Kaplan考试和QBank二级(考友版):V1阶段考试2 PM(题目+解析).docx
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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&PatWilson,CFAtisthechiefcomplianceofficerfarExcessInvestments,aglobalassetmanagemeritandinvestmeritbankingservicescompany.WilsonisreviewingtwoinvestmentreportsWrittenbyPeterHollCFA,ananalystandortfoHomanagerwhohasworked
2、forExcessforfouryears.HollysfirstreportundercompliancereviewisastrongbuyrecommendationforBlueNote,Ina,amusicalinstrumentmanufacturerThereportstatesthatthebuyrecommendationisapplicableforthenext6Io12monthswithanaveragelevelofriskandasustainablepriceta*getQf$24fortheentiretimeperiod.Further;thereports
3、tatesthattheriskanalysisisbasedon95%VaR(calculatedusingtheparametricmethod)andthatpricedeclinesovertheinvestmenthorizonshouldthusbelimitedto5%ofthecurrentprice.HollyinformsWilsonthathedeterminedhisconclusionspimarilyfinanintensivereviewOfBlueNoteSfilhgswiththeSECbutalsofromaCcilltooneofBlueNoteSsupp
4、lierswhoinformedHollythat.IheirnewinventoryprocessingsystemwouldallowformoreefficiencyinsupplyingBIUeNotQWithraWmaterials.HollyexplainstoWilsonthatheistheonlyanalystcoveringBlueNotewhoisawareofthisinformationandthathebelievesthenewinventoryprocessingsystemwillallowBlueNotetoreducecostsandincreaseove
5、rallprofitabilityforseveralyearstocome.WilsonmustalsoreviewHollysreportonBigTime,Inc.,amusicalpiomotionanddistributioncompany.InthereporHollyprovidesaveryoptimisticanalysisOfBigTimesfundamentals.Theanalysissupportsabuyrecommendationforthecompany.WilsonfindsoneproblemWithHollysreportonBigTimerelatedt
6、oHollysformerbusinessrelationshipwithBigTime,Inc.TwoyearsbeforejoiningExcess,Hollyworkedasaninvestmentbankerandreceived1,OOOrestrictedsharesofBigTimeasaresultofhisparticipationintakingthecompanyPUbIiCThesefactsarenotdisclosedinthereportbutaredisclosedonExcessInvestmentswebsiteJustbeforethereportisis
7、sued,HollymentionstoWilsonthatBigTimeunknowinglydisclosedtohimandafewotheranalystswhowerewaitingfcraconferencecalltobeginthatthecompanyisplanningtorestructurebothitssalesstaffandsalesstrategyandmayselloneofitspoorlyperformingbusinessunitsnextyearThreedaysafterissuinghisreportonBigTime,whichcausedasu
8、bstantialriseinthepriceofBigTimeshares,HollysellsalloftheBigTimesharesoutofbothhisperformancefee-basedaccountsandflat-feeaccountsandthenproceedstosellalloftheBigTimesharesoutofhisownaccountonthefollowingday.HollyobtainedapprovalfromWilsonbeforemakingthetrades.JustafterselghissharesinBigTime,Hollyrec
9、eivesacallfromtheCEOofBlueNotewhowantstoseeifHollyreceivedthedeskpenengravedwiththeBlueNotecompanylogothathesentlastweekandalsotocrfrtwofrontrowticketspluslimousineservicetoasold-outconcertforapopularbandthatusesBlueNotesinstrumentsHoilyconfirmsthatthedeskpenarrivedandthankstheCEOforthegiftandtellsh
10、imthatbeforeheacceptstheconcerttickets,hewillhavetocheckhiscalendartoseeifhewillbeabletoattend.HollydecHnestheuseCftheEmousineserviceshouldhedecidetoattendtheconcertAfterspeakingwiththeCEoofBlueNote,Hollyconstructsaletterthatheplanstosendbyemailtoall&hisclientsandprospectswithemailaddressesandbyregu
11、larmailtoallofhisclientsandprospectswithoutonailaddresses.TheletterdetailschangestoanequityvaluationmodelthatHollyandseveralotheranalystsatExcessusetoanalyzepotentialinvestmentrecommendations.Hollysletterexpldnstheitthenewmodel,whichwillbeputintousenextmonthwillutilizeMonteCarlosimulationstocreatead
12、istributionofstockvalues,asharpcontrasttotheexistingmodelwhichusesstaticvaluationscombinedWithsensitivityanalysisRelevantdetailsofthenewmodelareincludedintheletter;butsimilardetailsabouttheexistingmodelarenotincluded.TheletteralsoexplainsthatmanagementatExcesshasdecidedtoexcludealcoholandtobaccocomp
