Alternative Investments

ISBN-13: 9781119850601 / Angielski / Twarda / 2021 / 672 str.

Cfa Institute

Spis treści

ForewordPrefaceAcknowledgmentsAbout the CFA Institute Investment SeriesChapter 1: Introduction to Corporate Governance and Other ESG ConsiderationsLearning Outcomes* Introduction and Overview of Corporate Governance* Stakeholder Groups* Principal- Agent and Other Relationships in Corporate Governance* Overview and Mechanisms of Stakeholder Management* Mechanisms to Mitigate Associated Stakeholder Risks* Company Boards and Committees* Relevant Factors in Analyzing Corporate Governance and Stakeholder Management* Risks and Benefits of Corporate Governance and Stakeholder Management* Factors Relevant to Corporate Governance and Stakeholder Management Analysis* ESG Considerations for Investors and AnalystsSummaryChapter 2: Introduction to Alternative InvestmentsLearning Outcomes* Introduction* Investment Methods* Investment and Compensation Structures* Hedge Funds* Private Capital* Natural Resources* Real Estate* Infrastructure* Issues in Performance Appraisal* Calculating Fees and ReturnsSummaryChapter 3: Real Estate InvestmentsLearning OutcomesSection A: Overview of Types of Real Estate Investment* Introduction and Basic Forms of Real Estate Investment* Economic Value Drivers, Role in Portfolio, and Risk/Return of Real Estate Investments Relative to Stocks and Bonds* Considerations in Analysis and Due Diligence* IndexesSection B: Investments in Real Estate Through Private Vehicles* Introduction to Valuation Approaches* The Income Approach to Valuation: Discount Rates and the Direct* The DCF Method, the Relationship between Discount Rate and Cap Rate, and the Terminal Capitalization Rate* Private Market Real Estate DebtSection C: Investments in Real Estate Through Publicly Traded Securities* Types of Publicly Traded Real Estate Securities* Valuation: Net Asset Value Approach* Valuation: Relative Value (Price Multiple) Approach* REIT Mini Case Study: Example of Disclosures and Valuation Analysis* Private versus Public: A ComparisonSummaryGeneral Characteristics of Real EstatePrivate Equity Real EstatePublicly Traded Real Estate SecuritiesChapter 4: Private Equity InvestmentsLearning Outcomes* Introduction* Introduction to Valuation Techniques in Private Equity Transactions* Contrasting Venture Capital and Buyout Investments* LBO Model for Valuation of Buyout Transactions* VC Method for Valuation of Venture Capital Transactions* Exit Routes: Return Cash to Investors* Risks and Costs of investing in Private Equity* Private Equity Fund Structures and Terms* Private Equity FundSummaryChapter 5: Introduction to Commodities and Commodity DerivativesLearning Outcomes* Introduction* Commodity Sectors* Life Cycle of Commodities* Valuation of Commodities* Commodities Futures Markets: Participants* Commodity Spot and Futures Pricing* Theories of Futures Returns* Components of Futures Returns* Contango, Backwardation, and the Roll Return* Commodity Swaps* Commodity IndexesSummaryChapter 6: Hedge Fund StrategiesLearning Outcomes* Introduction and Classification of Hedge* Equity Strategies: Long/Short Equity* Equity Strategies: Dedicated Short Selling and Short-Biased* Equity Strategies: Equity Market Neutral* Event- Driven Strategies: Merger Arbitrage* Event- Driven Strategies: Distressed Securities* Relative Value Strategies: Fixed Income Arbitrage* Relative Value Strategies: Convertible Bond Arbitrage* Opportunistic Strategies: Global Macro Strategies* Opportunistic Strategies: Managed Futures* Specialist Strategies* Multi- Manager Strategies* Analysis of Hedge Fund Strategies using a Conditional Factor Risk Model* Evaluating Equity Hedge Fund Strategies: Application* Evaluating Multi- manager Hedge Fund Strategies: Application* Portfolio Contribution of Hedge Fund StrategiesSummaryChapter 7: Capital Market Expectations: Forecasting Asset Class ReturnsLearning Outcomes* Introduction* Overview of Tools and Approaches* Forecasting Fixed Income Returns* Risks in Emerging Market Bonds* Forecasting Equity Returns* Forecasting Real Estate Returns* Forecasting Exchange Rates* Forecasting Volatility* Adjusting a Global PortfolioSummaryChapter 8: Asset Allocation to Alternative InvestmentsLearning Outcomes* Introduction and The Role of Alternative Investments in a Multi-asset Portfolio* Diversifying Equity Risk* Traditional Approaches to Asset Classification* Risk- Based Approaches to Asset Classification and Comparing Risk- Based and Traditional Approaches* Risk Considerations, Return Expectations and Investment Vehicle* Liquidity* Fees and Expenses, Tax Considerations, and Other Considerations* Suitability Considerations* Asset Allocation Approaches and Statistical Properties and Challenges of Asset Returns* Monte Carlo Simulation* Portfolio Optimization* Risk Factor- Based Optimization* Liquidity Planning and Achieving and Maintaining the Strategic Asset Allocation* Managing the Capital Calls and Preparing for the Unexpected* Monitoring the Investment ProgramSummaryChapter 9: Integrated Cases in Risk Management: InstitutionalLearning Outcomes* Introduction* Financial Risks Faced by Institutional Investors* Environmental and Social Risks Faced by Institutional InvestorsGlossaryAbout the Editors and AuthorsIndex

O autorze

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 170,000 members in 160+ countries and territories, including 163,000 CFA(r); charterholders, and 150+ member societies. For more information, visit www.cfainstitute.org.