CFA Readings level 3

CFA Refresher Readings





Portfolio Management (Level III) Readings



“Code of Ethics and Standards of Professional Conduct”
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)

“Guidance” for Standards I–VII
Standards of Practice Handbook, 9th edition (CFA Institute, 2005)
Free download (PDF)

“Ethics in Practice”
Philip Lawton (CFA Institute, 2005)


“The Consultant”
Jules A. Huot, Ethics Cases (CFA Institute, 1996: adapted 2005)


“Pearl Investment Management (A), (B), and (C)”
Glen A. Holden, Jr., Ethics Cases (CFA Institute, 1996: adapted 2005)


Asset Manager Code of Professional Conduct
including Appendix A (CFA Institute, Centre for Financial Market Integrity, 2005)
Free download (PDF)

“Heuristic-Driven Bias: The First Theme”
Ch. 2, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin, (Oxford University School Press, 2002)

“Frame Dependence: The Second Theme”
Ch. 3, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin, (Oxford University School Press, 2002)

“Inefficient Markets: The Third Theme”
Ch. 4, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin, (Oxford University School Press, 2002)

“Portfolios, Pyramids, Emotions, and Biases”
Ch. 10, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin, (Oxford University School Press, 2002)

“Investment Decision Making in Defined Contribution Pension Plans”
Alistair Byrne, Pensions (Palgrave Macmillan, Vol. 10, 2004)

“The Folly of Forecasting: Ignore all Economists, Strategists, & Analysts”
James Montier, Global Equity Strategy (Dresdner Kleinwert Wasserstein, 24 August 2005)

“A Survey of Behavioral Finance”
Ch. 1, Advances in Behavioral Finance, Volume II, Edited by Richard H. Thaler (Princeton University Press, 2005)


“Alpha Hunters and Beta Grazers”
Martin L. Liebowitz, Financial Analysts Journal (CFA Institute, September/October 2005)


“Managing Individual Investor Portfolios”
Ch. 2, Managing Investment Portfolios: A Dynamic Process, 3rd edition, James W. Bronson, Matthew H. Scanlan, and Jan R. Squires (Wiley, 2007)

“Life-Cycle Investing”
Ch. 3, Investment Management for Taxable Private Investors, Jarrod Wilcox, Jeffrey E. Horvitz, and Dan diBartolomeo (The Research Foundation of CFA Institute, 2006)


Excerpts from Investment Management for Taxable Private Investors
Ch 4 and Ch. 6, Investment Management for Taxable Private Investors, Jarrod Wilcox, Jeffrey E. Horvitz, and Dan diBartolomeo (The Research Foundation of CFA Institute, 2006)


“Multiple Asset Locations”
Ch. 5, Integrated Wealth Management: The New Direction for Portfolio Managers, Jean L.P. Brunel (Euromoney Institutional Investors Plc, 2002)

“Low-basis stock”
Ch. 10, Integrated Wealth Management: The New Direction for Portfolio Managers, Jean L.P. Brunel (Euromoney Institutional Investors Plc, 2002)

“Goals-Based Investing: Integrating Traditional and Behavioral Finance”
Daniel Nevins, Journal of Wealth Management (Institutional Investors, 2004)


“Managing Institutional Investor Portfolios”
Ch. 3, Managing Investment Portfolios: A Dynamic Process, 3rd edition, R. Charles Tschampion, Laurence B. Siegel, Dean J. Takahashi, and John L. Maginn (Wiley, 2007)

"Allocating Shareholder Capital to Pension Plans"
Robert C. Merton, Journal of Applied Corporate Finance (Blackwell Publishing, 2006)

"Capital Market Expectations"
Ch. 4, Managing Investment Portfolios: A Dynamic Process, 3rd edition, John P. Calverley, Alan M, Meder, Brian D. Singer, and Renato Staub (Wiley, 2007)

