sambainan

多伦多考的 怎么多伦多CFA L3 我目测接近1000人啊 果然是CFA重镇

 

 

 

 

chon

下午ethics 第二大题, asset manager code of professional conduct 要求遵守

a) both code of ethics and professional standards and asset manager code of professional conduct

b)忘记了

c)所有employee 要填写什么保证书?

 

你们选什么?

nzharbinger

QUOTE:

以下是引用chon在2009-6-13 11:52:00的发言：

下午ethics 第二大题, asset manager code of professional conduct 要求遵守

a) both code of ethics and professional standards and asset manager code of professional conduct

b)忘记了

c)所有employee 要填写什么保证书?

 

你们选什么?

 

a

angel55m

 

The question asked which indicator is LEAST likely to cause appreciation.

A interest rate . B inflation. C technology. Inflation is flat and this factor alone is least likely to trigger appreciation.

 

我的看法：Stable inflation will spur cash inflow into the country and thus currency appreciation.

 

这个考试就像是现实模拟，考完了讨论题目，也只能得出“某个答案正确的可能性更大”，不能绝对确定。也有许多人坚持自己的选择，就像坚信自己买的股票一定会赚钱一样。到底谁对谁错，只有时间会做出最后证明哈。[em63]

 

 

nzharbinger

QUOTE:

以下是引用angel55m在2009-6-14 12:42:00的发言：

 

 

我的看法：Stable inflation will spur cash inflow into the country and thus currency appreciation.

 

这个考试就像是现实模拟，考完了讨论题目，也只能得出“某个答案正确的可能性更大”，不能绝对确定。也有许多人坚持自己的选择，就像坚信自己买的股票一定会赚钱一样。到底谁对谁错，只有时间会做出最后证明哈。

 

 

Your theory may be right in the long run. The question only gives two year's data and it definitely seeks the momentum change in the short run according to the classic theory such as IRP. IRP says it the interest rate goes down, the exchange rate will appreciate. My question is whether the real interest rate changes.

[此贴子已经被作者于2009-6-14 12:55:51编辑过]

breadhead

According to the theory of "Capital flow", a decrease in short term interest rates will make the local investments less attractive, and will result in the currency depreciation. Therefore, the answer I chose is A.

[此贴子已经被作者于2009-6-15 12:52:29编辑过]

slaxlw

2 cents on GIPS Firm Definition:

 

Quotes from Curriculum:

 

V6 page 242: If a unit of a larger company specializes in providing investment management services to private cliients, and is marketed as a specialist in meeting the investment needs of high net worth individuals and family officers, then that organizational unit might qualify as a "firm" for the purpose of GIPS compliance. Certainly, however, the unit's entitlement to be considered a firm under the GIPS standards could be justified IF IT ADDITIONALLY WERE INCORPORATED AS A SUBSIDIARY and had its own dedicated financial analysts, portfolio managers, and traders located in a separate building or area of the company and reoporting through a separate chain of command to the parent organization's senior management.

 

V6 page 243 If the two divisions were organizationally segregated but share the same trading desk, the institutional trust division would have to determine whether its decision-making autonomy is compromised by the trading agreement -  if the traders merely fill the portfolio manager's orders, then the institutional trust division ARGUABLY REMAINS AUTONOMUS, but if the traders actively participate in the identification of misvalued securities, a greater impediment to the autonomy argument would exist.

 

So it appears that for that question, B, shared trading desk is NOT a violation but C, Unincorporated Subsidiary is the corret answer.

 

有人记得早上倒数第三题有没有credit risk？好像是日元和加元汇率。

[此贴子已经被作者于2009-6-15 17:22:51编辑过]

wuque

QUOTE:

以下是引用niaowo在2009-6-9 17:31:00的发言：

但是有一点比较tricky，他并不是trade on information,并不是说因为听说有收购的事才去买股票的，而是因为target company的老板说想防止恶意收购，希望AM能提高股价。在这种情况下，AM做了充足的分析后去投资，也不算violate code of ethics吧

做足分析后听到non-public material information，去买股票，属于violation。Schweser模拟题是这样判的。

wuque

how did you guys calculate the pre-tax required rate of return?

(r+inflation)/(1-tax rate)  or

 r/(1-tax rate)+inflation

 

a friend of mine who i met on the exam day told me that he had seen this kind of question and the given answer was the former.

nzharbinger

QUOTE:

以下是引用slaxlw在2009-6-15 12:53:00的发言：

 

 

有人记得早上倒数第三题有没有credit risk？好像是日元和加元汇率。

[此贴子已经被作者于2009-6-15 17:22:51编辑过]

 

能不能把题目再具体点，有点忘记了