cfa level 1 equity investments flash card maker

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Cfa level 1 equity investments flash card maker investment banking companies in delhi ncr wiki

Cfa level 1 equity investments flash card maker

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The number and sophistication of market participants is one. As these go up, the market becomes more efficient. The availability of information is also a big determinant. When information is limited, there will be more inefficiencies in a given market. Limits on trading activity also decrease market efficiency. Activities like short selling make it easier for investors to act on relevant information, which is how that information becomes reflected in market prices.

According to the framework laid out by Eugene Fama, there are three forms of market efficiency. Therefore, technical analysis cannot earn abnormal returns. Research has shown that markets are generally not strong-form efficient, as investors have been able to earn abnormal returns through the application of private information.

The table below summarizes what methods can be expected to earn abnormal returns in the different forms of market efficiency:. Market anomalies are exceptions to the idea of market efficiency. These are persistent occurrences that cannot be linked to relevant information in the markets. They exist in forms such as time series anomalies like the January effect, in which stocks tend to outperform in the month of January. There are also cross-section anomalies such as the size effect, where smaller companies outperform larger companies.

Other anomalies include the excess returns that are routinely earned by investors that are able to purchase a stock at its IPO price. There are behavioral finance concepts that influence our understanding of market efficiency. Traditional finance presumes rationality of market participants, but, generally, markets can behave rationally in aggregate even if the participants do not always do so.

These and other biases are used to explain behaviors by market participants that would otherwise appear to be irrational. Common shares represent an ownership interest in the company. Common shareowners are eligible to vote on Board membership and other major company issues. Preferred shareowners receive preference in dividend distributions and in claims on company assets, but typically do not also have voting rights. Companies often issue multiple classes of share within these categories that have different levels of voting and ownership rights.

Shares of companies can be either public or private, depending on whether they are available to the general public. The public stock market is much larger than private companies, but the number of private equity companies has been increasing in recent years. In exchange for being more easily available for sale, public companies are subject to more stringent reporting requirements. While public company stock securities are more liquid and easier to purchase in the secondary market, private equities are typically purchased in negotiated sales with existing investors.

Technological and communications advancements have made it easier for investors to purchase equities in markets around the world. There are several options for investors that want to invest in equity markets outside of their own country. There are two sources of returns to equity securities: capital appreciation and dividend income.

Generally, preferred share investors will expect more of their total return to come from the dividend income on their shares over time. The goal of issuing equity securities is to raise new capital for investment in company operations.

The equity value of a company can be measured by either the book value or market value. If a company has a high price-to-book ratio meaning its market price is high relative to its book value , then the market has high growth expectations for the company. The return on equity is the measure by which investors determine whether management is effectively using their equity capital to generate profits.

Analysts use it to identify potential active equity investments and for measuring how sector selection impacted the performance of an active strategy. Industries are a classification that groups companies by common characteristics. Industries can be categorized by the nature of the products or services they provide, by how cyclical their operations are, or by statistical similarities of past returns.

There are several standard industry classification systems. Each classification system sorts their sectors and subsectors into broader sectors and industries that combine for higher-level attributes. Companies can be sorted by how sensitive their operations are to economic and business cycles. Cyclical companies will experience greater volatility in earnings and growth over time. A limitation of cyclicality as a classification is that the sensitivity to cycles is a spectrum rather than a discrete difference.

Groupings by statistical similarities can also have the same problem of drawing arbitrary distinctions between companies that might otherwise be very similar. It is up to the analyst to understand the important differences between companies in different industries and how that will impact their inclusion in an investment portfolio.

Factors that influence industry profitability include barriers to entry. High barriers that prevent new entrants from the market keep profit margins higher for existing firms. Lower barriers to entry lead to more competition and make it difficult for firms to maintain market share. Another important factor is the level of concentration in the industry.

Highly concentrated industries tend to have more pricing power and can sometimes coordinate with their competition to keep out entrants and maintain higher prices. There are five stages to the life cycle of an industry. External factors can have significant impacts on industry growth. Macroeconomic trends, both cyclical and structural, can speed or slow industry growth and profitability by impacting costs of money and consumer behaviors.

Technology can also influence growth trends by radically changing industries or introducing entirely new business models. Demographics also change how industries perform through changing spending habits. A thorough company analysis must include an overview of the company and its operations, identification of the characteristics and trends of its industry, analysis of demand and supply for its products or services, explanation of the pricing environment the company faces, and interpretation of all relevant financial ratios.

An equity security is considered to be fairly valued if its current market price is approximately equal to its value estimate. While there are many uncertainties associated with calculating an estimated valuation, they can provide investment insight when compared to how a company is valued by the market. Companies are considered over- or under-valued when their market value is higher or lower than their estimated value.

One example is the Dividend Discount Model, which finds the present value of futures dividends and the expected eventual selling price of the stock. This model is especially useful for mature companies but is less applicable for complex companies in uncertain economic environments. This finds the present value of future cash flows that will be available for distribution as dividends. It can be helpful in situations where dividends are not proscribed or especially volatile. It is useful because it does not rely only on the dividend policy of the firm, but more assumptions must be made compared to some other models.

Preferred stock can be valued using a similar method since their dividends are often specified and more consistent over time. When using Dividend Discount Models, it is important to be able to forecast the expected future growth of dividends. There are also models that incorporate multiple growth rates, which is helpful for less mature companies that will grow faster in the short term before settling into a long-term sustainable growth rate in the future.

They are similar to the single rate models except that a different growth rate g s is used to calculate the short-term dividend growth than the one used g l to calculate the long-run sustainable growth. They use information from how the market is valuing the company and accounting information to develop a calculated value. Since these models incorporate comparable companies into calculating their multiples, it can be especially helpful when trying to value a company with limited or negative earnings.

One such model is the justified price to earnings multiple. There are a number of different multiples models that can be used for company valuation purposes. Other ratios often used include the price to book ratio, the price to sales ratio, and the price to cash flow ratio. This is the value of the company as it relates to what it would cost in a takeover. It is the total market value of all outstanding stock, plus the market value of all debt, and minus the value of all cash and cash equivalent securities.

These models are most applicable to companies with high proportions of current and marketable assets and few intangibles. Intangible assets can be difficult to value and their book or holdings values may not be relevant to the market value for an investor. In a quote driven market dealers are generally available to supply liquidity.

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Shuffle Toggle On. Card Range To Study through. Six main purposes of the financial markets:. Three main functions of the financial system:. Main risks to be managed through financial markets:. Forward contracts. Spot market trading exchanging assets for immediate delivery. Information motivated traders. Rate of Return.