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1 ก (LOS) ก CISA 2
2 ก (LOS) ก CISA 2 ก 2 ก ก - 2 -
3 ก : ก (Economics for Valuation) 1 : ก ก กก 1. ก กก ก 2. ก ก Solow Growth Model Endogenous Growth Theory ก ก 3. ก ก ก ก ก ก ก 1.1 ก ก ก ก ก ก (Factor share of income) 1.2 Solow Growth Model Solow growth model without technological progress Solow growth model with exogenous technological progress Convergence ก ก ก ก Solow model ก (Human Capital) 1.3 Endogenous Growth Theory The AK model Romer Lucas (1988) 1.4 ก ก ก Solow growth model Endogenous growth model ก ก Asian Tigers - 3 -
4 2 : 1. กกก ก ก ก ก 2. ก ก ก ก ก ก ก กก 3. ก ก ก ก กก ก ก ก ก ก ก 4. ก ก ก ก กก ก ก ก ก ก ก 5. ก กก 2.1 ก ก กก ก (quotation conventions) (bid ask quotes) ก (cross exchange rate) 2.2 ก ก ก ก (bilateral arbitrage) ก ก (triangular arbitrage) 2.3 ก ก ก ก (forward premium and discount) ก กก ก ก ก ก - 4 -
5 . 3 ก ก กก 1. ก 2. ก กก ก 3. ก กก ก 4. ก (uncovered interest rate parity :URP) URP ก 5. ก ก 6. ก ก ก ก ก กก (foreign currency risk premium) 7. ก กก ก ก ก ก ก ก ก ก ก 10. ก ก กก ก ก ก 11. ก ก ก 3.1 ก ก ก กก ก (equilibrium exchange rate) ก (balance of payments) กก (exchange rate determinants) ก (exchange rate system) (purchasing power parity; PPP) ก (fisher s effect; FE) ก (uncovered interest parity; URP) - 5 -
6 3.2.4 ก (interest rate parity) กก ก (forward rate as an unbiased estimator of the expected future spot rate; UFR) 3.3 ก กก ก กก (purchasing power parity) ก กก ก (the balance of payments approach) ก กก (the asset market approach) 4 ก กก 1. ก กก ก 2. ก ก 3. ก กก ก ก กก 4. ก กก ก 5. ก ก ก ก ก ก ก 6. กก (foreign currency risk premium) กก 7. ก ก กก (ICAPM) 8. ก ก ICAPM ก ก ก กก ก ก ก ก ก ก 9. กก ก ก ICAPM 10. กก ก - 6 -
7 11. กก ก ก ก ก ก กก 12. กกก 4.1 ก 4.2 ก กก ก กก (domestic CAPM) ก ก ก กก ก ก กก (international CAPM) 4.3 ก กก (ICAPM) ก ก ก ก ก ก ก กก กก กก - 7 -
8 ก ก : ก ก (Quantitative Methods) 1 : ก 4. ก 5. ก 6. ก ก 7. ก ก ก ก ก 8. ก 9. ก ก ก ก ก 10. กก ก ก กก 1.1 ก ก ก ก กก ก 1.2 ก ก ก ก ก ก กก ก ก ก กก ก ก ก ก กก ก 1.3 ก ก ก ก ก ก ก ก ก ก ก ก ก ก 1.4 ก ก - 8 -
9 2 : ก ก ก 4. ก ก 5. ก (ANOVA) ก ก 6. F ก ก ก ก 2.2 ก ก ก ก ก ก ก ก ก ก ก ก ก ก 3 : ก ก ก ก 1. ก 2. ก ก ก 3. กก ก 4. ก ก 5. ก ก ก ก - 9 -
10 3.1 ก ก ก ก ก ก ก ก 3.2 ก ก 3.3 ก ก ก Multicollinearity Heteroskcedasticity Serial Correlation
11 ก ก 1 : ก ก (Financial Statement Analysis): 1 1 : ก 1. ก ก ก ก ก (defined contribution plan) ก ก ก ก ก (defined benefit plan) 2. ก ก ก ก ก ก ก 1) ก ก (projected benefit obligation) 2) ก ก (accumulated benefit obligation) 3) ก กก (vested benefit obligation) 3. ก (pension cost components) ก ก ก ก ก 4. ก ก กก (funded status of a plan) กก 5. ก ก ก ก ก ก ก ก ก 6. ( ) ก ก ก ก ก ก ก ก ก ก ก ก ก ก 7. ( ) ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 8. ก ก ก ก ก ก ก ก กก ก 9. ก ก APB 25 ก ก ก 123 ก ก ก stock options
