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1、CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.BlanchardInvestmentsCaseScenarioCarolBlackwell,CFA5hasbeenhiredintotheresearchdepartment4BlanchardInvestments.BlancharcfsmanageThaddeusBaIdwinCFA,hasworkedinthesecuritiesbusinessformorethan50years.OnBlackwelTsfirstd
2、ayattheofficeBaldwingivesheranincompleteresearchreportonTopsGroceries,Inc,tofinishUPlUponresearchingTops,informationaboutthefinancialinstabilityofTopsGrocerieslargestcustomersurfaces.Blackwellrevisestheresearchreportbyloweringtheearningsprojections.Thedaythereportistobereleased,BlackwelllearnsthatBa
3、ldwinhasreplacedthelower;revisedearningsprojectionswithhisearlierestimates.BaIdwinrealizesthatmanyofthefirmspracticesandpolicieswouldbenefitfromacompliancecheckBaIdWinwantsBlackwelltoensurethatthepoliciesandproceduresatthefirmareincompliance.WhilereviewingadraftresearchreportonPatCLInc.,Blackwellnot
4、icesthattheresearchanalystresponsibleforauthoringthereporthadusedneuralnetworksinforecastingrevenuesandearnings.SincethatanalystWaSnolongeremployedatthefirm,andBlackwellisnotfamiliarWiththatspecificquantitativetool,hedeletesthesegmentpertainingtoneuralnetworksbutotherwisedoesnotchangethereportbefore
5、signingOfTonitBlanchardsinvestmentbankingdepartmentrecentlyannouncedthattheyweresuccessfulinobtainingtheaccountofTeosToys,Inc.InlightOflhiSannouncement,BaldwinwantstoknowwhetherhecancontinuetorateTeos,stockfavorably;Duringalocalsocietyluncheon,BlackweDisseatednexttoCFAcandidateLucasWalters,whohasbee
6、nassignedthetaskofcreatingacompliancemanualforBorchard&Sons,asmallbrokeragefirm.Waltersasksforheradvice.WhenWaltersreturnstowork,heisapprisedofthefollowingsituation:Borchard&Sonspurchased25,OOOsharesofCBXCorp,forequitymanagerQuintuxQuantitativejustminutesbeforethemoneymanagercalledbackandsaiditmeant
7、tobuy25,000sharesofCDXCorBorchardthenpurchasedCDXsharesfor*Quintux,butnotbeforesharesofCBXCorp,declinedby1.5%.ThebrokerisholdingtheCBXsharesinitsowninventory.BorchardproposesthreemethodsfordealingwiththetradingerrorMethod1:QuintuxdirectsadditionaltradestoBorchardworthadollarvalueequaltotheamountofth
8、etradinglossMethod2:BorchardreceivesinvestmeritresearchfromQuintuxinexchangeforBorchardcoveringthecostsfthetmdingerrorMethod 3:BorchardtransferstheorderedCBXsharesinitsinventcrytoQuintux,whichallocatesthemtoallofitsclientsonap*crtatabasixQuestionID: 1220672Question#1of60BlackwelTsmostappropriatecour
9、seofactiontoremainincompliancewiththeCodeandStandardsisto:A)includeadisclosureindicatingIhatIOWerearningsestimatesareavailableB)followupthefirstreporturithasecondreportemphasizinglowereainingsprelectionsC)removehernamefromthereportiftheyreleasethereportwithhigherearningsestimates.QuestionID: 1220673
10、Question#2of60Whenupdatingtheproxy-votingpolicytoconformtoCFAInstitiiterecommendations5whichofthefollowingrecommendationsisleastappropriateforBlanchardtoadopt?A)DeterminetheeconomicimpactGfnon-routineproxyvotes.B)Followthesameproxy-votingproceduresregardlessofthenatureoftheproposalC)IftheproxyVotefs
11、preferencediffersfromthepreferenceofaclientwhohasdelegatedhisvotingpowers,gowiththeclientspreference.Question#3of60QuestionID:1220674AccordingtotheStandardsofProfessionalConduct,BaIdwiKSmostappropriateacionregardingTeosToyswouldbeto:A)refusetohaveanyinvolvementWithTeosbecauseofaconflictofinterestari
