W. Sean Cleary
Canadian Securities Exam Fast-Track Study Guide (eBook, ePUB)
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W. Sean Cleary
Canadian Securities Exam Fast-Track Study Guide (eBook, ePUB)
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A concise and practical guide to preparing for the Canadian Securities Exam For anyone dreaming of a career in the Canadian finance industry, whether in banking, brokerage, financial planning, or mutual funds, passing the Canadian Securities Exam is the first step on the path to success. But there's a lot of material to know and almost everyone needs a helping hand. Thankfully, the Canadian Securities Exam Fast-Track Study Guide is the perfect quick-review tool covering all the basics you need to know. It includes "quick hits" of the key points in language that's straightforward and easy to…mehr
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A concise and practical guide to preparing for the Canadian Securities Exam For anyone dreaming of a career in the Canadian finance industry, whether in banking, brokerage, financial planning, or mutual funds, passing the Canadian Securities Exam is the first step on the path to success. But there's a lot of material to know and almost everyone needs a helping hand. Thankfully, the Canadian Securities Exam Fast-Track Study Guide is the perfect quick-review tool covering all the basics you need to know. It includes "quick hits" of the key points in language that's straightforward and easy to understand. Fully updated to cover the latest topics added to the CSC curriculum, this is the perfect study guide for staying cool under pressure and getting the best score you can. An ideal way to prepare for the Canadian Securities Exam, this handy guide will have you fully prepped and ready to go in no time flat. * An affordable, compact study guide that simply summarizes must-know information * Features 400 sample questions, including multiple choice chapter review questions and two full practice exams, as well as cross-referencing to the CSC textbook * Written by a professor of finance and the Director of the Master of Management in Finance program at Queen's School of Business, Queen's University * Ideal for finance students who need a quick review of the vital information they need to pass the Canadian Securities Exam
Produktdetails
- Produktdetails
- Verlag: John Wiley & Sons
- Seitenzahl: 416
- Erscheinungstermin: 5. Januar 2017
- Englisch
- ISBN-13: 9781118629642
- Artikelnr.: 47510394
- Verlag: John Wiley & Sons
- Seitenzahl: 416
- Erscheinungstermin: 5. Januar 2017
- Englisch
- ISBN-13: 9781118629642
- Artikelnr.: 47510394
Dr. Sean Cleary, Ph.D., CFA, is BMO Professor of Finance and Director of the Master of Finance program at Queen's School of Business, Queen's University. Dr. Cleary holds a Ph.D. in finance from the University of Toronto, and an MBA. He is a Chartered Financial Analyst (CFA) charter holder and a former Board member of both the Toronto CFA Society and the Atlantic Canada CFA Society. He has completed the Professional Financial Planning Course (PFPC), the Canadian Securities Course (CSC), as well as the Investment Funds Institute of Canada (IFIC) Mutual Fund Course. He has been on the faculty at St. Mary's University and the Schulich School of Business, York University, and has taught preparation courses for the Canadian Securities Exam. Dr. Cleary has published numerous articles in the Journal of Finance, the Journal of Financial and Quantitative Analysis, Financial Management, the Journal of Banking and Finance, the Journal of Multinational Financial Management, the Journal of Financial Research, the International Journal of Managerial Finance, the Canadian Investment Review, and the Canadian Journal of Administrative Sciences. He is co-author of the first three editions of Introduction to Corporate Finance (Wiley, 2007, 2010, 2013), as well as numerous other finance textbooks.
