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Unformatted text preview: 金程教育 专业·领先·增值 2016 年 12 月 CFA 一级百题预测 1- ETHICS .......................................................................................................................................... 2 2- QUANTITATIVE ........................................................................................................................ 81 3- ECONOMICS ............................................................................................................................ 119 4- FINANCIAL STATEMENT ANALYSIS ................................................................................. 206 5- CORPORATE FINANCE ......................................................................................................... 325 6- EQUITY ..................................................................................................................................... 362 育 7- FIXED INCOME ....................................................................................................................... 419 8- DERIVATIVES .......................................................................................................................... 491 9- ALTERNATIVE INVESTMENTS ............................................................................................. 81 教 10- PORTFOLIO ........................................................................................................................... 543 对于 2016 年 12 月考试,从全局来看,考试的难度在提高;另外,财务报表分析、 职业伦理和数学等相关经典题目必须认真掌握;相比较于 2015 年考纲,组合管理的改动 较大,增加了一个全新的章节(Risk Management),基本都是定性的内容,百题中这部分 程 的题目是来自原版书及 Mock 中的精选,复习时要花点时间重点掌握;固定收益方面增加 了结构化产品,其他类投资中增加了基础设施投资,权益类投资中对于行为金融学的讲 解更加细致。为了全面应对考试,我们全面推出了的各种学习平台,如金程网校、手机 APP、金融城 BBS、金程 CFA 微信平台答疑等活动,请各位充分利用。如有学术问题,请 金 登录至论坛 bbs.gfedu.net 提问。祝大家好运! 金程教育 CFA 百题师资团队,为您呈现最完美的百题预测 汤震宇,洪波,单晨伟,纪慧诚,韩霄,杨宇,Kel Wang,王东,周琪,胡竹君,胡瑾 1 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 专业·领先·增值 1-Ethics P1-1 The Process for the Enforcement of the Code and Standards Q1-1 After reviewing the material obtained during the investigation, then confirming violation, the CFA Designated Officer will: A. Issue a cautionary letter B. Conclude the inquiry with no disciplinary sanction C. Propose a disciplinary sanction Solution: C. 第一步是对于对方展开调查,如果 find violation 之后直接进行惩罚。 Q2-1 ★Which of the following least likely reflects the two primary principles of the CFA 育 A. B. C. Institute Rules of Procedure for Proceedings Related to Professional Conduct?(Mock83 Confidentiality of proceedings Fair process to the member and candidate Public disclosure of disciplinary sanctions 教 Solution: C. C is correct because the two principles of the Rules of Procedure for Proceedings Related to Professional Conduct are confidentiality of proceedings and fair process to the member and candidate. 程 Q3-1 If a member does not accept a sanction from a designated officer of CFA PCP, the matter is referred to a hearing panel made up of: A. Local CFA society board member B. The CFA Institute Standards of Practice Council C. DRC members and CFA Institute member volunteers 金 Solution: C. C is correct because a hearing panel is composed of DRC members and CFA Institute member volunteers affiliated with the DRC. The hearing panel reviews materials and presentations from the Designated Officer and from the member or candidate. Q4-1 Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subsequently notified CFA Institute he does not accept the sanction, or the hearing panel’s conclusion. Which of the following actions by Mager is most A. B. C. consistent with the CFA Institute Professional Conduct Program?(mock91-10) Presenting himself to the public as a CFA charterholder Providing evidence for his position to an outside arbitration panel Using his CFA designation upon expiration of the suspension period Solution: C. 2 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 专业·领先·增值 C is correct because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction, the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member loses the right to use his designation for a one-year period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation. Key points: R1-1 The process for the enforcement of the Code and Standards The process for the enforcement of the Code and Standards: Inquiry is initiated 育 Writted explanation from members/candidates Investigation Interview the member/candidates Violation occurred Issue a cautionary letter Collecting documents and records 教 No disciplinary sanction Propose a disciplinary sanction Reject End 程 The matter is referred to a hearing by a panel of CFA Institute members. Accept R2-1 ★Primary Principles: 金 (1) Fairness of the process to