Kaplan考试和QBank二级（考友版）：V1阶段考试2 PM（题目+解析）.docx

CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&PatWilson,CFAtisthechiefcomplianceofficerfarExcessInvestments,aglobalassetmanagemeritandinvestmeritbankingservicescompany.WilsonisreviewingtwoinvestmentreportsWrittenbyPeterHoll¾CFA,ananalystandortfoHomanagerwhohasworkedforExcessforfouryears.HollysfirstreportundercompliancereviewisastrongbuyrecommendationforBlueNote,Ina,amusicalinstrumentmanufacturerThereportstatesthatthebuyrecommendationisapplicableforthenext6Io12monthswithanaveragelevelofriskandasustainablepriceta*getQf$24fortheentiretimeperiod.Further;thereportstatesthattheriskanalysisisbasedon95%VaR(calculatedusingtheparametricmethod)andthatpricedeclinesovertheinvestmenthorizonshouldthusbelimitedto5%ofthecurrentprice.HollyinformsWilsonthathedeterminedhisconclusionspimarilyfinanintensivereviewOfBlueNoteSfilhgswiththeSECbutalsofromaCcilltooneofBlueNoteSsupplierswhoinformedHollythat.IheirnewinventoryprocessingsystemwouldallowformoreefficiencyinsupplyingBIUeNotQWithraWmaterials.HollyexplainstoWilsonthatheistheonlyanalystcoveringBlueNotewhoisawareofthisinformationandthathebelievesthenewinventoryprocessingsystemwillallowBlueNotetoreducecostsandincreaseoverallprofitabilityforseveralyearstocome.WilsonmustalsoreviewHollysreportonBigTime,Inc.,amusicalpi'omotionanddistributioncompany.InthereporHollyprovidesaveryoptimisticanalysisOfBigTimesfundamentals.Theanalysissupportsabuyrecommendationforthecompany.WilsonfindsoneproblemWithHollysreportonBigTimerelatedtoHollysformerbusinessrelationshipwithBigTime,Inc.TwoyearsbeforejoiningExcess,Hollyworkedasaninvestmentbankerandreceived1,OOOrestrictedsharesofBigTimeasaresultofhisparticipationintakingthecompanyPUbIiCThesefactsarenotdisclosedinthereportbutaredisclosedonExcessInvestmentswebsiteJustbeforethereportisissued,HollymentionstoWilsonthatBigTimeunknowinglydisclosedtohimandafewotheranalystswhowerewaitingfc>raconferencecalltobeginthatthecompanyisplanningtorestructurebothitssalesstaffandsalesstrategyandmayselloneofitspoorlyperformingbusinessunitsnextyearThreedaysafterissuinghisreportonBigTime,whichcausedasubstantialriseinthepriceofBigTimeshares,HollysellsalloftheBigTimesharesoutofbothhisperformancefee-basedaccountsandflat-feeaccountsandthenproceedstosellalloftheBigTimesharesoutofhisownaccountonthefollowingday.HollyobtainedapprovalfromWilsonbeforemakingthetrades.JustafterselghissharesinBigTime,HollyreceivesacallfromtheCEOofBlueNotewhowantstoseeifHollyreceivedthedeskpenengravedwiththeBlueNotecompanylogothathesentlastweekandalsotocrfrtwofrontrowticketspluslimousineservicetoasold-outconcertforapopularbandthatusesBlueNotesinstrumentsHoilyconfirmsthatthedeskpenarrivedandthankstheCEOforthegiftandtellshimthatbeforeheacceptstheconcerttickets,hewillhavetocheckhiscalendartoseeifhewillbeabletoattend.HollydecHnestheuseCftheEmousineserviceshouldhedecidetoattendtheconcertAfterspeakingwiththeCEoofBlueNote,Hollyconstructsaletterthatheplanstosendbyemailtoall&'hisclientsandprospectswithemailaddressesandbyregularmailtoallofhisclientsandprospectswithoutonailaddresses.TheletterdetailschangestoanequityvaluationmodelthatHollyandseveralotheranalystsatExcessusetoanalyzepotentialinvestmentrecommendations.Hollysletterexpldnstheitthenewmodel,whichwillbeputintousenextmonthwillutilizeMonteCarlosimulationstocreateadistributionofstockvalues,asharpcontrasttotheexistingmodelwhichusesstaticvaluationscombinedWithsensitivityanalysisRelevantdetailsofthenewmodelareincludedintheletter;butsimilardetailsabouttheexistingmodelarenotincluded.TheletteralsoexplainsthatmanagementatExcesshasdecidedtoexcludealcoholandtobaccocompanysecuritiesfromtheresearchcoverageuniverse.Hollysletterconcludesbystatingthatnoothersignificantchangesthatwouldaffecttheinvestmentrecommendationprocesshaveoccurredorareexpectedtooccurinthenearfuture.Question