,Book 3: Corporate Issuers and Equity
Investments
SchweserNotes™ 2023
Level I CFA®
,SCHWESERNOTES™ 2023 LEVEL I CFA® BOOK 3: CORPORATE ISSUERS AND EQUITY INVESTMENTS
©2022 Kaplan, Inc. All rights reserved.
Published in 2022 by Kaplan, Inc.
Printed in the United States of America.
ISBN: 978-1-0788-2588-7
These materials may not be copied without written permission from the author. The unauthorized duplication
of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics. Your assistance in
pursuing potential violators of this law is greatly appreciated.
Required CFA Institute disclaimer: Kaplan Schweser is a CFA Institute Prep Provider. Only CFA Institute Prep
Providers are permitted to make use of CFA Institute copyrighted materials which are the building blocks of the
exam. We are also required to update our materials every year and this is validated by CFA Institute.
CFA Institute does not endorse, promote, review or warrant the accuracy or quality of the product and services
offered by Kaplan Schweser. CFA Institute®, CFA® and “Chartered Financial Analyst®” are trademarks owned by
CFA Institute.
Certain materials contained within this text are the copyrighted property of CFA Institute. The following is the
copyright disclosure for these materials: “Copyright, 2022, CFA Institute. Reproduced and republished from
2023 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute
Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with
permission from CFA Institute. All Rights Reserved.”
Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA
Institute in their 2023 Level I CFA Study Guide. The information contained in these Notes covers topics
contained in the readings referenced by CFA Institute and is believed to be accurate. However, their accuracy
cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The authors of the
referenced readings have not endorsed or sponsored these Notes.
, Contents
Learning Outcome Statements (LOS)
CORPORATE ISSUERS
READING 28
Corporate Structures and Ownership
Exam Focus
Module 28.1: Business Structures
Key Concepts
Answer Key for Module Quiz
READING 29
Introduction to Corporate Governance and Other ESG Considerations
Exam Focus
Module 29.1: Stakeholder Management
Module 29.2: Factors Affecting Corporate Governance
Key Concepts
Answer Key for Module Quizzes
READING 30
Business Models & Risks
Exam Focus
Module 30.1: Business Models
Key Concepts
Answer Key for Module Quiz
READING 31
Capital Investments
Exam Focus
Module 31.1: Capital Allocation Principles
Module 31.2: Net Present Value and Internal Rate of Return
Module 31.3: Capital Allocation Pitfalls and Real Options
Key Concepts
Answer Key for Module Quizzes
READING 32
Working Capital & Liquidity
Exam Focus
Module 32.1: Sources of Capital
Key Concepts
Investments
SchweserNotes™ 2023
Level I CFA®
,SCHWESERNOTES™ 2023 LEVEL I CFA® BOOK 3: CORPORATE ISSUERS AND EQUITY INVESTMENTS
©2022 Kaplan, Inc. All rights reserved.
Published in 2022 by Kaplan, Inc.
Printed in the United States of America.
ISBN: 978-1-0788-2588-7
These materials may not be copied without written permission from the author. The unauthorized duplication
of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics. Your assistance in
pursuing potential violators of this law is greatly appreciated.
Required CFA Institute disclaimer: Kaplan Schweser is a CFA Institute Prep Provider. Only CFA Institute Prep
Providers are permitted to make use of CFA Institute copyrighted materials which are the building blocks of the
exam. We are also required to update our materials every year and this is validated by CFA Institute.
CFA Institute does not endorse, promote, review or warrant the accuracy or quality of the product and services
offered by Kaplan Schweser. CFA Institute®, CFA® and “Chartered Financial Analyst®” are trademarks owned by
CFA Institute.
Certain materials contained within this text are the copyrighted property of CFA Institute. The following is the
copyright disclosure for these materials: “Copyright, 2022, CFA Institute. Reproduced and republished from
2023 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute
Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with
permission from CFA Institute. All Rights Reserved.”
Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA
Institute in their 2023 Level I CFA Study Guide. The information contained in these Notes covers topics
contained in the readings referenced by CFA Institute and is believed to be accurate. However, their accuracy
cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The authors of the
referenced readings have not endorsed or sponsored these Notes.
, Contents
Learning Outcome Statements (LOS)
CORPORATE ISSUERS
READING 28
Corporate Structures and Ownership
Exam Focus
Module 28.1: Business Structures
Key Concepts
Answer Key for Module Quiz
READING 29
Introduction to Corporate Governance and Other ESG Considerations
Exam Focus
Module 29.1: Stakeholder Management
Module 29.2: Factors Affecting Corporate Governance
Key Concepts
Answer Key for Module Quizzes
READING 30
Business Models & Risks
Exam Focus
Module 30.1: Business Models
Key Concepts
Answer Key for Module Quiz
READING 31
Capital Investments
Exam Focus
Module 31.1: Capital Allocation Principles
Module 31.2: Net Present Value and Internal Rate of Return
Module 31.3: Capital Allocation Pitfalls and Real Options
Key Concepts
Answer Key for Module Quizzes
READING 32
Working Capital & Liquidity
Exam Focus
Module 32.1: Sources of Capital
Key Concepts
