level 1 mock 50第5题 recommend, receives, takeover, company, counter

BC_MBA_student

5. Edward Cronin, CFA, is an equity analyst with Star Securities. Based on his fundamental analysis
recently, Cronin concludes that the stock of a company he follows for long, Crest Inc., is
undervalued. He buys shares at a lower price for his portfolio. The other day, Cronin receives the
call from Marvin Moore, an institutional broker, Moore called to recommend buying Crest Inc.,
an obscure common stock traded over‐the‐counter, as a takeover candidate. In the past, Moore
has demonstrated an ability to pick takeover candidates. And Cronin adds more shares of Crest
Inc. for his portfolio. Cronin is the least likely to have violated the CFA Institute Standard of
Professional conduct that relates to
First time to purchase shares Second time to purchase shares
A. Yes                                  No
B. Yes                                  Yes
C. No                                   Yes
答案为A，这道题解答也没有看明白，能否请老师给我讲一下？

apf陈老师

Cronin第一次买这支股票是基于他对股价的分析研究，认为股票被低估了；第二次买是接到了broker的电话，broker推荐他买，并且告诉他这支股票是被收购对象(a takeover candidate) ，他因此又买了一些。

根据题意，第一次买是正常的，没有违反准则，而第二次他得到的消息属于内幕消息，任何人如果根据内幕消息交易或促使他人交易都违反准则，因此第二次的行为是违反准则的。

题目问的是“LEAST likely to have violated",所以答案是A。

apf薛老师

完全同意你的观点

以下是引用1006tanxiao在2010-6-5 13:16:00的发言：

Cronin第一次买这支股票是基于他对股价的分析研究，认为股票被低估了；第二次买是接到了broker的电话，broker推荐他买，并且告诉他这支股票是被收购对象(a takeover candidate) ，他因此又买了一些。

根据题意，第一次买是正常的，没有违反准则，而第二次他得到的消息属于内幕消息，任何人如果根据内幕消息交易或促使他人交易都违反准则，因此第二次的行为是违反准则的。

题目问的是“LEAST likely to have violated",所以答案是A。