CFA 2017 level 2 schweser notes book 1

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CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 CFA 2017 level 2 schweser notes book 1 Table of Contents Getting Started Flyer Contents Welcome to the 2017 Level II SchweserNotes™ Readings and Learning Outcome Statements Code of Ethics and Standards of Professional Conduct Exam Focus LOS 1.a The Code of Ethics Standards of Professional Conduct LOS 1.b Standards of Professional Conduct LOS 2.a LOS 2.b Key Concepts LOS 1.a LOS 1.b 10 Concept Checkers 11 Answers – Concept Checkers CFA Institute Research Objectivity Standards Exam Focus LOS 3.a LOS 3.b Important Definitions Requirements and Recommended Compliance Procedures Key Concepts LOS 3.a LOS 3.b Concept Checkers Answers – Concept Checkers The Glenarm Company Exam Focus LOS 4.a LOS 4.b Case Outline Case Results Preston Partners Exam Focus LOS 5.a LOS 5.b Case Outline Case Results Super Selection Exam Focus LOS 6.a LOS 6.b Case Outline Case Results 10 Trade Allocation: Fair Dealing and Disclosure Exam Focus LOS 7.a LOS 7.b 11 Changing Investment Objectives Exam Focus LOS 8.a LOS 8.b 12 Self-Test: Ethical and Professional Standards 13 Correlation and Regression Exam Focus LOS 9.a Sample Correlation Coefficient Interpreting a Scatter Plot LOS 9.b LOS 9.c LOS 9.d LOS 9.e Simple Linear Regression Model 10 Interpreting a Regression Coefficient 11 LOS 9.f 12 Coefficient of Determination (R2) 13 Regression Coefficient Confidence Interval 14 LOS 9.g 15 LOS 9.h 16 LOS 9.i 17 Confidence Intervals for Predicted Values 18 LOS 9.j 19 The F-Statistic 20 LOS 9.k 21 Key Concepts LOS 9.a LOS 9.b LOS 9.c LOS 9.d LOS 9.e LOS 9.f LOS 9.g LOS 9.h LOS 9.i 10 LOS 9.j 11 LOS 9.k 22 Concept Checkers 23 Answers – Concept Checkers 24 Challenge Problems 25 Answers – Challenge Problems 14 Multiple Regression and Issues in Regression Analysis Exam Focus Warm-Up: Multiple Regression Basics LOS 10.a LOS 10.b LOS 10.c 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 LOS 10.d LOS 10.e Predicting the Dependent Variable LOS 10.f LOS 10.g The F-Statistic LOS 10.h Coefficient of Determination, R2 LOS 10.i ANOVA Tables LOS 10.j Warm-Up: Why Multiple Regression Isn’t as Easy as It Looks LOS 10.k What is Heteroskedasticity? What is Serial Correlation? LOS 10.l Warm-Up: Model Specification LOS 10.m Examples of Misspecification of Functional Form LOS 10.n LOS 10.o Assessing a Multiple Regression Model—Putting It All Together Key Concepts LOS 10.a LOS 10.b LOS 10.c LOS 10.d LOS 10.e LOS 10.f LOS 10.g LOS 10.h LOS 10.i 10 LOS 10.j 11 LOS 10.k LOS 10.l 12 LOS 10.m 13 LOS 10.n 14 LOS 10.o 29 Concept Checkers 30 Answers – Concept Checkers 31 Challenge Questions 32 Answers – Challenge Questions 15 Time-Series Analysis Exam Focus LOS 11.a LOS 11.b Factors that Determine Which Model Is Best Limitations of Trend Models LOS 11.c LOS 11.d LOS 11.e LOS 11.f 10 LOS 11.g 11 12 13 14 15 16 17 18 19 20 21 LOS 11.h LOS 11.i LOS 11.j LOS 11.k First Differencing LOS 11.l Forecasting with an AR Model with a Seasonal Lag LOS 11.m LOS 11.n LOS 11.o Key Concepts LOS 11.a LOS 11.b LOS 11.c LOS 11.d LOS 11.e LOS 11.f LOS 11.g LOS 11.h LOS 11.i 10 LOS 11.j 11 LOS 11.k 12 LOS 11.l 13 LOS 11.m 14 LOS 11.n 15 LOS 11.o 22 Concept Checkers 23 Answers – Concept Checkers 16 Probabilistic Approaches: Scenario Analysis, Decision Trees, and Simulations Exam Focus LOS 12.a LOS 12.b LOS 12.c Simulations LOS 12.d Advantages of Simulations LOS 12.e Constraints 10 LOS 12.f 11 LOS 12.g 12 Key Concepts LOS 12.a LOS 12.b LOS 12.c LOS 12.d LOS 12.e LOS 12.f LOS 12.g 13 Concept Checkers 14 Answers – Concept Checkers 17 Self-Test: Quantitative Methods for Valuation 18 Currency Exchange Rates: Determination and Forecasting 