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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&ChesterBrothers,LLeisaninvestmentmanagementfirmwith$200millioninassetsundermanagementChestersequitystyleisdescribedtoclientsasalarge-capcorestrategy.Oneyearago,Chesterinstitutedanewcompensationplanf*itsequityortfoomanag
2、ers.Underthisnewplan,eachportfoliomanagerreceivesanannualbonusbaseduponthatmanagersquarterlyperformancerelativetotheS&P500Index.Foreachquarterofout-performance,themanagerreceivesabonusintheamountof20%ofhisregularannualcompensationChesterhasnotdisclosedthisnewplantoclientsPortfoKomanagersatChesterare
3、notboundbynon-competeagreements.JamesRogers,CFAtandKarenPierce,CFA,arebothportfoliomanagersaffectedbythenewpolicy.RogersoutperformedtheS&P500Indexineachofthelastthreequarters,largelybecausehebeganinvestinghisclients*fundsinsmall-apsecurities.ChesterhasrecentlybeencitingRogersSperformanceinlocalmedia
4、advertising,includingclaimsthatChestersstarmanager;JamesRogers,hasoutperformedtheS&P500Indexineachofthelastthreequarters.*TheprintadvertisingassociatedWiththemediacampaignincludesaphotographofRogers,identifyinghimasJamesRogers,CFA.BelowhisnameisaquoteapparentlyatlributabIetoRogerssayingasaCFAcharter
5、holder;Iamcommittedtothehighestethicalstandards.*Afewweeksaftertheadvertisingcampaignbegan,RogerswasapproachedbytheGrumppFoundation,alocalCharitableendowmentwith$3biioninassets,aboutsendngonitsinvestmentadrisorycommittee.Thecommitteemeetsweeklytoreviewtheportfolioandmakeadjustmentsasneeded.TheGrumpp
6、trusteeswereimpressedbythefavorablementionofRogersinthemarketingcampaign.InmakingtheirfetheyevensuggestedthatRogerscouldmentionhispositionontheadvisorycommitteeinfutureChestermarketingmaterialRogershasnotinformedChesterabouttheGruinppofibuthehasnotyetacceptedtheposition.PiercehasnotfaredaswellasRoge
7、rs*Shealsoshiftedintosmallerxapsecurities,butduetotwoextremelypoorperforminglarge-capstocks,herpeifoimanceIaggedtheS&P500Indexforthefirstthr,eequarters.Afteranangryconfrontationwithhersupenrisor;Pierceresigned.Whensheleft,Piercetookacopyofacomputermodelwiththepermissionoftheco-workerwhodevelopedthem
8、odel,aswellasthemostrecentUstofherbuyrecommendations,whichwascreatedfromtheoutputofthecomputermodeLPiercesoonacceptedapositionatacompetingfirm,CheeriGroup.OnherfirstdayatCheeshecontactedeachofherfivelargestformerclientIiformingthemofhernewemploymentandaskingthattheyconsidermovingtheiraccountsfromChe
9、stertoCheeriDuringbothtelephoneconversationsandemailswithherformerclients,PiercementionedthatChesterhadanewcompensationprogramthatcreatedincentivesformanagerstoshiftintosmaller-capsecurities,CheerihaspostedPiercesinvestmentperformanceforthepastfiveyearsonitswebsiteexcludingthethreemostrecentquarters
10、ThefootnotestoIheperformanceinformationincludethefollowingtwostatements:Statement1:Includeslargecapitalizatiportfoliosonly.Statement2:ResultsreflectmanagersperformanceatpreviousemployerQuestion#1of60QuestionID:1212714ChestefsnewcompensationplanforawardingbonusestoincliidualpotfoEoinanagersisconsiste
11、ntwithCFAInstituteStandards:A)anddoesnotrequiredisclosure.B)onlyiffullydisclosedtoclientsC)butanybonusesawardedundertheplanmustbefuDydisclosedtoclients.Question#2of60QuestionID:1212715AssumingRogerswouldliketoaccepttheoffertoserveontheGrumppinvestmentadvisorycommittee,RogersSobligationsundertheCFAIn
12、stituteStandardsrequirethathe:A)refusetoserveontheGrumppcommittee.B)accepttheGrumppcommitteepositiononlyafterdisclosingthe疝ertohisSupendsorC)accepttheGrumppcommitteepositionanddisclosehisacceptanceassoonaspossibletohissupervisor.Question#3of60QuestionID:1212716Chestersadvertisingcampaignincludesclai
