CFA一級每日一練(含詳細解析)38

1、CFA 級每日一練（含詳細解析）3851、Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because單選題】he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subsequently

2、 notified CFA Institute he does not accept the sanction, or the hearing panel s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Professional Conduct Program?A. Presenting himself to the public as a CFA charterholderB. Providing evidence for his position

3、to an outside arbitration panelC. Using his CFA designation upon expiration of the suspension period正確答案 :C”,CFA Institute答案解析 : “Code of Ethics and Standards of Professional Conduct 2013 Modular Level I, Vol. 1, Reading 1, Code of Ethics and Standards of Professional Conduct CFA Institute Professio

4、nal Conduct ProgramStudy Session 1-1-aDescribe the structure of the CFA Institute Professional Conduct Program and the disciplinary review process for the enforcement of the Code of Ethics and Standards ofProfessional Conduct.Study Session 1-2-cRecommend practices and procedures designed to prevent

5、violations of the Code of Ethics and Standards of Professional ConductC is correct because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction,

6、the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member loses the right to use his designation for a one-y

7、ear period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation.2、The following information is available on a company for the current year.Net income$1.000.000Average number of common shares outstanding100,000Details of convertible securities oulstanding:Co

8、nvertible preferred shares outstanding2,0000 Dividend/share$100 Each preferred share is convertible into five shares of common stockConvertible bonds, $100 face value pee bond$80.0000 8% 8Upon0 Each bond is convertible into 25 shares of common slockCorporate tax rate40%【單選題】The companys diluted EPS

9、is closest to:A. $7.72.B. $7.57.C. $7.69.正確答案:A 答案解析:Because both the preferred shares and the bonds are dilutive, they should both be converted tocalculate the diluted EPS. Diluted EPS is the lowest possible value.Basic EPSDiluted EPS; Bond ConvertedDiluted EPS: Preferred ConvertedDiluted EPS: Both

10、 Converted,Net income$1,000.000SI .000.00051,000.000SIOOO.OGOPreferred dividends-$20,000-$2000000After-tax cost of interest 6% X 580,000 X (1 -Q.40)$3,840S3.840Numerator$980,000$983.840$1,000,000St003,840Average common shares outstanding.100,000100,000100,000100,000Preferred converted10,000w.ooFBond

11、 converted20,00020,000Denominator100.000120,000110,000130,000EPSS9.80 I$&20S9,09S7J2CFA Level I Un dersta nding In come Stateme nts, Elai ne Henry and Thomas R. RobinsonSectio n 6.2, 6.3 3、Alexa nder Newt on, CFA, is the chief comp lia nee officer for Mills In vestme nt Limited. Newt on in stitutes

12、a new p olicy requiri ng the pro rata distributio n of new security issues to all established discreti onary acco unts for which the new issues are approp riate. The p olicy also p rovides for the exclusi on of n ewly established discretio nary acco unts from the distributio n un til they have reach

13、ed their on e-m onth anni versary date. This p olicy is disclosed to all exist ing and poten tial clie nts. Did Newt on most likely violate any【單選題】CFA In stitute Sta ndards of P rofessio nal Con duct?A. No, because the allocati on p olicy is not in equitable un der the sta ndardsB. YesC. No, becaus

14、e the p olicy has bee n adequately disclosed to all existi ng and poten tial clie nts正確答案:B 答案解析：Un der Sta ndard III(B)-Fair Deali ng, members and can didates should disclose to clie nts and prosp ective clie nts how they select acco unts to p artici pate in and how they determ ine the amount of se

15、curities each acco unt will buy or sell. Trade allocati on p rocedures must be fair and equitable, and disclosure of in equitable allocatio n methods does not relieve the member or can didate of this obligati on. All discreti onary acco unts should be treated in the same manner. Treati ng n ewer acc

16、o unts differe ntly would be con sidered in equitable regardlessof whether this p olicy is disclosed.2014 CFA Level I Guidance for Standards I-VII, CFA InstituteStandard III(B)4、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 39.The terms of the agreeme nt are a:單選題

17、】A. 3-month rate and a 6-month expiration.B. 3-month rate and a 9-month expiration.C. 6-month rate and a 3-month expiration.正確答案 :C答案解析 : 本題考的是一個遠期利率協(xié)議的基本概念，這里面的“3”指的是從現(xiàn)在起 3 個月之后協(xié)議截止，開始利率交換； “9”則指從現(xiàn)在起 9 個月之后利率交換全部結束，所以遠期利率協(xié)議的期限是 3個月，針對的是 6 個月的利率。5、An equity investment of $ 750 000 in a private compa

18、ny will pay $ 19 000 000at the end of five years if the company is successful.The following is estimatesof the probability of failure for each year, given that it survives to the beginningof each year:YearProbability of Failure10.4020.35 -31 0 3040.2550, 20If the company fails, the p ayoff is $ 0 ( no money is recovered).lf the inv estors cost of equity for an in vestme nt with similar risk characteristics ofthis company is 20【單選題】p erce n