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Exam Focus LOS 13.a Exchange Rates Foreign Exchange Spread LOS 13.b Warm-Up: Working with Foreign Exchange Quotes Cross Rate Cross Rates with Bid-Ask Spreads Triangular Arbitrage LOS 13.c LOS 13.d LOS 13.e LOS 13.f LOS 13.g LOS 13.j Balance of Payments Influence of BOP on Exchange Rates LOS 13.h LOS 13.i LOS 13.k LOS 13.l LOS 13.m Mundell-Fleming Model Monetary Approach to Exchange Rate Determination Portfolio Balance (Asset Market) Approach to Exchange Rate Determination LOS 13.n LOS 13.o LOS 13.p Key Concepts LOS 13.a LOS 13.b LOS 13.c LOS 13.d LOS 13.e LOS 13.f LOS 13.g LOS 13.h LOS 13.i 10 LOS 13.j 11 LOS 13.k 12 LOS 13.l 13 LOS 13.m 14 LOS 13.n 15 LOS 13.o 16 LOS 13.p 30 Concept Checkers 31 Answers – Concept Checkers 32 Challenge Questions 33 Answers – Challenge Questions 19 Economic Growth and the Investment Decision Exam Focus LOS 14.a 10 11 12 13 14 15 16 17 18 19 20 21 Preconditions for Growth LOS 14.b LOS 14.c LOS 14.d Factor Inputs and Economic Growth LOS 14.e Growth Accounting Relations LOS 14.f LOS 14.g Labor Supply Factors LOS 14.h LOS 14.i Classical Growth Theory Neoclassical Growth Theory Endogenous Growth Theory LOS 14.j LOS 14.k LOS 14.l Key Concepts LOS 14.a LOS 14.b LOS 14.c LOS 14.d LOS 14.e LOS 14.f LOS 14.g LOS 14.h LOS 14.i 10 LOS 14.j 11 LOS 14.k 12 LOS 14.l 22 Concept Checkers 23 Answers – Concept Checkers 20 Economics of Regulation Exam Focus LOS 15.a Regulators LOS 15.b LOS 15.c Economic Rationale for Regulation LOS 15.d Regulatory Interdependencies LOS 15.e 10 Tools of Regulatory Intervention 11 LOS 15.f 12 Regulation of Security Markets 13 Regulation of Financial Institutions 14 LOS 15.g 15 Antitrust Regulation 16 LOS 15.h 17 Cost Benefit Analysis of Regulation 18 LOS 15.i 21 22 23 24 25 26 27 28 29 19 Key Concepts LOS 15.a LOS 15.b LOS 15.c LOS 15.d LOS 15.e LOS 15.f LOS 15.g LOS 15.h LOS 15.i 20 Concept Checkers 21 Answers – Concept Checkers Self-Test: Economics for Valuation Formulas Appendix A: Student’s T-Distribution Appendix B: F-Table at Percent (Upper Tail) Appendix C: F-Table at 2.5 Percent (Upper Tail) Appendix D: Chi-Squared table Appendix E: Critical Values for the Durbin-Watson Statistic Copyright Pages List Book Version BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS Readings and Learning Outcome Statements Study Session – Ethical and Professional Standards Study Session – Ethical and Professional Standards: Application Study Session – Quantitative Methods for Valuation Study Session – Economics for Valuation Formulas Appendices bid-ask spread (for base currency) = ask quote – bid quote cross rates with bid-ask spreads: forward premium = (forward price) – (spot price) = F – S0 value of a forward currency contract prior to expiration: covered interest rate parity: uncovered interest rate parity: E(%ΔS)(A/B) = RA – RB Fisher relation: Rnominal = Rreal + E(inflation) international Fisher relation: Rnominal A – Rnominal B = E(inflationA) – E(inflationB) relative purchasing power parity: %ΔS(A/B) = Inflation(A) – Inflation(B) where: %ΔS(A/B) = change in spot price (A/B) Taylor Rule: prescribed central bank policy rate = r n + π + α(π − π*) + β(y − y*) = (neutral real policy rate) + (current inflation rate) + α(current inflation rate – target inflation rate) + β(log of the current level of output – log of the potential level of output) labor productivity: output per worker Y/L = T(K/L)α growth accounting relation: growth rate in potential GDP = long-term growth rate of technology + α (long-term growth rate of capital) + (1 – α) (long-term growth rate of labor) or growth rate in potential GDP = long-term growth rate of labor force + long-term growth rate in labor productivity neoclassical growth theory: sustainable growth of