13、msaboutRogerssinvestmentperformance,aswellasRogerssuseandreferencetotheCFAcharterIsChestersadvertisingcampaignconsistentwiththeCFAInstituteStandards?A)ChesterSperformanceclaimsreinconsistentWithCFAInstituteStandards,buthisuseandreferencetotheCFAdesignationisappropriateB)BoththePerformdnCCclaimandthe
14、referencetotheCFAcharterrevioktios.C)NeithertheperformanceclaimsnortheuseandreferencetotheCFAdesignationareviolations.Question#4of60QuestionID:1212717UndertheCFAInstituteStandards,PiercetakingthecomputeimodelwhenIeavingherpositionatChesterwouldbebestdescribedasaviolation:A)becausesheshouldhaveobtain
15、edwrittenpermissionfromherco-workerB)unlesssheobtainedpermissionfrombothherccworkeraswellasfromChesterC)unlesssheobtainedpermissionfromChesterBrothersLLC.PiercesbehavioruponassminghernewpositionatCheericanbestbedescibedasdolatingCFAInstituteStandar,dsbecauseshe:A)encouragedherfarmerclientstoleaveChe
16、sterB)shouldnothavecontactedherformerclientsatallC)disclosedChestersnewcompensationprogram.Question#6of60QuestionID:1212719CheenspresentationofPiercesinvestmentperformanceisinconsistentWithCFAInstituteStiindardsbecause:A)theresultswerenotcalculatedunderGIPSB)performancefromapreviousemployershouldnot
17、beincluded.C)theresultsmisrepresentPiereSlargecapPerfOnnance.Questions#7T2of60UsethefoilowinginformationtoanswerQuestions67through72AustinCla,CFA,hasbeenaskedtoanalyzeWhiteGoodsCorporation,a$9billioncompanythatownsanationwidechainofStareSsellingappliancesandotherelectronicgoods.Aspartofhisanalysisof
18、theWhiteGoodsCorporationClarKssupervisoi;DavidHorvatasksClarktoforecastWhiteGoods*s2019salesusingmultipleregressionanalysis.Thefollowingmodelwasdeveloped:sales=21+0.001GDP+L000.6TRQ1CC72PC-4(13URralues:(L1)(23)(1.75)(32)(-Q48)(-Q9)Numberofobservations:76Standarderrorestimate:15.67UnadjustedR2:0.96Re
19、gressionsumofsquares：412,522Errorsumofsquares:17,188IndependentVariableDescriptionsGDP=grossdomesticproductTR=averagerateon5-yearU.STreasurysecuritiesCC=mostrecentquarterendconsumerconfidenceindexvaluePC=previousyearssalesofpersonalcomputersUR=mostrecentquarterendunemploymentrateVariableEstimatesfar
20、2019GDP=8,000TR=0.05CC=97PC=60,000UR=0.055CriticalValuesForStudenfst-DistributionLevelofSignificancefarOne-TailedTest10%5%25%1%LevelofSignificanceforTWO-TaiIedTestDegreesofFreedom20%10%5%2%51.47620152.5713.365151.341L7532.1312.602251.3161.7082.0602.485501.299L6762.0092.403601.296L6712000Z39070L294L6
21、671.994a381Clarlbecause1.75L29.B)Yes,because1.75L67.C)No,because1.751.99.Question#9of60QuestionID:1212723Inthismultipleregressionequation,apotentialstatisticalissueis:A)thecoefficientofdeterminationindicatesaWeakmodeLB)thatsalescannotbestatisticallymodeled.C)thePCvariableisnotastatisticallysignifica
22、ntVariabIeQuestion#10of60QuestionID:1212724Whatisthesvaluethatteststhehypothesisthatallofthecoefficientsareequaltozero?A)42.B)o.C)336.QuestionID: 1212725Question#11f60InhisreportIdhissupervisor,ClarKStest,tfserialcorrelationindicatesthattheLStatiStiCSfortheregressionestimateslikelyare:A)biasedupward
23、.B)biaseddownward.C)unbiased.Question#12of60QuestionID:1212726ClarlstwodocumentedfindingsrelatedtohisexaminationoftheregressionQrrerSshouldleadtotheconclusionthatCIarKsregressionequationexhibitsstrongevidenceof:A)conditionalKeteroskedasticityB)mUlticollinearitC)unitrootsQuestions#13-18of60Usethefall
24、owinginformationtoanswerQuestions73through78.CurtisFOXfanequityanalystf(rAltexInvestments,isreviewingfinancialstatementsforHopeManufacturingandLevittIndustriesHopeManufacturinghasrecentlystateditsintentiontoacquirea20%stakeinLevittIndustriesfor$185millbncash.BothcompaniesareU.S.companiesthatfollowU.
