文本讲义分析1

1、 Questions118RelatetoQuestions1932RelateQuestions3344 Questions118RelatetoQuestions1932RelateQuestions3344RelatetoQuestions4568RelatetolQuestions6976RelatetoCorporateQuestions7788RelatetoEquityQuestions8994RelatetoQuestions95106RelateeQuestions107110RelatetoAlternativeQuestions111120RelatetoPortfoli

2、o Questions118RelatetoAlexander Newton, CFA, is the chief compliance officer for Mills Investment Newton institutes a newpolicy requiring the pro rata distribution of newsecurity es to established discretionary accounts for which the new es are appropriate. The policy provides Questions118RelatetoAl

3、exander Newton, CFA, is the chief compliance officer for Mills Investment Newton institutes a newpolicy requiring the pro rata distribution of newsecurity es to established discretionary accounts for which the new es are appropriate. The policy provides for the of newly established discretionary acc

4、ounts from the until they have reached their one-nniversary date. This policy is disclosed to existing and potential nts. Did Newton most likely violate any CFAInstitute Standards alNo,because thepolicyhasbeenydisclosedtoallexistingandpotentialNo,becausetheallocationpolicyisnotinequitableundertheIan

5、 OSullivan, CFA, is the owner and sole employee of two companies, a public firm and a l research firm. The public relations firm o a contract Mallory rises to provide public relations , with OSullivan receiving shares of Mallory stock in payment for his .Over the next 10 days, the relationsfirmedsev

6、eralpresstdiscussedMallorysexcellentgrowthOSullivan, through his l research firm, also published a research mending Mallory stock as a buy. According to the CFA Institute Standards alConduct, OSullivan is mostlikely required to disclosehis ownershipof stockthepressreleasesboththepressreleaseandthere

7、searchtheresearchreportWhen Jefferson Piedmont, CFA, joined Branch Investing, Branch began using stock selection d developed on his al time prior to MOCKEXAM Last Name: Date: employment with Branch. One year later when Piedmont left Branch Investing, he found original copy of the he had developed in

8、 a file at his home and presented it to his employer, which y began using the . According to the Standards employment with Branch. One year later when Piedmont left Branch Investing, he found original copy of the he had developed in a file at his home and presented it to his employer, which y began

9、using the . According to the Standards of Handbook, did Piedmont most likely violate any CFA Institute Standards of Yes,becausehemisappropriatedpropertynowbelongingtoYes, because he failed to inform his new employer the was the same one used by previousReikoKimisaki,CFA,is aninvestmentadviserforanat

10、ional lsecurityfundin amarket very limited and illiquid capital market. The labor force is young and has investment time horizon of 25 to 30 years. Kimisaki has been asked to suggest ways increase the investment return of the overall portfolio. After careful assessment of the previous investment his

11、tory, and available asset classes, she considers investment in equity.Whatis KimisakislowestprioritytoavoidanyCodeandStandardsviolationsprior makingthisDeterminewhethertheinvestmentpolicyementallowsforalternativeAssesstherisktoleranceoftheyzetheexpectedreturnsofprivateheHeidi Katz is a CFA candidate

12、 and nconsulting firm. Her father is major shareholder and managing director at Saturn Partners, a large hedge fund. assisting ternative manager search nt, Katz plans Saturnsmarket-neutralstrategybecauseshevesitmeetsallofthe plansGiventhissituation,thebestcourseofactionforKatzisdisclosethetothentwhe

13、ndiscussingdisclosethe to heremployerandfollowtheir guidance regarding ofherrelationshiptothenotpresentthisstrategytothentmendanother RebeccaWongisenrolledtotake theLevelICFAexam.HerfriendWilliamLeungLevel I study materials from a well-known CFA review program the previous year. madeaphotocopyofthep

14、reviousyearscopyrightedmaterialsand RebeccaWongisenrolledtotake theLevelICFAexam.HerfriendWilliamLeungLevel I study materials from a well-known CFA review program the previous year. madeaphotocopyofthepreviousyearscopyrightedmaterialsandsoldittoWongtohelpstudy. Who most likely violated the CFA Insti

15、tute Code of Ethics or any Standards alBothOnlyLeungNeitherTheGlobalInvestmenttandardsleastlikelyitestobedefinedaccordingtosimilarinvestmentobjectivesand/ornon-fee-payingportfoliostobehereturnsofappropriatenondiscretionaryportfoliostobeincludedinAccording to the Global Investment tandards (GIPS), fi

16、rms must do all of followingadhere to certain calculation methodologies and make specific disclosures along with provideinvestorscomprehensiveviewoftheirperformanceermsofcomply ll requirements of the GIPS standards, such as updates, andAndrew Smith, CFA, works ranite, a l t also has a sizable sell-r

