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1、1906高顿CFA押题密卷-LeVel2o。.UnPoBt5c.MM M- K wu。dnpopsBoUBUIJ-VujkhmpreviousresearchmeetingnotesUponMathe而sreturntoMumbai,hedeliverstohisclientshisinvestmentreportwitha4y,iBcommendationforKandyTeaEstateLimited,alongwithteasampleshecollectedwhileinSriLankaWhenbuyingKandyGlaresforhisclientMathewalsobuysthe
2、samesharesforhispersonalaccount.Hehaddisclosedhisplantopurchasethesharesforhisownportfolioalongsidehisclientsbeforeheboughttheshares.However;Mathewisforcedtosellthesamesharestwoweekslatertopayforamedicalemergency.MathewreceivedpermissionfromGuptdScomplianceofficerforbothtransactions1.IsPrenisarrange
3、menttoenhancebusinessrelationsnsistentwiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?BisrrectbecausePrenisemployer;AshokaisnotabletoprovidebestexecutionforGuptdscustomersbecauseofthelongertimeframerequiredtoexecutetradesThusMathewisinviolationofStandardHI（八）-LoyaltPrudenceandCare.M
4、athew,sindependenceandobjectivityareunlikelytobecompromisedbyPreMsarrangingtheitinerarybecauseMathewhadSpecificaDyidentifiedthecompanieshewantedtovisitMathewalsoaddedmanagementduringtheirinterviews,soMathew,ShdependenceandobjectivitywouldnotEkelybecompromised.Ashokdsoffertopayforthetripexpensesalsod
5、oesnotnecessarilyCOmpromiseMathewShdependenceandobjectivitywithregardtomakinginvestmentrecommendationsortakinginvestmentaction(StandardI(丹IndependenceandObjectivity.2WhoismostIikelytohaveviolatedCFAInstituteStandardsinCiscorrectbecausebyagreeingtoMathew,sstipulation,PremisinviolationofStandardHI(B).
6、StandardIH(B)obligesCFAInstitutemembersandcandidatestoensurethatinformationisdisseminatedinsuchamannerthatallCIiaItShaveafeiropportunitytoactoneveryrecommendation.PremletMathew,sclientstradeoninformationgarneredontheresearchtripbeforePremevendisseminatesthisinformationtohisclientsaviolationofStandar
7、dIU().Inaddition,StandardI（八）statesthatmembersandcandidatesareresponsibleforviolationsinwhichtheyknowinglyparticipateorassistBymakingastipulationregardingthereleaseofinvestmentrecommendationsunfairlytoallAshokaclientMathewisknowinglyparticipatingwithorassistingPreminviolatingStandardHI()andthusviola
8、tesStandardIQ).Therefore,bothPremandMathewhaveviolatedCFAInstituteStandards3.1sanyfurtheractionmostlikelyrequiredofPremandMathewpriortopublishinganinvestmentreportusingtheinformationreceivedintheirmeetingwithKandyTeaEstate?ANo.Aisrrectbecausewhiletheinformationisno11-publiqitisunlikelythatnewsofanew
9、factorylayoutwouldbeconsidered“material/especiallyinthatitdoesnotrequirenewmachineryorpersonnelTherefOrenopublicdisclosureisrequiredIndependentverificationisnotFiecessarilyrequwedbecausePremandMathewareabletoseetheincreasedefficienciesduringtheirfactorytour4.PrenfSresearchreportinExhibit1leastlikely
10、violateswhichCFAInstituteStandard?AisrrectbecausethestatisticscitedarereferencedasbeingfromtheIndiaTeaBoardandtheSriLankaTeaBoard.Thus,Premisnottryingtopasstheinformationoffashisown.However;hehasviolatedStandardV11(B)withregardtotheuseoftheCFAdesignationPremisnotallowedtousehisdesignationasatiornoun
11、-that年CharteredFinancialAnalystvTheCharteredFinancialAnalystandCFAmarksmustalwaysbeusedeitherafteraCharterholdefsnameorasadjectivesGeVeraSnouns)inwrittendocuments.Forexample,torefertooneselfasaCHVeratfCharteredFinancialAnalyst,isimproperThecorrectusagewouldbeJohnJones,CharteredFinancialAnalystorJane
12、Smith,CFA.PremalsoviolatedStandardW(B)CommunicationwithClientsbycitingdatedteaproductioninformationAsaresult,clientsareunlikelytobeabletofollowthereasoningbehindhisrecommendation.5.WhichoftheactionsthatPremundertakestoshowhisvalueto高顿财经CFA:finance,高顿网校：CiscorrectbecausealistofthereportsPremhasCreate
13、disnotconsideredresearchsohehasnotviolatedStandardIV-DutytoEmployersorStandardV(04ecordretentionAlso,hecreatedthelistafterworkinghoursandusedhispersonallaptop,sohehasnotusedcompanyresourcestocreatethislist6.Mathew,sinvestmentactionsuponhisreturntoMumbaiviolateCFAInstituteStandardswithregardstohis:A.
