2018-2019cfa備考包c(diǎn)fa二級(jí)l2考綱對(duì)比17vs

1、STUDY 1STUDY 1ETHICAL AND AL ETHICAL AND AL READING 1. CODE OF ETHICS AND STANDARDS OF ALa.describethesixcomponentsoftheCodeofEthicsandthesevenStandardsa.describethesixcomponentsoftheCodeofEthicsandthesevenStandards al.al.he ethical responsibilities required of CFA Institute members and can- didates

2、 theCFASTUDY 1STUDY 1ETHICAL AND AL ETHICAL AND AL READING 1. CODE OF ETHICS AND STANDARDS OF ALa.describethesixcomponentsoftheCodeofEthicsandthesevenStandardsa.describethesixcomponentsoftheCodeofEthicsandthesevenStandards al.al.he ethical responsibilities required of CFA Institute members and can-

3、didates theCFAProgrambytheCodeandhe ethical responsibilities required of CFA Institute members and heCFAProgrambytheCodeandREADING 2. GUIDANCE FOR STANDARDS READING 2. GUIDANCE FOR STANDARDS a.demonstrateaowledgeoftheCodeofEthicsandStandardsofa.demonstrateaowledgeoftheCodeofEthicsandStandardsConduct

4、byapplyingtheCodeandStandardstospecifical Conduct by applying the Code and Standards to specific mendandproceduresdesignedtopreventviolationsoftheCodemendand procedures designed to prevent violations of EthicsandStandardsofalCodeofEthicsandStandardsofalREADING 3. CFA INSTITUTE RESEARCH OBJECTIVITY R

5、EADING 3. CFA INSTITUTE RESEARCH OBJECTIVITY heobjectivesoftheResearchObjectivityheobjectivesoftheResearchObjectivityb.evaluatecompanypoliciesandrelated to research objectivity, and dis- mendedforcompliancewiththeb.evaluatecompanypoliciesandrelated to research objectivity, and nchangesrequiredandtin

6、guishnchangesrequiredandmendedforObjectivitywiththeResearchObjectivitySTUDY 2STUDY 2ETHICAL AND AL STANDARDS: ETHICAL AND AL STANDARDS: a.evaluate the and policies a.evaluate the and policies b.explahe appropriate action to take in response to conducttviolatestheCFA Institute Code of Ethics and Stan

7、dards of Profesal Conduct.b.explahe appropriate action to take in response to conducttviolatesthe CFA Institute Code of Ethics and Standards of Profesal Conduct.a.evaluate the and policies a.evaluatea.evaluate the and policies a.evaluate the and policies b.explahe appropriate action to take in respo

8、nse to conducttviolatestheCFA Institute Code of Ethics and Standards of Profesal Conduct.b.explahe appropriate action to take in response to conducttviolatesthe CFA Institute Code of Ethics and Standards of Profesal Conduct.a.evaluate the and policies a.evaluate the and policies b.explahe appropriat

9、e action to take in response to conducttviolatestheCFA Institute Code of Ethics and Standards of Profesal Conduct.b.explahe appropriate action to take in response to conducttviolatesthe CFA Institute Code of Ethics and Standards of Profesal Conduct.READING 6. SUPER READING 6. SUPER a.evaluate the an

10、d policies a.evaluate the and policies b.explahe appropriate action to take in response to conducttviolatestheCFA Institute Code of Ethics and Standards of Profesal Conduct.b.explahe appropriate action to take in response to conducttviolatesthe CFA Institute Code of Ethics and Standards of Profesal

11、Conduct.READING 7. TRADE ALLOCATION: FAIR DEALING AND a. evaluate trade allocation practianddeterminewhethertheycomplywiththeCFA Institute Standards of Profesal Conduct addressing fair dealing and c nt loyalty;a. evaluate trade allocation practianddeterminewhethertheycomplywiththe CFA Institute Stan

12、dards of Profesal Conduct addressing fair dealing and c nt b. describe appropriate actions to take in response to trade allocation practitdonot adequa y respect c ntb.describeappropriateactionstotakeinresponsetotradeallocationpracti t do not adequa y respect c ntREADING 8. CHANGING INVESTMENT READIN

13、G 8. CHANGING INVESTMENT a.evaluatethedisclosureofinvestmentobjectivesandbasicpoliciesanddeter-mine whether they comply with the CFA Institute Standards of ProfesalConduct;a.evaluatethedisclosureofinvestmentobjectivesandbasicpoliciesanddeter- mine whether they comply with the CFA Institute Standards

