cfa一级公式.docxVIP

QuantitativePortfolio ManagementEconomicsEquityAlternativeDerivativeFixed IncomeFSACorporate Finance史上最全的CFA复习笔记，爱不释手?T-bill?rates是?nominal?risk-free?ratesnominal?risk-free?rate=?real?risk-free?rate?+?expected?inflation?rate风险种类：default?risk违约风险?liquidity?risk?流动性风险?maturity?risk?久期风险（利率风险）EAR=e^t-1贴现率=opportunity?cost，required?rate?of?return，?cost?of?capitalordinary?annuity在期末产生现金流?annuity?due在期初产生现金流永续年金perpetuity?PV=PMT/(I/Y)对于同一个项目IRR和NPV结论相同：IRR大于必要收益率则NPV为正，否则NPV为负如果公司目标是权益所有人财富最大化，那么始终选择NPV（通常都是这样）HPR(持有期回报）=（期末值-期初值）/期末值?或者?（期末值-期初值+现金）/期末值Time-weighted?rate?of?return时间的加权平均值，（1+HPR1)(