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1、CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.UnitedPartnersCaseScenarioConnorBurton,CFA,isthemanagingpartnerf(rUnitedPartners,asmallinvestmentadvisoryfirmthatemploysthreeinvestmentprofessionalsandcurrentlyhasapproximately$250millbnofassetsundermanagement,The
2、clientbasefInitedPartnersisvaried,andaccountsrangeinsizefromsmaUietirementaccountstoa$30millionprivateschoolendowmentInadditiontoBurtonsadministrativeresponsibilitiesasthemanagingp?irtner*butheisnotfamiliarwiththedesignationInresponsetoCrossleysinquiry,Burtonexplainsthesignificanceoftheprogrambystat
3、ingthatthedesignation,whichisonlyawardedafterpassingthreerigorousexamsandobtainingtherequisiteyearsfworkexperience,representsaCOmmitmRnttothehigheststandardsofethicalandprofessionalconductAsaconditionofmovinghisaccounttoUnitedPartnerCrossleyinsiststhatallofhistradesbeexecutedthroughhisBrotheiHrHaw,a
4、brokerforSecurityBank.SecurityBankisalarge,NewYork-basedbroker/dealerbutisnotoneofthetwobrokeragefirmswithwhichUnitedcurrentlydoesbusiness.BurtoncontactsCrossleySbmtherjin-lawanddeterminesthatSecurityBank*stradeexecutioniscompetitivebutCrossleysaccountalonewouldnotgenerateenoughvolumetowarrantanysof
5、tdollaraangementforresearchmaterialslHoweverCrossleysbrotherdrrlawdoesofferforSecuiityBanktopayareferralfeetoBurtonfordirectinganyofUnitedSclientstoSecurityBank*Sretailbankingdivision.TobringCrossleyonasaclient,BurtonagreestothearrangementGoingforward,BurtonwilluseSecurityBanktoexecuteallMCrossleyst
6、rades.UnitedPartnerscurrentlyhasnoformalpolicyonproxyvoting.BurtonwantstodevelopapolicythatconformstotheCodeandStandards.Severalmonthslater;Burtonisinvitedtoaroadshowforaninitialpublicoffering(IPO)forSolutionWare,asoftwarecompany.SecurityBankisservingasleadunderwriteronSolutionWareSIPO.Burtonattends
7、themeeting,whichisledbytwoinvestmentbankersandonesoftwareindustryresearchanalystfromSecurityBankwhocoversSolutiWaraBurtonnotesthatthebankersfromSecurityBankhaveincludeddetailedfinancialstatementsforSolutionWareintheofferingprospectusandalsodisclosedthatSecurityBankprovidesawarehouselineofcredittoSol
8、utionWare.Afterthemeeting.BurtonCallsCrossleytocommendthepurchaseofSolutionWareequityCrossleyheedsBurtonsadviceandtellshimtopurchase5,OOOsharesBeforeplacingCrossleysier;BurtonreadstheSolutionWaremarketingmaterialsandperformsadetailedanalysisCfexpectedfutureearningsandotherkeyfactorsfortheinvestmentd
9、ecisionBurtondeterminesthattheofferingwouldbeasuitableinvestmentforhisownretirementportfoliUnitedPartners,beingasmallfchasnoformalWrittenpolicyregardingtradeallocation,employeeparticipationinequityoffeiings,orestablishedblackoutperiodsfcremployeetrading.BurtonaddshisordertoCrossleySorderandplacesapu
10、rchaseorderforthecombinednumberofsharesWithSecurityBankBurtonislaternotifiedthatthedTeringWaSoversubscribed,andUnitedPartnerswasonlyabletoobtainroughly75%ofthedesirednumberofshares.Tbbefail；BurtonallocatesthesharesonaProTatabasisbetweenCrossleysaccountandhisownretirementaccountWhenBurtonnotifiesCros
11、sleyofthesituation,Crossleyisnonethelesspleasedtohaveaposition,thoughsmallerthanrequested,insuchahotoffering.Question#1of60QuestionID:1220742DidthemarketingmaterialspresentedtoCrossleybyBuitonviolateStandardI11(D)PerformanceP,esentationorStandardVI1B)ReferencetoCFAInstitute,theCFADesignation,andtheC
