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Efficient Market Theory Options and Futures Portfolio Markowitz Model Sharpe Index Model At the industry level, fundamental analysis examines the supply and demand forces for the products offered. At the company level, fundamental analysis examines the sapm notes mba students data such as balance sheet, income statement and cash flow statement etc.

Is inflation a concern? Are interest rates likely to rise or fall?

Economic Analysis Security Analysis and Investment Management

Is the trade balance favorable? Is the money supply sapm notes mba students or contracting? These are just some of the questions that the fundamental analyst would ask to determine if economic conditions are right for the stock market.

The key variables to describe the state of economy are explained as below: An economy's overall economic activity is summarized by a measure of aggregate output. Sapm notes mba students the production or output of goods and services generates income, any aggregate output measure is closely associated with an aggregate income measure.

The GDP is a measure of all currently produced goods and services valued at market prices. One should notice several features of the GDP measure.

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First, only currently produced goods produced during the relevant year are included. This implies that if you buy a year old classic Tudor house, it does not count towards the GDP; but the service rendered by your real estate agent sapm notes mba students the process of buying the house does.

Secondly, only final goods and services are counted.

In order to avoid double counting, intermediate goods—goods used in the production of other goods and services—do not enter the GDP. For example, steel used in the production of automobiles is not valued separately.


Finally, all goods and services included in the GDP are evaluated at market prices. Thus, these prices reflect the prices consumers pay at the retail level, including indirect taxes such as local sales taxes.

Fundamental Analysis

Until recently, the government used the GNP as the main measure of the nation's economic activity. The GDP excludes sapm notes mba students earned abroad by U.

Several other measures of output and income are derived from the GNP. These include the net national product NNPwhich subtracts from the GNP an allowance for wear and tear on plants and equipment, known as depreciation; the national income, which mainly subtracts indirect taxes from the NNP; the personal income, which measures income received by persons from all sources and is arrived at by subtracting from the national income items such as corporate profit tax payments and social security contributions that individuals do not receive, and adding items such as transfer payments that they do receive but are not part of the national income; and the personal disposable income, which subtracts personal tax payments such as income taxes from the personal income measure.

While all sapm notes mba students measures move up and down in a generally similar fashion, it is the personal disposable income that is intimately tied to consumer demand for goods and services—the most dominant component of the aggregate demand—and the total demand for goods and services in the economy from all sources.