New: cfaAll contenthive-129948hive-196917krzzanhive-183959hive-180932steemphotographyhive-166405hive-185836uncommonlabhive-144064bitcoinhive-150122hive-145157krsuccesshive-124908hive-109690hive-183397lifehive-188619hive-139150hive-101145hive-184714hive-153970TrendingNewHotLikersaoddl94 (69)in cfa • 3 months agotestingTax deferred DTA DTLaoddl94 (69)in methods • 7 months agoMethods for Dealing with OutliersMethods for Dealing with Outliers trimmed mean -> 절사평균 ; Excludes a stated percentage of the most etreme observations windsorized mean -> Instaed of discarding the highest and lowest…haejin (87)in cfa • 8 months ago CFA Advisors on BTC ETFThey'll take their long time to hem and haw.....let's see what their clients say to them.aoddl94 (69)in derivitaives • last year파생상품 종류Forward Futures Swap Option Fowrad, Futures, Swap은 쌍방의무 (Biliteral Obliation = Commitments) Option은 일방의무 (Uniliteral Obligation = Contingent Claims) 하지만 CDS (Credit Default Swap)은 Swap…aoddl94 (69)in income • last yearIncome StatementRevenue (CGS) = Gross Profit (SG&A Exp) (Depreciation Exp) = Operating Profit(=EBIT) (Non-Operating items(ex. Int Exp)) = Income from C/O Before tax (Tax Expense)…aoddl94 (69)in fixed • last year채권 종류들Floating-Rate Notes 변동금리채권; 금리:LIBOR(변동) + Margin(고정) cap rate 금리상한(발행자에게 유리)과 floor rate금리하한(투자자에게 유리) 설정 가능 Step-up Coupon bonds Credit-linked coupon bonds payment-in-kind (PIK)…aoddl94 (69)in restriction • last yearGoal of foreign capital restrictionImposing restrictions on foreign capital flows To decrease domestic asset price volatility To Keep domestic interest rate low To protect certain domestic industriesaoddl94 (69)in giffengoods • last yearGiffen goodsGiffen goods are theoretical and would have an upward-sloping demand curve. Has postive suubstitution effect and negative income effect. Its income effect is larger than substitution effect, so…aoddl94 (69)in fsa • last yearPPE의 RevaluationRevaluation: IRFS only USGAAP: not allowed 시가평가 (FV) class별로 할 수 있지만 class 안의 individual 대상들은 동일하게 해야됨 revaluation 시 이익분은 AOCI 계정과목에 반영 (NI과 R/E에 반영 X) 하지만 손실분은 NI에 반영되고 R/E에 반영됨aoddl94 (69)in cfa • last yearROEROE = Net Income / Avg. Equity ROE= (Net Income/Revenue) x (Revenue/Average Total Assets) x (Average Total Assets/Equity) ROE = (Net Profit Margin) x (Asset Turnover) x (Leverage Ratio)aoddl94 (69)in derivatives • last year파생상품의 리스크Implicit Risk: 레버리지 효과가 있는 경우가 존재함 -> 예상치 못한 높은 리스크를 실현할 수 있다 Basis Risk : 일반적으로 기초자산 가격의 변동과 선물가격의 변동이 일치하지 않아 Perfect Hedge가 되지 않아 리스크 -> 파생상품을 이용한 헷지는 가격리스크를 Basis 리스크로 전환하는 것이다…aoddl94 (69)in hive-196917 • last yearRisk of derivatives Risk of derivatives Risk of derivatives Risk of derivatives The underlying of a derivatives might not fully match a position being hedged. -> Basis Risk #steem #hive-196917 #derivatives #cfaaoddl94 (69)in cogs • last yearCoGSCoGS = Beg Inv + Purchase - End Inv.aoddl94 (69)in dol • last yearDOL DFL DTLDOL = (sales - tvc) / (Sales - TVC -F) : 회사 영업비용 중 고정비가 얼마나 많이 DFL = EBIT / (EBIT-Interest) DTL = DOL x DFLaoddl94 (69)in dr • last year주식예탁증서 [ depository receipt ]주식예탁증서 [ depository receipt ] 국내 기업이 외국투자자들을 대상으로 유상증자를 할 때 유통편의를 위해 발행주식을 예탁기관에 맡기고 예탁기관이 발행주식(원주)을 근거로 발행, 유통하는 예탁증서를 말한다. DR의 발행절차는 발행회사가 원주를 발행하면 외국예탁기관은 국내 보관은행에 이것을 예탁기관의 명의로 보관하고 대신 현지에서…aoddl94 (69)in cfa • last yearCorporate IssuerCorporate's Liquidity 1 Primary Source of liquidity -> Operation 상의 사업 소득 cash (A/R, A/P) 및 단기금융상품 (MMF) 2 Secondary Source of Liquidity -> 회사 재무구조 변화에서 비롯되는 cash (차입금, 자산매각) Drags on…aoddl94 (69)in bond • last year사채 발행채권의 현재가치를 Market interest rate = R(할인율)을 이용하며, Market Interest Rate = Coupon Rate -> PV = 액면가 FV -> par bond Market Interest Rate > Coupon Raet -> PV < 액면가 FV -> discount bond…aoddl94 (69)in valuation • last yearValuation Allowance회계 계정과목 중 V/A 는 USGAPP 에서 인정 DTA 10,000 V/A (4,000) IFRS에서는 인정 x DTA 6,000aoddl94 (69)in cfa • last yearDeferred Tax Assets (DTA) 와 Deferred Tax Liabilities (DTL)Asset on Book (Financial Reporting) > Asset on Tax --> DTA 나중에 공제 받을 것 Liabilities on Book < Liabilities on Tax --> DTL 나중에 더 내야 될 것manish5502 (25)in funding • last yearWhat is Funding Rate? How to Arbitrage Using Funding Rate on WEEX?Some people claim that funding rate arbitrage can achieve an annualized return of 30%-40% with no risk. Is funding rate arbitrage really "risk-free"? Traders who are new to the contract market may…