17、esearch . Smith is presenting financing solutions to a potential business DynamicMaterialsCorp.Aspartofhision,SmithtGranitewillresearchcoverage on Dynamic. Is Smithsarrangementmostlikely appropriate withregard the CodeandNo, because Smith cannot offer to provide research coverage on a company if es

18、corporatefinance No, because Granite cannot provide research coverage on a corporate finance nt itconstitutesaviolationofresearchFundamental Asset s compliance with the CFA Institute Global tandards No, because Granite cannot provide research coverage on a corporate finance nt itconstitutesaviolatio

19、nofresearchFundamental Asset s compliance with the CFA Institute Global tandards (GIPS) and manages both discretionary and non-accounts. When constructing a single ite for Fundamental, Juma Dzuya includes discretionary,fee-payingaccountswith both value and growthstrategies. Does theconstructedbyDzuy

20、amostlikelymeetthecriteriaoftheGIPSNo,becausenon-discretionaryaccountsarenotNo,becauseofnon-similarinvestmentIn order to provide investors more comprehensive view of a firms performance, currentGIPSstandardsincludesnewsrelatedtheuniquecharacteristicsofeachassetallaspectsofperformancevariousmeasureso

21、fAdira Badawi, CFA, who owns a research and consulting company, is an independent member of a leading cement manufacturer in a small local market. Because of he cement industry, a foreign cement manufacturer looking to enter the s hired him to undertake a feasibility study. Under what can most likel

22、y undertake the assignment without violating the CFAInstitute Code of Ethics StandardsofalHemakesfulldisclosuretobothHeityagreementswithbothHereceiveswrittenfromthelocalAmandaCovington,CFA,worksforMcJanInvestmentManagement.McJanemployees receive prior clearance of al investments in accordance with M

23、cJans procedures. To obtain prior clearance, McJan employees must provide a written identifying the security, ty of the security to be purchased, and the name of broker through which the ion will be made. Precleared ionsare approved ttradingday.Asindicatedbelow,Covington receive prior clearance of a

24、l investments in accordance with McJans procedures. To obtain prior clearance, McJan employees must provide a written identifying the security, ty of the security to be purchased, and the name of broker through which the ion will be made. Precleared ionsare approved ttradingday.Asindicatedbelow,Covi

25、ngtonreceivedpriorrior AEasyBEasyTwo days after she received prior clearance, the price of Stock B decreased, so decided to purchase 250 shares of Stock B only. In her to purchase 250 shares StockBonly,didCovingtonviolateanyCFAInstituteStandardsofal Yes,relatingtodiligenceandYes,relatingtoheremploye

26、rscomplianceClaire Jones, CFA, is yst following natural gas he United es. At industry energy conference, the chief l officer of Alpine Energy t company aking strategic acquisitions. At a separate event, Alpines head exploration t he is bullish on natural gas production prospects northeasternPennsylv

27、ania.JonesistAlpinecurrentlyhasverylittleuretoregion. She also knows another company in her universe, Pure Energy, Inc. is based northeastern Pennsylvania and controls significant he area. Pure Energy is leveraged, and Jones ves it will need to raise additional capital or partner firmtomovetotheprod

28、uctionphasewiththeirassets.JonesattemptstocontactAlpinesexecutive officer n unrelated question and is told he is ecause he is on business trip to northeastern Pennsylvania. Jones updates her research on Pure Energy mends the stock to Lisa Wong, CFA, a portfolio manager, who itions in nt accounts. Th

29、e k, Pure Energy iso an agreement to be purchased by Alpine for a significant premium. Has JonesorWongmostlikelyviolatedstandardswithregardtoegrityofcapitalYes,bothJonesandWonghaveactedoninsiderYes,mendationisbasedoninsiderWhichofthefollowingisnotacomponentoftheCFAInstituteCode of JonesorWongmostlik

30、elyviolatedstandardswithregardtoegrityofcapitalYes,bothJonesandWonghaveactedoninsiderYes,mendationisbasedoninsiderWhichofthefollowingisnotacomponentoftheCFAInstituteCode ofPlace egrity of the investment and erests of nts above your Practiceandencourage otherstopracticeinaalandethical twillcreditonth

31、emselvesandthe.PromotelegrityandseektopreventandpunishhelAfter a firm presents a minimum required number of years of GIPS- compliant the firm must present anadditional year ofperformance each year, building up to a 5 yearspliant15 yearspliant10 yearspliantJimmy Lan, CFA, is a Pacific Securities, Inc