12 1.1 ก 1.2 ก 1.3 ก ก ก ก ก 1.4 ก ก 1.5 ก ก 1.6 ก กก ก ก ก 1.7 ก ก ก 1.8 ก ก ก ก ก ก ก ก 1.9 ก ก Stock Options 1.10 ก กก ก ก : ก ก ก 1. ก ก ( ก ก ) ก ก ก 2. กก ก กก กก ก 3. กก ก ก ก กกก ก 4. ก ก ก / ก ก ก 5. กก ก ก 6. ก ก ก ก 7. กก ก / ก ก
13 2.1 ก ก ก ก 2.2 กก ก ก : ก ก ก กก ก ก ก ก ก 2.3 กก ก ก : ก ก ก ก ก 2.4 กก ก ก : ก ก ก ก ก ก กก ก ก ก ก 2.5 กก ก ก : ก ก ก ก ก ก ก ก ก ก 2.6 ก ก กก ก ก ก 2.7 ก ก ก ก ก ก ก ก 3 : ก ก 1. ก ก ก ก ก 2. ก ก ก 3. ก ก ก ก ก 4. กก ก 5. ก ก ก 6. กก กกก ก ก
14 3.1 กก ก ก ก ก ก ก ก ก 3.2 ก ก ก ก ก ก ก ก ก ก กก 3.3 ก ก ก ก กก กก ก 3.4 ก 3.5 ก ก กก ก ก ก ก ก ก ก ก ก ก ก 3.6 ก ก ก ก ก ก ก ก ก 3.7 ก ก ก 3.8 ก ก ก
15 4 : ก ก 1. กก ก ก กก 2. ก ก ก ก ก ก ก ก 3. ก ก All-current Temporal ก ก ก ก ก 4. กกก ก ก ก All-current Temporal 5. ก กกก 6. ก Temporal All-Current ก 7. ก ก ก ก 8. ก ก ก ก ก ก ก 8.1 ก 8.2 ก ก ก ก ก ก 8.3 ก 8.4 ก ก 8.5 ก 8.6 ก ก ก 4.1 ก ก 4.2 ก ก Temporal ก All-current ก ก ก ก ก Temporal ก All-Current 4.3 ก 30 ก ก ก ก 4.4 ก ก Temporal 4.5 ก ก All-Current
16 4.6 กก ก ก ก ก ก 4.7 กก ก กก 4.8 ก ก 4.9 ก ก 4.10 ก ก 4.11 ก ก : ก ก ก ก ก ก ก ก ก 4.12 ก ก : ก ก ก ก ก ก ก ก ก ก ก ก 4.13 ก ก : ก ก 4.14 ก ก : ก 4.15 ก ก : ก 4.16 ก ก : ก ก ก 5 : ก ก 1. กกก ก กก ก 4. กก 5. ก ก ก กก ก 6. ก ก 7. ก กกก ก กก 8. ก 5.1 ก ก ก ก
17 5.1.2 ก ก ก ก ก ก ก ก 5.2 ก ก ก ก ก ก กก ก ก กก ก ก ก กก ก กก ก ก 5.3 ก ก ก ก ก ก
18 ก ก 2 Reading Assignments: Accounting Shenanigans on the Cash Flow Statement, Marc A. Siegel, The CPA Journal, March 2006 Reading 27 (Year 2008): Accounting Shenanigans on the Cash Flow Statement The candidate should be able to analyze and discuss the following ways to manipulate the cash flow statement: stretching out payables; financing of payables; securitization of receivables; using stock buybacks to offset dilution of earnings. Reading Assignments: Financial Reporting Quality: Red Flags and Accounting Warning Signs, Thomas Robinson and Paul Munter, Commercial Lending Review, January 2005 EARNING OUTCOMES Reading 28 (Year 2008): Financial Reporting Quality: Red Flags and Accounting Warning Signs The candidate should be able to: a. describe incentives that might induce a company s management to overreport or underreport earnings; b. describe activities that will result in a low quality of earnings; c. describe the fraud triangle ; d. describe the risk factors related to incentives and pressures that may lead to fraudulent accounting; e. describe the risk factors related to opportunities that may lead to fraudulent accounting; f. describe the risk factors related to attitudes and rationalizations that may lead to fraudulent accounting; g. describe common accounting warning signs and methods of detecting each; h. describe the accounting warning signs related to the Enron accounting scandal; i. describe the accounting warning signs related to the Sunbeam accounting scandal
