2nd annual global investment research challenge cfa france inaugural investment research challenge

2nd Annual Global Investment Research Challenge

CFA FRANCEInaugural Investment Research Challenge

Regions

Asia-PacificHong KongIndiaIndonesiaSingapore

EuropeFranceItalyNetherlandsSpainUK

North AmericaAtlantic CanadaBostonDallas/HoustonLouisvilleNew YorkPittsburghVirginia

2008 Society Participants

Overview

Babson College

Boston College Carroll School of Management

Boston University School of Management

Carnegie Mellon Tepper School of Business

Columbia Business School

ESADE (Spain)

IE Business School (Spain)

Imperial College London’s Tanaka Business School

London Business School

MIT Sloan School of Management

400+ students from over 80 universities in Asia, Europe, and North America will compete, including students from these schools ranked among the Financial Times top MBA programs:

NYU Stern School of Business

Rice University Jones School of Management

SMU Cox School of Business

Texas A&M Mays Business School

University of Pittsburgh Katz School of Business

University of Texas McCombs School of Business

University of Virginia Darden School of Business

William and Mary Mason School of Business

Be mentored by an industry professional

Interview company

management

Write an equity research report

Present to a panel of

industry experts

Key Components

Perform corporate analysis

Inaugural Investment Research Challenge

Participants

8 Teams Tutor & Mentor ESSEC Bernard Esnault & Sarah SmithMaster Techniques Financières

Université Paris-Dauphine Gérard Chapalain & Raphael DuboisMaster Ingénierie Economique

Université ASSAS Denis Deschamps & Julien Guez Magistère Banque Finance

ESC Reims Stéphane Dubreuille & Richard Houbron Master AFI

ESC Lille Rahma Chekkar & Maxime LefebvreMaster AFI

Université Panthéon Sorbonne I Diana Pop & Nina de MartinisIAE Master Finance

Université Lille II Jean-Gabriel Cousin & Kais MbarekESA Master Gestion

CERAM Bertrand Groslambert & Christine VerpeauxMaster Finance des Marchés

The Company

PRODUITS ET SYSTÈMES POUR INSTALLATIONS ÉLECTRIQUES ET RÉSEAUX DE COMMUNICATION

2008 Timeline

January 22nd

February 20th

March 11th

March 16th

March 20th

Kick-off meeting - introduction of teams to mentors and announcement of subject company

Teams submit questions for the company to CFA France [email protected]

Company presentation: Reuters France 6-8 Bd Haussmann at 18:00

Deadline to send additional questions to CFA France for submission to [email protected]

Conference Call at 18:00 : answers from the company

2008 Timeline

April 1st

April 15th

May 13th

May 22nd

First draft of report submitted to mentors

Final reports submitted to CFA France for evaluation by graders

3 finalist teams announced

Presentations by finalist teams to a panel of experts

The Rules

Student Teams

Teams of 3-5 students per university

Students must be enrolled in the current semester at their university

CFA Charterholders and students who are or have been employed in a role whose primary duty involves fundamental company analysis are not eligible

If a team loses a member, that member can be replaced up until the company presentation on March 11th

The Rules

Research Process

Students must not use material non-public information in their written reports or oral presentations.

The reports must be the original work of the students. Faculty members and mentors may not write any part of the report

Direct contact with the company is limited to the company presentation and one follow-up contact: conference call.

Teams may contact the company’s customers, competitors and suppliers. They must confine their conversations to corporate officers who normally interact with investors, such as IR officers, CEO’s or CFO’s. Any other entity must be approved by CFA France.

The Rules

Advisors

Teams may use their mentor and Faculty advisors (tutor) as resources, but may not be helped by any other investment industry professionals in conducting their research or writing their reports.

Tutor can spend up to 10 hours advising the teams

Mentors can spend up to 6 hours advising the teams, including phone calls, face-to-face meetings, and reviewing the reports

Mentors may not contact the company, or any of its competitors, affiliates or suppliers unless supervising a student call.

The Rules

Research Report

Teams must use the report template provided by CFA France

The body of the report may be a maximum of 8-10 pages

Any additional charts and/or graphs should be included in the appendix. There is no limit to the length of the appendix.

The report, written in English, must be the original work of the students, and may not be copied from another source.

Final report must be submitted to CFA France in electronic and printed form (5 copies) on or before April 15th.

Reports will be submitted under an anonymous team name, Team A, Team B, …to Team H.

The Rules

Grading

Written reports will be graded by a team of 4 to 5 investment professionals

Grading will consist of a blind process in which the identity of the university is not known to the graders.

The 3 teams with the top scores will be selected as finalists to present in front of the panel.

Graders will provide short comments on the reports to all of the teams.

The Rules

Section

Investment Summary

Valuation

Business Description

Other Headings

Industry Overview & Competitive Positioning

Financial Analysis

Investment Risks

Total

Maximum Score

20

20

5

5

15

20

15

100

Written Report Scoring Criteria

The Rules

Presentation

Finalist teams will make a presentation in front of a panel of investment industry experts selected by CFA France

Students will prepare a PowerPoint presentation for the panel, and will have 10 minutes to present with an additional 10 minutes of Q&A

Panelists will base their scores on the presentation only

The final scores will be based 50% on the score of the written report and 50% on the presentation, in the case of a tie, the team with the highest presentation score will be the IRC winner team

The IRC winner team will be announced

The Rules

Criteria

I. Materials

II. Argument (did they use data effectively to support their recommendations)

III. Poise (were they confident in their recommendation, were they convincing)

IV. Questions (were they able to answer questions)

V. Use of Resources (team involvement in the presentation, q&a)

Total

Maximum Score

20

25

20

25

10

100

Presentation Scoring Criteria

2008 CFA France IRC Award

€4000will be awarded



to the finalist team who gets

the highest score onthe report



to the finalist teamwho gets

the highest scoreon the presentation



to the finalist teamwho gets

the overallhighest score“The winner team”


Team Report Presentation Overall Score

Prize

Team X 90 65 155 €1000

Team Y 70 85 155 €1000

Team Z 85 80 165 €2000

Example« Team Z wins the challenge »

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Questions?

2nd annual global investment research challenge cfa france inaugural investment research challenge

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