ID: 1212854Question#1of60AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthefollowingstatementsismostaccurateWithregardtotheinvestmentreportonBlueNote,Inc.?Thereport:A)complieswiththeStandards,B)shouldnothaveincludedapricetargetasitmakesanimplicitguaranteeofinvestmentperformance.C)doesnotcomplywiththeStandardsduetoimproperriskanalysis.Question ID: 1212855Question#2of60DidHoUyviolateanyCFAInstituteStandardsofProfessionalConductwithrespecttohisreportonBlueNoteorBigTime,asitrelatestopotentialuseofmaterialnonpublicinformation?A)HollyhasviolatedStandardonmaterialnonpublicinformationinthecaseofbothreportsB)ThereisaviolationregardingtheBlueNotereport,butnoviolationwiththeBigTimereportC)ThereisaviolationregardingtheBigTimerepobutnoviolationWiththeBlueNotereportQuestion ID: 1212856Question#3of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingstatementsismostaccuratewithregardtoHollysdisclosure东hisownershipofBigTimerestrictedsharesandpastinvestmentbankingrelationshipwithBigTime?Thedisclosure:A)isneitherrequirednorrecommendedbytheStandardssincethesharesarerestricted.B)complieswiththeStandardsrecommendedproceduresfordisclosingconflictsofinterestC)doesnotcomplywithStandardVI8)DisclosureofConflictsbecausethedisclosureisnotreflectedintheresearchreport.Question#4of60QuestionID:1212857AccordingtoCFAInstituteStandai'dsOfProfessionalConduct,whichOfthefoIlOWingstatementsismostlikelycoectWithregardtoHollysreportandsubsequentsalefhisandhisclientssharesofBigTimecommonstock?Hollyhas:A)violatedtheStandardbyattemptingtomanipulatethemarketpricefBigTimestockB)notviolatedtheStandardsincehefirstobtainedapprovaltomakethetradesfromhiscomplianceofficerC)notviolatedtheStandardsinceheactedinthebestinterestofhisclientsbyrealizinggainsonBigTimestock.Question#5of60QuestionID:1212858AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingbestdescribestheactionsHollyshouldtakewithregardtothedeskpenandtheconcertticketsofferedtohimbytheCEOofBlueNote?Holly:A)mustnotacceptthedeskpenortheconcertticketsB)mayacceptboththedeskpenandtheconcerttickets.C)mayacceptthedeskpenbutshouldnotaccepttheconcerttickets.Question#6of60QuestionID:1212859Inhisletto*toclientsexplainingthechangeinthevaluationmodel,didHollyviolateanyCFAInstituteStandardsofProfessionalConduct?A)No.B)Yes,becausehedidnottreatallclientsfairlyinhisdisseminationoftheletterC)Yes>becausehefailedtoincludedetailsCfthecurrentvaluationmodeltocontrastwiththenewmodeLQuestions#7-12of60UsethefollcwinginformationtoanswerQuestions67through721.enaPilchard,researchassociateforEiffelInvestmentisattemptingtomeasurethevalueaddedtotheEiffelInvestmentsportfoliofromtheuseof1-yearearningsgrowthforecastsdevelopedbyprofessionalanalystsPilcharcfssupervisor,EdnaWilrus,recommendsaportfolioallocationstrategythatoverweightsneglectedfirms.Wilruscitesstudiesofthe*neglectedfirmeffect,*inwhichcompaniesfollowedbyasmallnumberofprofessionalanalystsareassociatedWithhigherreturnsthanfirmsfdlowedbyalargernumberfanalysts.Wilrusconsidersacompanycoveredbythreeorfeweranalyststobe*neglected.