注册金融分析师一级(下午)-1及答案解析.doc

1、注册金融分析师一级(下午)-1 及答案解析(总分：120.00，做题时间：90 分钟)一、BAfternoon Sessi(总题数：120，分数：120.00)1.Timothy Holt, CFA, is a portfolio manager for the Toro Aggressive Growth Fund, a large mutual fund with an aggressive-growth mandate in Fechtman Investments. While having lunch with his colleagues, Holt overheards the

2、manager of Fechtman Investments trading desk discussing a large sell order for shares of Samuel Corporation that will take the rest of this week to process. Samuel Corporation stocks take a dominant position in the Toro Aggressive Growth Fund. To protect his clients interests, Holt immediately heads

3、 to his office and sells all the Samuel Corporation stocks held iii his fund. Has Holt most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating only to material nonpublic information.C. Yes, relating both to material nonpublic information and priority of transactions.（分数：1.0

4、0）A.B.C.2.Which of the following is most accurate? With respect to accepting gifts from clients, CFA members:A. may not accept business-related entertainment.B. may accept modest giftsbelow $ 100 per gift without any disclosure.C. must disclose to their employers benefits previously accepted from cl

5、ients if notification is not possible prior to acceptance.（分数：1.00）A.B.C.3.Emilie Rome. CFA, is a stock broker in Miller investment consulting firm. Charlotte Everett, one of Romes clients is a retiree living on income from her pension plan with below-average risk tolerance. Everett asks Rome to buy

6、 a structured product consisting of call and put stock options. Rome tells Everett that the product has significantly high risk and low income. However, Everett still confirms the order, and Rome executes the trade. Has Davis most likely violated the Standards of Professional Conduct?A. No.B. Yes, r

7、elating to suitability.C. Yes, relating to loyalty, prudence, and care.（分数：1.00）A.B.C.4.A member receives referral fees consideration from individuals outside the members firm for the recommendation of a financial service. According to the Standards of Professional Conduct, before entry into any for

8、mal agreement for the service, the member is required to disclose to their employer, clients and prospective clients:A. only the nature of the consideration.B. only an estimated dollar value of the consideration.C. both the nature and the estimated dollar value of the consideration.（分数：1.00）A.B.C.5.

9、With respect to the Standards of Professional Conduct relating to diligence and reasonable basis, which of the following statements is least accurate? A member needs to:A. ensure that his firm has standardized criteria for reviewing external advisers.B. have an understanding of the parameters used i

10、n the model or quantitative research.C. dissociate from team research reports that do not reflect the members opinion.（分数：1.00）A.B.C.6.According to the Practice of Handbook, when an inquiry into a members professional conduct is initiated, which of the following most likely initially conducts the in

11、vestigation that may include requesting a written explanation form the member or candidate?A. The CFA Institute Designated Officer.B. The Disciplinary Review Committee.C. The CFA Institute Professional Conduct staff.（分数：1.00）A.B.C.7.Lynn Moody, CFA, is an investment officer at the Lester Trust Compa

12、ny. Moody also volunteers on a fund-raising committee for a local nonprofit organization with the purpose of environment protection. Moody sees the name of David Bradford, a former client of her company on the list of prospective new donors. Without disclosing that Bradford was a former client, Mood

13、y tells the committee that Bradford has donated generously to similar nonprofit organizations. Has Moody most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to disclosure of conflicts.C. Yes, relating to preservation of confidentiality.（分数：1.00）A.B.C.8.Which of the foll

14、owing is least likely a violation of the CFA Institute Standards of Professional Conduct relating to knowledge of the law. A member is failure to:A. dissociate from any violation of applicable laws, rules, or regulations.B. seek the advice of compliance personnel or legal counsel concerning legal re

15、quirements.C. disclose to CFA Instituteinvolvement in any civil litigation in the members professional conduct statement.（分数：1.00）A.B.C.9.With respect to the CFA Institute Code of Ethics and Standards of Professional Conduct, which of the following is least likely to prompt an inquiry by the CFA Ins

16、titute Professional Conduct Program?A. Written complaints received by Professional Conduct staffs.B. A violation report submitted by CFA examination proctors.C. Internal investigations of members conducted by local CFA societies.（分数：1.00）A.B.C.10.Wu Yang, CFA, manages individual portfolios for Far E

17、ast Trust Company. Hu Haiyun, a client, proposes to Wu Yang, “Any year my portfolio achieves at least a 20 percent return before taxes, you and your family can fly to Sanya in Hainan Province in China at my expense and use my condominium during the Spring Festival in February. “ While Wu Yang does n

