The primary components of portfolio construction for stocks and other equity-related products will be covered in this course. The suitability of the many different equity instruments for investors with different risk appetites and investment horizons is analyzed.
An extensive discussion of the many types of strategic and tactical allocation techniques, returns forecasts, and portfolio optimization approaches is a key component of the course. Additionally, there is a focus on performance attribution and a ton of examples from actual situations showing how risk management and hedging strategies may be used with equities portfolios.
At the end of this course, participants will be able to:
Show that you have a thorough understanding of the asset class of stocks, By comparing the various models that have been used to derive corporate valuations, determine the "fair value" of stocks.
Analytical skills should be used to evaluate the importance of fundamental corporate performance analysis and stock valuation utilizing financial information.
Recognize the fundamental ideas and takeaways from various approaches to asset allocation and portfolio management, including novel ones developed in the wake of the 2007–2008 financial crisis.
Show proficiency with equity-based derivatives and an understanding of how to use them to your advantage as hedging instruments.
who are engaged in both the buy side and sell side of asset management and trading
who wish to expand and refine their knowledge of global equities, the markets/platforms upon which they are traded and techniques for portfolio construction and management.
For fund managers whose mandate entails a significant risk exposure to emerging market equities.
How does equity ownership compare to other financial claims?
Position of equity vis à vis other elements in corporate capital structure
Review of equity capital from an accounting perspective
Characteristics of ordinary, bearer and registered shares
Cumulative, participating, and convertible preference shares
Ranking for dividends and liquidation
Overview of the primary issuance of Equity Securities
Equity Markets and Trade Execution
Order driven/quote driven platforms
Warrants and Covered warrants
Contracts for Difference (CFD’s)
Overview of equity based collective investment vehicles
Listing securities – the regulatory framework, investor disclosures
Structure and stages of an initial public offering (IPO)
Alternative routes for going public - direct listings, SPAC's
Role of intermediaries, book building, pricing
Benefits for the issuer and investors
Role of exchanges in providing secondary market facilities, platforms
Alternative Trading Venues
Multilateral Trading Facilities and dark pools
The meaning of ‘books closed’, ‘ex-div’ and ‘cum div’, cum, special ex, special cum, and ex rights
Explanation of the nature and objectives of High Frequency Trading (HFT)
Principles of Delivery versus Payment (DVP) and Free Delivery
International Central Securities Depositories (ICSD)
Examination of the role of Custodians/Nominees
Purpose, requirements and implications of securities lending SBLI’s
Short selling, collateral management, re-hypothecation etc.
Principal indices/exchanges
Emerging and frontier markets
Classification systems of global equity markets – MSCI, FTSE
Historical survey of performance of main global equity indices
Historical P/E ratios
Regulatory and supervisory environment
Shareholder protections etc.
Structure and size of markets, volumes
Liquidity and transparency
Trading characteristics e.g. prevalence of off exchange activities
Purpose, structure and use of balance sheets, income statements and cash flow statements
Key classes of financial ratios:
Profitability, Liquidity, Asset turnover, Gearing
Key Investor ratios
Earnings Per Share (EPS), P/E Ratios (historic and prospective), Price/Earnings-to-Growth (PEG) ratio
Dividend yield, Dividend/interest cover
Advantages and challenges of performing financial analysis
Comparing companies across and within sectors
Accounting for Corporate Actions
Stock and cash dividends
Rights issues, open offers, offers for subscription and for sale
Calculation of theoretical effect on the issuer’s share price of bonus/scrip, consolidation, rights issues
Fundamental equity valuation – Discounted Cash Flow (DCF) techniques
Models based on calculating the Present Value of future dividend flows
Simple Model
Multi-stage model
Comparing valuations across different sectors
What discount rate should be used in DCF models?
Determining the Weighted Average Cost of Capital (WACC)
What multiples should be used for individual companies, for overall market?