members and candidates. (2) Confidentiality of the proceedings. R3-1 The CFA Institute Board of Governors maintains oversight and responsibility for the Professional Conduct Program (PCP). R4-1 PCP and Disciplinary Review Committee (DRC) and responsible for enforcement of the Code and Standards. R5-1 How to detect Self-disclosure on annual Professional Conduct Statements of involvement in civil litigation or a criminal investigation, or that the member or candidate is the subject of a written complaint. Written complaints about professional conduct received by the Professional Conduct staff. Evidence of misconduct by a member or candidate that the Professional Conduct staff received through public sources, such as a media article or broadcast. A report by a CFA exam proctor of a possible violation during the examination. 发现有人违反,经过 CFA 调查后,一般会有三种处理方法:1)不处罚;2)发警告 3 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 专业·领先·增值 信;3)进行处罚(由轻到重依次为:private censure, public censure, timed revocation, suspension, revocation) R6-1 The Designated Officer may decide That no disciplinary sanctions are appropriate To issue a cautionary letter To discipline the member or candidate R7-1 Hearing panel Consists of DRC members and CFA Institute member volunteers affiliated with the DRC The hearing panel’s task is to determine whether a violation of the Code and Standards occurred and, if so, what sanction should be imposed. P2-1 育 R8-1 ★★AMC vs. Code and standards The Asset Manager Code of Professional Conduct (AMC), is to help asset managers comply with the regulations mandating codes of ethics for investment advisers. AMC was drafted specifically for firms. Code and Standards is aimed at individual investment professionals. Knowledge of Law 金 程 教 Q5-1 ★★Dorian Solot, CFA, is responsible for a team of research analysts at Apac Bank, located in a country with strict laws prohibiting intellectual property transfers. Solot believes the work of one of her analysts, Blaine Paddock, CFA, is not completed as carefully and thoroughly as it should be. Solot completely reviews all of Paddock’s research and confirms her suspicions. Solot then confronts Paddock about his poor quality research and tells him he can leave Apac voluntarily or be fired. Paddock chooses to leave the bank, walking out with his personal papers and research notes that were created prior to his joining Apac. Subsequently, Paddock uses this intellectual property to help establish a high-net-worth investment advisory firm. When a prospective client asks Paddock if he left Apac because of questions on the quality of his work, Paddock says it was to start his own business. Paddock least likely violated the CFA Institute Standards of Professional Conduct concerning his: (2012 Mock84) A. Research. B. Intellectual property. C. Prospective client disclosure. Solution: B. B is correct because the analyst has not violated Standard related to intellectual property because there is no indication the analyst was ignorant of, or has violated, any law related to intellectual property, because these documents were created by the analyst prior to his employment at Apac. Q6-1 ★Jane and Joe work for an investment company and even in the same group. Jane, CFA, always shares some latest information in the industry with Joe, who is studying for the CFA level 2 exam. One day Joe discovered that Jane may conduct something that maybe harmful to the company’s clients. What should Joe do with this situation? A. Do nothing because he takes no supervisory duties and should appreciate the help from 4 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 B. C. 专业·领先·增值 Jane. Report to the CFA committee. Disassociate from the misconduct and report to the company’s compliance department Solution: C. 如果发现同事有违规行为,采取的行动是首先保证自己不能参与,同时向 compliance department or direct supervisor 报告自己的发现。 教 育 Q7-1 Charlie Mancini, CFA, is the Managing Director for Business Development at VES Financial (VES), a large U.S.-based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved unusual terms for the fund’s client agreement. To allow for time zone differences, the agreement allows the hedge fund to trade in all of VES’s mutual funds six hours after the close of U.S. markets. According to the Standards of Practice Handbook, did Mancini violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally. C. Yes, because he failed to review regulations on late-trading and did not consult with VES’s compliance director to determine if late-trading was acceptable. 程 Solution: C. The Standards relating to Market Manipulation requires members/candidates not to engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. Mancini failed to follow regulations on late trading and allowed the hedge fund client to manipulate the time of its trading and thereby misled other market participants and benefited itself. 