Acknowledgements vi Introduction: How to Use this Book vii Chapter 1: The Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1 The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of the Canadian Securities Industry 11 The Role of Financial Intermediaries 11 The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries 16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33 Overview of Economics 33 Measuring the Economy 34 Labour Markets 36 Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter 4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45 Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter 6: Fixed-income Securities: Features and Types 53 Overview and Terminology 53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6 Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading 67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71 Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79 Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97 Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10: Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112 Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11: Financing and Listing Securities 123 Basic Forms of Business Organization 123 The Incorporation Process 125 Government and Corporate Financing 127 The Financing Procedure 130 The Listing Process 133 Chapter 11 Review Questions 135 Chapter 12: Corporations and Their Financial Statements 139 Understanding Financial Statements 139 Statement of Financial Position 139 Statement of Comprehensive Income 143 Other Components 145 Chapter 12 Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151 Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153 Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis 165 Interpreting Financial Statements 166 Assessing Preferred Share Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15: Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return 183 Portfolio Risk and Return 187 The Portfolio Management Process 189 Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management Process 197 Developing an Asset Mix and Selecting Investment Styles 197 Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter 16 Review Questions 203 Chapter 17: Evolution of Managed and Structured Products 209 Managed versus Structured Products 209 Chapter 17 Review Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213 Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18 Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237 Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238 Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251 Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-tra
Acknowledgements vi Introduction: How to Use this Book vii Chapter 1: The
Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1
The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review
Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of
the Canadian Securities Industry 11 The Role of Financial Intermediaries 11
The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries
16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory
Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and
Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider
Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33
Overview of Economics 33 Measuring the Economy 34 Labour Markets 36
Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter
4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45
Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter
6: Fixed-income Securities: Features and Types 53 Overview and Terminology
53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6
Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading
67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71
Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review
Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79
Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock
Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity
Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97
Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10:
Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112
Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11:
Financing and Listing Securities 123 Basic Forms of Business Organization
123 The Incorporation Process 125 Government and Corporate Financing 127
The Financing Procedure 130 The Listing Process 133 Chapter 11 Review
Questions 135 Chapter 12: Corporations and Their Financial Statements 139
Understanding Financial Statements 139 Statement of Financial Position 139
Statement of Comprehensive Income 143 Other Components 145 Chapter 12
Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151
Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153
Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review
Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis
165 Interpreting Financial Statements 166 Assessing Preferred Share
Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15:
Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return
183 Portfolio Risk and Return 187 The Portfolio Management Process 189
Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management
Process 197 Developing an Asset Mix and Selecting Investment Styles 197
Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the
Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter
16 Review Questions 203 Chapter 17: Evolution of Managed and Structured
Products 209 Managed versus Structured Products 209 Chapter 17 Review
Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213
Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture
Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18
Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types
of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units
or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review
Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237
Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238
Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance
Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251
Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of
Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge
Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed
Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-traded
