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]

cososy

QUOTE:

以下是引用wuyuan17在2008-6-9 1:30:00的发言：

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.

我也是这么算得：）

cov=290，算出的beta大概是0.8多， 答案是5.3%

azimao

补充点我记得的ＱＭ，　PPP, 双边Ｔ检验，〉＝０，最后一个好像选Ａ，记不太清楚了。

xtajvk

真牛.

不知道ethics如何.前面看有人说small package也不行. 不过我记得说是nominal value and ex post gift should be acceptable if it does not affect your independent and objective.

And if you get your restricted stock compensation and fully disclosed in your report, I think it should be permitted in such case. The key here is whether such additional compensation is fully disclosed so that the reader can evaluate the partiality.

 

xtajvk

It is rather pity for me for forgiving how to calculate the current account balance and financial account balance which list in nearly all references to international finance. Till now I still cannot figure out these methods.

Damn Portfolio. Little knowledge about min var frontier is given in notes. Does this way to test candidates indicate a serioius action of CFA institute to notes? Were we passed the Level II, should we keep using note in level III?

 

aegis88

QUOTE:

以下是引用azimao在2008-6-9 1:50:00的发言：
哪有PREPAYMENT RISK 这个选项?,只有CAP, DEFAULT, DOWNGRADE , AND CREDIT SPREAD.

好像是B， Prepayment Risk, 应该选B as the bond is not callable

超级水星人

那题CMO的,tranch C变成 IO tranch后,tranch A每月应该拿多少,谁还记得啊

azimao

40750

超级水星人

QUOTE:

以下是引用azimao在2008-6-9 2:32:00的发言：
40750

这是选哪个? 我题目都没看...猜的