32、. and is a leadingon technology companies. Lans nts include many leading managers. While still employed at Pacific, Lan makes plans during kends to start new company, JL Consulting. His plans consist of contracting potentialemployees, and purchasing office equipment.Once he feelsready to launch his

33、firm, Lan provides Pacific with his resignation notice. After leaving, Lan constructs ms of the technology companies he previously covered, using the knowledge experience gained while at Pacific. He then contacts former nts by using public andencourages theme ntsof his new firm.Are ionsincompliance

34、the CodeandNo, because the names of former nts, ing skills, and experience gained by Lan informationofPacificYes, ming he is not in breach of pete agreement signed while at No, because he is prohibited from engaging in activities related to informationofPacificYes, ming he is not in breach of pete a

35、greement signed while at No, because he is prohibited from engaging in activities related to starting his new whilestillemployedbyPacific18. Marc Davidson, CFA, works as a trust list egrity l. Davidson starts part-time consulting businessprovidingadvice to trusteesfora fee. He conducts thison his ow

36、n time and therefore did not egrity l of his consulting. asks his assistant to compile a list egritys nts and their contact information. following month, Davidson is offered a similar role egritys largest competitor, Trust , Inc. After he begins egacy, ager arranges for him meet number of prospectiv

37、e nts, many of whom are nts egrity. meeting with Davidson, a number of egrity nts decide to transfer their toLegacy.DidionviolatetheCodeandYes,bothDavidsonspart-timeconsultingbusinessandhismeetingsegrityntsviolationsoftheYes,Davidsonspart-timeconsultingbusinessisaviolationofthe Questions1932Relate19

38、. A company has an unsecured line of credit and needs to ain its EBIT-coverage ratio n 2.0. Its EBIT is estimated to be n $36 million and million, ll values equally likely. If the erest charge for the year is million,theterestwillben2.0isclosestAvariable is normally distributed mean of 5.00 and a va

39、riance of 4.00. Using the tabovefromthecumulativedistributionfunctionforthe Questions1932Relate19. A company has an unsecured line of credit and needs to ain its EBIT-coverage ratio n 2.0. Its EBIT is estimated to be n $36 million and million, ll values equally likely. If the erest charge for the ye

40、ar is million,theterestwillben2.0isclosestAvariable is normally distributed mean of 5.00 and a variance of 4.00. Using the tabovefromthecumulativedistributionfunctionforthestandardnormalrandomvariabletable,probabilityofobservingavalue of 0.40orlessisclosestCumulativeProbabilitiesforaStandardNormalP(

41、Zx)=N(x)forx0or P(Zz)=N(z)for zx or 0 21. yst s four valuation screens to a set of potential investments. The screens independentofeachIf there are 1,200 potential investments, the number expected to simultaneously pass all 21. yst s four valuation screens to a set of potential investments. The scre

42、ens independentofeachIf there are 1,200 potential investments, the number expected to simultaneously pass all screensisclosestIftheprobabilityforaneventZis14%(i.e.,P(Z)=14%),theoddsforZareclosestAtastockspriceoverthenexttwoperiodsisasshownThe initial value of the stock is $100. The probability of an

43、 up move in any given period is and the probability of a down move in any given period is 60%. Using the binomial , tthestockspricewillbe$101.20oftwoperiodsisclosestTime=Time=Time=S0= Su= Suu= Sd= Sud,Sdu=Sdd= Probabilityof1234 Based on historical returns, a portfolio has a Sharpe ratio of 2.0. If t

44、he mean return to portfolio is 20%, and the mean return to Based on historical returns, a portfolio has a Sharpe ratio of 2.0. If the mean return to portfolio is 20%, and the mean return to a risk-free asset is 4%, the standard deviation returnontheportfolioisclosestATypeIerrorisbestdescribedasthepr

45、obabilityfailingtorejectafalse nullrejectingatruealternativerejectingatruenullAlcontractoffersto pay1,200permonthforfive yearswith payment y. ming an annual discount rate of 6.5%, compounded monthly the valueofthecontractisclosestWhen an investigator wants to test whether a particular parameter is n

46、 a value,thenullandalternativehypothesisarebestdefinedH0:0 versusHa: H0:= 0 versusHa:ThefollowinginformationstoaportfolioedofFundAandFund TheportfoliosstandarddeviationofreturnisclosestEventXandEvent Yare independentevents.The probability of X is0.2 P(X) = 0.2and probabilityofYis0.5P(Y)=0.5.Theproba

