Economics for Investment Decision Makers Micro, Macro, and International Economics, Workbook
by Piros, Christopher D.; Pinto, Jerald E.Edition: 1st
Format: Paperback
Pub. Date: 2013-03-18
Publisher(s): Wiley
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Summary
The quickest, easiest way to get to grips with the all the economics you need to make best possible investment decisions Determining the fitness of a particular company and its investment worthiness, requires more than just a knowledge of its current financial health, its management policies and its strategic direction. True due diligence entails a close analysis of a wide range of global factors outside the ambit of a particular market, company or industry sector. Chief among these factors are the micro- and macroeconomic forces that drive business outcomes. Written by a distinguished professor of economics and with the full support and cooperation of the CFA Institute, the worlds largest association of finance professionals, Economics for Investment Decision Makers arms you with the solid grasp of all the key economic terms, concepts and processes you need to make the most well-informed investment decisions possible. A concise, plain-English guide for busy finance practitioners, it gets you quickly up and running with all the economics you need to make successful investment decisions, and nothing more From demand and supply analysis to business cycles and currency exchange rates, the author supplies in-depth coverage of core concepts for finance practitioners Throughout, the emphasis is on the kinds of economics issues analysts must know to differentiate between firms within a sector as potential investments Discusses macroeconomic concepts with an eye to how they impact industrial sectors, capital markets, country analysis
Author Biography
CHRISTOPHER D. PIROS, PhD, CFA, is the Managing Director of Investment Strategy and Chairman of the Investment Policy Committee at Hawthorn, a member of the PNC Financial Services Group, Inc., which is dedicated to serving the needs of individuals and families with investable assets in excess of $20 million. Prior to joining PNC, Mr. Piros served on the team responsible for the curriculum underlying the Chartered Financial Analyst® designation. He also has served as Director of Investment Strategy & Portfolio Management at Prudential Investments LLC, the wealth management services arm of Prudential Financial. He was a global fixed-income portfolio manager and head of fixed-income quantitative analysis at MFS Investment Management.
JERALD E. PINTO, PhD, CFA, is Director, Curriculum Projects, in the education division of the CFA Institute. Prior to joining CFA Institute, he consulted with corporations, foundations, and partnerships in investment planning, portfolio analysis, valuation, and quantitative analysis. Pinto also worked in the investment and banking industries in New York, and taught finance at NYU Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and is a member of CFA Virginia.
CFA INSTITUTE is a global, not-for-profit organization comprising the world's largest association of investment professionals. With over 100,000 members, and regional societies around the world, CFA Institute is dedicated to developing and promoting the highest educational, ethical, and professional standards in the investment industry. CFA Institute offers a range of educational and career resources, including the Chartered Financial Analyst (CFA) and the Certificate in Investment Performance Measurement (CIPM) designations, and is a leading voice on global issues of fairness, market efficiency, and investor protection.
Table of Contents
PART I Learning Outcomes, Summary Overview, and Practice Problems
CHAPTER 1 Demand and Supply Analysis: Introduction 3
Learning Outcomes 3
Summary Overview 3
Practice Problems 5
CHAPTER 2 Demand and Supply Analysis: Consumer Demand 11
Learning Outcomes 11
Summary Overview 11
Practice Problems 12
CHAPTER 3 Demand and Supply Analysis: The Firm 15
Learning Outcomes 15
Summary Overview 15
Practice Problems 16
CHAPTER 4 The Firm and Market Structures 23
Learning Outcomes 23
Summary Overview 23
Practice Problems 24
CHAPTER 5 Aggregate Output, Prices, and Economic Growth 29
Learning Outcomes 29
Summary Overview 29
Practice Problems 32
CHAPTER 6 Understanding Business Cycles 39
Learning Outcomes 39
Summary Overview 39
Practice Problems 41
CHAPTER 7 Monetary and Fiscal Policy 45
Learning Outcomes 45
Summary Overview 45
Practice Problems 47
CHAPTER 8 International Trade and Capital Flows 53
Learning Outcomes 53
Summary Overview 53
Practice Problems 55
CHAPTER 9 Currency Exchange Rates 61
Learning Outcomes 61
Summary Overview 61
Practice Problems 63
CHAPTER 10 Currency Exchange Rates: Determination and Forecasting 67
Learning Outcomes 67
Summary Overview 68
Practice Problems 71
CHAPTER 11 Economic Growth and the Investment Decision 77
Learning Outcomes 77
Summary Overview 77
Practice Problems 79
CHAPTER 12 Economics of Regulation 87
Learning Outcomes 87
Summary Overview 87
Practice Problems 88
PART II Solutions
CHAPTER 1 Demand and Supply Analysis: Introduction 93
Solutions 93
CHAPTER 2 Demand and Supply Analysis: Consumer Demand 97
Solutions 97
CHAPTER 3 Demand and Supply Analysis: The Firm 99
Solutions 99
CHAPTER 4 The Firm and Market Structures 101
Solutions 101
CHAPTER 5 Aggregate Output, Prices, and Economic Growth 103
Solutions 103
CHAPTER 6 Understanding Business Cycles 107
Solutions 107
CHAPTER 7 Monetary and Fiscal Policy 109
Solutions 109
CHAPTER 8 International Trade and Capital Flows 111
Solutions 111
CHAPTER 9 Currency Exchange Rates 115
Solutions 115
CHAPTER 10 Currency Exchange Rates: Determination and Forecasting 119
Solutions 119
CHAPTER 11 Economic Growth and the Investment Decision 123
Solutions 123
CHAPTER 12 Economics of Regulation 127
Solutions 127
About the CFA Program 129
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