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Lamba PhD, CFALEARNING OUTCOMESThe candidate should be able to:describe characteristics of types of equity securities;describe differences in voting rights and other ownership characteri
CFA Institute is the premier association for investment professionals around the world, with over 170,000 members more than 160 countries Since 1963 the organization has developed and administered the renowned Chartered Financial Analyst Program With a rich history of leading the investment profession, CFA Institute has set the highest standards in ethics, education, and professional excellence within the global investment community, and is the foremost authority on investment profession conduct and practice Each book in the CFA Institute Investment Series is geared toward industry practitioners along with graduate-level finance students and covers the most important topics in the industry The authors of these cutting-edge books are themselves industry professionals and academics and bring their wealth of knowledge and expertise to this series PORTFOLIO MANAGEMENT IN PRACTICE Volume Equity Portfolio Management Cover image: © r.nagy/Shutterstock Cover design: Wiley Copyright © 2004, 2007, 2015, 2021 by CFA Institute All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993, or fax (317) 572-4002 Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com ISBN 978-1-119-78925-3 (Hardcover) ISBN 978-1-119-78928-4 (ePDF) ISBN 978-1-119-78926-0 (ePub) CONTENTS 10 11 12 Cover Title Page Copyright PREFACE ACKNOWLEDGMENTS ABOUT THE CFA INSTITUTE INVESTMENT SERIES CHAPTER OVERVIEW OF EQUITY SECURITIES LEARNING OUTCOMES INTRODUCTION EQUITY SECURITIES IN GLOBAL FINANCIAL MARKETS TYPES AND CHARACTERISTICS OF EQUITY SECURITIES PRIVATE VERSUS PUBLIC EQUITY SECURITIES INVESTING IN NON-DOMESTIC EQUITY SECURITIES RISK AND RETURN CHARACTERISTICS OF EQUITY SECURITIES EQUITY SECURITIES AND COMPANY VALUE SUMMARY 10 REFERENCES 11 PRACTICE PROBLEMS CHAPTER MARKET EFFICIENCY LEARNING OUTCOMES INTRODUCTION THE CONCEPT OF MARKET EFFICIENCY FORMS OF MARKET EFFICIENCY MARKET PRICING ANOMALIES BEHAVIORAL FINANCE SUMMARY REFERENCES PRACTICE PROBLEMS CHAPTER OVERVIEW OF EQUITY PORTFOLIO MANAGEMENT LEARNING OUTCOMES INTRODUCTION THE ROLES OF EQUITIES IN A PORTFOLIO EQUITY INVESTMENT UNIVERSE INCOME AND COSTS IN AN EQUITY PORTFOLIO SHAREHOLDER ENGAGEMENT EQUITY INVESTMENT ACROSS THE PASSIVE–ACTIVE SPECTRUM SUMMARY REFERENCES 10 PRACTICE PROBLEMS CHAPTER PASSIVE EQUITY INVESTING LEARNING OUTCOMES INTRODUCTION CHOOSING A BENCHMARK APPROACHES TO PASSIVE EQUITY INVESTING PORTFOLIO CONSTRUCTION TRACKING ERROR MANAGEMENT SOURCES OF RETURN AND RISK IN PASSIVE EQUITY PORTFOLIOS SUMMARY REFERENCES 10 PRACTICE PROBLEMS CHAPTER ANALYSIS OF ACTIVE PORTFOLIO MANAGEMENT LEARNING OUTCOMES INTRODUCTION ACTIVE MANAGEMENT AND VALUE ADDED COMPARING RISK AND RETURN THE FUNDAMENTAL LAW OF ACTIVE MANAGEMENT APPLICATIONS OF THE FUNDAMENTAL LAW PRACTICAL LIMITATIONS SUMMARY REFERENCES 10 PRACTICE PROBLEMS CHAPTER ACTIVE EQUITY INVESTING: STRATEGIES LEARNING OUTCOMES INTRODUCTION APPROACHES TO ACTIVE MANAGEMENT TYPES OF ACTIVE MANAGEMENT STRATEGIES CREATING A FUNDAMENTAL ACTIVE INVESTMENT STRATEGY CREATING A QUANTITATIVE ACTIVE INVESTMENT STRATEGY EQUITY INVESTMENT STYLE CLASSIFICATION SUMMARY REFERENCES 10 PRACTICE PROBLEMS 13 CHAPTER ACTIVE EQUITY INVESTING: PORTFOLIO CONSTRUCTION LEARNING OUTCOMES INTRODUCTION BUILDING BLOCKS OF ACTIVE EQUITY PORTFOLIO CONSTRUCTION APPROACHES TO PORTFOLIO CONSTRUCTION ALLOCATING THE RISK BUDGET ADDITIONAL RISK MEASURES USED IN PORTFOLIO CONSTRUCTION AND MONITORING IMPLICIT COST-RELATED CONSIDERATIONS IN PORTFOLIO CONSTRUCTION THE WELL-CONSTRUCTED PORTFOLIO LONG/SHORT, LONG EXTENSION, AND MARKET-NEUTRAL PORTFOLIO CONSTRUCTION 10 SUMMARY 11 REFERENCES 12 PRACTICE PROBLEMS 14 CHAPTER TECHNICAL ANALYSIS LEARNING OUTCOMES INTRODUCTION TECHNICAL ANALYSIS: PRINCIPLES, ASSUMPTIONS, AND LINKS TO INVESTMENT ANALYSIS CHARTING TECHNICAL INDICATORS APPLICATIONS TO PORTFOLIO MANAGEMENT SUMMARY PRACTICE PROBLEMS 15 GLOSSARY 16 ABOUT THE AUTHORS 17 ABOUT THE CFA PROGRAM 18 INDEX 19 END USER LICENSE AGREEMENT Guide 10 11 12 13 14 Cover Table of Contents Series Page Title Page Copyright Preface Acknowledgments About the CFA Institute Investment Series Begin Reading Glossary About the Authors About the CFA Program Index End User License Agreement Pages 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 i ii iii iv xi xii xiii xiv xv xvi 10 11 12 13 14 15 16 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 102 103 104 105 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