How to value high growth enterprises with no dividends
Sustainability of profits and commercial disruptions
Relationship of corporate valuations to underlying interest rate environment
Return on Equity (ROE) measurements – including risk-adjusted return on capital (RAROC)
Risk Adjusted valuations – incorporating beta into valuation methods
Importance of changes in the regulatory environment on valuation forecasting
Examine arguments for and against ESG in relation to investment performance and effectiveness
Analyze how ESG can create both risks and opportunities for investors
Review case studies and actual examples of decision making regarding ESG
Review of the logic behind smart beta – risk factor asset allocation models
Examination of the performance of various widely used smart beta ETF’s
Crowding and herding issues with smart beta strategies
Are the promises provided by smart beta ETF sponsors warranted?
Explanation of risk premia – excess return or compensation for not holding riskless assets
Risk as a scarce resource and how to allocate exposures according to risk premia and expected returns
Statistical distributions for modelling probability structures
Benchmarks and tracking errors – active versus passive risk
Recognizing importance of drawdowns - holding periods, needs for liquidity
Expected returns from a risk-budgeting perspective
Obligations to market – trading book, Basel III approaches
Calculations and mechanics of standard deviation / tracking error/ M 2 / beta
Value at Risk – methodologies, Expected Shortfall, Extreme Value Theory
Examination of how capital flows into emerging markets are influenced by the intention of central banks especially Federal Reserve to push asset managers into risk assets
Globalization of resourcing and capital flows has invalidated much traditional macro-economic theory regarding economic cycles
Differentiation between EM economies which have trade surpluses/deficits
Examination of negative feedback loops for EM markets when advanced economies reduce their accommodative monetary policy
Examination of ETF’s which provide exposure to emerging market equity and debt
Analysis of correlation between emerging market equities and commodities
Challenges and strategies for hedging and managing risk of emerging market equities because of lack of depth in markets for hedging exotic currencies
Risk Factor Asset allocation strategies – reversing the trend of MPT and focusing on specific factors which “account” for asset class behaviour
Identifying key risk factors as drivers of asset prices
Insights from behavioural finance – risk seeking versus risk aversion
Long term correlations amongst asset classes – mean reversion
Contrarian indicators – sentiment, positioning of traders, hedge funds
Because supervisory levels are the link between the executive and senior management levels, achieving the organization's objectives, increasing productivity and overall performance of the organization, affects the effectiveness and efficiency of supervisors' performance.
And because of the skills of supervisors in any organization in need of continuous development, and to acquire advanced tools and methods that reflect on the deepening of these skills and activate their role in motivating individuals working, and push them to commit to the goals of the organization.
You need this conference to learn about supervisory skills and advanced methods, to be able to play an effective and supervisory role in your organization.
Managing an office has become an increasingly sophisticated and complex job. The increased demand for speed and accuracy, knowledge of new technology, and an increasingly diverse workforce bring challenges and also opportunities for growth. This dynamic and in-depth course explores some of the more advanced skills which can help an office manager to work more confidently, creatively, and effectively.
As a supervisor, the success of your organization rests in your hands. This course provides you with the opportunity to develop highly effective and essential supervisory skills that will strengthen teamwork and organizational success. Also, this course will help you manage everyday operations with greater ease. Furthermore, it will help you leverage both your managerial and people skills to meet your new challenges as the 21st-century supervisor.
This course is designed for participants to introduce to key issues and themes in international development.
Participants will explore and engage in academic debates and discussions around a set of key factors that shape, influence, and constrain the development and prosperity of nations.
The course will explore a number of key themes in international development, including how questions of gender and generation shape the impact of poverty; how processes of globalization, migration, and violent conflict impact development; and how development and the environment are linked.
It also considers what exactly we mean by poverty, and how different ways of understanding poverty feed into different approaches to tackling it.
It will also consider development institutions: what are the key institutions in the architecture of international development? How do they differ, and what are the challenges and opportunities they present? Through this module, participants will gain a solid background in the various factors which shape current approaches to and debates on international development.
By introducing participants to a range of problems in economic development, we will look to analyze how economic theory and models can explain the lack of development in some nations. We will apply such theory to real-world economies to understand the nature of the problems they face and how effective policies can be in tackling the problems.
A five-day course on the practical aspects of piping and pipeline design, integrity, maintenance, and repair. The participants will obtain an in-depth understanding of the ASME B31 code rules and API standards, their technical basis, and practical application to field conditions.
Corporate/Public governance and risk management are critical There is increasing attention being paid to corporate governance and risk management in business schools and among legislators.