12、singfromthefiriSotherrelatishipswiththecompany.B)completeanindependentandobjectiveanalysisofTeosandissueareportdisclosingthenatureofbusinessrelationshipWithTeosToysC)ProvideacopyoftheresearchreporttoanalystsatreputableresearchoutfitsandaskforsomeinputQuestion#4of60QuestionID:1220675DoesBlackwellviol
13、ateanystandardthroughhisactionsrelatedtotheresearchreportonPatel,Inc.?A)No.B)Yes,pertainingtodiligenceandreasonablebasis.C)Yes,pertainingtodisclosurefconflictskQuestion#5of60QuestionID:1220676IfWcdterswantsthemanualtosatisfytherequirementsandrecommendationsoftheCodeandStandards,whichofthefollowingin
14、structionsisleastappropriatetoincludeinthesectiononfairdealing?A)Wheneverpossibledisseminateinvestmentrecommendationstoallclientsatthesametime.B)Executeallclient*?requestedtradespromptlyandwithoutcomment,regardlessofthecompany?sopiniononthestockbeingtradedC)Membersoftheinvestent-olicycomitteeshouldn
15、otdiscusspossiblechangesininvestmentrecommendationsWithanyoneelseinthefirmuntilafteranfficialdecisionhasbeenmade.Question#6of60QuestionID:1220677WhichmethodfordealingwiththetradingerrorismostconsistentWiththeCodeandStandards?A)Method1.B)Method2C)Method&Questions#7-12of60Questions7through12relatetoQu
16、antitativeMethods.1.eadEquitLLP,CaseScenarioMihirKotak,CFA,isthemanagingpartneratLeadEquity;LLP,aprivateequityfirmbasedinsouthernCaliforniaKotakhasdecidedtorevisethemodeltheIIimUSeStoidentifyattractiveinvestmentopportunitiesbysupplementingthemodelwithbigdataanalysisKotaksetsupameetingwithKetanMehta,
17、theleadanalystwithBigSolutions,Inc.,aconsultingcompanyprovidingsolutionsrelatedtobigdataDuringthemeetingMehtamakesthefollowingstatementsaboutthestepsinvolvedinbigdataanalysisStatement1:ThesamestepsareusedinbigdataanalysiswhetherweareusingstructuredorunstructureddataStatement2:Thedataexplorationstepi
18、scritical;Itincludesexploratorydataanalysisfeatureselectionandengineeing.Kotakstatesthatthemodelisintendedtoidentifycompaniesthatwouldbelikelytakeovertargetsoverthesubsequent12months.Kotaksaysheisconcernedthatwhiletheanalysismaylkattractiveonae;it8uldbeinaccurateinmakingpredictions.SpecificallyKotak
19、wantstoavoidthescenariowherethemodelincorrectlyidentifiesacompanyasatargetMehtaillustratesthetypeofanalyticsthatcanbeperformedbeforeIhemodelisimplementedinbusinessoperationsConfusionInatriXeSshowsanexcerptofthereportthatMehtaprovidesforiUustratioriConfusionmatrixesModelAModelBActual:TakeoverTargetAc
20、tual:NotTargetActual:TakeoverTargetActual:NotTargetPrediction:takeovertarget149Prediction:takeovertarget134Prediction:nottarget5246Prediction:nottarget4253MehtathendiscussesoneofthepossibleapproachestoapplyingbigdataanalysistothetaskathandasshowninStepsinDataAnalysisStepsinDataAnalysisStep1:WestartW
21、ithasampleconsistingofthecompaniesintheRussell2000Indexandthenassignthemto50heterogeneous(basedonfinancialcharacteristics)buckets.Step2：Wethenrandomlyselect10stocksfromeachofthebucketstoassigntooneoftwoclasses：takeovertargetandnotatakeovertarget,basedonfinancial,nonfinanciaandtextualdataUponfurtherd
22、iscussion,Mehtamakesthefollowingcommentsaboutmachinelearning.Comment1:Overfittingisanissue*ithunsupervisedMLOverfittingresultswhenaIcirgenumheroffeaturesareincludedinthedatasample.Comment2:AlearningcurveplotstheerrorrateinthevalidationortestsampleversusthesizeofthetrainingsampleQuestionID: 1220679Qu
