CFA Level 2: Corporate Issuers
Master the CFA Level II Corporate Issuers topic area. This course covers all four official 2026 Learning Modules across four teaching chapters: dividend policy and what it signals — the effect of every payout action on shareholder wealth and ratios, the dividend-policy theories, agency costs, the tax arithmetic of double taxation, imputation, and split-rate systems, stable versus constant-payout dividends computed, share repurchase methods and the exact EPS and book-value mechanics of a buyback, and the coverage ratios that expose an unsustainable dividend; ownership structures and corporate governance evaluated the way an analyst scores them, with ESG risk exposures identified, quantified, and integrated into a target price; the advanced cost-of-capital toolkit — historical and forward-looking equity risk premium estimation including Grinold-Kroner, required return on equity by CAPM, multifactor, expanded CAPM, and build-up approaches, cost of debt by traded yields, matrix pricing, and synthetic ratings, the full public-versus-private contrast, and WACC evaluated against peers; and corporate restructuring — acquisitions, divestitures, and cost and balance-sheet restructurings motivated, valued by comparable companies, comparable transactions, and premium-paid analysis, and traced through EPS, net debt to EBITDA, and WACC. Every worked problem is stated exam-style and solved by hand first — with BA II Plus keystrokes where the calculator is the exam-day tool — then validated in runnable Python, and assessed in the exam's own vignette format: item sets with data exhibits, three-option questions, and distractors built from real candidate errors. The course closes with a full timed item-set exam. Aligned to the 5-10% CFA Level II exam weight.
- Level: intermediate
- Duration: 3 weeks
- 6 sections
- Price: $20
Topics: dividend policy, stable dividend policy, constant dividend payout ratio, dividend signaling, agency costs, double taxation, dividend imputation, split-rate tax system, share repurchase, buyback, accretion dilution, book value per share, dividend coverage ratio, FCFE coverage, dividend sustainability, ownership structures, dual-class shares, corporate governance, ESG integration, ESG risk, equity risk premium, Grinold-Kroner model, required return on equity, expanded CAPM, build-up approach, size premium, synthetic credit rating, matrix pricing, private company valuation, cost of debt, WACC, capital structure, corporate restructuring, mergers and acquisitions, comparable transactions, premium paid analysis, joint ventures, divestitures, spin-off, sum-of-the-parts, cost restructuring, sale-leaseback, CFA Level II, corporate issuers, item sets, vignettes
What's inside
- Corporate Issuers (CFA Level II)
- Chapter 1: Dividends and Share Repurchases
- Chapter 2: Ownership, Governance, and ESG in Investment Analysis
- Chapter 3: Cost of Capital — Advanced Topics
- Chapter 4: Corporate Restructuring
- Chapter 5: Corporate Issuers Item-Set Exam