13、anysecuritiesfromtheresearchcoverageuniverse.Hollysletterconcludesbystatingthatnoothersignificantchangesthatwouldaffecttheinvestmentrecommendationprocesshaveoccurredorareexpectedtooccurinthenearfuture.Question ID: 1212854Question#1of60AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthef
14、ollowingstatementsismostaccurateWithregardtotheinvestmentreportonBlueNote,Inc.?Thereport:A)complieswiththeStandards,B)shouldnothaveincludedapricetargetasitmakesanimplicitguaranteeofinvestmentperformance.C)doesnotcomplywiththeStandardsduetoimproperriskanalysis.Question ID: 1212855Question#2of60DidHoU
15、yviolateanyCFAInstituteStandardsofProfessionalConductwithrespecttohisreportonBlueNoteorBigTime,asitrelatestopotentialuseofmaterialnonpublicinformation?A)HollyhasviolatedStandardonmaterialnonpublicinformationinthecaseofbothreportsB)ThereisaviolationregardingtheBlueNotereport,butnoviolationwiththeBigT
16、imereportC)ThereisaviolationregardingtheBigTimerepobutnoviolationWiththeBlueNotereportQuestion ID: 1212856Question#3of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingstatementsismostaccuratewithregardtoHollysdisclosure东hisownershipofBigTimerestrictedsharesandpastinvestment
17、bankingrelationshipwithBigTime?Thedisclosure:A)isneitherrequirednorrecommendedbytheStandardssincethesharesarerestricted.B)complieswiththeStandardsrecommendedproceduresfordisclosingconflictsofinterestC)doesnotcomplywithStandardVI8)DisclosureofConflictsbecausethedisclosureisnotreflectedintheresearchre
18、port.Question#4of60QuestionID:1212857AccordingtoCFAInstituteStandaidsOfProfessionalConduct,whichOfthefoIlOWingstatementsismostlikelycoectWithregardtoHollysreportandsubsequentsalefhisandhisclientssharesofBigTimecommonstock?Hollyhas:A)violatedtheStandardbyattemptingtomanipulatethemarketpricefBigTimest
19、ockB)notviolatedtheStandardsincehefirstobtainedapprovaltomakethetradesfromhiscomplianceofficerC)notviolatedtheStandardsinceheactedinthebestinterestofhisclientsbyrealizinggainsonBigTimestock.Question#5of60QuestionID:1212858AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingbestd
20、escribestheactionsHollyshouldtakewithregardtothedeskpenandtheconcertticketsofferedtohimbytheCEOofBlueNote?Holly:A)mustnotacceptthedeskpenortheconcertticketsB)mayacceptboththedeskpenandtheconcerttickets.C)mayacceptthedeskpenbutshouldnotaccepttheconcerttickets.Question#6of60QuestionID:1212859Inhislett
21、o*toclientsexplainingthechangeinthevaluationmodel,didHollyviolateanyCFAInstituteStandardsofProfessionalConduct?A)No.B)Yes,becausehedidnottreatallclientsfairlyinhisdisseminationoftheletterC)YesbecausehefailedtoincludedetailsCfthecurrentvaluationmodeltocontrastwiththenewmodeLQuestions#7-12of60Usethefo
22、llcwinginformationtoanswerQuestions67through721.enaPilchard,researchassociateforEiffelInvestmentisattemptingtomeasurethevalueaddedtotheEiffelInvestmentsportfoliofromtheuseof1-yearearningsgrowthforecastsdevelopedbyprofessionalanalystsPilcharcfssupervisor,EdnaWilrus,recommendsaportfolioallocationstrat
23、egythatoverweightsneglectedfirms.Wilruscitesstudiesofthe*neglectedfirmeffect,*inwhichcompaniesfollowedbyasmallnumberofprofessionalanalystsareassociatedWithhigherreturnsthanfirmsfdlowedbyalargernumberfanalysts.Wilrusconsidersacompanycoveredbythreeorfeweranalyststobe*neglected.*PilchardalsoisawareOfre
24、searchindicatingthaonaverage,stockreturnsfor,smallfirmshavebeenhigherthanthoseearnedbylrgefirms.Pilcharddevelopsamodeltopredictstockreturnsbasedonanalyst8vcrage,firmsize,andanalystgrourthforecasts.Sherunsthefollowingcross-sectionalregressionusingdatafthe30stocksincludedintheEifFelInvestmeritsportfol
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