答案和详解如下： 6、An analyst finds a stock that has had a low beta given its historical return, but its total risk has been commensurate with its return. When writing a research report about the stock for clients with well-diversified portfolios, according to Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to mention: A) the relationship of the historical total risk to return only. B) both the historical beta and total risk and return. C) how the beta compares to total risk. D) the relationship of the historical beta and return only. The correct answer was D) Using reasonable judgment, an analyst may exclude certain factors from research reports. Since the report will be delivered to clients with well-diversified portfolios, total risk is not as important as beta. Given that the total risk has been only commensurate with historical return, furthermore, then the analyst is not negligent by not mentioning it. 7、Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has: A) violated CFA Institute Standards of Professional Conduct because she is not allowed to meet with management privately. B) violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made. C) violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty. D) not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true. The correct answer was C) Standard V(B), Communication with Clients and Prospective Clients. Members must distinguish between fact and opinion in the presentation of a research report or investment recommendation. Wise violated the standard because she misrepresented management’s enthusiasm by turning it into certainty. 8、Midland Investment Banking issued a prospectus for its open-end Midland Gold Fund. In the prospectus, the investment policy was disclosed as, "We will maintain an investment posture of 50 percent or more in gold stocks and/or bullion, depending upon market conditions." This policy was maintained until the price of gold fell by 20 percent, leaving the fund 40 percent invested in gold stocks and bullion. Management has decided that since the allocation was effected by market conditions, no action to either change the investment policy or to rebalance the portfolio is required. This decision is: A) under the circumstances, not in violation of the Code and Standards. B) in violation of the Standard concerning fiduciary duties to clients. C) in violation of the Standard concerning disclosure of investment processes. D) in violation of the Standard concerning prohibition against misrepresentation. The correct answer was C) Standard V(B) requires members to disclose "general principles and investment processes" to clients and to "promptly disclose any changes that might significantly affect those processes." Under the Standard, Midland management is required either to: 1. rebalance the portfolio in a timely manner so as to maintain compliance with the investment policy or 2. communicate an intended change in that policy well in advance of the actual change so as to afford investors time to act prior to the change in investment policy taking place. Midland is in violation of the Standard. 9、Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to: A) make sure that the change is identical for both clients. B) file a report with the SEC of the new portfolio allocation. C) inform the clients of the change and tell them it is based upon an opinion and not a fact. D) perform all of these functions. The correct answer was C) According to Standard V(B), the analyst must inform the clients of the change and tell them it is based upon an opinion and not a fact. The SEC is not involved. Making an identical change in two portfolios may be a violation of this standard if the needs of the clients are not identical. 10、Robert Hamilton, a CFA candidate, is preparing a research report on Pets-R-Us for public distribution. Hamilton's preliminary report contains unfavorable earnings forecasts for the next four quarters. As part of his analysis, Hamilton met with Linda Brisson, the president of Pets-R-Us, and asked her to review the preliminary report for factual inaccuracies. Brisson revised Hamilton's earnings forecasts so that the quarterly earnings showed an upward trend and resulted in positive earnings by the fourth quarter. Hamilton included the revised earnings figures in his report without further review. Although the final report included the basic characteristics of Pets-R-Us, it emphasized certain areas such as projected quarterly earnings but only briefly touched on others. According to CFA Institute Standards of Professional Conduct on research reports, Hamilton: A) did not violate the Standard. B) violated the Standard because he asked Brisson to review the report for factual inaccuracies. C) violated the Standard because he did not thoroughly review and analyze any information provided by Brisson. D) violated the Standard because the report did not give similar attention to all areas but instead emphasized quarterly earnings at the expense of other areas. The correct answer was C) Standard V(B) permits Hamilton to ask company management to review his report for factual inaccuracies, but Hamilton should have taken care to thoroughly review and analyze any information provided by the company. The research report should have remained the product of Hamilton's own independent and objective analysis. Hamilton is not required to give equal emphasis to all areas but can emphasize certain areas, touch briefly on others, and omit certain aspects deemed unimportant. | 
发表于 2008-5-19 10:35
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