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31. Overview of Types of Real Estate Investment
- a. compare important real estate investment features for valuation purposes
- b. explain economic value drivers of real estate investments and their role in a portfolio
- c. discuss the distinctive investment characteristics of commercial property types
- d. explain the due diligence process and valuation approaches for real estate investments
7. Economics of Regulation
- a. Describe the economic rationale for regulatory intervention
- b. Explain the purposes of regulating commerce and financial markets
- c. Describe anticompetitive behaviors targeted by antitrust laws globally and evaluate the antitrust risk associated with a given business strategy
- d. Describe classifications of regulations and regulators
- e. Describe uses of self-regulation in financial markets
- f. Describe regulatory interdependencies and their effects
- g. Describe tools of regulatory intervention in markets
- h. Describe benefits and costs of regulation
- i. Describe the considerations when evaluating the effects of regulation on an industry
14. Financial Statement Modeling
- a. compare top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models
- b. compare “growth relative to GDP growth” and “market growth and market share” approaches to forecasting revenue
- c. evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels
- d. demonstrate methods to forecast cost of goods sold and operating expenses
- e. demonstrate methods to forecast non-operating items, financing costs, and income taxes
- f. describe approaches to balance sheet modeling
- g. demonstrate the development of a sales-based pro forma company model
- h. explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases
- i. explain how competitive factors affect prices and costs
- j. evaluate the competitive position of a company based on a Porter’s five forces analysis
- k. explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation
- l. evaluate the effects of technological developments on demand, selling prices, costs, and margins
- m. explain considerations in the choice of an explicit forecast horizon
- n. explain an analyst’s choices in developing projections beyond the short-term forecast horizon
33. Real Estate Investments
- a. compare the characteristics, classifications, principal risks, and basic forms of public and private real estate investments
- b. explain portfolio roles and economic value determinants of real estate investments
- c. discuss commercial property types, including their distinctive investment characteristics