答案和详解如下： Q8. Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. She also is in a supervisory position with several research analysts reporting directly to her. Dave Wood is a research analyst who has worked under Black for the last six years. Wood recently completed the Level III CFA exam and is anxiously awaiting the results. As a display of confidence, Black shows Wood a box of business cards that have already been printed up for Wood with the initials “CFA” after his name. She locks them away in a file cabinet and promises to deliver them on the day they get the news of his passing the exam. Black and Wood have been working closely to service a number of clients. Wood knows that Black recently met with a prospect named John Talbert. Black says that she received Talbert’s paperwork and made a recommendation to Talbert to which he agreed. Black tells Wood to execute the trade. Wood has not seen the final paperwork, but from what he knows, the trade is congruent with Talbert’s situation. Wood also knows the recommendation is generally a sound one. Black is on the board of directors for ATX Corporation. She was asked to write a research report for ATX Corporation. Because of her relationship with ATX, she assigned Wood to write the report instead. Black is Wood’s supervisor and requires Wood to show all of his work to her for final approval. As Wood begins writing the report, he remembers that the trust fund of his children, left to them by the parents of Wood’s wife, has a sizable investment in ATX. Black manages a pension fund for Evergreen International. The management of Evergreen International has just requested that Black increase the portion in international equity funds to 30 percent of total assets from its current position of 10 percent of total assets. The management of Evergreen International believes the potential for growth in international markets is much greater than the domestic market and would like to see the pension fund managed more aggressively. Wood watches as Black immediately acts upon the recommendation of Evergreen International. Black allocates some of the fund’s assets to a few stocks in foreign countries. One of the stocks immediately goes up in price and volatility, and Black sees an opportunity to earn some extra income by selling a covered call on that particular stock. She sells the call on behalf of the pension fund. Wood asks Black if the pension fund’s charter allows derivative strategies. Black says she does not know, but says she only sells covered calls when she sees a really good opportunity and none of her clients have ever complained even when they have specified that no options shall be used. “Covered calls can never cost a client anything, and they always earn income for the client,” Black points out to Wood. Despite his close relationship with Black, Wood has been preparing to start his own money management firm. He has turned a spare bedroom in his house into an office with new furniture and computer. He has the room wired with the latest Internet service upgrades. He has subscribed to financial news services and opened a trading account in the name of his proposed company. He has told an old friend about his plans. His friend has a large portfolio being managed at another brokerage firm. The friend had met Black, and told Wood that he did not like her and could not let them handle his portfolio despite their friendship. If Wood was on his own, however, the friend had told Wood that he would want Wood to manage his portfolio. Wood also contacts a cousin, who recently inherited a large portfolio. The cousin says that he would like to get some help managing the portfolio as soon as possible. Wood instructs the cousin to use futures contracts to, in effect, hedge the value of the portfolio cost-free until Wood sets up his business, and Wood can then take his cousin on as a client. He sends each of them a copy of his resume where in his credentials he places after his name “CFA (expected 200X).” With respect to Black’s instruction to execute the trade for Talbert, according to the Standards, Wood should: A) execute the trade only after consulting the firm’s legal counsel. B) execute the trade immediately. C) not execute the trade because he has not met Talbert himself. Correct answer is B) Since Black is Wood’s supervisor and has the CFA designation and Wood sees nothing wrong, Wood has no reason to take any intermediate action. | 
发表于 2009-1-8 15:20
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