Reading 10. Common Probability Distributions中:
考点h: calculate and interpret tracking error;
2.Study Session 11 Corporate Finance: Leverage, Dividends and Share Repurchases, and Working Capital Management
Reading 38. Dividends and Share Repurchases: Basics整个reading.
考点内容为:
The candidate should be able to:
a describe regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits, including their expected e?ect on shareholders’ wealth and a company’s financial ratios;
b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;
c compare share repurchase methods;
d calculate and compare the e?ect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s excess cash and 2) the company uses debt to finance the repurchase;
e calculate the e?ect of a share repurchase on book value per share;
f explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the e?ect on shareholders’ wealth, all else being equal.
3.Study Session 17 Derivatives
Reading 59. Risk Management Applications of Option Strategies整个reading.
考点内容为:
The candidate should be able to:
a determine the value at expiration, the profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payo? graph of the strategies of buying and selling calls and puts and determine the potential outcomes for investors using these strategies;
b determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payo? graph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy.作者: RealEstate_CFA 时间: 2017-8-1 08:57
经济学
变化集中在Reading 13 Currency Exchange Rates:Determination and Forecasting。删除3个考点(考点k、考点l和考点p),不再考察决定汇率的三大模型及使用技术分析来预测汇率的方法。新增2个点,forward rate parity远期汇率平价和政府对汇率的干预目标。
删除:
考点k :describe the Mundell–Fleming model, the monetary approach, and the asset market (portfolio balance) approach to exchange rate determination;
考点l :forecast the direction of the expected change in an exchange rate based on balance of payment, Mundell–Fleming, monetary, and asset market approaches to exchange rate determination;
考点p :describe uses of technical analysis in forecasting exchange rates.
变化与新增(加粗部分为变化内容)
考点e :explain international parity conditions (covered and uncovered interest rate parity, forward rate parity, purchasing power parity, and the international Fisher effect);
考点l:describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls;
公司金融
变化集中在Reading 23 Dividends and Share Repurchases: Analysis。新增4个考点(考点a,考点h,考点i和考点j,为原一级删除的内容并入二级),2个考点(考点d与考点e)表述发生变化,但无实质影响。
新增与变化
考点a:describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios;
考点h:compare share repurchase methods;
考点i:calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s surplus cash and 2) the company uses debt to finance the repurchase;
考点j:calculate the effect of a share repurchase on book value per share;
考点d:explain how clientele effects and agency costs may affect a company’s payout policy;(原为agency issues)
考点e:explain factors that affect dividend policy in practice;(原无in practice)
1.Study Session 6 Portfolio Management for Institutional Investor
Reading 14. Linking Pension Liabilities to Asset整个reading删除。
2.Study Session 13 Alternative Investments for Portfolio Management
Reading 26. Alternative Investments for Portfolio Management
考点n: explain the three components of return for a commodity futures contract and the effect that an upward- or downward-sloping term structure of futures prices will have on roll return.
3.Study Session 16 Trading, Monitoring, and Rebalancing
Reading 31. Execution of Portfolio Decisions
考点d: compare the roles of brokers and dealers.
4.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management(1)
Reading 9 Tax and Private Wealth Management in a Global Context
考点C: calculate accrual equivalent tax rate and after-tax return删除。
三、2017-2018考纲修改考点:
1.Study Session 4 Private Wealth Management(1)
Reading 8 Managing Individual Investor Portfolio
考点i 改为:discuss the effects that ability and willingness to take risk have on risk tolerance;
2.Study Session 4 Private Wealth Management(1)
Reading 9 Tax and Private Wealth Management in a Global Context
考点d 改为:discuss the tax profiles of different types of investment accounts and explain their effects on after-tax returns and future accumulations;
考点g改为:explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;
3.Study Session 7 Applications of Economic Analysis to Portfolio Management
Reading 14 Capital Market Expectations
考点e改为:discuss the inventory and business cycles and the effects that consumer and business spending and monetary and fiscal policy have on the business cycle;
考点f改为:discuss the effects that the phases of the business cycle have on short-term/long-term capital market returns;
考点i改为: interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;
4.Study Session 12 Equity Portfolio Management
Reading 25 Equity Portfolio Management
考点d改为:distinguish among the predominant weighting schemes used in the construction of major equity market indexes and evaluate the biases of each;
5.Study Session 13 Alternative Investments for Portfolio Management
Reading 26 Alternative Investments Portfolio Management
考点d改为:distinguish among types of alternative investments;作者: 宋宋宋宋 时间: 2018-1-12 10:01