"Macroanalysis and Microevaluation of the Stock Market"
Ch. 12, Investment Analysis and Portfolio Management, 8th edition, Frank K. Reilly and Keith C. Brown (South-Western, 2006)

“Asset Allocation”
Ch. 5, Managing Investment Portfolios: A Dynamic Process, 3rd edition, William F. Sharpe, Peng Chen, Jerald E. Pinto, and Dennis W. McLeavey (Wiley, 2007)


“Linking Pension Liabilities to Assets”
Aaron Meder and Renato Staub, (UBS Global Asset Management)


"Fixed-Income Portfolio Management - Part I"
Ch. 6, Managing Investment Portfolios: A Dynamic Process, 3rd edition, H. Gifford Fong and Larry D. Guin (Wiley, 2007)

“Relative-Value Methodologies for Global Credit Bond Portfolio Management”
Ch. 20, Jack Malvey, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi, editor

"Fixed-Income Portfolio Management - Part II"
Ch. 6, Managing Investment Portfolios: A Dynamic Process, 3rd edition, H. Gifford Fong and Larry D. Guin (Wiley, 2007)

“Hedging Mortgage Securities to Capture Relative Value”
Ch. 23, Kenneth B. Dunn, Roberto M. Sella, and Frank J. Fabozzi, Fixed Income Analysis, 2nd edition, Frank J. Fabozzi (Wiley, 2007)

“Equity Portfolio Management”
Ch. 7, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Gary Gastineau, Andrew R. Olma, and Robert G. Zielinski (Wiley, 2007)

"International Equity Benchmarks"
Ch. 10, Benchmarks and Investment Management, Laurence B. Siegel (The Research Foundation of AIMR, 2003)
Free download (PDF)

“Corporate Governance”
Ch. 1, pp. 15-56, The Theory of Corporate Finance, Jean Tirole (Princeton University Press, 2006)

“Alternative Investments Portfolio Management”
Ch. 8, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Jot K. Yau, Thomas Schneeweis, Thomas R. Robinson, and Lisa R. Weiss (Wiley, 2007)

“Swaps”
Ch. 8, pp. 239-244, 259-262, Derivatives Markets, 2nd edition, Robert L. McDonald (Pearson Education, 2006)

“Commodity Forwards and Futures”
Ch. 6, Derivatives Markets, 2nd edition, Robert L. McDonald (Addison Wesley, 2006)

“Risk Management”
Ch. 9, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Don M. Chance, Kenneth Grant, and John Marsland, (Wiley, 2007)

“Risk Management Applications of Forward and Futures Strategies”
Ch. 6, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)

“Risk Management Applications of Option Strategies”
Ch. 7, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)

“Risk Management Applications of Swap Strategies”
Ch. 8, Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)


“Monitoring and Rebalancing”
Ch. 11, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Robert D. Arnott, Terence E. Burns, Lisa Plaxco, and Philip Moore (Wiley, 2007)

“Execution of Portfolio Decisions”
Ch. 10, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Ananth Madhaven, Jack L. Treynor, Wayne H. Wagner (Wiley, 2007)

“Evaluating Portfolio Performance”
Ch. 12, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Jeffrey V. Bailey, Thomas M. Richards, and David E. Tierney (Wiley, 2007)

“Global Performance Evaluation”
Ch. 12, pp. 626-648, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2003)


“The Case for International Diversification”
Ch. 9, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2003)

“Currency Risk Management”
Ch. 11, International Investments, 5th edition, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2003)

"Emerging Markets Finance"
Geert Bekaert and Campbell R. Harvey, Journal of Empirical Finance (Elsevier, 2003)

"Dreaming With BRICs: The Path to 2050"
Dominic Wilson and Roopa Purushothaman, Global Economics Paper Number 99 (The Goldman Sachs Group, Inc., 2003)


“Global Investment Performance Standards”
Ch. 13, Managing Investment Portfolios: A Dynamic Process, 3rd edition, Philip Lawton and W. Bruce Remington (Wiley, 2007)