19 Reading Assignments: Analysis of Financial Statements, Pamela Peterson and Frank Fabozzi, 2006, John Wiley & Sons "The Lessons We Learn", Ch. 10 Reading 29 (Year 2008): The Lessons We Learn The candidate should be able to: a. distinguish among the various definitions of earnings (e.g., EBITDA, operating earnings, net income, etc.); b. illustrate how trends in cash flow from operations can be more reliable than earnings trends; c. provide a simplified description of the accounting treatment for derivatives being used: to hedge exposure to changes in the value of assets and liabilities; to hedge exposure to variable cash flow; to hedge a foreign currency exposure of an instrument in a foreign corporation
20 ก ก : 1 : ก ก : 1 (Corporate Finance) 1 : 1. ก ก 2. ก 3. ก 4. ก ก 1.1 ก ก ก 1.2 ก ก ก ก ก 2 : ก ก ก ก ก ก ก ก ก 3. ก ก 4. ก ก ก 5. ก ก
21 6. ก ก ก ก ก ก 7. ก ก ก 2.1 กก ก ก ก กก ก ก 2.2 ก ก ก ก ก 2.3 ก ก ก ก ( ก ) ก 2.6 ก ก ก ก กก 2.7 ก 3 : ก ก ก 1. ก ก ก ก 2. ก ก ก ก ก 3. ก 4. ก ก ก 5. ก ก 6. ก ก ก ก ก ก
22 7. ก SML 8. กก 9. ก ก 3.1 ก ก ก 3.2 ก ก ก ก ก ก กกกก ก ก 3.3 ก Modified Accelerated Cost Recovery System Recovery Allowance Percentage ก กก 3.4 ก ก ก ก ก 3.5 กก ก ก ก กก CAPM ก 3.7 ก ก
23 ก ก 2 : ก ก : 2 (Corporate Finance) 4 : ก ก ก ก ก 1. ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก 2. ก ก ก ก ก ก 3. ก ก ก ก ก ก ก ก ก ก ก ก ก 4. ก กก 5. ก ก ก ก ก 6. ก ก ก ก ก ก ก 7. ก ก ก ก ก ก ก ก 8. กก ก ก ก ก ก ก ก ก ก 4.1 ก ก ก ก ก 4.2 กก ก ก ก ก 4.3 ก ก ก ก 4.4 : ก ( ) ก 4.5 ก ก ก ก ก ก ก ก ก ก ก ก ก
24 4.5.4 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 4.6 ก ก ก ก ก ก ก 4.7 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 5 : ก ก 3. ก ก ก กก ก ก ก ก 4. ก ก กกก 5. กก ก ก 6. ก ก ก กก ก ก ก ก 7. ก ก ก 8. ก ก
25 9. ก 10. ก ก ก ก ก ก ก 5.3 ก ก ก ก กก ก ก ก ก 5.4 ก ก กก ก ก ก ก ก ก ก 6 : 1. ก ก 2. ก 3. ก 4. ก ก ก ก 5. ก ก ก 6. ก ก 7. ก ก
26 6.1 ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก กก ก ก ก ก กก 6.3 ก ก 6.5 ก ก ก ก ก 7 : ก ก ก 1. ก ก ก ก ก ก 2. ก ก ก ก ก ก 3. ก ก ก ก ก 4. กก ก ก ก ก ก 5. ก ก ก ก ก ก 6. ก ก ก ก ก ก ก ก ก 7. ก ก กก ก กก ก
27 7.1 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 7.2 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 7.3 ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก ก กก 7.4 ก ก ก ก ก ก ก ก กกก ก ก ก ก ก ก ก 7.5 กก ก ก ก ก 7.6 ก ก ก ก ก ก 7.7 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 7.8 กก ก ก 7.9 ก ก ก ก ก ก ก ก ก ก ก
28 8 : ก ก ก 1. ก ก ก ก ก ก ก ก 2. ก ก ก ก ก ก ก ก ก 3. ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก 4. ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก 8.1 ก ก ก ก 8.2 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก 8.3 ก ก ก ก ก ก ก ก ก ก ก ก กก 8.4 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก
29 9 : ก ก ก ก 1. ก ก ก ก ก ก ก ก 2. กก ก 3. ก ก ก ก 9.1 ก ก ก ก ก ก ก ก ก ก 9.2 ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก
Parity Conditions in International Finance and Currency Forecasting. Chapter 4
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