1. Equity market organization and structure
• Classification of assets and markets,
• main market participants and financial intermediaries,
• trading fundamentals (types of positions and orders)
• primary and secondary markets (public offerings, securities regulation).
2. Market efficiency
• The concept and definition of market efficiency,
• forms of market efficiency (weak, semi-strong, strong),
• equity market anomalies, violation of the EMH
• behavioural finance (investor psychology, types of behavioural biases).
3. Overview of equity securities
• Security market indexes (index definition and construction),
• Types of equity indexes and their use (measuring returns, benchmarks),
• types and characteristics of equity securities (types of shares, depository receipts),
• risk and return (sources of risk and return, calculation).
4. Equity valuation: Global, industry and company analysis
• Fundamental analysis and its main objectives, intrinsic value,
• global analysis (macroeconomic analysis),
• the role of industry analysis (business-cycle sensitivities),
• company analysis (financial statement analysis).
5. Equity valuation: Intrinsic Value Calculation
• Equity valuation approaches and their comparison,
• discounted dividend valuation (Gordon model, multistage models),
• market-based valuation (multiplier models),
• asset-based valuation and other approaches.
• Classification of assets and markets,
• main market participants and financial intermediaries,
• trading fundamentals (types of positions and orders)
• primary and secondary markets (public offerings, securities regulation).
2. Market efficiency
• The concept and definition of market efficiency,
• forms of market efficiency (weak, semi-strong, strong),
• equity market anomalies, violation of the EMH
• behavioural finance (investor psychology, types of behavioural biases).
3. Overview of equity securities
• Security market indexes (index definition and construction),
• Types of equity indexes and their use (measuring returns, benchmarks),
• types and characteristics of equity securities (types of shares, depository receipts),
• risk and return (sources of risk and return, calculation).
4. Equity valuation: Global, industry and company analysis
• Fundamental analysis and its main objectives, intrinsic value,
• global analysis (macroeconomic analysis),
• the role of industry analysis (business-cycle sensitivities),
• company analysis (financial statement analysis).
5. Equity valuation: Intrinsic Value Calculation
• Equity valuation approaches and their comparison,
• discounted dividend valuation (Gordon model, multistage models),
• market-based valuation (multiplier models),
• asset-based valuation and other approaches.