投资分析师Investment Analysis
房地产投资和风险评估Real Estate Investment and Risk Analysis
Elements of Real Estate Investment Risk
Business risk → macroeconomic trends Inflation risk → time value loss Liquidity risk → real estate is illiquid Financial risk → loss of principal
levered returns to investment based on
Asking price of a property Limited equity resources Available debt financing
Evaluates investment in terms of IRR as well as NPV
C
Calculate levered and unlevered returns on purchase price
Before and after tax
The Due Diligence Process
Investigating and evaluating investment risks
Comparing Financial Analysis to DCF
DCF typically looks at an unlevered return, while most real estate investment are financed
Investment analysis looks at unlevered and
Real Estate Investment and Risk Analysis
Lecture Map
Review investor motivations Review investment objectives Investment Analysis
量化投资的文献
量化投资的文献以下是一些关于量化投资的经典文献：1. "Quantitative Equity Portfolio Management: An Active Approach to Portfolio Construction and Management" by Ludwig B. Chincarini and Daehwan Kim这本书提供了关于如何构建和管理量化股权投资组合的详细指南，包括因子模型、风险管理和交易策略等方面的内容。
2. "Quantitative Investment Analysis" by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle这本教科书介绍了使用定量方法进行投资分析和决策的基本原理和技巧，包括股票、债券和衍生品等不同类型的资产。
3. "Quantitative Trading: How to Build Your Own Algorithmic Trading Business" by Ernest P. Chan这本书向读者介绍了如何构建自己的算法交易业务，包括数据处理、模型开发、回测和实盘交易等方面的内容。
4. "Algorithmic Trading: Winning Strategies and Their Rationale" by Ernie Chan这本书讨论了一些常见的算法交易策略，包括均值回归、趋势跟踪和统计套利等，同时提供了实际案例和具体实施步骤。
5. "Advances in Financial Machine Learning" by Marcos Lopez dePrado这本书探讨了如何应用机器学习技术来改进金融交易策略，包括特征选择、模型评估和风险管理等方面的内容。
现代投资组合理论与投资分析第六章答案
Elton, Gruber, Brown, and GoetzmannModern Portfolio Theory and Investment Analysis, 7th EditionSolutions to Text Problems: Chapter 6Chapter 6: Problem 1The simultaneous equations necessary to solve this problem are:5 = 16Z1 + 20Z2 + 40Z37 = 20Z1 + 100Z2 + 70Z313 = 40Z1 + 70Z2 + 196Z3The solution to the above set of equations is:Z1 = 0.292831Z2 = 0.009118Z3 = 0.003309This results in the following set of weights for the optimum (tangent) portfolio:X1 = .95929 (95.929%)X2 = .02987 (2.987%)X3 = .01084 (1.084%The optimum portfolio has a mean return of 10.146% and a standard deviation of 4.106%.Chapter 6: Problem 2The simultaneous equations necessary to solve this problem are:11 -R F = 4Z1 + 10Z2 + 4Z314 -R F = 10Z1 + 36Z2 + 30Z317 -R F = 4Z1 + 30Z2 + 81Z3The optimum portfolio solutions using Lintner short sales and the given values for R F are: R F = 6% R F = 8% R F = 10%Z 1 3.510067 1.852348 0.194631Z 2-1.043624 -0.526845 -0.010070 Z 3 0.348993 0.214765 0.080537 X 1 0.715950 0.714100 0.682350X 2-0.212870 -0.203100 -0.035290 X 3 0.711800 0.082790 0.282350Tangent (Optimum) Portfolio Mean Return 6.105% 6.419% 11.812%Tangent (Optimum) Portfolio Standard Deviation 0.737% 0.802% 2.971%Chapter 6: Problem 3Since short sales are not allowed, this problem must be solved as a quadratic programming problem. The formulation of the problem is:PFP XR R σθ-=maxsubject to:11=∑=Ni iX0≥i X ∀ iChapter 6: Problem 4This problem is most easily solved using The Investment Portfolio software that comes with the text, but, since all pairs of assets are assumed to have the same correlation coefficient of 0.5, the problem can also be solved manually