25、S.GAAP.Foxwantstoconsolidatehisprcrformafinancialstatementsforthetwocompaniestoseetheeffectsoftheproposedacquisition.Followingarethemostrecentbalancesheetsandtheprcr-formaincomestatementsdevelopedbyFoxbeforetakingintoaccounttheacquisition.Pre-ACquiSitiDnBalanceSheets仙million$)December31,2010HopeLevi
26、ttCurrentassets13j900716PP&E26,977108TQtaJassets40,877824Currentliabilities10,363220Otherliabilities11,1218Commonstock6127108Retainedearnings13,266488Totalliabilitiesandequity40,877824Pro-FormaIncomeStatementsGnmillion$)farYearEndingDecember312011HopeLevittRevenue66,1762176Expenses63t5152068Netincom
27、e2,661108Dividendslj5250FoxisconcernedabouttheeffectthatthechoiceofaccountingmethodwillhaveontheearningsandfinancialratiosofHope.FoxconsultsWithJeiferyGordon,whotellshim,*SinceLevittis国Otltableandpaysnodividends,theequitymethodwillresultinhighernetincomethantheacquisitionmethod.AdditionandthatHopewi
28、llhaveasignificantinfluenceonLevitHopeStotalassetsafteracquisitionwouldbeclosestto:A)$40,877.B)$41,062C)$41,701.Question ID: 1212729The amount alfocated to goodwill would be closest to:Question ID: 1212730Question#14of60FoxestimatesthatthefairvalueofLevitfSPP&Eis$250million.A)$20.2millbn.B)$37.4mill
29、bn.C)$65.8millbnQuestion#15of60ForthisquestiononlyassumethatasaresultoftheacquisitionHopemustdepreciateanadditional$50million(HopesshareoftheFMVadjustment)overa10-yearperiodtozerosalvagevalue.LevitfscontributiontoHopeSnetincomefor2011isprojectedtobeclosestto：A)$16.6millbn.B)$18.8millbiiC)$21.6millbn
30、.Question#16of60QuestionID:1212731Forthisquestiononly;assumetheacquisitionoccursonDecember31,2010,andthatthereisnoadditionaldepreciationexpenseasaresultoftheacquisition.Comparedtoitsbeginningofyearinvestmentbalance,thebalancefcrHopeSinvestmentinLevittonDecember31,2011,willbe:A)lowerB)higher.C)unchan
31、gedQuestion#17of60QUeSIionID:1212732IsGordonsstatementregardingtheeffectsGfthechoiceofaccountingmethodonnetincomeandROAcorrect?A)YesB)No,heisincorrectregardingtheeffectonROA.C)No,heisincorrectregardingtheeffectonnetincomeandROA.Question#18of60IfFoxweretofollowIFRSinsteadofU.S.GAAP,theaccountingmetho
32、dprescribedforthistypeofinvestmentwouldmostlikelybe:A)theequitymethod,B)theacquisitionmethod.C)pioportionateconsolidationQuestions#19-24of60UsethefollowinginformationtoanswerQuestions79through84Hashion,InJisamajorU.S.(Iistributorofhigh-qualitywomensjewehyandaccessories.ThecompanySgrowthinrecentyears
33、hasbeenmoderatelyabovetheindustryaverage.However;competitionisintensifyingasanumberofoverseascompetitorshaveenteredthismaturemarketAlthoughFashionhasbeenapubliclyheldcompanyfcrmanyyears,membersofseniormanagementandtheirfamiliescontrol20%oftheoutstandingcommonstock.MartinSilver;thechiefexecutiveOffiC
34、叫hasbeenunderintensepressurefinbothinternalandexternallargeshareholderstofindwaystoincreasethecompanysfuturegrowth.SilverhasconsultedwiththecompanySinvestmeritbankersconcerningpossiblemergerteirgets.ThemostpromisingmergertargetisHavoringInternationaadistributorofabroadlineofgourmetspicesintheUnitedS