12、FAProgram?A)StandardHI(D)only.B)StandardVll(B)only.C)BothStandardIII(D)andStandardVll(B)areviolated.Question#2of60QuestionID:1220743AccordingtotheCFAInstituteStandardsofProfessionalCondUCLthetradingarrangementbetweenBurtonandSecurityBankismostHkely.A)aviolationbecausethepracticeofdirectedbrokeragevi
13、olatesthemembeFSdutyofloyaltytotheclientB)adolationbecausealthoughSecurityBanksexecutioniscompetitiveBurtonWiilnotbeabletoalwaysobtainthebestexecutionforhisclientC)notaviolationbecausethebrokerageisthepropertyoftheclientQuestion#3of60QuestionID:1220744AccordingtoCFAInstituteStandardsofProfessionalCo
14、nduct,whichofthefollcwingstatementsbestdescribesthecircumstancesunderwhichBurtonmayenterintothereferralagreementWithSecurityBank?Buitonmayenterintotheagreement:A)undernocircumstancesB)onlyafterreceivingrittenpermissionfromclients.C)onlyafterfullydisclosingthereferralarrangementtoclientsandprospectiv
15、eclients.QuestionID: 1220745Question#4of60Whenformulatingtheproxyvotingpolicy,whichofthefollowingisleastappropriateforBurtontoinclude?A)Determinetheeconomicimpactfnon-routineproxyvotes.B)Treatallproposalsequallyasfarasproxyvotinggoes.C)Iftheclientpreferencediffersfromtheproxyvoterspreference,deferto
16、clientWishes.Question ID: 1220746Question#5of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,BurtonsrecommendationtoCrossleythathepurchasesharesoftheSolutionWareinitialpublicofferingismostlikely.A)inViOlationofStandardTTT(C)Suitabilityfornotdeterminingtheappropriatenessoftheinvestmentfarthep
17、ortfolioandStandardI(B)IndependenceandObjecti,ityfornotmakingtheinvestmentrecommendationtoallofhisclientsattheSametimeB)inviolationofStandardV（八）DiligenceandReasonableBasisfornotthoroughlyanalyzingtheinvestmentbeforemakingarecommendationandinviolation&StandardI11C)Suitabilityfornotdetenuiningtheappr
18、opriatenessftheinvestmentfortheportfolio.C)inviolationofStandardV（八）DiligenceandReasonableBasisfornotthoroughlyanalyzingtheinvestmentbeforemakingarecommendationandinviolation&StandardI(B)IndependenceandObjectivityfornotmakingtheinvestmentrecommendationtoallofhisclientsatthesametime.QuestionID: 1220
19、7 4 7Question#6of60AccordingtoCFAInstituteStandardsofProfessionalConduct,ButtonsparticipationintheSolutionWareoffeingmostlikely.A)isinviolationoftheStandaidsbecausehisactionsadverselyafiectedtheinterestsofCross!ey.B)isinviolationoftheStandardsbecausehedidnotdisclosehisparticipationintheofferingtoSec
20、urityBank.C)isnotinviolationoftheStandardssincetheShareSobtainedintheIPOweredistributedequitablyonaproatabasisQuestions#7-12of60Questions67through72relatetoQuantitativeMethods.MadisonConsultantsCaseScenarioErnieSmithandJamalSimsareanalysts,iththenofMadisonConsultantsMadisonrovidesstatisticalmodeling
21、andadvicetoportfoliomanagersthroughouttheUnitedStatesandCanada.InanefforttoestimatefuturecashflowsandvaluetheCanadianstockmarket.Smithhasbeenexaminingthecountrysaggregateretailsales.Herunstwoautoregressiveregressionmodelsinanattempttodeterminewhetherthereareanypatternsinthedata,utilizingnineyearsofu