18、ot inform his employer of the arrangement, he watches Hu Haiyuns portfolio performance intensively throughout the year and makes sure her account gets top priority for any partially executed block trade order. Hu Haiyuns portfolio return exceeds the 20 percent target for the year, and Wu Yang vacati

19、ons in Sanya during the following February as Hu Haiyuns guest. According to the Standards of Professional Conduct, Wu Yang has least likely violated the CFA Institute Standards relating to:A. fair dealing.B. disclosure of conflicts.C. priority of transactions.（分数：1.00）A.B.C.11.James Handley is a Le

20、vel candidate in the CFA Program. After taking the exam in June this year, Handleyimmediately enters into an Internet forum for CFA candidates and writes a post expressing his opinion that the CFA examination policies are unfair and CFA Institute doesnt deal fairly with every candidate. Has Handley

21、most likely violated the Standards of Professional Conduct?A. No.B. Yes, by providing confidential program information to the public.C. Yes, by compromising the reputation of CFA Institute and CFA program.（分数：1.00）A.B.C.12.Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees Pensi

22、on Plan in Thompson Investments. He recently completed thorough research about a chemical company and decided that the companys stock is significantly overvalued. Wayne places a large sell order for the companys thinly traded stock. Thompson Investments trading desk takes a whole week to process the

23、 order, pulling the stock price to a 26-week low and the trading volume to four times the historic average. Has Wayne most likely violated the Standards of Professional Conduct?A. No.B. Yes, because he distorted the price-setting mechanism of financial instruments.C. Yes, because heartificially affe

24、cted the trading volume significantly.（分数：1.00）A.B.C.13.With respect to the Standards of Professional Conduct relating to conflicts of interests, CFA members are required to fully disclose to clients, prospective clients, and employers:A. only all actual conflicts of interests.B. only all potential

25、conflicts of interests.C. both all actual and potential conflicts of interests.（分数：1.00）A.B.C.14.Which of the following is most likely a recommended procedure for compliance with the Standards of Professional Conduct relating to loyalty, prudence, and care? Members should:A. make their clients aware

26、 of all forms of manager compensation.B. seek best execution for their clients in any circumstance.C. diversify investments to reduce the risk of loss in any circumstance.（分数：1.00）A.B.C.15.Bruce Smith, CFA, covers East European equities for Marlborough Investments, an investment management firm with

27、 a strong presence in emerging markets. For the purpose of compliance with the Global Investments Performance Standards ( （分数：1.00）A.B.C.16.Which of the following is NOT a recommendation procedure without applying Global Investments Performance Standards ( （分数：1.00）A.B.C.17.With respect to the Globa

28、l Investments Performance Standards ( （分数：1.00）A.B.C.18.Carol Corky, CFA, is a senior portfolio manager for Universal Management. Universal Management manages five funds, each with a large-capitalization investment strategy. When choosing portfolios under its large-capitalization investment strategy

29、 for the purpose of achieving compliance with the Global Investments Performance Standards ( （分数：1.00）A.B.C.19.An analyst at a bank concludes that the probability of default for a one-year, single-payment loan is 10.0 percent, and the bank will recover nothing if the loan defaults. The current risk-

30、free rate of return is 3.5 percent. The minimum yieldto-maturity and minimum default risk premium, respectively, that the bank should demand on the loan are closest to:（分数：1.00）A.B.C.20.An analyst does research about kurtosis. Compared to a normal distribution, a distribution with excess kurtosis of

31、 zero is best described as:A. less peaked.B. equally peaked.C. greater peaked.（分数：1.00）A.B.C.21.An investor does research about investment return and gathers the following nformation about a portfolio:YearReturn200911%20107%20113%If the investor contributed new funds to the portfolio at the beginnin

32、g of each year, the time-weighted rate of return is m.ost likely:A. less than the money-weighted rate of return.B. the same as the money-weighted rate of return.C. greater than the money-weighted rate of return.（分数：1.00）A.B.C.22.An analyst does research about standard deviation and forecasts the fol

33、lowing information about earnings per share (EPS):ScenarioProbability of ScenarioEarnings per share1 0.25 $8.102 0.75 $6.15The standard deviation of earnings per share is closest to:A. 0.51B. 0.71C. 0.84（分数：1.00）A.B.C.23.An analyst does research about confidence interval and gathers the following in

34、formation about a stock return. The mean return of the stock is 11.5%. The standard deviation of returns of the stock is 1.8%. The lower endpoint of a confidence interval for the population mean with a reliability factor of 1.5 is closest to:A. 8.8%B. 9.7%C. 14.2%（分数：1.00）A.B.C.24.An analyst does re