23、estionID: 1220680Question#7of60RegardingMehtaSstatementsaboutstepsinbigdataanalysis:A)onlystatement1iscorrectB)onlystatement2iscorrectC)bothstatementsarecorrectQuestion#8of60BasedonKotak,sconcernsaboutusingthemodeltoidentifytakeovertargets,KotakismostAeZyinterestedinincreasingthemodel*s:A)accuracysc
24、ore.B)Flscore.C)precision.QuestionID: 1220681Question#9of60UsinginformationinConfusionmatrices,themodelWithhighestprecisionandhighestaccuracyarerespectively:HigheSt precisionHigheSt accuracyA)Mod el AModel BB)Model AModel AC)Model BModel BQuestion #10 of 60Question ID: 1220682Based on information in
25、 Exhibit 2 the value of the hyperparameter specified in Steps in Data Analysis is:A) It).B) 50.C) 2,000.Question #11 of 60QuestionID: 1220683The approach identified in step 2 of Exh ibit 2 is most likely to represent:A) supervised learning to predict a categorical target variableB) unsupervised lear
26、ning to predict a categorical target variableC) supervised learning to predict a continuous target variableQue stion #12 of 60QuestionID: 1220684Regarding Mehta s comm ents about machine learning:A) both comments are accurateB) only one com ment is accurateC) neither com ment is accurateQuestions #1
27、3-18 of 60Questions 13 through 18 relate to Financial Reporting and AnalysisJJKHoldings,InJCaseScenarioliSamindeCFA,hasrecentlybeenhiredbyJJKHoldings,Inc.(JJK),aU.S.-basedfinancialservicesholdingcompany.JJKhasglobaloperationsincommercialandinvestmentbankingalongsideasignificantwealthmanagementdivisi
28、on,JJKBMD.Saminderiscuentlyonasix-monthrotationworkingintheriskmanagementdivisionofJJK.Sheisseekingtobecomefamiliar,withJKKsapproachtoriskmanagementandthemaintenanceofanadequatecapitalbase.SaminderhasreviewedaninternaldocumentoutliningJJKtsapproachtomeetingregulatoryrequirementsandhasmadeanoteoftwof
29、undamentalrulesthatshebelievesareUSedtohelpanalyzecapitaladequacy.Whenassessingthetier1capitalratiqassetsshouldbeweightedaccordingtotheirrisk,withRule1:riskierassetsassignedalowervaluethanrisk-freeassetssuchascash.OfbalancesheetassetsshouldbeexcludedfromtheassetbaseofthebankwhenassessingRule2:capita
30、ladequacy*ThedocumentProvidedtoSaminderoutlinesJJKSapproachtocalculatingregulatorycapitalExt*actsfromthedocumentareshowninExhibit1.Exhibit1:InternalMemoRegulatoryCapitalCalculation(extracts)Tier1capitalisdefinedinaccoidancewithglobalregulatorystandardsandisappropriatelyadjustedforintangibleanddeferr
31、edtaxassetsresultingfromlossesc48219429HighqualityIiqUidassets111,432127,352198,393Availablestablefunding376t092376,653388,624Requiredstablefunding327,043301,275303t182RepresentsclientassetsmanagedbyJJKBMDTrustsz30dayliquidityneedsinastressscenarioSamindermakesthefollowingnoteusingthedatainExhibit2:
32、InternalMemoThree-YearTrends:*Assetsundermanagementhavedecreasedbyatotalof225%overthethree-yearperiod,buttheseareclientassets,requirenocapitalfunding,andhencearenotaconsiderationfortheriskanalysisCfthebank.QuestionID: 1220686Question#13of60WhichofSamindersfundamentallesismostlikelytobeaccmate?A)Only
