CFA二级押题密卷M1直播讲义.docx

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1、1906高顿CFA押题密卷-LeVel2o。.UnPoBt5c.MM M- K wu。dnpopsBoUBUIJ-VujkhmpreviousresearchmeetingnotesUponMathe而sreturntoMumbai,hedeliverstohisclientshisinvestmentreportwitha4y,iBcommendationforKandyTeaEstateLimited,alongwithteasampleshecollectedwhileinSriLankaWhenbuyingKandyGlaresforhisclientMathewalsobuysthe

2、samesharesforhispersonalaccount.Hehaddisclosedhisplantopurchasethesharesforhisownportfolioalongsidehisclientsbeforeheboughttheshares.However;Mathewisforcedtosellthesamesharestwoweekslatertopayforamedicalemergency.MathewreceivedpermissionfromGuptdScomplianceofficerforbothtransactions1.IsPrenisarrange

3、menttoenhancebusinessrelationsnsistentwiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?BisrrectbecausePrenisemployer;AshokaisnotabletoprovidebestexecutionforGuptdscustomersbecauseofthelongertimeframerequiredtoexecutetradesThusMathewisinviolationofStandardHI（八）-LoyaltPrudenceandCare.M

4、athew,sindependenceandobjectivityareunlikelytobecompromisedbyPreMsarrangingtheitinerarybecauseMathewhadSpecificaDyidentifiedthecompanieshewantedtovisitMathewalsoaddedmanagementduringtheirinterviews,soMathew,ShdependenceandobjectivitywouldnotEkelybecompromised.Ashokdsoffertopayforthetripexpensesalsod

5、oesnotnecessarilyCOmpromiseMathewShdependenceandobjectivitywithregardtomakinginvestmentrecommendationsortakinginvestmentaction(StandardI(丹IndependenceandObjectivity.2WhoismostIikelytohaveviolatedCFAInstituteStandardsinCiscorrectbecausebyagreeingtoMathew,sstipulation,PremisinviolationofStandardHI(B).

6、StandardIH(B)obligesCFAInstitutemembersandcandidatestoensurethatinformationisdisseminatedinsuchamannerthatallCIiaItShaveafeiropportunitytoactoneveryrecommendation.PremletMathew,sclientstradeoninformationgarneredontheresearchtripbeforePremevendisseminatesthisinformationtohisclientsaviolationofStandar

7、dIU().Inaddition,StandardI（八）statesthatmembersandcandidatesareresponsibleforviolationsinwhichtheyknowinglyparticipateorassistBymakingastipulationregardingthereleaseofinvestmentrecommendationsunfairlytoallAshokaclientMathewisknowinglyparticipatingwithorassistingPreminviolatingStandardHI()andthusviola

8、tesStandardIQ).Therefore,bothPremandMathewhaveviolatedCFAInstituteStandards3.1sanyfurtheractionmostlikelyrequiredofPremandMathewpriortopublishinganinvestmentreportusingtheinformationreceivedintheirmeetingwithKandyTeaEstate?ANo.Aisrrectbecausewhiletheinformationisno11-publiqitisunlikelythatnewsofanew

9、factorylayoutwouldbeconsidered“material/especiallyinthatitdoesnotrequirenewmachineryorpersonnelTherefOrenopublicdisclosureisrequiredIndependentverificationisnotFiecessarilyrequwedbecausePremandMathewareabletoseetheincreasedefficienciesduringtheirfactorytour4.PrenfSresearchreportinExhibit1leastlikely

10、violateswhichCFAInstituteStandard?AisrrectbecausethestatisticscitedarereferencedasbeingfromtheIndiaTeaBoardandtheSriLankaTeaBoard.Thus,Premisnottryingtopasstheinformationoffashisown.However;hehasviolatedStandardV11(B)withregardtotheuseoftheCFAdesignationPremisnotallowedtousehisdesignationasatiornoun

11、-that年CharteredFinancialAnalystvTheCharteredFinancialAnalystandCFAmarksmustalwaysbeusedeitherafteraCharterholdefsnameorasadjectivesGeVeraSnouns)inwrittendocuments.Forexample,torefertooneselfasaCHVeratfCharteredFinancialAnalyst,isimproperThecorrectusagewouldbeJohnJones,CharteredFinancialAnalystorJane

12、Smith,CFA.PremalsoviolatedStandardW(B)CommunicationwithClientsbycitingdatedteaproductioninformationAsaresult,clientsareunlikelytobeabletofollowthereasoningbehindhisrecommendation.5.WhichoftheactionsthatPremundertakestoshowhisvalueto高顿财经CFA:finance,高顿网校：CiscorrectbecausealistofthereportsPremhasCreate

13、disnotconsideredresearchsohehasnotviolatedStandardIV-DutytoEmployersorStandardV(04ecordretentionAlso,hecreatedthelistafterworkinghoursandusedhispersonallaptop,sohehasnotusedcompanyresourcestocreatethislist6.Mathew,sinvestmentactionsuponhisreturntoMumbaiviolateCFAInstituteStandardswithregardstohis:A.