*PilchardalsoisawareOfresearchindicatingthaonaverage,stockreturnsfor,smallfirmshavebeenhigherthanthoseearnedbyl<rgefirms.Pilcharddevelopsamodeltopredictstockreturnsbasedonanalyst8vcrage,firmsize,andanalystgrourthforecasts.Sherunsthefollowingcross-sectionalregressionusingdataf'the30stocksincludedintheEifFelInvestmeritsportfolio：Ri=b0+b1COVERAGEi+b2LN(SIZE)+b3(FORECAST)+eiwhere:Rj=therateofreturnonstockiCOVERAGEj-oneiftherearethreeorfeweranalystscoveringstockifandequalszerootherwise1.N(SlZE)二thenaturallogarithmofthemarketcapitalization(stockpricetimessharesoutstanding)forstockitunitsinmillionsFORECASTi二thel-yearconsensusearningsgrowthrateforecastforstockiPiIChardderivesthefollowingresultsfirmherCroSS-SeCtionalregression：Exhibit1:ResultsofPilchar<fsCross-SectionalRegressionVariableCoefficientt-StatisticConstant0.060L56COVERAGE0.0503.20LN(STZE)-Q003-250FORECAST0.200285Thestandardeor或estimateinPilcharrfsregressionequals1.96andtheregressionsumofSqUareSequals400.WilrusprovidesPilchardwiththefollowingvaluesforanalystcoverage,firmsize,andearningsgrowthforecastforEggmannEnterprises,acompanythatEiffelInvestmentsisevaluating.EXhibit2:CoVeragGFirmSizeandEaroingsGrowthForecastforEggmannEnterprisesNumberofanalysts5Firmsize$500millionEarningsgrowthforecast50%Pilchardusesthefollowingtabletoconductsomeofherhypothesistests.Exhibit3:CriticalValuesforStudentdistributionDegreesofFreedomAreainUpperTailftlO05Q025QOlQ005261.315L70620562479277927L314L703205224732.77128L313L701204824672.763291.3111.69920452,4622756301.3101.697204224572.750Question#7of60QuestionID:1212861WilrusasksPilchardtoderivethelowestpossiblevalueforthecoefficientontheFORECASTvariableusinga99%confidenceinterval.TheappropriatelowerboundfortheFORECASTcoefficientisclosestto:A)ft0055.B)Q062&C)Q130“Question#8of60QuestionID:1212862WilrusasksPilchardtoassesstheoveraDsignificanceofherregression.ToaddressthequestionPilchardcalculatestheRsquare.ShealsodecidestorunatestofthesignificanceoftheregressionasawholeDeteiminetheappropriateteststatisticsheshouldUSQtotesttheoverallsignificanceoftheregressioaA)户StatiStiCB)statisticC)AdjustedRsquaraQuestion#9of60QuestionID:1212863Pilchardisaskedwhetherherregressionindicatesthatsmallfirmsoutperformlargefirms,aftercontrollingforanalystcoverageandconsensusearningsgrowthf'ecastskPilcharddeterminestheappropriatehypothesistesttoanswerthequestion.EififelInvestmentsusesaOlOllevelofsignificancefcrallhypothesistestsGiventheresultsofherregression,Pilchardshouldmakewhichofthefollcwingdecisionsaftercontrollingforanalystcoverageandconsensusearningsforecasts?A)NotrejectthehypothesisthatlQandconcludethatlargefirnssignificantlyoutperformedsmallfirms.B)Rejectthehypothesisthat配2QandconcludethatlargefirmsSignifICantlyoutperf(rmedsmallfirms.C)Rejectthehypothesisthatb2QandconcludethatsmallfirmssignificantlyOUtPerfBmedlargefirms.Holdingfirmsizeandconsensusearningsgrowthforecastsconstant,theestimatedaveragedifferenceinstockreturnsbetweenneglectedandnon-neglectedfirmsequals：A)1.B)3%.C)5%.QUestion ID: 1212865Question#11of60PilchardderivestheANOVAtableforherregression.InherANOVUiblethedegreesoffreedomfortheregressionSUmofsquaresandtotalsumofsquaresshouldequal:A)3and30,respectively.B)4and29,respectively.C)3and29,respectively.Question#12of60QuestionID:1212866CsingtheinputsforEggmannEnterprisesrovidedinExhibit2thepredictedstockreturnforEggmanEnterprisesisclosestto:A)4%.B)9%.C)14%.Questions#13-18of60UsethefoilowinginformationtoanswerQuestions73through7&DebbieAngleandCraigHohlmanareanalystsforalargecommercialbank,ArbutusNationalBank.ArbutushasextensivedealingsinboththespotandfcrwardforeignexchangemarketsAngleandHohlmanareprovidingarefreshercourseonforeignexchangerelationshipsforitstrader*AngleusesathreecountryexamplefromNorthAmericatoillustrateforeignexchangeparityrelations.Init,theCanadiandollarisexpectedtodepreciaterelativetotheU.S.dollarandtheMexicanesNominal,1-yearinterestratesare7%intheUnitedStatesand13%inMexicaFromthisdataandusingtheuncoveredinteresti'ateparityrelationshipAngleforecastsfuturespotrates.Duringtheirpresentation,Hohlmandiscussestheeffectdmonetaryandfiscalpoliciesonexchangerates.Hecitesahist<icalexamplefromtheUnitedStates,wheretheFederalReserveshiftedtoanexpansionarymonetarypolicytostimulateeconomicgrowth.ThisshiftwaslargelyunanticipatedbytheIinancialmarketsbecauseIhemarketsthoughttheFederalReservewasmoreconcernedwithinflationarypressures.Hohlmanstatesthattheeffect<rf*thispolicywasanincreaseineconomicgrowthandanincreaseininflation.Thecumulativeefiectonthedollarwasunchanged,howevebecause,accordingtotheMundeU-Hemingmodel,anexpansionarymonetarypolicywouldstrengthenthedollarwhereasunderrelativepurchasingpowerparity;anincreaseininflationwouldweakenthedollarRegardingU.S.fiscalpolicies,HohlmanstatesthatifThesewereunexpectedlyexpansionary,realintestrateswouldincrease,whichwouldproduceanappreciationfthedollarHohlmanaddsthatasustainedincreaseinthefederalbudgetwouldattractforeigncapitalsuchthattheIonemneffectwouldbeanincreaseinthevalueofthedoHarHohlmanmakesthefollowingstatementsaboutparityconditions:Statement1：Ifrelativepurchasingpowerparityholds,wecansaythatuncoveredinterestrateparityalsoholdsundercertainconditions.Statement2:Foruncoveredinterestrateparitytohold,theforwardratemustbeanunbiasedpredictorofthefuturespotrateAnglenextdiscussestheforeignexchangeexpectations.WhileexaminingGreatBritainandJapan,shestatesthatitappearsthel-yearforwardrat¾whichiscurrently¥200/£,isanaccuratepredictoroftheexpectedfutur,espotrataFurthermore,shestatesthatuncoveredinterestrateparityandrelativepurchasingpowerparityhold.Intheexampleforherpresentation,sheusesthefollowingfiguresforthetwocountries.GreatBritainJapanExpectedGDPgrowth2.50%1.80%Nominal1-yearinto'estrates9.70%&40%Growthinexports3.90%5÷70%Asafolio丁UPtoAnglesexample,Hohhnandiscussestheuseandevidencefcrpurchasingpowerparit¾liemakesthefollowingstatementsStatement3：AbsolutepurchasingpowerParityextendsthelawofonepriceandstatesthatabasketfgoodsshouldhavethesamepricethroughouttheworldAbsolutepurchasingpowerparityisnotwidelyusedinpracticetoforecastexchangerates.Statement4:Althoughrelativepurchasingpowerparityisusefulasaninputfortong-runexchangerateforecasts,itisnotusefulforpredictingshortguncurrencyvalues.Question ID: 1212868QuestionID: 1212869Question#13of60UsingAnglesanalysis,whatisthenominal1-yearinterestrateinCanada?A)Lessthan7%.B)Between7%and13%.C)Greaterthan13%.Question#14of60AreHohlmansstatementsregardingtheeffectofmonetarypoliciesonthedollarcorrect?A)Yes,theyarecorrectB)No,undertheMundell-Flemingmodel,expansionarymonetarypolicyintheU.S.wouldweakenthedollarC)No,thedollarvaluewouldbeunchanged,butundertheassetmarketmodelandnottheMundell-FlemingraodehQUeStion#15of60QuestionID:1212870WhatadditionalconditionmustbesatisfiedforHohlmanSStatement1tobevalid?A)CoveredinterestpjritymustholdB)FishereffectmustholdC)TheinternationalFisherrelationmustholdQuestion#16of60HohlmansStatement2is:QuestionID:1212871A)correctB)incoectasuncoveredinterestrateparityholdsonlyifrealinterestrateparityholds.C)incorrectasuncoveredinterestrateparityholdsonlyifcoveredinterestrateparityholds.Question#17of60Whichofthefollowingisclosesttothecurrent舒£spotrate?QuestionII):1212872A)¥194/£B)¥200/£C)¥206/£Question#18of60QuestionID:1212873RegardingthestatementsmadebyHohlmanonpurchasingpowerparity,HrebothStatenlentScorrect?A)Yes.B)No,onlyStatement4iscorrectC)No,bothstatemeritsareincorrectQuestions#19-24of60UsethefoUowinginformationtoanswerQuestions79through84.EngineeredPackaging,Inc.,(EPI)isamanufacturerOfindustrialandconsumerpackagingproducts.Thecompanysproductsincludecomposi