33、rule1isaccurateB)Onlyrule2isaccurateC)Neitherruleisaccurate.Question#14of60QuestionID:1220687UsingthefecasteddataandexplicittargetsgiveninExhibit1:InternalMemoRegulatoryCapitalCalculation(extracts),SaminderismostIikelyloconcludethatJJKHoldingswould:A)meetitstargetedtier1ratioandtotalcapitalratioB)me
34、etitstargetedtier1ratiobutnotitstargetedtotalcapitalratiC)failtomeeteithertargetQuestion#15of60QuestionID:1220688WhenSamindermakesIheadjustmentrelatedtothedeferredtaxassetthecommonequitytier1ratioismostJikelylo:A)increase.B)decrease.C)remainunchanged.Question#16of60QuestionID:1220689Howaretier1capit
35、alandtotalcapitalmostIikelytachangewhenSamindermakesherstatedadjustmentfortheconvertiblebonds?A)Commonequitytier1capitalandtotalcapitalwillbothremainunchanged.B)Tier1capitalwillincreaseandtier2capitalWilIdecrease.C)Othertier1capitalnilldecreaseandtotalcapitalwillremainunchangedQuestion#17of60Questio
36、nID:1220690Samindersnoteregardingassetsundermanagementisbestdescribedas：A)accurate,B)inaccurate,astheassetsdorequirecapitalfunding.C)inaccurate,asassetsshouldbeconsideredintheriskanalysis.Question#18of60QuestionID:1220691UsingthedatainExhibit2:InternalMemoThreer-YearTrends,whichofthefollowingstateme
37、ntsismostaccurateA)ThenumberofdaysJJKcanwithstandastressHevel-volumeofcashoutflowsdecreasedbythreedaysfim2015to2017.B)TheIiquiditycoveragetiodecreasedineachfIhetwoyearsC)Thetrendinnetstableftndingratioindicatesanincreasefrom2015to2017inhighlyliquidfundingavailable,comparedtotheleveloffundingrequired
38、.Questions#19-24of60Questions19through24relatetoCorporateFinancaDanAndrewsCaseScenarioDanAndrews,CFA,istheequityanalystalargepensionfundOneofthefunfSholdingsisDebianCorporationAfteraperiodofrapidgrowth,DebianhasunderperformeditspeersoverthepasttwoyearsDebin*smanagementhasannouncedachangeinownerships
39、tructureforpartofitsbusiness,orpossiblyadisposalofpartofthebusiness.Severaloptionsareunderconsideration:aSPirrOftacarve-out,oranassetsaleAndrewsdecidestoresearcheachoftheseoptionstounderstandtheimpactonDebianSbusinessandtheirshareholdersHehasreadthefollowingcommentsregardingthevariousmethods:Stateme
40、nt 1:Statement 2:Statement 3:Statement 4:Statement 5:InvolvessharesbeingissuedtothegeneralpublicShareholdershaveachoiceofholdingontothenewsharesautomaticallyissuedtothemordisposingOfthesharesontheopenmarket,Shareholderswillbemoreeasilyabletolinkexecutivecompensationtothepeformanceofthebusinessinvolv
41、ed.Thefirmseparatesaportionofitsoperationsfromtheparentcompany.Anewindependententitywillbecreatedthatiscompletelydistinctfromtheparent;theparentwillloseallcontrolofthebusiness.DebianSmanagementannouncedinthelastconferencecallthatapotentialbuyer;FedOra,Inc.,isinterestedinbuyingUbuntu,oneofDebiansdivi
42、sionsFedorahasofferedtopay$90miUioncashtobuyUbuntuRelevantinformationisprovidedinExhibitLEXhibit1$78 million$85 million$132 millionValueofUbuntuasastand-alonebusinessValueofUbuntutoDebianValueofFedora(5millionshares,$10par)ValueofFedoraandUbuntuasacombinedentity(postcashacquisitionofUbuntu)$135millb
43、nAlternatively,FedoraispreparedtooffertobuyUbuntubydirectlyissuingtotheshareholdersofDebianatotal&3milli$10ParvaluesharesthatwillrankequaDyWithitsexistingShareSAndrewsfrequentscontinuingeducationseminarsofferedbyhislocalCFAsocietyDuringoneoftheseseminars,AndrewsmeetsJasonArnoldacorporatefinancespecialistAndrewsagreesWithArnoldthatacomprehensiveequityanalysisshouldin
