答案和详解如下： 41、Randal Brooks is the chief economist for a large brokerage firm. In the aftermath of a national tragedy, Brooks feels that it is very possible that the stock market will drop significantly and not recover for several years. However, he does not believe that this is the most likely scenario but merely that the risk of investing in equities has increased. He decides to write a market commentary to the brokerage clients that discusses the reasons why the market will remain stable and talks about why he, as a private citizen, feels patriotic. He does not mention the increase risk in equities. Brooks has: A) violated the Standards by not including all of the relevant factors in the research report, but not by making patriotic statements. B) violated the Standards by not including all of the relevant factors in the research report and making patriotic statements. C) violated the Standards by making patriotic statements, but not by failing to include all of the relevant factors in the research report. D) not violated the Standards. The correct answer was A) By not mentioning the increased risk of the market, Brooks has violated the Standard on using reasonable judgment in a research report. However, the patriotic statements do not violate the Standards. 42、Steve Phillips is the new director of equity research for a brokerage company. He receives a call from a reporter at the Financial News, a weekly publication that comes out on Mondays. The reporter explains the relationship she had with his predecessor. They would share information that they both learned on stocks—the former director would benefit the company's clients by news he obtained from the reporter in exchange for information he gave to her. The former director could ask her not to publish any information he gave her until after a certain date, ensuring that the brokerage clients would be informed before the publication date. After the conversation, Phillips called the former director, who confirmed that the reporter was trustworthy with respect to honoring the agreement for delaying publication until clients have been informed. Philips should: A) disclose research not yet disclosed to clients, as long as the reporter promises not to publish the information until after all clients have received the research, and the reporter provides valuable information of her own. B) only disclose research that has already been disseminated to clients, as long as the reporter is providing valuable information of her own. C) disclose only research that he is sure will be disseminated to clients before the next publication date of the Financial News in exchange for the reporter providing valuable information of her own. D) not disclose any research even after it has been disseminated to clients regardless of the value of the information that the reporter may have. The correct answer was B) In no case should information be disclosed to a reporter before all clients are provided with the research—doing so will violate the Standard on fair dealing. However, once clients have been informed, there is no violation in releasing the information to the reporter, and in doing so Phillips might obtain information that can further help his clients. 43、Randy Wesson is a research analyst for a large brokerage company following the chemical industry. Wesson receives a phone call from his nephew who works part-time in an airport hospitality center for an airline while going to business school. Many meetings take place at the center on any given day. The nephew tells Wesson that while bringing some faxes into a conference room, he overheard executives of Hunt Chemical talking about the likely divestiture of one of their subsidiaries. His nephew wants to know whether that will be good for Hunt. Wesson should: A) write a research report describing the possibility of a divestiture, but not mention how he learned about it. B) manufacture a reason to upgrade the stock to a "buy" recommendation to protect his nephew's confidentiality. C) not use the information. D) write a research report describing that he learned about the likely divestiture from his nephew who works at the hospitality center. The correct answer was C) The information is material and nonpublic; therefore, Wesson cannot trade or cause others to trade on the information. Any action concerning the information would violate the Standard on material nonpublic information. 44、Scott Marsh is a research analyst for a brokerage firm following the computer industry. Joe Perry is Marsh's former college roommate and is the head of technology for Mercury, a large software company. Perry informs Marsh on Tuesday that in two days the company will be making an official announcement that its release of its newest version of its software will be moved up one month, from October 1 to September 1. The announcement will be surprising to the industry and will likely be met with skepticism because the company has had trouble meeting release dates in the past. Perry assures Marsh that he is certain that they will meet the September 1 date. Marsh considers Perry to be very honest and highly competent. Marsh should: A) wait until the public announcement is made, then release a report explaining that he believes the company will make the release date, disclosing that one of the reasons for his opinion is Perry is a friend of his. B) immediately put out a report recommending the stock, but waiting until the official announcement to state his reasons. C) wait until the public announcement is made, then release a report stating that he is sure that the company will make his release date, but not disclose the relationship with Perry. D) produce his research report in two days based solely on the official announcement, not taking into consideration the information from Perry. The correct answer was A) The research report cannot be released until the official announcement is made, otherwise he will be violating the Standard on prohibition against the use of material nonpublic information. Once it is made public, Marsh can disclose the nature of the conversation without violating that Standard because the information will now be public. However, he should disclose the relationship with Perry or he will be violating the Standard on communications with clients and prospective clients. 45、Lee Roth, who is an investment advisor, is riding in a taxi and finds a file of information labeled "Genco Valuation." The folder contains a great deal of financial data, projections and nonpublic information concerning the food products industry that lead Roth to believe that Genco will be worth 50 percent more than its current stock value. Roth also finds some correspondence that leads him to believe that the file belonged to Tom Hagan. Roth tries to find out where Hagan works so he can return the file. Roth can recommend Genco to his clients unless Hagan works for: A) the corporate finance department for Genco. B) Roth cannot recommend Genco to his clients at this time. C) the equity research department for a brokerage firm. D) an investment advisor that competes with Roth. The correct answer was B) The information is material and nonpublic; therefore, Roth cannot act or cause others to act at this time. | 
发表于 2008-4-2 11:24
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