The Fundamental Law of Active Management
  • The terms “information coefficient” and “breadth” and describe how they combine to determine the information ratio
  • The assumptions on which the fundamental law of active management is based
  • The Portfolio Management Process
  • Ethical conduct as a requirement for managing investment portfolios
  • Capital market expectations
  • Evaluate the effects of time horizon on portfolio choice

Pédagogie

  • Interaction avec votre intervenant en rapport avec son expérience et l’actualité
  • TP et cas pratiques multiples

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