Funds 263 Chapter 22 Review Questions 264 Chapter 23: Fee-based Accounts
267 Fee-based Accounts 267 Chapter 23 Review Questions 269 Chapter 24:
Structured Products 271 Principal Protected Notes (PPNs) 271 Index-linked
Guaranteed Investment Certificates (GICs) 272 Split Shares 272 Asset-backed
Securities (ABS) 273 Mortgage-backed Securities (MBS) 274 Chapter 24 Review
Questions 274 Chapter 25: Canadian Taxation 277 Taxes and Taxation Issues
277 Taxation of Investment Income 278 Tax Deferral Plans 281 Basics of Tax
Planning 284 Chapter 25 Review Questions 285 Chapter 26: Working with the
Retail Client 289 The Process of Financial Planning 289 Financial Planning
Aids 291 Ethics and the Financial Advisor 292 Case Studies 294 Chapter 26
Review Questions 296 Chapter 27: Working with the Institutional Client 299
Who Are Institutional Clients? 299 Suitability Requirements for
Institutional Investors 300 Roles and Responsibilities in the Institutional
Market 301 Chapter 27 Review Questions 301 CSC Practice Examination #1:
Chapters 1-12 319 CSC Practice Examination #2: Chapters 13 -27 341 Answers
to Practice Exam #1: Chapters 1-12 363 Answers to Practice Exam #2:
Chapters 13 -27 369
Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1
The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review
Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of
the Canadian Securities Industry 11 The Role of Financial Intermediaries 11
The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries
16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory
Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and
Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider
Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33
Overview of Economics 33 Measuring the Economy 34 Labour Markets 36
Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter
4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45
Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter
6: Fixed-income Securities: Features and Types 53 Overview and Terminology
53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6
Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading
67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71
Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review
Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79
Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock
Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity
Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97
Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10:
Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112
Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11:
Financing and Listing Securities 123 Basic Forms of Business Organization
123 The Incorporation Process 125 Government and Corporate Financing 127
The Financing Procedure 130 The Listing Process 133 Chapter 11 Review
Questions 135 Chapter 12: Corporations and Their Financial Statements 139
Understanding Financial Statements 139 Statement of Financial Position 139
Statement of Comprehensive Income 143 Other Components 145 Chapter 12
Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151
Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153
Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review
Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis
165 Interpreting Financial Statements 166 Assessing Preferred Share
Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15:
Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return
183 Portfolio Risk and Return 187 The Portfolio Management Process 189
Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management
Process 197 Developing an Asset Mix and Selecting Investment Styles 197
Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the
Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter
16 Review Questions 203 Chapter 17: Evolution of Managed and Structured
Products 209 Managed versus Structured Products 209 Chapter 17 Review
Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213
Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture
Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18
Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types
of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units
or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review
Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237
Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238
Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance
Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251
Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of
Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge
Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed
Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-traded
Funds 263 Chapter 22 Review Questions 264 Chapter 23: Fee-based Accounts
267 Fee-based Accounts 267 Chapter 23 Review Questions 269 Chapter 24:
Structured Products 271 Principal Protected Notes (PPNs) 271 Index-linked
Guaranteed Investment Certificates (GICs) 272 Split Shares 272 Asset-backed
Securities (ABS) 273 Mortgage-backed Securities (MBS) 274 Chapter 24 Review
Questions 274 Chapter 25: Canadian Taxation 277 Taxes and Taxation Issues
277 Taxation of Investment Income 278 Tax Deferral Plans 281 Basics of Tax
Planning 284 Chapter 25 Review Questions 285 Chapter 26: Working with the
Retail Client 289 The Process of Financial Planning 289 Financial Planning
Aids 291 Ethics and the Financial Advisor 292 Case Studies 294 Chapter 26
Review Questions 296 Chapter 27: Working with the Institutional Client 299
Who Are Institutional Clients? 299 Suitability Requirements for
Institutional Investors 300 Roles and Responsibilities in the Institutional
Market 301 Chapter 27 Review Questions 301 CSC Practice Examination #1:
Chapters 1-12 319 CSC Practice Examination #2: Chapters 13 -27 341 Answers
to Practice Exam #1: Chapters 1-12 363 Answers to Practice Exam #2:
Chapters 13 -27 369