output per capita (g*) equals growth rate in technology (θ) divided by labor’s share of GDP (1 – α) sustainable growth rate of output (G*) equals sustainable growth rate of output per capita plus growth of labor (ΔL) APPENDIX A: STUDENT'S T-DISTRIBUTION APPENDIX B: F-TABLE AT PERCENT (UPPER TAIL) APPENDIX C: F-TABLE AT 2.5 PERCENT (UPPER TAIL) APPENDIX D: CHI-SQUARED TABLE APPENDIX E: CRITICAL VALUES FOR THE DURBIN-WATSON STATISTIC All rights reserved under International and Pan-American Copyright Conventions By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this eBook on screen No part of this text may be reproduced, transmitted, downloaded, decompiled, reverse engineered, or stored in or introduced into any information storage and retrieval system, in any forms or by any means, whether electronic or mechanical, now known or hereinafter invented, without the express written permission of the publisher SCHWESERNOTES™ 2017 LEVEL II CFA® BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS (EBOOK) ©2016 Kaplan, Inc All rights reserved Published in 2016 by Kaplan, Inc Printed in the United States of America ISBN: 978-1-4754-4136-9 If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation of global copyright laws Your assistance in pursuing potential violators of this law is greatly appreciated Required CFA Institute disclaimer: “CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser CFA®and Chartered Financial Analyst®are trademarks owned by CFA Institute.” Certain materials contained within this text are the copyrighted property of CFA Institute The following is the copyright disclosure for these materials: ® “Copyright, 2016, CFA Institute Reproduced and republished from 2017 Learning Outcome Statements, Level I, II, and III questions from CFA Program Materials, CFA Institute Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with permission from CFA Institute All Rights Reserved.” These materials may not be copied without written permission from the author The unauthorized duplication of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics Your assistance in pursuing potential violators of this law is greatly appreciated Disclaimer: The Schweser Notes should be used in conjunction with the original readings as set forth by CFA Institute in their 2017 Level I CFA Study Guide The information contained in these Notes covers topics contained in the readings referenced by CFA Institute and is believed to be accurate However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success The authors of the referenced readings have not endorsed or sponsored these Notes PAGES LIST BOOK VERSION 10 11 12 13 14 15 16 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 Cover i iii iv v vi vii viii ix x xi xii xiii 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 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 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 88 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 193 194 195 196 197 198 199 200 201 202 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LOS 11 .b Factors that Determine Which Model Is Best Limitations of Trend Models LOS 11 .c LOS 11 .d LOS 11 .e LOS 11 .f 10 LOS 11 .g 11 12 13 14 15 16 17 18 19 20 21 LOS 11 .h LOS 11 .i LOS 11 .j LOS 11 .k... 12 . a LOS 12 . b LOS 12 . c Simulations LOS 12 . d Advantages of Simulations LOS 12 . e Constraints 10 LOS 12 . f 11 LOS 12 . g 12 Key Concepts LOS 12 . a LOS 12 . b LOS 12 . c LOS 12 . d LOS 12 . e LOS 12 . f LOS 12 . g... LOS 11 .l Forecasting with an AR Model with a Seasonal Lag LOS 11 .m LOS 11 .n LOS 11 .o Key Concepts LOS 11 .a LOS 11 .b LOS 11 .c LOS 11 .d LOS 11 .e LOS 11 .f LOS 11 .g LOS 11 .h LOS 11 .i 10 LOS 11 .j 11
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