14、disclosuretoclientsBisrrectbecauseMathewhasviolatedCFAStandardVI(B)PriorityofTransactionMathewbuyingthinlytradedsharesinafrontiermarketforHispersonalaccountatthesametimeasheisbuyingthemforhiscntsisIikelytoharmhisclientsbecausethesharepriceswouldrisebeforeallthesharesarepurchasedHowever;giftsofteasam
15、plestoMathewSeiiaItSareinsignificantandunlikelytontributetotheirdecisionstoimplementMathew,sinvestmentrecommendation.Consequently,hehasnotviolatedStandardI(B)IndependenceandObjectivityHealsomadeappropriatepriordisclosurestohisclientsabouthisteainvestment,soheisnotinviolationofStandardVI(QDisclosureo
16、fConflicts.o。.UnPoBt5c.MMM-Kwu。dnpopsBoUBUIJ-Vujkhh宫惇槌Albaisadevelopingcountry.ThegovernmenthasadoptedopenpoliciesforinternationaltradeandtheflewofcapitalTradeisnowSubstantialwithEuropeanuntriesandisoftendenominatedineurosDuringtheearly2000s,privatizationofsomepubliclyownedindustries;creationofanewf
17、rerfLoatingcurrencytheAlbaDollar(ALD);andsoundpoliciesimplementedatthecentralbankputtheeconomyonatrackforsteadygrowthandstabilityMinisterofFinanceAndrewBubsispreparinghisannualreportonthestateoftheeconomyandcurrencymarketsforthelegislativebranchofgovernmentHewillexaminethelong-andshorttermtrendsinGD
18、Pgrowth,percapitaincome,inflation,andexchangeratesHeisalsoresponsiblefarrecommendingpolicyinitiativesforthelegislaturetoconsidertopromoteoveralleconomicprosperityforAlbdScitizensToestimatelong-termGDPgrowth,BubsexaminesthedatainExhibit1andintendstouseSolowsgrowthaccountingequation.Growthinlaborprodu
19、ctivityBubsconsultshiscolleagueLarrySmithtoreviewthepolicychoicesfacingthegovernmentandthepossibleeffectsoneconomicgrowthandpercapitaincome.Smithstates:AlbdSpoliticiansaredebatingtheeffectsofgrowthratepoliciesfusedonthreeoutcomes:Smithncludes:Theimpactfromthesepolicieswillcausealong-termincreaseinth
20、eeconomySgrowthrateandthestandardofliving.Furthermore,ifweemphasizeR&DspendingthenhigherratesQfsavingandinvestmentareunlikelytoencounterdiminishingmarginalreturns.BubsbelievesthatAlbaneedstoaddressarecentincreaseininflationandappreciationintheexchangerataIfthesetrendsacceleratethecountryspresentpros
21、peritycouldbethreatened.BubsandSmithdiscusspolicyalternativesBubsstates:BecauseAlbaallowscapitaltoowfreetheclearestchoiceistoimplementexpansionarymonetaryandfiscalpoliciestostoptheappreciationQfthecurrencyaccordingtotheMUndeil-FIenIingmodelSmithreplies:Thereisalsoatimingdimensiontoconsider:According
22、toeconomistRiidigerDornbusch,withinflexibledomesticpricesintheshortrun,anydecreaseinnominalmoneysupplywillinduceanincreaseinthedomeSticinterestrateThisresponsewillencouragecapitalifLcwsandcausetheexchangeratetoovershoottotheupsideintheBubsalsoconcernstheimportanceofGDPgrowthtoinvestorsandtheconverge
23、nceoflivingstandardsbetweencountriesSmithexplains:Statement1:Whenweconsiderourstockmarketsoverthelongterm,theprimaryfocusshouldbeontherateofGDPgrowth.ForIongertimehorizonschangesinearningsandtheprice/earningsmultiplearerelativelylessimportantindeterminingappreciationinthestockmarketWhenwelookatourfi
24、xed-incomemarkets,weshouldkeepinmindthathigherratesofpotentialGDPgrowthwilltranslateintolowerrealinterestratesandlowerexpectedrealassetreturnsStatement2:Manycountriesthathavethesamepopulationgrowthratsavingrat&andproductionfunctionwillhavegrowthratesandpercapitaoutputthatconvergeovertineInexaminingt
25、hecurrencymarkets,BubsisconcernedthatlocalcurrencydealersarebeingtakenadvantageofbyarbitrageursfromEurope.HeanalyzestheratequotesinExhibit2forevidenceoftriangulararbitrageandcarrytradeopportunitiesbyEuropeanhedgefunds.O.80451.20501.514013.Usingthespecifiedgrowthaccountingequation,whichisthemostappropriateconclusionBubscanmakefromhisdataontrendsintheeconomy?B.Albdseconomyisperformingatasteadystaterateofgrowth.C.GDPgrowthisprimarilydrivenbycapital根据科布道格拉斯生产函数可得：W=A/A+K
