答案和详解如下： 21、The mosaic theory is the idea that an analyst can: A) make investment recommendations on the basis of several pieces of nonpublic information as long as the aggregate information remains nonmaterial. B) base his recommendations on nonpublic material information only for the clients of the company, but not for the general public. C) use nonpublic material information only for the company's clients, after he informs his supervisor about it. D) make recommendations or trade based on several pieces of public or nonpublic information, each piece by itself being nonmaterial, but when compiled the information becomes material. The correct answer was D) The mosaic theory permits an analyst to make recommendations based upon several pieces of public or nonmaterial information, even though the complied result is both material and nonpublic. 22、While working on her report, Jean Paul, CFA, learns from her friend in the investment banking department that the company she is analyzing can expect a tender offer very soon. Concerning this conclusion, Paul can: A) trade on it, because she figured it out by herself. B) trade on it, because it is public information. C) not trade on it because it is material nonpublic information. D) trade on it, because it concerns a tender offer. The correct answer was C) According to Standard II(A), Material Nonpublic Information, an analyst is prohibited from trading on information that is both material and nonpublic. 23、Klaus Gerber, CFA, is a regular contributor to the Internet site WizeGuy. This past week Gerber has been incorrectly quoted as recommending that investors buy shares in Bradford, Inc. He is unaware that this message has been placed on the site as the quote was placed as a prank by an unknown source. This is the third time this has happened over the past month. Fritz Fox, CFA, maintains and updates the WizeGuy site and has learned how to determine if the quotes being attributed to Gerber are actually valid. Several days later, he observes an investment recommendation, posted on the site, to buy Gresham, Inc. The investment recommendation is purported to be from Gerber, but Fox actually knows it to be bogus. He immediately sells 1,000 Gresham short and e-mails Gerber to inform him of the bogus recommendation. Gerber immediately issues a rebuttal, and Gresham falls by 14 percent. Fox's action is: A) not in violation of the Code and Standards. B) a violation of the Standard concerning use of material nonpublic information. C) a violation of the Standard concerning duty to employer. D) a violation of the Standard concerning fiduciary duties. The correct answer was B) Even though the information is false, this fact is known only to Fox and is thus nonpublic information. Since such recommendations have in the past had a significant affect on the price of the security in question, the information is clearly material. Fox is in violation of Standard II(A) Material Nonpublic Information. 24、Lisa Pierce, CFA, has been researching Lander Manufacturing for the past three weeks. She likes the company’s history of fulfilling its contracts on time and within budget. She learns from the uncle of a maintenance worker at Lander’s headquarters that a group of well-dressed individuals arrived at headquarters in a lime green-colored limousine. Pierce knows from publicly available information that Gilbert Controls needs a large supply of specialized motors in its domestic division. She also knows that the executive officers of Gilbert usually travel in a lime green limousine. Pierce concludes that it is very likely that Gilbert will offer a large contract to Lander. Based on this development and her prior research Pierce would like to acquire Lander Manufacturing shares for her client accounts. Pierce should: A) not acquire the shares until after she has contacted Lander's management and encouraged them to publicly announce information about the Gilbert Controls contract. B) not acquire the shares until after she has contacted Lander's management and encouraged them to publicly announce information about the Gilbert Controls contract. She should also wait until Lander has made the announcement and the public has had time to react to it and then make the acquisition. C) proceed to acquire the shares. D) not acquire the shares because she possesses material nonpublic information. The correct answer was C) Standard II(A) prohibits members from taking investment action if they possess material nonpublic information. Pierce combined information that was not misappropriated, with her knowledge of the company, to reach a conclusion under the mosaic theory, which is permissible under the standards. She can proceed to buy the shares. | 
发表于 2008-4-7 10:15
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