14、 of Profes b. describe appropriate actions needed to ensure adequate disclosure of the invest- b.describeappropriateactionsneededtoensureadequatedisclosureofthe invest- ment. proSTUDY STUDY IVE METHODS FOR IVE METHODS FOR Reading 9: Correlation and Reading 9: Correlation and retaretalecovarianceanda

15、lecorrelationcoefficienta.calculate reta lecorrelationretab.describe ionstob.describe ions to c.formulate atestofthetthepopulation correlation c.formulateatestofthetthepopulationcorrelationcoefficientIVE METHODS FOR IVE METHODS FOR Reading 9: Correlation and Reading 9: Correlation and retaretalecova

16、rianceandalecorrelationcoefficienta.calculate reta lecorrelationretab.describe ionstob.describe ions to c.formulate atestofthetthepopulation correlation c.formulateatestofthetthepopulationcorrelationcoefficientzeroanddeterminewhetherthehypothesisisrejectedatagivenlevelofequalszeroanddeterminewhether

17、thehypothesisisrejectedatagivenleveld. distinguish n the dependent and independent variables in a linear ;d. distinguish n the dependent and independent variables in a e. describe the mptions underlying linear rete.hemptions underlying linear ret andaretthestandarderrorofestimate,thecoefficientofdet

18、er- retthestandarderrorofestimate,thecoefficientofervalforamination,andaervalforag.formulateanullandalternativehypothesisaboutapopulationvalueofacoefficient and determine the appropriate test sisticandwhetherthe.nullhypothesisis rejected at a given level of significance;g.formulateanullandalternativ

19、ehypothesisaboutapopulationvalueofacoefficient and determine the appropriate test sisticandwhetherthe.null hypothesis is rejected at a given level of significance;h.calculate the predicted value for the dependent variable, given an estimated h.calculate the predicted value for the dependent variable

20、, given an mandavaluefortheindependentmandavaluefortheindependent retaerval for the predicted value of the i.calculatedependentretaervalforthepredictedvalueofj.describetheuseysisofvariance(ANOVA)iner-j.describetheuseysisofvariance(ANOVA)inANOVAresults,andcalculateretthe F-pretANOVAresults,andcalcula

21、terettheF-k.describe ions of k.describe ions of andesinandesina.formulateamultipleregres equationtodescribetherelationbet nadependent variableandseveralindependentvariablesanddeterminethes is-ticalsignificanceof each independent variable;a.formulateamultipleregres equationtodescribetherelationbet na

22、dependent variableandseveralindependentvariablesanddeterminethes is-ticalsignificanceof each independent variable;a.formulate a multiple regresequation to describe the relation betn a dependent variable and several independent variables and determine the s tical significance of each independent vari

23、able;ret estimated coefficients and their p-ret estimated coefficients and their p-c. formulate a null andternative hypothesis about the population value of. a coefficient, calculate the value of the test sistic,anddeterminewhetherto reject the null hypothesis at a given level of significance;c. for

24、mulate a null andternativehypothesisaboutthepopulationvalueof.a coefficient, calculate the value of the test sistic, and determine whether to reject the null hypothesis at a given level of significance;ret the results of hypothesis tests of ret the results of hypothesis tests of e.calculate andret 1

25、) a confidenceervalforthepopulationvalueof.aregres coefficient and 2) a predicted value for the dependent variable,given an estimated and amed values for the independent variables;e.calculate andret 1) a confidenceerval for the population value of. a coefficientand2)apredictedvalueforthedependentvar

26、iable,givenan estimated regresand amed values for the independent variables;hemptions of a multiple hemptions of a multiple rettheF-istic,anddescribehowitisuseding.calculateandret the F-sistic,anddescribehowitisusedinregres nrettheR2andadjustedultiple nrettheR2andadjustedultiplei.evaluate how well a

27、 regresexplains the dependent variab output of the regresequation and an ANOVA table;i.evaluate how well a regresexplains the dependent variab lyzing the output of the regresequation and an ANOVA table;j.formulate a multiple regresequationbyusingdummyvariablestorepresent ive factors andret the coeff

28、icients and regresj.formulate a multiple regresequationbyusingdummyvariablestorepresent ive factors andret the coefficients and regreshetypesofheteroskedasticityandhowheteroskedasticityandserialcorrelation affect sisticalinference;hetypesofheteroskedasticityandhowheteroskedasticityandserial correlat

29、ion affect sistical inference;l.describe multicollinearity and explain its causes and effects in l.describe multicollinearity and explain its causes and effects in m.describe how mmisspecification affects the results of a regres describe how to avoid common forms of misspecification;m.describe how m