using the constant correlation form of the Elton, Gruber and Padberg “Simple Techniques” described in a later chapter.To use the software, open up the Markowitz module, select “file” then “new” then “group constant correlation” to open up a constant correlation table. Enter the input data into the appropriate cells by first double clicking on the cell to make it active. Once the input data have been entered, click on “optimizer” and then “run optimizer” (or simply cl ick on the optimizer icon). At that point, you can either select “full Markowitz” or “simple method.”If you select “full Markowitz,” you then select “short sales allowed/riskless lending and borrowing” and then enter 4 for both the lending and borrowin g rate and click “OK.” A graph of the efficient frontier then appears. You may then hit the “Tab” key to jump to the tangent portfolio, then click on “optimizer” and then “show portfolio” (or simply click on the “show portfolio” icon) to view and print the composition (investment weights), mean return and standard deviation of the tangent (optimum) portfolio.If instead you select “simple method,” you then select “short sales allowed with riskless asset” and enter 4 for the riskless rate and click “OK.” A table showing the investment weights of the tangent portfolio then appears.Regardless of the method used, the resulting investment weights for the optimum portfolio are as follows:Asset i X i1 -5.999%2 -17.966%3 21.676%4 0.478%5 -29.585%6 12.693%7 -59.170%8 -14.793%9 3.442%10 189.224%Given the above weights, the optimum (tangent) portfolio has a mean return of 18.907% and a standard deviation of 3.297%. The efficient frontier is a positively sloped straight line starting at the riskless rate of 4% and extending through thetangent portfolio (T) and out to infinity:Chapter 6: Problem 5Since the given portfolios, A and B, are on the efficient frontier, the GMV portfolio can be obtained by finding the minimum-risk combination of the two portfolios:31202163620162222-=⨯-+-=-+-=A B B A A B B GMVA X σσσσσ3111=-=GMVA GMVB X XThis gives %33.7=GMV R and %83.3=GMV σAlso, since the two portfolios are on the efficient frontier, the entire efficient frontier can then be traced by using various combinations of the two portfolios, starting with the GMV portfolio and moving up along the efficient frontier (increasing the weight in portfolio A and decreasing the weight in portfolio B). Since X B = 1 - X A the efficient frontier equations are:()()A A B A A A P X X R X R X R -⨯+=-+=18101()()()()A A A A A BA AB A A A P X X X X X X X X -+-+=-+-+=14011636121222222σσσσSince short sales are allowed, the efficient frontier will extend beyond portfolio A and out toward infinity. The efficient frontier appears as follows:。
经济学各学科专业名称中英文对照
经济学各学科专业名称中英文对照第一篇：经济学各学科专业名称中英文对照经济学各学科专业名称中英文对照 02经济学 Economics0201理论经济学 Theoretical Economics020101政治经济学 Political Economy020102经济思想史 History of Economic Thought020103经济史 History of Economic020104西方经济学 Western Economics020105世界经济 World Economics020106人口、资源与环境经济学Population, Resources and Environmental Economics0202应用经济学 Applied Economics020201国民经济学 National Economics020202区域经济学 Regional Economics020203财政学（含税收学）Public Finance(including Taxation)020204金融学（含保险学）Finance(including Insurance) 020205产业经济学 Industrial Economics020206国际贸易学 International