CFA 2019 Schweser - Level 3 SchweserNotes Book 1: ETHICAL AND PROFESSIONAL STANDARDS, THE ASSET MANAGEMENT INDUSTRY AND PROFESSIONALISM, AND BEHAVIORAL FINANCE

Contents......Page 2
List of pages......Page 4
Welcome to the 2019 Level III SchweserNotes™......Page 11
Learning Outcome Statements......Page 16
Module 1.1: Code and Standards......Page 21
Module 2.1: Guidance for Standards I(A) and I(B)......Page 28
Module 2.2: Guidance for Standards I(C) and I(D)......Page 31
Module 2.3: Guidance for Standard II......Page 32
Module 2.4: Guidance for Standards III(A) and III(B)......Page 35
Module 2.5: Guidance for Standards III(C), III(D), and III(E)......Page 37
Module 2.6: Guidance for Standard IV......Page 40
Module 2.7: Guidance for Standard V......Page 44
Module 2.8: Guidance for Standard VI......Page 48
Module 2.9: Guidance for Standard VII......Page 50
Answer Key for Module Quizzes......Page 54
Module 3.1: Cases......Page 58
Key Concepts......Page 70
Answer Key for Module Quiz......Page 71
Module 4.1: The Asset Manager Code......Page 72
Key Concepts......Page 80
Answer Key for Module Quiz......Page 82
Module 5.1: The Asset Management Industry......Page 84
Module 5.2: The Portfolio Management Process and Investment Governance......Page 88
Key Concepts......Page 94
Answer Key for Module Quiz......Page 95
Module 6.1: Establishing Trust, Expectations, and Challenges of Investment Management Professionals......Page 96
Key Concepts......Page 100
Answer Key for Module Quiz......Page 101
Topic Assessment: Ethical and Professional Standards......Page 102
Topic Assessment Answers: Ethical and Professional Standards......Page 116
Module 7.1: Intro: Traditional Finance vs. Behavioral Finance......Page 123
Module 7.2: Utility Theory and Prospect Theory......Page 128
Module 7.3: Implications......Page 137
Key Concepts......Page 144
Answer Key for Module Quizzes......Page 146
Module 8.1: Cognitive Errors vs. Emotional Biases......Page 149
Module 8.2: Emotional Biases......Page 156
Key Concepts......Page 164
Answer Key for Module Quiz......Page 168
Module 9.1: Classifying Investors......Page 170
Module 9.2: Implications: Clients and Their Portfolios......Page 174
Module 9.3: Implications: Other......Page 178
Key Concepts......Page 186
Answer Key for Module Quizzes......Page 190
Topic Assessment: Behavioral Finance......Page 193
Topic Assessment Answers: Behavioral Finance......Page 195