22、nadjustedmonthlyretailsalesdataOnemodelusesalagIvariableandtheotheraddsalag12variable.TheresultsofbothregressionsareshowninExhibit1andExhibit2Exhibit1:CanadianAutoregressiveModelWithLag1MultipleR0,91R-square0.83AdjustedR-SqUare83Standarderror17,252.76Observations108.00ANOVAdfSSMSFSignificanceFRegres
23、sionLOO150,813,197,793150,813,197,793506.670.00Residual106.0031,551,7111544297,657,656Total107.00182,364,909,338CoefficientsStandardErrorT-statP-valueIntercept21,750.1610,379.772.100.04Lag10.92Qo42251QOOExhibit2:CanadianAutoregressiveModelWithLag1andLag12RegressionStatisticsfar2ndRegressionMultipleR
24、0.96R-SqUare0.93AdjustedR-SqUare092Standarderror11,336.27Observations108.00ANOVARegressionResidual.00105.00168,87L246,75I13,493,662,58684,435,623,375657.0312511,0720.01Total107.00182,364909,338dfSSMSSignificanceFCoefficientsStandardErrorT-statPvalueIntercept-2486L287.872.56-a160.01Lag10.300,06522ftl
25、Lag120.84“07IL85Q01SimshasbeenassignedthetaskofvaluingtheU.S.stockmarketandusesdatasimilaitothedatathatSmithusesforCanadaHedecides,howevethatthedatashouldbetransformedHRtakesIhQnaturallogofthedataandusesitinthefollowingmodel:lnsalest=b+瓦nsalest-1Parameterestimatesfortheautoregressivemodelandtheactua
26、ldataforthetwomostrecentmonthsareshowninExhibit3.Exhibit3:US.AutoregressiveModelIntercept0.0521.ag1coefficient0.684Actualsalesonemonthago(-1)270Actualsalestwomonthsago(2)6184SmithandSimSareconcernedthatthedataforCanadianretailsalesmaybemoreappropriatelymodeledwithanARCHprocess.Smithstates,thatindert
27、ofindout,hewouIdtaketheresidualsfromtheoriginalautcregressivemodelforCanadianretailsalesandthensquarethem.SimsstatesthattheseresidualswouldthenberegressedagainsttheCanadianretailsalesdatausingthefollowingequation:et-+b1XvwhereerepresentstheresidualtermsfromtheoriginalregressionandrepresentstheCanadi
28、anretailsalesdataIf%isstatisticallydifferentfromzero,thentheregressionmodelcontainsanARCHprocess.Smithalsoexaminesthequarterlyinflationdataforanemergingmarketoverthepastnineyears.HemodelsthedataUSinganautoregressivemodelwithalag1independentvassuminga5%significancelevel.ThecriticalLvalues,assuminga5%
29、significanceleveland35degreesoffreedom,are203foratwcrtailtestandL69foraone-tailtestExhibit4:EmergingMarketAutoregressiveModel1.agAutocorrelation10.082920.129330.02274O.1882SimsisinvestigtheFederalFundsrateintheUnitedStatesandthebondyieldinGreatBritainarecointegrated,buttheFederalFundsrateintheUnited
30、StatesandthebondyieldintheEuropeanUnionarenotQuestion#7of60QuestionID:1220749WhichofthefollowingmodelswouldbethebestformuIationfortheCanadianretailsalesdata?A)Xl-I+b1Xt-.B)Xt=blXt-+b2Xt-13C)Xt=b+bXt-+lXtT2Question#8of60QuestionID:1220750TheestimateofforecastedsalesfortheUnitedStatesthismonth,usingSi
31、mssmodel,isclosestto:A)$6,329.B)$6453.C)$6,667.QuestionID: 1220751Question#9of60ArethecommentsofSmithandSimsontheconstructionofanARCHmodelrrect?A)BothcommentsarecorrectB)OnlySmithiscorrectC)OnlySimsiscorrectQuestion#10of60QuestionID:1220752RegardingSmith*Semergingmarketregression,shouldlag2andlag4te
32、rmsbeincludedintheregression?A)Neitherlagshouldbeincluded.B)Onlylag2shouldbeincluded.C)Onlylag4shouldbeincluded.Question#11of60QuestionID:1220753WillSims,SregressionsofEuropeanandBritishbondyieldsontheI.SFederalFundsrateproducevalidresults?A)NeitherRegressionisvalidB)OnlyRegression1isvalidC)OnlyRegr