金 ★About late trading: Late trading refers to the practice of placing orders to buy or redeem mutual fund shares after the time as of which a mutual fund has calculated its net asset value (NAV), usually as of the close of trading at 4:00 p.m. Eastern Time, but receiving the price based on the prior NAV already determined as of that day. Late trading violates the federal securities laws concerning the price at which mutual fund shares must be bought or redeemed and defrauds innocent investors in those mutual funds by giving to the late trader an advantage not available to other investors. Q8-1 ★A central bank fines a commercial bank it supervises for not following statutory regulations regarding nonperforming loan provisions on three large loans as a result of the bank's loan provisioning policy. Louis Marie Buffet, CFA, sits on the board of directors of the commercial bank as a non-executive director, representing minority shareholders. He also chairs the bank's internal audit committee that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the bank's external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of central bank 5 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 A. B. C. 专业·领先·增值 regulations. Which charterholder is most likely in violation of the Code and Standards? Gatabaki Buffet Both Solution: B. Buffet sat on the audit committee that determined the bank's provisioning policies that were contrary to the statutory regulations of the central bank. As a result, he most likely violated Standard I–Professionalism by not abiding by regulations of a regulatory body. Gatabaki did not violate Standard I - Professionalism because it is not apparent she knowingly facilitated the incorrect provisioning policy. 育 Q9-1 In regard with Standard I(A) Knowledge of the law, members and candidates should not: A. Be a law expert B. Be familiar with the details of law concerning your project. C. Understand your firm’s rules and regulations. 程 教 Solution: A. When questions arise, members and candidates should know their firm’s policies and procedures for accessing compliance guidance. On the basis of their reasonable and good faith understanding, members and candidates must comply with the laws and regulations that directly govern their professional activities and resulting outcomes and that protect the interests of the clients. However, this standard does not require members and candidates to become expert. Key points of Knowledge of law: R9-1 必须了解并遵守与工作相关(governing their professional activities) 的法律法规,但不需 要成为 expert on compliance; 金 R10-1 如果法律法规之间存在冲突,总是遵守最严格的; R11-1 不能故意(knowingly)参与或协助违法违规行为,同时必须脱离干系 R12-1 如果有传递关系,遵循最后一个生效的 law or regulations; R13-1 Work (applicable) Live Comply with Ms Live Ls Ls < Code Code Ls Live Ms Ms > Code Ms Guidance of compliance 如果你怀疑(suspect) 有人违法,首先要咨询相关人士(如独立第三方), 但咨询 结果如果是错误的,你也不能免责; ★如果你知道(know)有人在违法,还可以采取分步骤的方法:向公司里的适当人 员 ( supervisor or compliance department ) 汇 报 , 也 可 以 选 择 直 面 当 事 人 (confronting wrongdoers),如果仍没有改进,则你必须与违法行为划清界限 (disassociate)并且保存相关记录,甚至辞职;同时要进一步咨询以便采取进一 6 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 专业·领先·增值 步的行动; R14-1 当发现有违法行为时,CFA Institute 并不要求你向政府管理机构汇报。是否汇报取决 于适用法律(applicable law)是否有相关要求。 R15-1 如果一个人新到一家公司工作发现其内部有问题(明确具体的问题是什么),应该 Quit the job; R16-1 ★Inaction combined with continuing association with those involved in illegal or unethical conduct may be construed as participation or assistance in the illegal or unethical conduct. R17-1 ★投资产品的开发与销售:投资产品的开发者、销售及维护人员要注意产品销售地 和来源地的法律;对于分销商,同样要注意其是否遵守了法律。 R18-1 跨境业务:需要 due diligence,为了保证公司及自身的声誉,要了解适用的法律 R19-1 对于个人:1)stay informed;2)encourage 公司时常对合规程序进行 review;3)保 存 readily accessible current reference copies of applicable statutes, rules, regulations 对于公司:The formality and complexity of compliance procedures for firms depend on the nature and size of the organization and the nature of its investment operations. 育 R20-1 公司要 Develop or adopt a code of ethics,Provide information on applicable laws, Establish procedures for reporting violations 金 程 教 P3-1 Independence and Objectivity Q10-1 An analyst has been writing research reports on a firm for many years. As part of the analyst’s continuing research efforts, the analyst allowed the firm to fly him to the firm’s headquarters 500 miles away and put him up in the guest quarters the firm had for all corporate visitors. In the current year, the firm is planning a secondary share offering that coincides with the tenth anniversary of the firm going public. When the analyst arrived at the headquarters, he found a new set of high-quality golf clubs as a gift to him. On the golf