FINA2802, Spring 09 – Dr TangReview for Exam I FINA2802 Investments and Portfolio Analysis Spring, 2009 Dragon Tang Review for Exam I.

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FINA2802, Spring 09 – Dr TangReview for Exam I FINA2802 Investments and Portfolio Analysis Spring, 2009 Dragon Tang Review for Exam I

FINA2802, Spring 09 – Dr TangReview for Exam I 1. Importance of Financial Markets Functions of Financial Markets: Smoothing consumption. Better risk-sharing. Separation of ownership and control.

FINA2802, Spring 09 – Dr TangReview for Exam I 2. Financial Securities Money market Bond Stock Derivatives

FINA2802, Spring 09 – Dr TangReview for Exam I 3. Stock Market Indexes Price-weighted Value-weighted Equally weighted

FINA2802, Spring 09 – Dr TangReview for Exam I 4. Securities Issuance and Trading Role of investment banks Different types of markets Different types of orders

FINA2802, Spring 09 – Dr TangReview for Exam I 5. Buying on Margin and Short Sales Initial Margin Actual Margin Margin Call Buying on Margin: Short Selling:

FINA2802, Spring 09 – Dr TangReview for Exam I 6. Investment Companies Net Asset Value (NAV) Closed-end fund: discount/premium Mutual Fund Expenses: front-end load, back-end load, operating expenses, 12b-1 fees

FINA2802, Spring 09 – Dr TangReview for Exam I 7. Risk and Return Expected Return and Risk of a Single Security: Expected Return: Variance: Volatility:

FINA2802, Spring 09 – Dr TangReview for Exam I Complete Portfolio Expected Return and Risk: Expected Return: Variance: Special Case: and 8. Asset Allocation

FINA2802, Spring 09 – Dr TangReview for Exam I Three versions of EMH Tests of EMH Market Anomalies and explanations 9. Efficient Market Hypothesis

FINA2802, Spring 09 – Dr TangReview for Exam I 10. Market Efficiency Dr Dragon Tang’s views Evidence Behavioral interpretation

FINA2802, Spring 08 – Dr TangReview for Exam II 11. Behavioral Finance and Technical Analysis Behavioral biases Loss aversion Overconfident Mental accounting; etc. Why TA may be useful Slow reaction Systematic biases Technical indicators

12. Current Events The ongoing crisis: causes and consequences The worldwide bailout: stimulus packages and bank nationalization China vs U.S. The real investment world (e.g., mini-bond incident) FINA2802, Spring 09 – Dr TangReview for Exam I

FINA2802, Spring 09 – Dr TangReview for Exam I Comments and Advices Never leave a question blank, write down as much (relevant information) as possible to get partial credits. Work on the easier and less time-consuming problems first. Always show the formula before you put up the numbers. You will get most of the points in case of calculation errors. Current events count 30%. Homework questions will be highly relevant

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