30、misspecification affects the results of a regres and describe how to avoid common forms of misspecification;swithquali ive dependent swithquali ivedependent o.evaluateretamultipleanditso.evaluateretswithquali ive dependent swithquali ivedependent o.evaluateretamultipleanditso.evaluateretamultipleand

31、itsa.calculate and evaluate the predicted trend value for a time series, medaseithera linear trend or a log-linear trend, given the estimated trend coefficients;a.calculate and evaluate the predicted trend value for a time series, medas eitheralineartrendoralog-lineartrend,giventheestimatedtrendb. d

32、escribe factorstdeterminewhetheralinearoralog-lineartrendshouldbeused particular time series and evaluaions of trend mb. describe factorstdeterminewhetheralinearoralog-lineartrendshouldbe used wiparticular time series and evaluaions of trend mc.explahe requirement for a time series to be covarianion

33、aryanddescribethe significance of a seriest is not sc.explahe requirement for a time series to be covarianionaryand describe the significance of a seriest is not sd.describe the structure of an autoregressive (AR) mofordandcalculateone-and two-period-ahead forecasts given the estimated coefficients;

34、d.describe the structure of an autoregressive (AR) moford one- and two-period-ahead forecasts given the estimated coefficients;e.explainhowautocorrelationsoftheresidualscanbeusedtotestwhetherthe autoregressive mfits the time series;e.explainhowautocorrelationsoftheresidualscanbeusedtotestwhetherthe

35、autoregressive mfits the time series;eanand calculate a mean-reverting eanand calculate a mean-reverting g. contrast in-sle and out-of-sleforecastsandcomparetheforecastingaccuracyof different time-series ms based on the root mean squared error criterion;g.contrastin-s leandout-of-s leforecastsandcom

36、paretheforecasting accuracyofdifferenttime-seriesm sbasedontherootmeansquarederror he instability of coefficients of time-series he instability of coefficients of time-series i.describe characteristics of random walk prosesandcontrastthemtocovari-ance ionary proi.describe characteristics of random w

37、alk prosesandcontrastthemtocovari- ionary proj.describeimplicationsofunitrootsfortime-series ysis,explainwhenunitrootsare likelytooccurandhowtotestforthem,anddemonstratehow atimeserieswi unit root can be transformed so it can be yzed wi n AR m ;j.describe implications of unit roots for time-seriesys

38、is, explain when unit roots are likely to occur and how to test for them, and demonstrate how a time serieswiunit root can be transformed so it can beyzedwin AR mk.describe the steps of the unit root test for nonsionarity and explaherela-tionof the test to autoregressive time-series mk.describe the

39、steps of the unit root test for nonsionarity and expla tion of the test to autoregressive time-series ms;l.explain how to test and correct for seasonality in a time-series mandcalcu-lateand ret a forecasted value using an AR mseasonal lag;l.explain how to test and correct for seasonality in a time-s

40、eries m lateandret a forecasted value using an AR mseasonal lag;m.explainautoregressiveconditionalheteroskedasticity(ARCH)anddescribehowARCH s can be app d to predict the variance of a time series;m.explainautoregressiveconditionalheteroskedasticity(ARCH)anddescribel.explain how to test and correct

41、for seasonality in a time-series mandcalcu-lateand ret a forecasted value using an AR mseasonal lag;l.explain how to test and correct for seasonality in a time-series m lateandret a forecasted value using an AR mseasonal lag;m.explainautoregressiveconditionalheteroskedasticity(ARCH)anddescribehowARC

42、H s can be app d to predict the variance of a time series;m.explainautoregressiveconditionalheteroskedasticity(ARCH)anddescribehow s can be app d to predict the variance of a time series;n.explain how time-series variables should beyzed for nonsionarityand/or co egration before use in a linear regre

43、sn.explain how time-series variables should beyzed for nons co egration before use in a linear regreso. determine an appropriate time-series myzeagiveninvestmentproblemand t choice.o. determine an appropriate time-series m problem and justifyt choice.READING 12. t from “Probabilistic appraoches: and

44、READING 12. t from “Probabilistic appraoches: trees,anda.describestepsinrunningaa.describestepsinrunningahree ways to define the probability distributions for a simulations hree ways to define the probability distributions for a c.describehowtotreatcorrelationacrossvariablesinac.describehowtotreatco

45、rrelationacrossvariablesinad.describe advantages of using simulations in d.describe advantages of using simulations in e.describesomecommonconstra oe.describesomecommonconstra of.describe es in using simulations in risk f.describe es in using simulations in risk pareysis,trees, and pareysis,trees, a