35、search about hypothesis testing. Which of the following test statistics is most appropriate test statistics for two means based on samples that we believe are dependent?A. T-test.B. F-test.C. Chi-square test.（分数：1.00）A.B.C.25.A well-diversified investor holds an equal investment in cash of the equit

36、y shares of Meyer, Inc., Johnson, Inc., and Fairfax Enterprises. The three companies operate in the same industry and will benefit equally from a favorable decision in a pending court case. The investor concludes that the current stock prices for Meyer and Johnson each reflect a 50 percent probabili

37、ty that the decision will be favorable to the industry, while the current stock price for Fairfax reflects a 70 percent probability that the decision will be favorable. The most. appropriate strategy for the investor is to:A. sell Fairfax shares and use the proceeds to purchase additional shares in

38、Meyer and Johnson.B. sell both Meyer and Johnson shares and use the proceeds to purchase additional shares in Fairfax.C. reallocate the investment in the industry to 15 percent in Meyer, 15 percent in Johnson, and 70 percent in Fairfax.（分数：1.00）A.B.C.26.An analyst does research about sampling and es

39、timation and gathers the following information about the performance of a sample of funds from each of three different categories of mutual funds:Sample Population Standard DeviationSample MeanSample SizeCategory 115% 9.9% 40Category 216% 10.3% 50Category 319% 8.7% 65The smallest standard error of t

40、he sample mean is associated with the sample from:A. Category 1.B. Category 2.C. Category 3.（分数：1.00）A.B.C.27.An analyst does research about Bayes formula and estimates the following information regarding bonus for management and the net income of a company:Event ProbabilityNet income increases give

41、n management received a bonus 0.7Net income mcreases given management did not receive a bonus 0.3The analysts prior probability that management received a bonus is 0.5. Using Bayes formula, if the company announces an increase in net income, the probability management received a bonus is closest to:

42、A. 0.22B. 0.78C. 0.86（分数：1.00）A.B.C.28.An analyst does research about the coefficient of covariance and the Sharpe ratio. A securitys mean return is positive and more than its standard deviation of returns. If the risk-free rate is zero, the coefficient of covariance is most likely:A. less than the

43、Sharpe ratio.B. equal to the Sharpe ratio.C. greater than the Sharpe ratio.（分数：1.00）A.B.C.29.An analyst does research about sampling. Compared to estimates of parameters produced from simple random sampling, estimates of parameters produced from stratified random sampling most likely have:A. less pr

44、ecision.B. the same precision.C. greater precision.（分数：1.00）A.B.C.30.An analyst does research about common probability distribution and estimates an asset turnover ratio will range from 1.7 to 2.4. If the ratio follows continuous uniform distribution, the probability the companys asset turnover rati

45、o will be less than 2.1 is closest to:A. 43.9%B. 57.1%C. 70.0%（分数：1.00）A.B.C.31.An analyst does research about central tendency and gathers the following information about a company:YearEarnings per ShareMarket Price per SharePrice-to-Earnings Ratio2009$4.00 $28 7.02010$2.00 $22 11.02011$3.00 $19.5

46、6.5The harmonic mean for the companys price-to-earnings ratio is closest to:A. 7.74B. 7.94C. 8.17（分数：1.00）A.B.C.32.An analyst does research about sampling and estimation. With respect to statistical analysis, a sample statistics is least described as:A. the set of rules used to select a sample.B. qu

47、antity computed from a sample.C. descriptive measure of a sample.（分数：1.00）A.B.C.33.An analyst does research about market structures. With respect to traditional oligopoly model, which of the following is least accurate? The kinked demand curve model assumes:A. that there is a break in the marginal r

48、evenue curve.B. that the price decreases by one firm is followed by its peers.C. that the price and quantity are sensitive to small cost changes.（分数：1.00）A.B.C.34.An analyst does research about the incidence of a tax. All else being equal, sellers pay the largest portion of a tax when the supply is:

49、A. unit elastic.B. highly elastic.C. highly inelastic.（分数：1.00）A.B.C.35.An analyst does research about market structures. In a perfectively competition industry, the long-run effect of a permanent increase in demand most likely results in an increase in:A. price.B. output per firm.C. the number of firms.（分数：1.00）A.B.C.36.An analyst does research about real GDP. Holding all else constant, a decrease in which of the following is most likely to result in an increase in the quantity of real GDP demanded?A. Import.B. Export.C. Government expenditure.（分数：1.00）A.B.C.37.An an