11、An analyst finds a stock that has had a low beta given its historical return, but its total risk has been commensurate with its return. When writing a research report about the stock for clients with well-diversified portfolios, according to Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to mention:

A)   the relationship of the historical total risk to return only.

B)   both the historical beta and total risk and return.

C)   the relationship of the historical beta and return only.

D)   how the beta compares to total risk.

12、Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to:

A)   make sure that the change is identical for both clients.

B)   file a report with the SEC of the new portfolio allocation.

C)   inform the clients of the change and tell them it is based upon an opinion and not a fact.

D)   perform all of these functions.

13、An analyst has several groups of clients who are categorized according to their specific needs. Compared to research reports distributed to all of the clients, reports for a specific group:

A)   will definitely include more basic facts.

B)   may generally exclude more basic facts.

C)   will not be allowed because it violates the Standard V(A), Diligence and Reasonable Basis.

D)   will not be allowed because it violates the Standard III(B), Fair Dealing.

14、In the preparation of a research report, a CFA Institute member may emphasize certain matters, touch briefly on others, and omit some altogether:

A)   provided that matters are not constrained by the Mosaic theory.

B)   provided that the analyst both has a reasonable basis and is unconstrained by the Mosaic theory.

C)   under no circumstances.

D)   provided that the analyst has a reasonable basis for his or her actions.

15、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. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:

A)   should revise the recommendation based on this new information.

B)   is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information.

C)   should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.

D)   may send out the report as written as long as a follow up is disseminated within a reasonable amount of time reflecting the changes in management.

答案和详解如下：

11、An analyst finds a stock that has had a low beta given its historical return, but its total risk has been commensurate with its return. When writing a research report about the stock for clients with well-diversified portfolios, according to Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to mention:

A)   the relationship of the historical total risk to return only.

B)   both the historical beta and total risk and return.

C)   the relationship of the historical beta and return only.

D)   how the beta compares to total risk.

The correct answer was C)    

Using reasonable judgment, an analyst may exclude certain factors from research reports. Since the report will be delivered to clients with well-diversified portfolios, total risk is not as important as beta. Given that the total risk has been only commensurate with historical return, furthermore, then the analyst is not negligent by not mentioning it.

12、Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to:

A)   make sure that the change is identical for both clients.

B)   file a report with the SEC of the new portfolio allocation.

C)   inform the clients of the change and tell them it is based upon an opinion and not a fact.

D)   perform all of these functions.

The correct answer was C)

According to Standard V(B), the analyst must inform the clients of the change and tell them it is based upon an opinion and not a fact. The SEC is not involved. Making an identical change in two portfolios may be a violation of this standard if the needs of the clients are not identical.

13、An analyst has several groups of clients who are categorized according to their specific needs. Compared to research reports distributed to all of the clients, reports for a specific group:

A)   will definitely include more basic facts.

B)   may generally exclude more basic facts.

C)   will not be allowed because it violates the Standard V(A), Diligence and Reasonable Basis.

D)   will not be allowed because it violates the Standard III(B), Fair Dealing.

The correct answer was B)    

According to Standard V(B), an analyst can use reasonable judgment regarding the exclusion of some facts and should include more basic facts for reports to wider audiences. The key issue is that analysts should tailor their reports to the intended audience.

14、In the preparation of a research report, a CFA Institute member may emphasize certain matters, touch briefly on others, and omit some altogether:

A)   provided that matters are not constrained by the Mosaic theory.

B)   provided that the analyst both has a reasonable basis and is unconstrained by the Mosaic theory.

C)   under no circumstances.

D)   provided that the analyst has a reasonable basis for his or her actions.

The correct answer was D)

According to Standard V(B), the analyst must use reasonable judgment in identifying relevant factors when communicating with clients and prospects . The Mosaic theory does not apply here.

15、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. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:

A)   should revise the recommendation based on this new information.

B)   is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information.

C)   should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.

D)   may send out the report as written as long as a follow up is disseminated within a reasonable amount of time reflecting the changes in management.

The correct answer was A)    

This question is related to Standard V(B) which states that CFA Institute members should use reasonable judgment regarding the inclusion or exclusion of relevant factors in research reports. The change in management was a relevant factor and must be disclosed before dissemination.