46、nd STUDY STUDY ECONOMICS FOR ECONOMICS FOR a.calculateandretthebidaskspreadonaspotorforwardforeigncur-rency ion and describe the factorst affect the bidoffer spread;a.calculateandretthebidaskspreadonaspotorforwardforeigncur- rency quoion and describe the factorst affect the bidoffer spread;b.identif

47、yatriangulararbitrageopportunityandcalculateitsprofit,giventhebidoffer ions for three currencies;b.identifyatriangulararbitrageopportunityandcalculateitsprofit,giventhebid offer quoions for three currencies;c.distinguishbetnb.identifyatriangulararbitrageopportunityandcalculateitsprofit,giventhebidof

48、fer ions for three currencies;b.identifyatriangulararbitrageopportunityandcalculateitsprofit,giventhebid offer quoions for three currencies;c.distinguishbetnspotandforwardratesandcalculatetheforwardpremium/ discount for a given currency;c.distinguishbetnspotandforwardratesandcalculatetheforwardpremi

49、um/ discount for a given currency;d.calculatethemark-to-marketvalueofaforwardd.calculatethemark-to-marketvalueofaforwardernational parity relations (covered and uncovered arity, and theernational Fisher effect);ernational parity relations (covered and uncovered ity,purchasingarity, and theernational

50、 Fisher effect);f.describe relations among ernational parity f.describe relations among ernational parity g. evaluate the use of the current spot rate, the forward rate, purchasing erest parity to forecast future spot exchange rates;g. evaluate the use of the current spot rate, the forward rate, pur

51、chasing parity, and uncoverederest parity to forecast future spot exchange rates;h.explain approaches to assessing the long-run fair value of an exchange h.explain approaches to assessing the long-run fair value of an exchange i.describe the carry trade and its relation to uncoverederestrateparityan

52、dcalculate the profit from a carry trade;i.describe the carry trade and its relation to uncoverederestrateparityand calculate the profit from a carry trade;j.explainhowhebalanceofpaymentaccountsaffectcurrencyexchangej.explain how flowshebalanceofpaymentaccountsaffectcurrencyexchange k.describe the M

53、undellFleming m,themonetaryapproach,andtheassetmarket (portfolio balance) approach to exchange rate determination;lforecastthedirectionoftheexpectedchangeinanexchangeratebasedonbal-anceof payment, MundellFleming, monetary, and asset market approaches to exchange rate hepotentialeffectsofmonetaryandf

54、iscalpolicyonexchangehepotentialeffectsofmonetaryandfiscalpolicyonexchangen. describe objectives of central berventionandcapitalcontrolsanddescribethe effectiveness ofervention and capital controls;l. describe objectives of central berventionandcapitalcontrolsanddescribe the effectiveness oferventio

55、n and capital controls; m.describewarningsignsofacurrencyp.describe uses of ysis in forecasting exchange Reading 14: Economic nd the Investment Reading 14: Economic nd the Investment parefactorsfavoringandlimitingeconomicgrowthindeveloped. nthelong-runrateofstockmarkettionandb.describetherelationnth

56、elong-runrateofstockmarketsustainablegrowthrateoftheandthesustainablegrowthrateofthec.explainwhypotentialGDPparefactorsfavoringandlimitingeconomicgrowthindeveloped. nthelong-runrateofstockmarkettionandb.describetherelationnthelong-runrateofstockmarketsustainablegrowthrateoftheandthesustainablegrowth

57、rateofthec.explainwhypotentialGDPanditsgrowthratematterforequityandc.explainwhypotentialGDPanditsgrowthratematterforequityande.d. distinguish n capital deepening investment and technological progress d. distinguish n capital deepening investment and technological explainhoweachaffectseconomicndlabor

58、andexplainhoweachaffectseconomicndlabore.forecastpotentialGDPbasedonccountinge.forecastpotentialGDPbasedonccounting affect economic nd evaluate the argu-t affect economic nd evaluate the limitedavailabilityofnaturalconstrainseconomict limited availability of natural constrains economic g.explain how

59、 demographics, immigration, and labor force participation affect the rate sustainabilityofeconomicg.explain how demographics, immigration, and labor force participation affect rateandsustainabilityofeconomich.explain how investment in physical capital, human capital, and developmentaffectseconomich.

60、explain how investment in physical capital, human capital, and developmentaffectseconomici. compare classical growth theory, neoclassical growth theory, and endogenous i. compare classical growth theory, neoclassical growth theory, and growth. j. explain and evaluate convergence overnments to provid