35、tatesandnumcrousothercountries.Inrecentyears,Flavoring,searningsgrowthratehasbeenabovecompetitorsandsohasexceededFashionsexperience.SuperiorincomegrowthisprojectedtocontinueoveratleastthenextfiveyearsSilverisimpressedWiththeappealofthecompanysproductstoupscalecustomers,itsstrongoperatingandfinancial
36、performance,andHavoringsdynamicmanagementteam.HeiscontemplatingretirementinthreeyearsandbelievesthatFlavoringSyounger;moreaggressiveseniormanagerscouldBoostthecombinedcompanysgrowththroughincreasingFashionsoperatingefficiencyandexpandingFashionSproductlineincountriesoutsidetheUnitedStates.AlanSmitwh
37、oisSilverskeycontactattheinvestmentbankingfirm,indicatesthatakeyappealofthismergertoFlavoringwouldbeFashionsgreaterfinancialflexibilityandaccesstolowercostsourcesoffinancingf(rexpansionofitsproductsinnewgeographicareas.Fashionhasaveryattractiveperformancebasedstockoptionplan,Flavoringsincentiveplani
38、sentirelybasedoncashcompensationforachievingperformancegoalsAdditionally,the80%ofFashionsstocknotcontrolledbymanagementinterestsisveryWidelyheldandtradesactively;FlavoringbecameapubliclyheldcompanythreeyearsagoanddoesntUadeasactively.SilverhasaskedSmithtoprepareareportsummarizingkeypointsfavoringthe
39、acquisitionandanacceptableacquisitionpriceInpreparingFiisreport,SmithreliesonthefollowingfinancialdataonFashion,Flavoring,andfourrecentlyacquiredfoodandbeveragecompanies.EXhibit1:FinancialandMarketDatafarFashion,InjandFlavoringInternationalFinancial/PriceDataFashionFlavoringSales$400million$105milli
40、onNetincomeCashflow$80million$22mil11on$140million$42millionBookvalue$320million$72millionNumberofcommonsharesoutstanding50million20millionCurrentmarketgeeofcommonstock$30.50$20.00Recentmarketpricerange$34-26$22-18ValuationVariablesJonesFoodsDalQInc.HUlBrandsLaneCo.MeanMultipleAcquisitionstockprice$
41、24$32$4。$46PriceZsalespershare5.03.74.03.84.13Price/bookvaluepershare6.95.55.85.65.95PriceZearningspershare20.022118.019.019,78Price/cashflewpershare11.813.010.511.011.58Exhibit2:TransactionDataforFoodandBeverageIndustryQuestion#19of60QuestionID:1212735ThestrongestmotivationsforFashiontoacquireFlavo
42、ringwouldmostIikelybQA)thepotentialtoincreaseFashiorfSgrowthandmarketpower:B)thepotentialtocreatesynergiesandincreasemarketpower.C)Fashionmanagementsincentivesanddiversification.Question#20of60QuestionID:1212736TheleastlikelyreasonthatFlavoringsmanagementwouldfavoranacquisitionbyFashionwouldbe:A)Fla
43、voringInanagemenfsincentives.B)opportunitiestoutilizeFashionslargerfinancilresourcestoincreasemarketshareofbothcompanies*C)opportunitiestoutilizeFashiodSiinanCiaIresourcestoexpandthecombinedcompandSproductEneintothehighervolumemoderatelypricedmarketsegmentQuestion#21of60QuestionID:1212737IfFashionissuescommonstockatthecurrentmarket面CeandusestheproceedstoacquireFlavoringsoutstandingcommonstock,thebootstrapearningseffectonpostraergerear11ingswouldmostJikelyoccu,ifHavoiing*sacquisitionpriceis$20or:
