Equity
　　Market Organization, Market Indices, and Market Efficiency
　　This study session explains important characteristics of the markets in which equi?ties, fixed-income instruments, derivatives, and alternative investments trade. The reading on market organization and structure describes market classifications, types of assets and market participants, and how assets are traded. The reading on security market indices explains how indices are constructed, managed, and used in investments. The reading on market efficiency discusses the degree to which market prices reflect information. It also explains implications of different degrees of market efficiency for security analysis and portfolio management.
　　READING ASSIGNMENTS
　　Reading 46 Market Organization and Structure by Larry Harris, CFA
　　Reading 47 Security Market Indices by Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA
　　Reading 48 Market Efficiency by W. Sean Cleary, CFA, Howard J. Atkinson, CFA, and Pamela Peterson Drake, CFA
　　LEARNING OUTCOMES
　　READING 46. MARKET ORGANIZATION AND STRUCTURE
　　The candidate should be able to:
　　a explain the main functions of the financial system;
　　b describe classifications of assets and markets;
　　c describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing char?acteristics and major subtypes;
　　d describe types of financial intermediaries and services that they provide;
　　e compare positions an investor can take in an asset;
　　f calculate and interpret the leverage ratio, the rate of return on a margin trans?action, and the security price at which the investor would receive a margin call;
　　g compare execution, validity, and clearing instructions;
　　h compare market orders with limit orders;
　　i define primary and secondary markets and explain how secondary markets support primary markets;
　　j describe how securities, contracts, and currencies are traded in quote-driven, order-driven, and brokered markets;
　　k describe characteristics of a well-functioning financial system;
　　l describe objectives of market regulation.
　　READING 47. SECURITY MARKET INDICES
　　The candidate should be able to:
　　a describe a security market index;
　　b calculate and interpret the value, price return, and total return of an index;
　　c describe the choices and issues in index construction and management;
　　d compare the different weighting methods used in index construction;
　　e calculate and analyze the value and return of an index given its weighting method;
　　f describe rebalancing and reconstitution of an index;
　　g describe uses of security market indices;
　　h describe types of equity indices;
　　i describe types of fixed-income indices;
　　j describe indices representing alternative investments
　　k compare types of security market indices.
　　READING 48. MARKET EFFICIENCY
　　The candidate should be able to:
　　a describe market efficiency and related concepts, including their importance to investment practitioners;
　　b distinguish between market value and intrinsic value;
　　c explain factors that affect a market’s efficiency;
　　d contrast weak-form, semi-strong-form, and strong-form market efficiency;
　　e explain the implications of each form of market efficiency for fundamental analysis, technical analysis, and the choice between active and passive portfolio management;
　　f describe selected market anomalies;
　　g contrast the behavioral finance view of investor behavior to that of traditional finance.
　　　
　　扫一扫微信，*9时间获取2014年CFA考试报名时间和考试时间提醒
　　
　　
　　高顿网校特别提醒：已经报名2014年CFA考试的考生可按照复习计划有效进行！另外，高顿网校2014年CFA考试辅导高清网络课程已经开通，通过针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。

　　报考指南：2014年CFA考试备考指南
　　免费题库：2014年CFA免费题库
　　考前冲刺：CFA备考秘籍
　　高清网课：CFA考试网络课程