CFA一級(jí)每日一練38

1、CFA級(jí)每日一練（含詳細(xì)解析）381、TamlornMager,CFA,isananalystatPyallupPortfolioManagement.CFAInstituterecentlynotifiedMagerthathisCFAInstitutemembershipwassuspendedforayearbecauseheviolatedtheCFACodeofEthics.Ahearingpanelalsocametothesameconclusion.MagersubsequentlynotifiedCFAInstitutehedoesnotacceptthesanction,o

2、rthehearingpanel'sconclusion.WhichofthefollowingactionsbyMagerismostconsistentwiththeCFAInstituteProfessionalConductProgram?【單選題】PresentinghimselftothepublicasaCFAcharterholderProvidingevidenceforhispositiontoanoutsidearbitrationpanelUsinghisCFAdesignationuponexpirationofthesuspensionperiod正確答案:

3、C答案解析:“CodeofEthicsandStandardsofProfessionalConduct”,CFAInstitute2013ModularLevelI,Vol.1,Reading1,CodeofEthicsandStandardsofProfessionalConductCFAInstituteProfessionalConductProgramStudySession1-1-aDescribethestructureoftheCFAInstituteProfessionalConductProgramandthedisciplinaryreviewprocessforthee

4、nforcementoftheCodeofEthicsandStandardsofProfessionalConduct.StudySession1-2-cRecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConductCiscorrectbecausetheDesignatedOfficermayimposeasummarysuspensiononamemberorcandidate,whichmayberejectedoracceptedb

5、ythememberorcandidate.Ifthememberorcandidatedoesnotaccepttheproposedsanction,thematterisreferredtoahearingpanelcomposedofDRCmembersandCFAInstitutemembervolunteersaffiliatedwiththeDRC.Inthiscase,thehearingpanelalsoaffirmedthesuspensiondecisionbytheDesignatedOfficer,andtherefore,thememberlosestheright

6、tousehisdesignationforaone-yearperiod.Uponexpirationofthesuspensionperiod,theanalystwouldbeabletousehisCFAdesignation.2、Thefollowinginformationisavailableonacompanyforthecurrentyear.Netincome$1,000.000Averagenumberofcommonsharesoutstanding100,000Detailsofconvertiblesecuritiesouistanding:Convertiblep

7、referredsharesoutstanding2,000oDividend/share$10"oEachpreferredshareisconvertibleintofivesharesofcommonstockConvertiblebonds,$100facevalueperbond$80.000o8%couponoEachbondisconvertibleinto25sharesofcommonstockCorporatetaxrate40%A. Thecompany'sdilutedEPSisclosestto:【單選題】$7.72.B. $7.57.C. $7.6

8、9.正確答案:A答案解析:Becauseboththepreferredsharesandthebondsaredilutive,theyshouldbothbeconvertedtocalculatethedilutedEPS.DilutedEPSisthelowestpossiblevalue.BasicEPSDilutedEPS:BondConvertedDilutedEPS:PreferredConvertedDilutedEPS:BothConvertedNetincomer$Mooqoo51.000.000$1,000,000$1.000,000Preferreddividends

9、-$20,000-$20t00000After-taxco&tofintere&tB%x$80,000x(1-040)$3,840$3,840Numerator$980.000$983.840$LOOOtOOO$1.003,840Averagecommonsharesoutstanding100,000100,000100,000I100,000Preferredconverted10.00010h000BondconvertedLI20,00020.000Denominator100,000120.000110,0001130,000EPS$9.80$8.20$9G9$7.7

10、21CFALevelI"UnderstandingIncomeStatements,"ElaineHenryandThomasR.RobinsonSection6.2,6.33、AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewi

11、ssuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?【單選題】No,be

12、causetheallocationpolicyisnotinequitableunderthestandardsYesNo,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclients正確答案:B答案解析:UnderStandardlll(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminet

13、heamountofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclosureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.Treatingneweraccountsdifferentlywouldbeconsideredinequitab

14、leregardlessofwhetherthispolicyisdisclosed.A. 2014CFALevelI"GuidanceforStandardsI-VII,"CFAInstituteStandardIII(B)4、Ananalystdoesresearchaboutaforwardagreement(FRA).AFRAisreferredtoasa3>9.Thetermsoftheagreementarea:【單選題】3-monthrateanda6-monthexpiration.B. 3-monthrateanda9-monthexpiration

15、.C. 6-monthrateanda3-monthexpiration.正確答案:C答案解析:本題考的是一個(gè)遠(yuǎn)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(gè)月之后協(xié)議截止，開(kāi)始利率交換；“9”則指從現(xiàn)在起9個(gè)月之后利率交換全部結(jié)束，所以遠(yuǎn)期利率協(xié)議的期限是3個(gè)月，針對(duì)的是6個(gè)月的利率。5、Anequityinvestmentof$750000inaprivatecompanywillpay$19000000attheendoffiveyearsifthecompanyissuccessful.Thefollowingisestimatesoftheprobabilityoffailureforeachyear,giventhatitsurvivestothebeginningofeachyear:YearProbabilityofFailure110.4020.3530.3040.2550.20Ifthecompanyfails,thepayoffis$0(nomoneyisrecovered).lftheinvestor'scostofequityforaninvestmentwithsimilarriskcharacterist