azimao

QUOTE:

以下是引用edisonhu在2008-6-9 0:13:00的发言：

似乎都不能deleget ，因为经理持有该标的。

持有股票和ＤＥＬＥＧＡＴＩＯＮ有关吗？

nowhere

强人。。。

那个原题我读了一遍，都不知道那一部分要考什么。

piginaust

for a research report,factual information can be disclosed to target for verification. So i don't think the answer is "all of the report". btw, what is the difference between "any part of" and "all"?

早上的alternative investment, 暈過去. market extraction 需要sale price + NOI,同意?但我錯了.
capitalisation rate that takes into capital structure is band-in-什麼 method.

早上的卷,暫時知道已錯3條.

下午的卷,是比較難的.

current account balance 是3.9.

Residual income 那 一條,要自己去找interest expense 出來,才計的出來.另外,statement 1 寫residual income accounts for different firm's cost of capital and Statement 4 寫ROE = required return of equity, RI = ROE x invested capital.

For me, both are wrong, but i choose number 4. because ROE = Re, RI should be 0. 大家怎樣想?

還有 一條,如果剛買了 一個bond, in a short term, which risk is most significant (好像是這樣).選什麼cap risk, default risk, credit spread, downgrade risk.什麼怪題目.我選credit spread.

有連續好幾個B.是在題目90附近,忘了.

大家還記得什麼題目,討論一下.

azimao

ＢＯＮＤ那道题我也选credit spread, cap risk没什么关系，各项指标向好，应该不会downgrade.alternative investment 应该是sale price  对，gross income 错．

piginaust

我都覺得,10 year average的efficient frontier 不對.

ICAPM那一條應該是global portfolio all yes. 因為不論什麼CAPM,assumption都是investors hold global portfolio. correct if i am wrong. thanks.

azimao

QUOTE:

以下是引用piginaust在2008-6-9 0:48:00的发言：
我都覺得,10 year average的efficient frontier 不對.

ICAPM那一條應該是global portfolio all yes. 因為不論什麼CAPM,assumption都是investors hold global portfolio. correct if i am wrong. thanks.

 

 

应该是risk free rate. domestic CAPM implies that all domestic securities would be priced in line with their risk relative to the domestic market. Even if a company has extensive foreign operations, its international risks would not be taken into account specifically.

nowhere

Azimao, 很强啊。疑难杂症，手到病除。期待reference answer....特别是ethics的。

azimao

QUOTE:

以下是引用nowhere在2008-6-9 1:01:00的发言：
Azimao, 很强啊。疑难杂症，手到病除。期待reference answer....特别是ethics的。

看了你写的ＥＴＨＩＣＳ，觉得基本和我答得差不多．另外记得两个，一个是ＳＡＭＬＬ　ＢＡＳＫＥＴ礼物也不行；ｃｏｄｅ和公司的ＣＯＭＰＬＩＡＮＣＥ　ＰＯＬＩＣＹ不能掺合在一起．

joshle

Real Estate 最大 depreciation risk 的是什麼? Hotel? Apartment? Warehouse?

aegis88

这次二级考的是比较郁闷，比预想的难不少，正像前面有一位说的，要求知识烂熟于胸。

考前拿notes考题模考，最后几套正确率都在80%的以上，昨天考下来觉得差不少，真不敢说自己能不能过。

1. 先说下午, 第一组ethics题基本被打倒，第二小题问problem with discontinued coverage, 我知道错在不能不issue the last report, 可是答案里没定选项；第三小题上面有几个考友提过，target company CEO can not read all of the research report, 但是D选项里是should not read any part of the research report, 我这道题读了几遍，应该没记错。这两道题我估计栽了。

2. BOP 计算balance的两道题都错了

3. 最后一组关于Minimum Variance Frontier的题，非常tricky，关于instability的那道题，应该是两个statement都正确；关于如何correct instability的那倒，第一个十年average的不对，第二个prohibit short selling的是对的; ICAPM的那道选A，domestic risk free rate; equity risk primum one, 5.5%, 根据covariance 算 beta，再乘上market risk premium (这种提法还真是第一次见）

4.上午最后一组关于real estate的题，第一个most likely depreciate的是C， 因为根据g=r-R0, 只有C是负值；第四小题选Band of Investment, 因为要考虑leverage debt；最后一小题，Sale Price是对的, Gross Income是错的，因为是NOI

To be continued

[此贴子已经被作者于2008-6-9 1:48:22编辑过]