Equity Investments: Study Session 13
Study Session Materials
Complete List of CFA Program Readings
Topic Overview
Securities Markets
This study session addresses how securities are bought and sold and what
constitutes a well-functioning securities market. The reading on market
indexes gives an understanding of how indexes are constructed and
calculated and the biases inherent in each of the weighting schemes
used.
Some of the most interesting and important work in the investment field during the past several decades revolves around the efficient market hypothesis (EMH) and its implications for active versus passive equity portfolio management. The readings on this subject provide an understanding of the EMH and the seemingly persistent anomalies to the theory, an understanding that is necessary to judge the value of fundamental or technical security analysis.
View learning outcome statements (LOS) for reading objectives.
Complete List of CFA Program Readings
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“Organization and Functioning of Securities
Markets” Ch. 4, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006) |
View LOS |
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“Security-Market Indexes” Ch. 5, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006) |
View LOS |
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“Efficient Capital Markets” Ch. 6, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006) |
View LOS |
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“Market Efficiency and Anomalies” Ch. 1, Beyond The Random Walk: A Guide to Stock Market Anomalies and Low Risk Investing, Vijay Singal (Oxford University Press, 2004) |
View LOS |