Level II Topics by CFAI Study Session
One of my favorite features of the new site is the ability to “tag” topics using one of the CFAI study sessions. For example, if you post a topic on ethics you can select Study Session 1: Ethical and...
View ArticleThe Top 10 Differences between Level I and Level II of the CFA® Exam
The following is a sponsored post from KaplanSchweser:A frequent topic of discussion among CFA® charter candidates is how one level of the exam compares to the next. The near-universal consensus is...
View ArticleReconcilliation of Permanent Tax Differences between GAAP & IRS
When there are temporary differences between Book Taxes & Actual Taxes, then DTA/DTLs are created to reconcile these.However, DTAs & DTLs are not created for permanent tax differences. So how...
View ArticleMcKinsey's Valuation: Capitalized Software Ambiguity
Page 178. McKinsey’s Valuation 6th edition Some companies, such as UPS, have significant investments in software. Under certain restrictions, these investments can be capitalized on the balance sheet...
View ArticleCDS Value vs Price
Hi,In the reading on CDS, the CFAI book says that an increase in credit spread will increase the price of a CDS. Wouldn’t it only increase the value of the CDS assuming that the investor is short...
View ArticleROIC & FCF - start with EBIT or EBITA
The book McKinsey’s Valuation defines NOPLAT/NOPAT as EBITA - actual taxes. It then uses NOPLAT/NOPAT to calculate FCF & ROIC. Mauboussin’s book Expectations Investing calculates NOPLAT/NOPAT as...
View ArticleBootstrapping And EPS post merger
I am having trouble understanding why the EPS of the acquirer would go up following an acquisition?I get it that the acquirer P/E ratio must be greater than P/E of the target company for the bootstrap...
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