raphie

Financials考了四个

1.translation,要算Ending Inventory和Gross profit. Ending Inventory 用average rate 算，Gross profit里面Sales是Average rate, COGS 用mixed rate. 好像我的答案是C和D。之后是算translation Gain/Loss,这是基本知识啦。

2. Trading，Available for sales and Held to Maturity,是考unrealized gain/Loss 放在哪里，记得答案是C,分别放在Equity和P/L里面。还有如果重新归类，应该怎样归类更加增加公司账面收益，记得好像是D,原来unrealized loss 的还是放在AFS里面，原来Held to maturity的由于MVA为正，所以可以归为trading.

3.PBO,比较简单，就是考一些基本的知识，比如pension expense 怎么算（要自己算interest cost的），还有估计economic pension expense就是把expected plan return 变为actural return,还有改变assumption带来的效应，云云。

4.好像是考adjustment to financial statement. 记不起来了。

Corporate Finance考项目选择，和M&A

M&A 里面有一道题要算takeover premium. 记得好象是（55-44.4）/44.4=23.8%. 记下来用comparable transaction算company value. 好象是55/1.25x 1= 44.

Euqity 很变态的考emerging market(inflation level 的影响）实在是没有注意到notes的这一节，所以忽略了。没想到美国人还是很重视emerging market的，而且认为我们的inflation很高。只记得第一题问哪个adjustment是错的，有revenue, depreciation,后面两个不记得了。然后最后两题是算nominal cash flow 的增长率和real revenue in 2008. 我都是直接用inflation index 来算了。。。实在不知道还要不要调整什么选项。记得cash flow 的增长率我算的是16.7%. revenue 记得是用revenue/1.35 x (1.12)

然后考了DDM，本来以为DDM是很简单的，哪里知道考了一个equity market risk premium. 我选了一个5.5%。记得是用r= g + D/P x (1+g)算的。还有对于PEG的评价，选评价错的一个，我选了duration

之后就是RI了，NI没有给，要自己用（EBIT-I)x(1-t). I=Long-term debt x coupon rate。然后要用single stage RI model 算公司价值，g 也没有，要用g=ROExb来算。然后问有什么可以support 一个人的观点，他认为用前面的模型，公司overvalue了。我选了C,就是RI不可能constant growth. 还有就是对RI的评价，哪一个是错的，我选的也是D（ROE=R的时候，觉得应该是no RI).

Fixed Income考了MBS,CMO，PAC.比较简单。居然没有考OAS!

Direvatives早上考了Futures，下午考了IRS(interest rate swap）--居然没有考option！

Portfolio更变态，考三个人对Minimum variance portfolio 的评价，我记得我选的是第一个两个都错，第二题前错后对，第三题两个都对。。。估计要挂了。。。然后是CAPM,extended CAPM 和ICAPM的比较，那个是对的。我选了domestic risk free rate....

wuyuan17

PM The last one: equity risk premium: I  use beta*(Rm-Rf)=5.3%,beta =Cov/variance,Var=18%,Cov=480?

R=Rf+beta(Rm-Rf)=Rf+equity risk premium.

I read it twice, it's equity risk premium, not market risk premium.

超级水星人

我记得D是should not read any part of the research report. 我看了好几遍了

raphie

should not read any part of the research report表示任何一部分都不能读，should not read all the research report 表示全部不能读。但是Research Objective表明，可以给ＣＥＯ看一部分，即反映事实，factor的那一部分(不是任何一部分都不读，有一部分是可以分享的），但是不能给CEO看全部的report.所以应改选should not read all.

azimao

QUOTE:

以下是引用wuyuan17在2008-6-9 1:20:00的发言：

ethics: why cannot combine CFA compliance and company policy? CFA compliance should be applied to real situation ba?  And only oral is not enough, should have book, I think.

Global portfolio definitely not right, CAPM no global portfolio a; risk free ICAPM use local+inflation differential?

The local risk free rate is actually not risk free. I guess I choose C.

alternative investment 应该是sale price  对，gross income 错? I choose the one that agree with Mkt price will undervalue and gross income is correct, is this the answer? I cannot remember if the same with you, but I guess so.

Commingling compliance procedures in the firm's code of ethics will diminish the goal of reinforcing with the firm's employees their ethical obligations.Stand-alone codes of ethics should be written in plain language.

aegis88

你说的都对，可是选项D是should not read any part of the research report, 我没敢选这个

wuyuan17

QUOTE:

以下是引用piginaust在2008-6-9 0:29:00的发言：
1)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"?
----------------------
I didn't choose this one. definitly not this one. it's relation between analyst and investment banker, not those people said the target company and analyst. there would be a wall(chinese wall)between analyst and investment banker. So investment banker should not read any part, this one is not violated, I choose B maybe?

2)current account balance 是3.9.     Yes,me too


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

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.

QUOTE:

I choose Prepayment risk(no call option).

azimao

哪有PREPAYMENT RISK 这个选项?,只有CAP, DEFAULT, DOWNGRADE , AND CREDIT SPREAD.

cososy

raphie：

你的记忆力太好啦！佩服佩服！好多看了你的才知道考啥：）

你的答案我都看了，基本认同

有点问题，探讨一下：

1.emerging market inflation

“只记得第一题问哪个adjustment是错的，有revenue, depreciation,后面两个不记得了。然后最后两题是算nominal cash flow 的增长率和real revenue in 2008. 我都是直接用inflation index 来算了。。。实在不知道还要不要调整什么选项。记得cash flow 的增长率我算的是16.7%. revenue 记得是用revenue/1.35 x (1.12)”

revenue的计算还应该再乘以2008年的通胀率，即revenuex (1.12)x1.55/1.35 ，因为是算名义的revenue

2.equity market risk premium.

notes上有公式,具体名词不记得了，大概是 =long term dividend growth + long term earning growth rate - bont rate,把题目中给的那几个数加减就能得

azimao

同意楼上ＲＥＶＥＮＵＥ算法。

[此贴子已经被作者于2008-6-9 1:57:43编辑过]