Acknowledgements vi Introduction: How to Use this Book vii Chapter 1: The Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1 The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of the Canadian Securities Industry 11 The Role of Financial Intermediaries 11 The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries 16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33 Overview of Economics 33 Measuring the Economy 34 Labour Markets 36 Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter 4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45 Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter 6: Fixed-income Securities: Features and Types 53 Overview and Terminology 53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6 Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading 67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71 Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79 Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97 Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10: Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112 Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11: Financing and Listing Securities 123 Basic Forms of Business Organization 123 The Incorporation Process 125 Government and Corporate Financing 127 The Financing Procedure 130 The Listing Process 133 Chapter 11 Review Questions 135 Chapter 12: Corporations and Their Financial Statements 139 Understanding Financial Statements 139 Statement of Financial Position 139 Statement of Comprehensive Income 143 Other Components 145 Chapter 12 Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151 Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153 Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis 165 Interpreting Financial Statements 166 Assessing Preferred Share Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15: Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return 183 Portfolio Risk and Return 187 The Portfolio Management Process 189 Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management Process 197 Developing an Asset Mix and Selecting Investment Styles 197 Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter 16 Review Questions 203 Chapter 17: Evolution of Managed and Structured Products 209 Managed versus Structured Products 209 Chapter 17 Review Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213 Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18 Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237 Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238 Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251 Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-tra
Acknowledgements vi Introduction: How to Use this Book vii Chapter 1: The
Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1
The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review
Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of
the Canadian Securities Industry 11 The Role of Financial Intermediaries 11
The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries
16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory
Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and
Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider
Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33
Overview of Economics 33 Measuring the Economy 34 Labour Markets 36
Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter
4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45
Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter
6: Fixed-income Securities: Features and Types 53 Overview and Terminology
53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6
Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading
67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71
Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review
Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79
Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock
Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity
Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97
Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10:
Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112
Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11:
Financing and Listing Securities 123 Basic Forms of Business Organization
123 The Incorporation Process 125 Government and Corporate Financing 127
The Financing Procedure 130 The Listing Process 133 Chapter 11 Review
Questions 135 Chapter 12: Corporations and Their Financial Statements 139
Understanding Financial Statements 139 Statement of Financial Position 139
Statement of Comprehensive Income 143 Other Components 145 Chapter 12
Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151
Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153
Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review
Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis
165 Interpreting Financial Statements 166 Assessing Preferred Share
Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15:
Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return
183 Portfolio Risk and Return 187 The Portfolio Management Process 189
Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management
Process 197 Developing an Asset Mix and Selecting Investment Styles 197
Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the
Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter
16 Review Questions 203 Chapter 17: Evolution of Managed and Structured
Products 209 Managed versus Structured Products 209 Chapter 17 Review
Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213
Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture
Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18
Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types
of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units
or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review
Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237
Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238
Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance
Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251
Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of
Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge
Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed
Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-traded
Funds 263 Chapter 22 Review Questions 264 Chapter 23: Fee-based Accounts
267 Fee-based Accounts 267 Chapter 23 Review Questions 269 Chapter 24:
Structured Products 271 Principal Protected Notes (PPNs) 271 Index-linked
Guaranteed Investment Certificates (GICs) 272 Split Shares 272 Asset-backed