33、ession2isvalidQuestion#12of60QuestionID:1220754Whichofthefollowingistheappropiiatetestforcointegration?A)Breusch-PagaruB)DurbirrWatson.C)Engle-GrangenQuestions#13-18of60Questions73through78relatetoEconomicsPlatinumAdvisorsCaseScenarioFrankHoskinsandPaulLanningareeconomistsforalargeU.S.investmentadvi
34、soryfirm.PlatinumAdvisors.HoskinsandLanningusetheirindependentresearchonU.S.stocksandinternationalstockstoProVideadviceforthefi*msnetworkofadvisorsAstheSeniGreconomistatPlatinum,HoskinsisapartnerinthefirmandisLanningSsupervisor:LanninghasworkedforBlatinumfrfouryearsLAta!inchmeeting,thetwoeconomistsd
35、iscusstheusefulnessofeconomictheoryeconomicdata,andtheresultingforecastsoftheglobaleconomicandstockmaiketactivity.HoskinsisinvestigatingthegrowthprospectsofthecountryofMaldfiviaMaldaviaisaformerlycommunistcountrywithapopulationof3millionlocatedinEasternEurope.TheMaldaviangovernmenthadbeenaggressivei
36、ninstitutingpoliticalreformandencouragingthegrowthoffrancialmarkets.However;duetorecentincreasesinstockmarketvolatility;theMaldaviangovernmentisnsideringreigning4ntradingvolumebyimposingataxonstockmarkettransaction*Hoskinsstatesthatthisdevelopmentisnotencouragingforfutureeconomicgrowth.1.anningisexa
37、miningthecountryofPetiuPetraisauntryGf25millionlocatedinSouthAmericaandrichWithnaturalresources,includingoilTherecentlyelectedpresidentofPetraCarlosBaSiIGhasannouncedthathewouldliketoensurethatthecitizensofPetraenjoyIhebenefitsofitsnaturalresourcesratherthanforeignailcompanies,andthatthegovernmentwi
38、llnationalizetheseoilcompanies.LanningstatesthatthesechangeswouldnotbebeneficialforthefuturegrowthofthePetrianeconomy.Oneofthemanyitemstheystudywhenexamininganeconomyorstockmarketistheeconomicinformationreleasedbygovernmentsandprivateorganizations.HoskinsandLanningusethisinformationtoadjusttheirecon
39、omicgrowthf(recastsandtoaccordinglyadjustportfolioallocationstothebondandstockmarkets.ExamininginformationforMaldavia,HoskinshaslearnedthattheMaldavianprivatesectorhasembarkedonanambitiousplantoincreaselaborproductivitybypurchasingmoremachineryforitsfactoriesPlottingtheproductivitycurveforMaldaviaHo
40、skinsstatesthatlaborproductiityshouldincreasebecausetheproductivitycurvewillshiftup.1.anningisexaminingthehricalrecordofeconomicgrowthinPetraHehasgatheredthedatainExhibit1todeterminepotentialeconomicgrowth.Exhibit1:EconomicDatafarPetrafrom20X1to20X7RealGDPgwthrate3.9%Growthrateincapital1.4%GrOWthrat
41、einlaborforceL9%1.aborcosVotalfactorcostQ521.anningthenturnshisattentiontothecountriesofAliciaandFeliciaHenotesthattheGDPgrowthrateinbothcountriesiscomparable*AliciaScapitJtolaborratioisUSD5,000.FeliciaScapitaltolaborratioisUSD2,800.Abciahasarelativelyyoungerlaborfxreandthelaborcostrepresents35%ofto
42、talfactorstBothcountrieshaveextensiverestrictionsonforeigndirectinvestmeritsintheireconomy.IthaslongbeenPlatinum*Spolicyforitseconomiststouselong-termeconomicgrowthtrendstofcrecastfutureeconomicgrowth,stockreturns,anddividendsinacountry;LanningalsoexaminestheeconomyofTiberiaTiberiahasapopulationof11milonandislocatedinnorthernAfricaItsecono
