CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 155,000 members in 165 countries and territories, including 150,000 CFA® charterholders, and 148 member societies. For more information, visit www.cfainstitute.org.

Part I Learning Outcomes, Summary, and Practice Problems 1

Chapter 1 Corporate Structures and Ownership 3

Learning Outcomes 3

Summary 3

Practice Problems 4

Chapter 2 Introduction to Corporate Governance and Other ESG Considerations 7

Learning Outcomes 7

Summary 7

Practice Problems 9

Chapter 3 Working Capital & Liquidity 11

Learning Outcomes 11

Summary 11

Practice Problems 11

Chapter 4 Capital Investments 15

Learning Outcomes 15

Summary 15

Practice Problems 16

Chapter 5 Capital Structure 21

Learning Outcomes 21

Summary 21

Practice Problems 22

Chapter 6 Measures of Leverage 27

Learning Outcomes 27

Summary 27

Practice Problems 28

Chapter 7 Cost of Capital: Foundational Topics 33

Learning Outcomes 33

Summary 33

Practice Problems 35

Chapter 8 Cost of Capital: Advanced Topics 43

Learning Outcomes 43

Practice Problems 43

Chapter 9 Analysis of Dividends and Share Repurchases 45

Learning Outcomes 45

Summary 45

Practice Problems 47

Chapter 10 Business Models & Risks 53

Learning Outcomes 53

Summary 53

Practice Problems 54

Chapter 11 The Firm and Market Structures 57

Learning Outcomes 57

Summary 57

Practice Problems 58

Chapter 12 Introduction to Industry and Company Analysis 63

Learning Outcomes 63

Summary 63

Practice Problems 67

Chapter 13 Financial Statement Modeling 71

Learning Outcomes 71

Summary 71

Practice Problems 72

Chapter 14 Corporate Restructurings 79

Learning Outcomes 79

Summary 79

Practice Problems 80

Chapter 15 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis 85

Learning Outcomes 85

Summary 85

Practice Problems 86

Chapter 16 Intercorporate Investments 89

Learning Outcomes 89

Summary 89

Practice Problems 90

Part II Solutions 101

Chapter 1 Corporate Structures and Ownership 103

Solutions 103

Chapter 2 Introduction to Corporate Governance and Other ESG Considerations 105

Solutions 105

Chapter 3 Working Capital & Liquidity 107

Solutions 107

Chapter 4 Capital Investments 109

Solutions 109

Chapter 5 Capital Structure 113

Solutions 113

Chapter 6 Measures of Leverage 117

Solutions 117

Chapter 7 Cost of Capital: Foundational Topics 121

Solutions 121

Chapter 8 Cost of Capital: Advanced Topics 125

Solutions 125

Chapter 9 Analysis of Dividends and Share Repurchases 129

Solutions 129

Chapter 10 Business Models & Risks 133

Solutions 133

Chapter 11 The Firm and Market Structures 137

Solutions 137

Chapter 12 Introduction to Industry and Company Analysis 139

Solutions 139

Chapter 13 Financial Statement Modeling 143

Solutions 143

Chapter 14 Corporate Restructurings 149

Solutions 149

Chapter 15 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis 153

Solutions 153

Chapter 16 Intercorporate Investments 157

Solutions 157

About the CFA Program 163

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