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J. Anson, PhD, JD, CPA, CFA, CAIA

      Kris Boudt, PhD

      Alistair Bryne, PhD, CFA

      Gerald W. Buetow Jr., PhD, CFA

      Roger G. Clarke, PhD

      W. Sean Cleary, PhD, CFA

      Bruce M. Collins, PhD

      Robert M. Conroy, DBA, CFA

      Garry B. Crowder, JD

      Christopher L. Culp, PhD

      Joakim Darras

      Pamela P. Drake, PhD, CFA

      Frank J. Fabozzi, PhD, CFA, CPA

      Ryan C. Fuhrmann, CFA

      Khalid Ghayur, CFA

      Felix Goltz

      Larry Harris, PhD

      Ronan G. Heaney

      IMCA

      David Iverson

      Robert R. Johnson, PhD, CFA

      David M. Jones, PhD

      Paul D. Kaplan, CFA

      Hossein Kazemi, PhD, CFA

      Dorothy C. Kelly, CFA

      Stephan A. Komon, CFA

      Mark Kritzman, CFA

      Asjeet S. Lamba, CFA

      Veronique Le Sourd

      Richard C. Marston, PhD

      Lionel Martellini, PhD

      Ron Mensink, CFA

      Michael B. Miller

      Benedict Peeters

      Stephen C. Platt, CFA

      Michael Pompian, CFA, CFP, CAIA

      Ellen J. Rachlin

      Bernd Scherer, PhD

      Thomas Schneeweis, PhD, CAIA

      Shani Shamah

      Barry M. Sine, CFA

      Vijay Singal, PhD, CFA

      Frank E. Smudde, CFA

      Robert A. Strong, CFA

      Jarrod W. Wilcox, PhD

      Richard Yamarone

      Subject Matter Experts and Colleagues (who directly or indirectly influenced the development of this text)

      Yacine Ait-Sahalia, PhD

      Andrew Ang, PhD

      Garry Bridgeman, CIMA

      Jean Brunel, CFA

      Mike Gallmeyer, PhD

      Chris Geczy, PhD

      Roger Gibson, CFA, CFP

      John Granzow, CIMA

      Mark Harbour, CFA, CIMA

      Michael Kitces, MTAX, CFP

      Jeff Jaffe, PhD

      Richard Joyner, CPA, PFS, CFP, CIMA, CPWA

      Greg LaBlanc, JD

      Pierre Liang, PhD, CPA

      Wai Lee, PhD

      Andrew Lo, PhD

      Arthur Lyons

      Craig MacKinlay, PhD

      Toby Moskowitz, PhD

      Dede Pahl

      Raghuram Rajan, PhD

      Tarun Ramadorai, PhD

      Doug Rogers, CFA

      Geert Rouwenhorst, PhD

      Shashin Shah, CFA, CFP

      Ron Surz, CIMA

      Jeff Thomas, JD, CIMA, CPWA

      Vijay Vaidyanathan, PhD

      Pietro Veronesi, PhD

      Scott Welch, CIMA

      Introduction

      The Purpose of This Textbook

      This textbook has been developed with two objectives in mind: Consolidate the key concepts, research, theories, and application that form the critical knowledge and skills of investment advisors and consultants into one volume; and offer CIMA certification candidates a comprehensive resource to help them in their studies as they proceed through their candidacy.

      The Layout and Structure of This Textbook

      We have leveraged works from some of the best minds in academia and industry to present a unified body of text that encompasses the CIMA Core Topics List. While the readings in the textbook follow the CIMA exam content blueprint by domain and section, not all of the (525) line items found on that list are covered in this book. That being said, you will find that most of those topics are reviewed in this text, and just as important, each is covered at a level of depth and cognitive skill as is appropriate.

      In addition to following the order of the CIMA Core Topics List, we have woven readings together in a way that is logical and should be easy to follow. Some of the concepts found early in this textbook should be considered building blocks for content and application that will appear later in the text. Consequently you will see some repetition of concepts and calculations that we feel form a critical foundation for understanding more advanced application.

      For the most part we were able to use complete chapters and readings to explore various topics adequately, but there are cases in which we removed sub-sections of various works as they did not directly address CIMA curriculum; thus you may notice that some readings appear to jump around a bit. Suffice it to say, we've reduced the readings down to what we believe are the most critical components for candidates studying for the CIMA exams.

      It is also important to note that not all of the readings are in agreement. For example, some authors prefer passive over active investment strategies; some authors prefer extensive use of alternative investments while others do not; and many authors disagree on the level of efficiency in the markets. We thought it best to include dissenting opinions, as it should be useful for readers to learn where debate lies in our industry and to explore different analyses and conclusions.

      Another reason for incorporating the work of different authors is the value that each brings based on his or her own unique communication style. By introducing different writing styles, we help ensure that numerous learning styles are addressed, which should benefit the readers of this textbook. Therefore keep in mind that some authors will be “speaking your language” while others will not.

      How to Use This Text

      Each chapter begins with a brief introduction highlighting key concepts as they relate to investment advisors and consultants. These short intros build a framework for the readings found in each chapter, particularly since some chapters contain readings from different authors as described earlier. A list of learning objectives that tie directly to the CIMA Core Topics List is provided for each reading in the chapter. This list of objectives should help you focus on what is most important in each reading as it pertains to CIMA content and your exams.

      We recommend that you become a proactive learner. Don't just read the text but interact with it: Take notes; make a list of key concepts and calculations; make a list of topics that you'll need to come back to and review again; make a list of questions concerning things you don't understand; work through the examples, problems, and quiz questions – then go back and do them again.

      You should use the CIMA Core Topics List, found in the CIMA Candidate Handbook, as your road map for what you'll be responsible for on your exams. Self-assess your own strengths and weaknesses as you work through this textbook. Review the quiz databank as you continue to assess your competency. If you struggle with any subject matter in this textbook, we recommend you pursue additional resources in those areas as you continue to study and prepare to take the exams. You might consider other university level textbooks or web content and exam prep material from qualified and reliable sources. We do not, however, recommend that you consider

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