2017 CFA Level II Economics for Valuation ( 考试比重：5-10% )
STUDY SESSION 4 Economics for Valuation
This study session builds on the principles of economics from Level I and links them to the valuation process. The first reading describes theories of exchange rate determination and how these can be used to forecast exchange rates. Analysts and portfolio managers need to evaluate the currency risks faced by the companies they analyze and the portfolios they manage. This reading lays a foundation for understanding management of a portfolio’s currency risk. The second reading describes factors affecting economic growth and how economic growth affects investment decisions and stock market valuation. The final reading in the study session describes regulation, its purposes, and its potential effects on a company’s operating environment.
Reading 13 Currency Exchange Rates: Determination and Forecasting
Reading 14 Economic Growth and the Investment Decision
Reading 15 Economics of Regulation