Q11. 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)   inform the clients of the change and tell them it is based upon an opinion and not a fact.

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

C)   perform both of these functions.  

Q12. 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 beta and return only.

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

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

Q13. Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?

A)   Halpert can transmit his report by computer on the Internet.

B)   Halpert can make his report in person.

C)   Halpert can make his report in person, by telephone, or by computer on the Internet.

Q14. Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:

A)   violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.

B)   violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.

C)   not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.  

答案和详解如下：

Q11. 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)   inform the clients of the change and tell them it is based upon an opinion and not a fact.

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

C)   perform both of these functions.  

 Correct answer is A)

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. Making an identical change in two portfolios may be a violation of this standard if the needs of the clients are not identical.

Q12. 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 beta and return only.

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

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

 Correct answer is A)

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.

Q13. Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?

A)   Halpert can transmit his report by computer on the Internet.

B)   Halpert can make his report in person.

C)   Halpert can make his report in person, by telephone, or by computer on the Internet.

 Correct answer is C)

A report can be made via any means of communication, including in-person recommendation, telephone conversation, media broadcast, and transmission by computer such as on the Internet.

Q14. Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:

A)   violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.

B)   violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.

C)   not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.  

 Correct answer is A)       

Standard V(B), Communication with Clients and Prospective Clients. Members must distinguish between fact and opinion in the presentation of a research report or investment recommendation. Wise violated the standard because she misrepresented management’s enthusiasm by turning it into certainty.

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