47、bilityofX TheportfoliosstandarddeviationofreturnisclosestEventXandEvent Yare independentevents.The probability of X is0.2 P(X) = 0.2and probabilityofYis0.5P(Y)=0.5.TheprobabilityofXandY,P(XY),isclosestUsethe followingvalues fromastudents t-distributiontoestablisha95%for the population mean given a l

48、e size of 10, a le mean of 6.25, and a standard deviation of 12. t the population from which the le is drawn normallydistributedandthepopulationvarianceisnotThe95%ervalisclosesttolowerboundof0.71andanupperboundof lowerboundof2.33andanupperboundof lowerboundof2.20andanupperboundof Degreesofp = p = p

49、= p = 9FundPortfolioweightsExpectedreturnsStandarddeviations7CorrelationnthereturnsofFundAandFund 31. When o six-sideddiceand summinges,which of thefollowingsums 31. When o six-sideddiceand summinges,which of thefollowingsums mostlikelyto32. Bydefinition,theprobabilityofanyEventEisanumberzero itivem

50、inusoneitivezero itive Questions3344RelatetoGiven stable aggregate supply, which of the following changes in aggregate Questions3344RelatetoGiven stable aggregate supply, which of the following changes in aggregate demand is likelytocauseeconomic?AnincreaseinforeigncurrencyperunitofdomesticAnincreas

51、e ine AnincreaseincapacityAccordingtotheFishereffect,anincreaseinexpectedinflationwillmostlikelythe erestbothnominalanderestthe erestWhich of the following ements is most accurate concerning the sum-of-value-The diagram to the right shows the domestic demand and supply curves for a country which imp

52、orts a commodity,where PW is itsworld price and PT is its domestic price after the im ition of a tariff.The reduction in the net national welfareofthiscountryasaresultof the tariff is best described by methodusedtodetermineGDPbasedonThemethodshowsalargerGDPvaluecomparedwiththevalue-of-final-outputTh

53、emethodisbasedontheconsumerspayfortheproductsandThe method methodusedtodetermineGDPbasedonThemethodshowsalargerGDPvaluecomparedwiththevalue-of-final-outputThemethodisbasedontheconsumerspayfortheproductsandThe method mming e created at each stage of the production An increase in ggregate demand and s

54、upply occurs, ggregate supply naggregate demand.ThemostlikelyresultisarealparticipationpriceWhichofthefollowingementswithrespecttoGiffenandVeblengoodsisleastBothtypesofgoodsdemonstratesibilityofitivelydemandBothtypesofgoodsviolatethefundamentalaxiomsofdemandGiffengoodsareinferior,whereasVeblengoodsa

55、rehigh-usWhich of the following is most likely to cause a shift to the he aggregate hestockDecreaseinrealeAcollegestudentsmonthlydemandforpizzaisgivenbythefollowingQDPizza =110.70*PPizza +0.009*I-QDPizza isthenumberofpizzasorderedperPPizza isthepriceofaIishermonthlyfoodPCola isthepriceofr QDPizza is

56、thenumberofpizzasorderedperPPizza isthepriceofaI ishermonthlyfoodPCola isthepriceofrThe QDPizza isthenumberofpizzasorderedperPPizza isthepriceofaI ishermonthlyfoodPCola isthepriceofrThe students current monthly food budget is $500, the price of a pizza is $5, and the price of bottleofcolais$1.25perb

57、ottle.Ifthestudentsmonthlyfoodbudgetweretoincreaseto$700,slopeofherdemandcurveforpizzawouldbeclosestOvera givenperiod, the price ofacommodityfalls by5.0%,and tydemandedby7.5%.ThepriceelasticityofdemandforthecommodityisbestdescribedperfectlyWhichofthefollowingismostlikelytoleadtoa aryEasingmonetaryRi

58、singstockDecliningconsumerConsumersurplusisbestdescribedalwaysnorequaltoatitiveandatothertimesalwaysnorequalto WhichofthefollowingisleastlikelytobeacharacteristicofaGiffengood?substitutioneffectis demandcurveslopes demandcurveslopeseeffectis Questions4568Relatetolthesame45. Thefollowingdataisavailab

59、leontwoWhich of the following ements is most appropriate? Better margin will reportedXatthegrossmarginleveland Questions4568Relatetolthesame45. ThefollowingdataisavailableontwoWhich of the following ements is most appropriate? Better margin will reportedXatthegrossmarginlevelandYattheoperatingmargin

60、YatthegrossmarginlevelandXattheoperatingmarginYatboththegrossmarginandoperatingmarginAtthe startofthe year a tuses U.S.ntereda contracttodesignandabridgewiththefollowingThecompanywasinitiallyquitecertainaboutitscostestimatesendedtorecognizebased on them. However, unexpected problems during year have