Re: [問題]Ethical and Professional Standards

看板CFAiafeFSA作者Churning (Scienter)時間8年前 (2015/12/02 13:33)推噓2(2推 0噓 7→)

留言9則, 3人參與討論串2/2 (看更多)

※ 引述《eqil ()》之銘言： : 3.Mark Hannning, CFA, is writing a research report on a firm. Hanning's : supervisor, Rob Jannsen, sees a draft which includes favorable earnings : projections. A few days later, Hanning obtains additional data that : causes him to revise the projections downward. Right before public : distribution of this report, Hanning learns that Jannsen has substituted : the earlier, more favorabl earnings projections into the report without : Hannning's knowledge. Hanning should most appropriately: : A. consult with internal counsel and insist that this matter be reported : to the regulators immediately. : B. insist that either the report be corrected, or his name be removed : from the report : C. permit publication of this report, but issue a follow-up report : correcting the earnings projections. : Ans: B 改動已經影響到預測結果，你必須反應 : 15.Jenny Pickler, a Level II CFA Candidate, writes an economic forecast : containing several interset rate projections. Her firm's investment : committee reviews Pickler's report and changes several of the interest : rates Pickler ahd forecast. To comply with CFA Institute Standards, : Pickler: : A. does not need to take any further action. : B. should ask that her name be removed from the report. : C. must independently review the data supporting the investment committee's : changes. : Ans: A 經過了review，而也只是細微修改，沒有說會影響結果，不必反應這兩個比較難區分 : ---------------------------------------------------------------- : 6. Jim Whitaker is a director of an investment banking firm that is issuing : a secondary offering for a company. The issue is oversubscribed. : According to the firm's written trade allocation proedures, an over- : subscribed issue must be distribute on a prorated basis among all : interested clients. One of these clients is Whitaker himself. This : procedure for allocating an oversubscribed issue is: : A. in violation of the Standards becuase most clients will be receiving : fewer shares than requested. : B. in violation of the Standards because Whitaker should not participate : if the issue is oversubscribed. : C. not in violation of the Standards because all clients are treated : fairly. : Ans: B : 3. According to teh Code and Standards, members and candidate who are involved : in distributed an initial public offering(IPO) of equity shares and wish to : participate in the IPO: : A. may participate unless the IPO is oversubscribed. : B. may not participate because this creates a conflict of interest. : C. must obtain pre-clearance from a supervisor before participating. : Ans: A 這個我就不知道哪裡有矛盾了？根據III-B Fair Dealing，只要oversubscribe，就以客戶優先，沒員工的份。 : ------------------------------------------------------------------ : 8. Telling potential investors that a short-term U.S. Treasury fund conatins : "guaranteed" securities: : A. does not violate any Standards. : B. violates the Standards by misreporesenting the securities in the fund. : C. violates the Standards by failing to consider the suitability of the : fund for potential investors. : Ans: A : 14. Judy Bulush is a CFA candidate and is recommending the purchase of a : Mutual fund that invests solely in long-term US. Treasury bonds (T-bonds) : to one of her clients. She states that, "Since the US. government : guarantee payment of both the bond's principal and interest, risk of loss : with this investment is virtually zero." Blush's actions violated: : A. the Standards on misrepresentation. : B. the Standards on coomunication with clients and prospective clients. : C. none of the CFA Institute Standards of Professional Conduct. : Ans: A 這個我也不知道哪裡矛盾。第一題說的是基金的內容物有哪些股票，並不違反。第二題，即便是T-bill也會有通膨跟信用風險，任何對return或risk的保證都違反I-C : --------------------------------------------------------------------- : 這三對問題，兩兩問題的情境敘述都很相似，但是答案卻幾乎是相反的。看完詳解還是 : 不懂之間的差異，讓人覺得兩個相反的答案很矛盾，請板上的高手解答，感謝!! -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 216.171.11.27 ※ 文章網址: https://www.ptt.cc/bbs/CFAiafeFSA/M.1449034419.A.E96.html

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