Trade020207劳动经济学 Labor Economics020208统计学 Statistics020209数量经济学 Quantitative Economics020210国防经济学 National Defense Economics第二篇：河北工业大学专业名称中英文对照专业名称中英文对照土木工程：Civil Engineering结构工程：Structural engineering岩土工程：Geotechnical Engineer防灾减灾工程及防护工程：Disaster Prevention and Reduction Engineering and ProtectiveEngineering桥梁与隧道工程：Bridge and Tunnel Engineering市政工程：Municipal Engineering道路与铁道工程：Highway and Railway Engineering建筑与土木工程：Architectural and Civil Engineering交通运输工程：Communication and Transportation Engineering第三篇：职务名称中英文对照职务名称中英文对照首席技术执行官CTO/VP Engineering技术总监/经理Technical Director/Manager信息技术经理IT Manager信息技术主管IT Supervisor信息技术专员IT Specialist项目经理/主管Project Manager/Supervisor项目执行/协调人员Project Specialist / Coordinator系统分析员System Analyst高级软件工程师Senior Software Engineer软件工程师Software Engineer系统工程师System Engineer高级硬件工程师Senior Hardware Engineer硬件工程师Hardware Engineer通信技术工程师Communications EngineerERP技术/应用顾问ERP Technical/Application Consultant数据库工程师Database Engineer技术支持经理Technical Support Manager技术支持工程师T echnical Support Engineer品质经理QA Manager信息安全工程师Information Security Engineer软件测试工程师Software QA Engineer硬件测试工程师Hardware QA Engineer测试员T est Engineer网站营运经理/主管Web Operations Manager/Supervisor网络工程师Network Engineer系统管理员/网管System Manager/Webmaster网页设计/制作Web Designer/Production技术文员/助理Technical Clerk/Assistant职务名称中英对照（2）那么多职务你搞不清它们的英文名字？别着急，这就给你来一个办公室职务名称大搜罗，保证你下次再看到英文的时候不会弄错哦。
资本投资分析【英文】
Methods that Ignore Present Value
Cash Payback Method Advantages: Considers cash flows
Shows when funds are available for reinvestment Disadvantages: Ignores profitability (accounting income) Ignores cash flows after the payback period
Average Rate of Return Method
Assumptions:
Average annual income Average investment
Proposal A Proposal B
$ 30,000 $120,000
$ 36,000 $180,000
$30,000 = 25% $120,000
Methods that Ignore Present Value
Average Rate of Return Method Advantages:
Easy to calculate Considers accounting income (often used to evaluate managers)
Disadvantages: Ignores cash flows Ignores the time value of money
Average Rate of Return Method
Assumptions:
Machine cost Expected useful life Residual value Expected total income
国际注册投资分析师
国际注册投资分析师国际注册投资分析师是一种专门从事金融投资领域研究与分析的职业，并获得相关资格认证的专业人士。
他们通过深入的研究和分析，为投资者提供准确的投资建议和决策支持，帮助投资者最大化资本收益和降低风险。
国际注册投资分析师的职责主要包括：进行宏观经济研究，分析宏观经济趋势和政策对投资市场的影响；研究并分析个别行业和企业的财务状况，评估其投资价值；分析投资组合的风险和回报，并提供相应的投资策略和建议；监测投资市场的动态，及时调整投资组合以适应市场变化等。
国际注册投资分析师的资格认证通常由国际金融机构或专业协会颁发，例如国际注册投资分析师协会（The Association for International Investment Analysts, AIIA），该协会是国际上权威的投资分析师组织之一。
获得国际注册投资分析师资格的申请人需要通过一系列考试和实践要求，以证明其在投资分析领域的专业知识和能力。
国际注册投资分析师的培训和教育涵盖了广泛的金融理论和实践知识，包括财务报表分析、投资组合管理、风险管理、金融市场分析等。
此外，他们还需要具备良好的沟通和团队合作能力，以便与投资者、基金经理、研究团队等密切合作，共同制定和执行投资策略。
国际注册投资分析师的工作领域广泛，可以在投资银行、证券公司、基金管理公司、保险公司、企业金融部门等从事投资研究和分析工作。
他们也可以作为独立投资顾问，为个人和机构客户提供咨询服务。
国际注册投资分析师的工作环境通常较为快节奏和竞争激烈。
他们需要紧跟市场动态、关注全球经济和政治事件的发展，并根据最新信息进行投资决策。
同时，他们还需要处理大量的数据和信息，进行复杂的分析和模型建立，以支持投资决策的制定。
对于想要成为国际注册投资分析师的人来说，除了需要具备相关的金融知识和技能外，还需要不断学习和更新自己的知识体系。
投资市场的变化和发展速度很快，只有不断学习和研究，才能保持竞争力并提供优质的投资建议。
2015年CFA二级考试各科目难度和重要度
2015年CFA二级考试各科目难度和重要度CFA二级考试的十个科目都是重点，计算量超级大，如果一级偶尔动动计算器，那二级就是偶尔不用计算器。
每一科掉以轻心都可能导致全盘皆输。
二级是三个级别中最难的，真是不假呀。
FSA难度：★★★★重要度：★★★★★依旧是重点中的重点，还是先啃最硬的骨头！1. Inventory和long lived assets是一级++中有详细铺垫过的，不再强调GAAP与IFRS两个标准的对比，重在介绍这两种资产不情况下的会计处理方法，不同方法下对财务报表的影响。
2. Intercorporateinvestment是二级新增，涉及期初，期末，公允变化等等计量。
按投资性质不同又分四类，各有不同的计量规则，每个规则下又涉及对商誉的不同处理，非常繁琐。