Securities (ABS) 273 Mortgage-backed Securities (MBS) 274 Chapter 24 Review
Questions 274 Chapter 25: Canadian Taxation 277 Taxes and Taxation Issues
277 Taxation of Investment Income 278 Tax Deferral Plans 281 Basics of Tax
Planning 284 Chapter 25 Review Questions 285 Chapter 26: Working with the
Retail Client 289 The Process of Financial Planning 289 Financial Planning
Aids 291 Ethics and the Financial Advisor 292 Case Studies 294 Chapter 26
Review Questions 296 Chapter 27: Working with the Institutional Client 299
Who Are Institutional Clients? 299 Suitability Requirements for
Institutional Investors 300 Roles and Responsibilities in the Institutional
Market 301 Chapter 27 Review Questions 301 CSC Practice Examination #1:
Chapters 1-12 319 CSC Practice Examination #2: Chapters 13 -27 341 Answers
to Practice Exam #1: Chapters 1-12 363 Answers to Practice Exam #2:
Chapters 13 -27 369
Capital Market 1 Introduction 1 Suppliers and Users of Investment Capital 1
The Role of Financial Instruments 4 Financial Markets 5 Chapter 1 Review
Questions 8 Chapter 2: The Canadian Securities Industry 11 An Overview of
the Canadian Securities Industry 11 The Role of Financial Intermediaries 11
The Canadian Securities Industry 12 Chartered Banks 14 Other Intermediaries
16 Chapter 2 Review Questions 18 Chapter 3: The Canadian Regulatory
Environment 21 Regulatory Organizations 21 Arbitration 24 Regulation and
Investor Protection 24 The Ethics of Trading 26 Takeovers and Insider
Trading 28 Chapter 3 Review Questions 29 Chapter 4: Economic Principles 33
Overview of Economics 33 Measuring the Economy 34 Labour Markets 36
Interest Rates 37 Money and Inflation 38 International Economics 39 Chapter
4 Review Questions 41 Chapter 5: Economic Policy 45 Economic Theories 45
Fiscal Policy 46 Monetary Policy 46 Chapter 5 Review Questions 49 Chapter
6: Fixed-income Securities: Features and Types 53 Overview and Terminology
53 Bond Features 54 Government Securities 56 Corporate Bonds 57 Chapter 6
Review Questions 61 Chapter 7: Fixed-income Securities: Pricing and Trading
67 Bond Pricing Principles 67 The Term Structure of Interest Rates 71
Delivery, Regulation, and Settlement 72 Bond Indexes 73 Chapter 7 Review
Questions 74 Chapter 8: Equity Securities: Common and Preferred Shares 79
Introduction 79 Common Shares 79 Preferred Share Characteristics 81 Stock
Indices and Averages 87 Chapter 8 Review Questions 89 Chapter 9: Equity
Securities: Equity Trading 95 Cash and Margin Accounts 95 Short Sales 97
Equity Transactions 98 Chapter 9 Review Questions 99 Chapter 10:
Derivatives 105 Introduction 105 Options 106 Futures and Forwards 112
Rights and Warrants 115 Chapter 10 Review Questions 118 Chapter 11:
Financing and Listing Securities 123 Basic Forms of Business Organization
123 The Incorporation Process 125 Government and Corporate Financing 127
The Financing Procedure 130 The Listing Process 133 Chapter 11 Review
Questions 135 Chapter 12: Corporations and Their Financial Statements 139
Understanding Financial Statements 139 Statement of Financial Position 139
Statement of Comprehensive Income 143 Other Components 145 Chapter 12
Review Questions 146 Chapter 13: Fundamental and Technical Analysis 151
Overview 151 Fundamental Macroeconomic Analysis 152 Industry Analysis 153
Fundamental Valuation Models 155 Technical Analysis 158 Chapter 13 Review
Questions 160 Chapter 14: Company Analysis 165 Fundamental Company Analysis
165 Interpreting Financial Statements 166 Assessing Preferred Share
Investment Quality 174 Chapter 14 Review Questions 176 Chapter 15:
Introduction to the Portfolio Approach 183 Introduction 183 Risk and Return
183 Portfolio Risk and Return 187 The Portfolio Management Process 189
Chapter 15 Review Questions 191 Chapter 16: The Portfolio Management
Process 197 Developing an Asset Mix and Selecting Investment Styles 197
Implementing the Asset Mix 200 Monitoring the Economy, the Markets, the
Portfolio, and the Client 201 Evaluating Portfolio Performance 202 Chapter
16 Review Questions 203 Chapter 17: Evolution of Managed and Structured
Products 209 Managed versus Structured Products 209 Chapter 17 Review
Questions 211 Chapter 18: Mutual Funds: Structure and Regulation 213
Introduction 213 The Structure of Mutual Funds 214 Labour-sponsored Venture
Capital Corporations (LSVCCs) 217 Regulation of Mutual Funds 219 Chapter 18
Review Questions 223 Chapter 19: Mutual Funds: Types and Features 227 Types
of Mutual Funds 227 Fund Management Styles 229 Redeeming Mutual Fund Units
or Shares 229 Comparing Mutual Fund Performance 231 Chapter 19 Review
Questions 233 Chapter 20: Segregated Funds and Other Insurance Products 237
Key Features of Segregated Funds 237 Maturity Guarantees and Benefits 238
Fees and Expenses 241 Tax Considerations 242 Regulation 245 Other Insurance
Products 247 Chapter 20 Review Questions 247 Chapter 21: Hedge Funds 251
Overview of Hedge Funds 251 Hedge Fund Indexes 253 Benefits and Risks of
Hedge Funds 253 Due Diligence 254 Hedge Fund Strategies 255 Funds of Hedge
Funds 257 Chapter 21 Review Questions 257 Chapter 22: Exchange-listed
Managed Products 261 Closed-end Funds 261 Income Trusts 262 Exchange-traded
Funds 263 Chapter 22 Review Questions 264 Chapter 23: Fee-based Accounts
267 Fee-based Accounts 267 Chapter 23 Review Questions 269 Chapter 24:
Structured Products 271 Principal Protected Notes (PPNs) 271 Index-linked
Guaranteed Investment Certificates (GICs) 272 Split Shares 272 Asset-backed
Securities (ABS) 273 Mortgage-backed Securities (MBS) 274 Chapter 24 Review
Questions 274 Chapter 25: Canadian Taxation 277 Taxes and Taxation Issues
277 Taxation of Investment Income 278 Tax Deferral Plans 281 Basics of Tax
Planning 284 Chapter 25 Review Questions 285 Chapter 26: Working with the
Retail Client 289 The Process of Financial Planning 289 Financial Planning
Aids 291 Ethics and the Financial Advisor 292 Case Studies 294 Chapter 26
Review Questions 296 Chapter 27: Working with the Institutional Client 299
Who Are Institutional Clients? 299 Suitability Requirements for
Institutional Investors 300 Roles and Responsibilities in the Institutional
Market 301 Chapter 27 Review Questions 301 CSC Practice Examination #1:
Chapters 1-12 319 CSC Practice Examination #2: Chapters 13 -27 341 Answers
to Practice Exam #1: Chapters 1-12 363 Answers to Practice Exam #2:
Chapters 13 -27 369