clubs was the firm’s logo, and the firm was giving the clubs to all visitors this year in honor of the anniversary and the IPO. Based upon this information, Standard I (B), Independence and Objectivity, has: A. Been broken because of the value of the golf clubs and the value of the trip to the headquarters B. Been broken because of the value of the golf clubs C. Not been broken because the trip is allowed and the firm is giving the clubs to all visitors Solution: B. Modest gifts and entertainment are acceptable. Should commercial transportation be unavailable, modestly arranged travel may be accepted to participate in appropriate information gathering events. Q11-1 Romar Brockman, CFA, is a sell-side analyst. Approximately half of Brockman’s compensation comes from his firm’s Investment-banking division. Brockman was asked to write a report about Anacortes Concrete (AC), an Investment-banking client. Despite concerns about the slowdown in concrete demand, Brockman issued a very positive report on AC. When issuing his report, Brockman least likely violates the CFA Institute 7 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 A. B. C. 专业·领先·增值 Standard relating to: Loyalty to Employer. Loyalty, Prudence, and Care. Independence and Objectivity. Solution: A. The Standards require members to put client interests ahead of member and employer interests. As Brockman’s compensation is dependent upon investment banking revenues, Brockman may not be objective. When issuing the report, he is in jeopardy of violating Standards relating to Independence and Objectivity; Loyalty, Prudence, and Care; and Disclosure of Conflicts. 教 育 Q12-1 Kavily Poven recently left his job as a research analyst for a large investment adviser. While looking for a new position, he was hired by an investor-relations firm to write a research report on one of its clients, a small educational software company. The investor-relations firm hopes to generate investor interest in the technology company. The firm will pay Poven a flat fee plus a bonus if any new investors buy stock in the company as a result of Poven’s report. If Poven accepts this payment arrangement, he most likely violates the Code and Standards with respect to: A. Disclosure of Conflicts B. Misconduct C. Independence and Objectivity 程 Solution: C. If Poven accepts this payment arrangement, he will be in violation of Standard I(B) because the compensation arrangement can reasonably be expected to compromise his independence and objectivity. The agent option granted by Poven may compromise his objectivity. 金 Key points of Independence and Objectivity: R21-1 Basic principle Must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity R22-1 雇主可能为了与其他公司保持业务关系,可能会要求研究人员 issue favorable research reports,正确的做法是保持客观独立,按照客观事实撰写报告 R23-1 社交活动也可能违反 I(B),When seeking corporate financial support for conventions, seminars, weekly society luncheons, evaluate both the actual effect on independence and whether objectivity might be perceived to be compromised in the eyes of clients R24-1 ★Investment banking Firewall—minimizes conflicts of interest. Separate reporting structures for personnel on the research side and personnel on the investment banking side Compensation should not link analyst remuneration directly to investment banking assignments in which analyst may participate as a team member. 8 此预测为考点预测,考题仅为复习参考 内部使用资料,严禁传播,否则追究法律责任 金程教育 R26-1 R27-1 It is appropriate to have analysts work with investment bankers only when the conflicts are adequately and effectively managed and disclosed. Public companies Analysts should not be pressured to issue favorable research by the companies they follow. Can promise to cover the firm, should not promise favorable report about the firm. Due diligence in financial research and analysis involves gathering information from public disclosure documents and also company management and investor-relations personnel, suppliers, customers, competitors, and other relevant sources. Buy-Side clients Sell-side analyst should not be pressured by buy-side firms to issue favorable research on current or prospective investment-banking clients. 基金经理也要尊重卖方分析师的独立性 Gift from client & Gift from the third party 育 R25-1 专业·领先·增值 最好能拒绝所有会 compromise their own or another’s independence and objectivity 的礼物. Modest gift is OK, but as long as its purpose is not to compromise the objectivity. 教 ★判断的原则:第一是礼物的金额很少(modest);第二是礼物不能是单独为 你准备的(arrangement not unusual) ★Gift from client 可以接受, 但必须披露,否则违反 I(B)。尽量接受前披露, ★Members and candidates who are responsible for hiring and retaining outside managers should not accepts gifts, entertainment, or travel funding that may be perceived as imp...
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