如果理解费劲的时候可以参看国内CPA会计的教材，里面对金融资产以及长期股权投资有非常系统的讲解。
Employeecompensation是二级新增，而且无法在国内找到任何参考资料，因为国内养老金运作和美国相比太不成熟。
所以这部分，很晦涩，看了半天也是只look，没See。
最便捷的方法是直接听课件，我在网店买书时店主送了很多光盘，里面有前几年某个机构录制的教学视频，建议完整听这个LOS的全部基础课内容。
虽然讲得只是干货，没有任何传道解惑的水平，但是起码这部分众多公式你不会混淆了。
应付考试还是好用的。
Multinationaloperation也是新增，不难。
两种方法，三种情况，总结好了，不要硬背，理解了自然而然就烂熟于心了。
3.the lessons welearn, evaluating FSq,没什么意思，就是把一级二级里所有可能操纵报表，弄虚作假的动作，后果影响全部列举一遍。
这部分很虚很空，我想如果实操经验不是很丰富的人根本无法体会这三张的意义。
所以即使他才是最重要的最灵活贴近金融市场的，但根本无法在试卷上出题考什么知识点。
总之FSA还是条理很清晰，知识点也不容易混，理解到位一劳永逸的一科。
投行篇 Analyst
第一章投行Analyst & Associate 概述1.1 概念1.1.1 华尔街投行 Analyst 概念分析员(Analyst)是华尔街公司里面最初级的岗位,通常由本科毕业生担任,为期两年。
这些颇具发展潜力的本科毕业生是公司里的“劳动者”,承担着极为紧凑的超强工作负荷, 即使从华尔街的标准来看也是如此。
尽管在投资银行的各部门都设有分析员的岗位,但公司理财部是这个岗位分布最集中的部门。
分析员的主要工作是分析数据、组织并撰写投资条件清单、公司财务分析表或者首次公开发行的招股说明书。
这些年轻的专业人员孜孜不倦的工作,以期凭借在华尔街享有声望的公司或者全球性金融机构工作两年的经历获得进入全球顶尖商学院获得攻读MBA 的资格。
1.1.2 Analyst & Associate 的概念New Analyst(新聘分析员)职位一般来说适合刚从大学院校毕业或刚攻读完高等学位但缺乏工作经验的应聘者。
作为新聘分析员,你将更多地了解公司业务,建立重要的人际关系, 并培养晋升至更高职位所需的各种技能。
New Associate(新聘经理)一般需要二到五年的工作经验或者拥有高级学位(如工商管理硕士),或者两者兼有。
作为新聘经理,你将成为公司业务的重要组成部分,并可迅速承担产品或客户责任。
1.2 投行 Analyst & Associat 薪酬状况1.2.1 国内券商投行部门薪酬投行是很多人削尖了脑袋要进的行业,毕业生年起薪45 万+RMB 远远超过其他任何行业,不过这主要指有数的几个华尔街投行:MS、GS、JPM,DB,UBS,瑞士一波、贝尔斯登、美林以及花旗和汇丰的投行部门等。
国内券商投行部要排除在外,它们跟真正意义上的华尔街和欧洲投行在制度规范性上差的太远,薪酬跟上述投行比起来也很难看。
已经比较国际化的中金后面另说,中信亦然。
国内券商投行部门(不包括中金和中信)的员工大体上可以分为三种人:保荐人、非保荐人的管理阶层和非保荐人的普通员工,这里的普通员工包括从最低级的Analyst 到MD 均属于同一类人,三种员工的待遇差别极大。
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RESUME
Strength
·Comprehensive knowledge of defined contribution 401(k) pension concepts and regulations. ·Effective leadership and team -building.
·Extremely well organized.
·Proven Customer service skills.
·Excellent PC skills and defined contribution 401(K)daily processing ,stock ,and mutual fund system logic.
Personal
Name: ××××××Gender:Female Date of Birth:August 24th,1978
Martial Status:Married Email Address: ××××××
Tel: ××××××Mobile Phone: ××××××
Experience
××××-××××XXXX RETIREMENT & INVESTMENT SERVICES Plan Analyst ·Processed all contributions, loan repayments,benefit disbursements,fund transfers,and nonfinancial changes for daily/periodic 401(k) pension record-keeping transactions, including cash,mutual fund ,stock,and guaranteed investment contract money movements.
·Resolved client questions and problems.
·Interfaced productively with team ,department,field ,and sales personnel.
·Completed,verified,and mailed all required client reports.
·Plan year packages,and auditors' requests.
·Processed ADPs/ACPs and correction of year-end participant tax information.
--Promoted four times in four years
--Consistently met or exceeded all established standards for timing and accuracy
--Selected as one of first two people to participate in changeover to daily 401(K) processing environment from a monthly processing enviroment ,and quickly adapted to new system
--Chosen to train new hires and other plan analysts transitioning to the daily processing environment
--Served as technical liaison with systems personnel in identifying, communicating, and resolving processing problems with the new system
--Served effectively as team leader and account manager for new pilot team concept while maintain own book of business
Education
×××× College Bachelor of Science, Business Administration
Awards
PRESIDENT'S CLUB AWARD。