14、disclosuretoclientsBisrrectbecauseMathewhasviolatedCFAStandardVI(B)PriorityofTransactionMathewbuyingthinlytradedsharesinafrontiermarketforHispersonalaccountatthesametimeasheisbuyingthemforhiscntsisIikelytoharmhisclientsbecausethesharepriceswouldrisebeforeallthesharesarepurchasedHowever;giftsofteasam

15、plestoMathewSeiiaItSareinsignificantandunlikelytontributetotheirdecisionstoimplementMathew,sinvestmentrecommendation.Consequently,hehasnotviolatedStandardI(B)IndependenceandObjectivityHealsomadeappropriatepriordisclosurestohisclientsabouthisteainvestment,soheisnotinviolationofStandardVI(QDisclosureo

16、fConflicts.o。.UnPoBt5c.MMM-Kwu。dnpopsBoUBUIJ-Vujkhh宫惇槌Albaisadevelopingcountry.ThegovernmenthasadoptedopenpoliciesforinternationaltradeandtheflewofcapitalTradeisnowSubstantialwithEuropeanuntriesandisoftendenominatedineurosDuringtheearly2000s,privatizationofsomepubliclyownedindustries;creationofanewf

17、rerfLoatingcurrencytheAlbaDollar(ALD);andsoundpoliciesimplementedatthecentralbankputtheeconomyonatrackforsteadygrowthandstabilityMinisterofFinanceAndrewBubsispreparinghisannualreportonthestateoftheeconomyandcurrencymarketsforthelegislativebranchofgovernmentHewillexaminethelong-andshorttermtrendsinGD

18、Pgrowth,percapitaincome,inflation,andexchangeratesHeisalsoresponsiblefarrecommendingpolicyinitiativesforthelegislaturetoconsidertopromoteoveralleconomicprosperityforAlbdScitizensToestimatelong-termGDPgrowth,BubsexaminesthedatainExhibit1andintendstouseSolowsgrowthaccountingequation.Growthinlaborprodu

19、ctivityBubsconsultshiscolleagueLarrySmithtoreviewthepolicychoicesfacingthegovernmentandthepossibleeffectsoneconomicgrowthandpercapitaincome.Smithstates:AlbdSpoliticiansaredebatingtheeffectsofgrowthratepoliciesfusedonthreeoutcomes:Smithncludes:Theimpactfromthesepolicieswillcausealong-termincreaseinth

20、eeconomySgrowthrateandthestandardofliving.Furthermore,ifweemphasizeR&DspendingthenhigherratesQfsavingandinvestmentareunlikelytoencounterdiminishingmarginalreturns.BubsbelievesthatAlbaneedstoaddressarecentincreaseininflationandappreciationintheexchangerataIfthesetrendsacceleratethecountryspresentpros

21、peritycouldbethreatened.BubsandSmithdiscusspolicyalternativesBubsstates:BecauseAlbaallowscapitaltoowfreetheclearestchoiceistoimplementexpansionarymonetaryandfiscalpoliciestostoptheappreciationQfthecurrencyaccordingtotheMUndeil-FIenIingmodelSmithreplies:Thereisalsoatimingdimensiontoconsider:According

22、toeconomistRiidigerDornbusch,withinflexibledomesticpricesintheshortrun,anydecreaseinnominalmoneysupplywillinduceanincreaseinthedomeSticinterestrateThisresponsewillencouragecapitalifLcwsandcausetheexchangeratetoovershoottotheupsideintheBubsalsoconcernstheimportanceofGDPgrowthtoinvestorsandtheconverge

23、nceoflivingstandardsbetweencountriesSmithexplains:Statement1:Whenweconsiderourstockmarketsoverthelongterm,theprimaryfocusshouldbeontherateofGDPgrowth.ForIongertimehorizonschangesinearningsandtheprice/earningsmultiplearerelativelylessimportantindeterminingappreciationinthestockmarketWhenwelookatourfi

24、xed-incomemarkets,weshouldkeepinmindthathigherratesofpotentialGDPgrowthwilltranslateintolowerrealinterestratesandlowerexpectedrealassetreturnsStatement2:Manycountriesthathavethesamepopulationgrowthratsavingrat&andproductionfunctionwillhavegrowthratesandpercapitaoutputthatconvergeovertineInexaminingt

25、hecurrencymarkets,BubsisconcernedthatlocalcurrencydealersarebeingtakenadvantageofbyarbitrageursfromEurope.HeanalyzestheratequotesinExhibit2forevidenceoftriangulararbitrageandcarrytradeopportunitiesbyEuropeanhedgefunds.O.80451.20501.514013.Usingthespecifiedgrowthaccountingequation,whichisthemostappropriateconclusionBubscanmakefromhisdataontrendsintheeconomy?B.Albdseconomyisperformingatasteadystaterateofgrowth.C.GDPgrowthisprimarilydrivenbycapital根据科布道格拉斯生产函数可得：W=A/A+K