Kaplan考试和QBank二级（考友版）：V1阶段考试2 PM（题目+解析）.docx

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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&PatWilson,CFAtisthechiefcomplianceofficerfarExcessInvestments,aglobalassetmanagemeritandinvestmeritbankingservicescompany.WilsonisreviewingtwoinvestmentreportsWrittenbyPeterHollCFA,ananalystandortfoHomanagerwhohasworked

2、forExcessforfouryears.HollysfirstreportundercompliancereviewisastrongbuyrecommendationforBlueNote,Ina,amusicalinstrumentmanufacturerThereportstatesthatthebuyrecommendationisapplicableforthenext6Io12monthswithanaveragelevelofriskandasustainablepriceta*getQf$24fortheentiretimeperiod.Further;thereports

3、tatesthattheriskanalysisisbasedon95%VaR(calculatedusingtheparametricmethod)andthatpricedeclinesovertheinvestmenthorizonshouldthusbelimitedto5%ofthecurrentprice.HollyinformsWilsonthathedeterminedhisconclusionspimarilyfinanintensivereviewOfBlueNoteSfilhgswiththeSECbutalsofromaCcilltooneofBlueNoteSsupp

4、lierswhoinformedHollythat.IheirnewinventoryprocessingsystemwouldallowformoreefficiencyinsupplyingBIUeNotQWithraWmaterials.HollyexplainstoWilsonthatheistheonlyanalystcoveringBlueNotewhoisawareofthisinformationandthathebelievesthenewinventoryprocessingsystemwillallowBlueNotetoreducecostsandincreaseove

5、rallprofitabilityforseveralyearstocome.WilsonmustalsoreviewHollysreportonBigTime,Inc.,amusicalpiomotionanddistributioncompany.InthereporHollyprovidesaveryoptimisticanalysisOfBigTimesfundamentals.Theanalysissupportsabuyrecommendationforthecompany.WilsonfindsoneproblemWithHollysreportonBigTimerelatedt

6、oHollysformerbusinessrelationshipwithBigTime,Inc.TwoyearsbeforejoiningExcess,Hollyworkedasaninvestmentbankerandreceived1,OOOrestrictedsharesofBigTimeasaresultofhisparticipationintakingthecompanyPUbIiCThesefactsarenotdisclosedinthereportbutaredisclosedonExcessInvestmentswebsiteJustbeforethereportisis

7、sued,HollymentionstoWilsonthatBigTimeunknowinglydisclosedtohimandafewotheranalystswhowerewaitingfcraconferencecalltobeginthatthecompanyisplanningtorestructurebothitssalesstaffandsalesstrategyandmayselloneofitspoorlyperformingbusinessunitsnextyearThreedaysafterissuinghisreportonBigTime,whichcausedasu

8、bstantialriseinthepriceofBigTimeshares,HollysellsalloftheBigTimesharesoutofbothhisperformancefee-basedaccountsandflat-feeaccountsandthenproceedstosellalloftheBigTimesharesoutofhisownaccountonthefollowingday.HollyobtainedapprovalfromWilsonbeforemakingthetrades.JustafterselghissharesinBigTime,Hollyrec

9、eivesacallfromtheCEOofBlueNotewhowantstoseeifHollyreceivedthedeskpenengravedwiththeBlueNotecompanylogothathesentlastweekandalsotocrfrtwofrontrowticketspluslimousineservicetoasold-outconcertforapopularbandthatusesBlueNotesinstrumentsHoilyconfirmsthatthedeskpenarrivedandthankstheCEOforthegiftandtellsh

10、imthatbeforeheacceptstheconcerttickets,hewillhavetocheckhiscalendartoseeifhewillbeabletoattend.HollydecHnestheuseCftheEmousineserviceshouldhedecidetoattendtheconcertAfterspeakingwiththeCEoofBlueNote,Hollyconstructsaletterthatheplanstosendbyemailtoall&hisclientsandprospectswithemailaddressesandbyregu

11、larmailtoallofhisclientsandprospectswithoutonailaddresses.TheletterdetailschangestoanequityvaluationmodelthatHollyandseveralotheranalystsatExcessusetoanalyzepotentialinvestmentrecommendations.Hollysletterexpldnstheitthenewmodel,whichwillbeputintousenextmonthwillutilizeMonteCarlosimulationstocreatead

12、istributionofstockvalues,asharpcontrasttotheexistingmodelwhichusesstaticvaluationscombinedWithsensitivityanalysisRelevantdetailsofthenewmodelareincludedintheletter;butsimilardetailsabouttheexistingmodelarenotincluded.TheletteralsoexplainsthatmanagementatExcesshasdecidedtoexcludealcoholandtobaccocomp

13、anysecuritiesfromtheresearchcoverageuniverse.Hollysletterconcludesbystatingthatnoothersignificantchangesthatwouldaffecttheinvestmentrecommendationprocesshaveoccurredorareexpectedtooccurinthenearfuture.Question ID: 1212854Question#1of60AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthef

14、ollowingstatementsismostaccurateWithregardtotheinvestmentreportonBlueNote,Inc.?Thereport:A)complieswiththeStandards,B)shouldnothaveincludedapricetargetasitmakesanimplicitguaranteeofinvestmentperformance.C)doesnotcomplywiththeStandardsduetoimproperriskanalysis.Question ID: 1212855Question#2of60DidHoU

15、yviolateanyCFAInstituteStandardsofProfessionalConductwithrespecttohisreportonBlueNoteorBigTime,asitrelatestopotentialuseofmaterialnonpublicinformation?A)HollyhasviolatedStandardonmaterialnonpublicinformationinthecaseofbothreportsB)ThereisaviolationregardingtheBlueNotereport,butnoviolationwiththeBigT

16、imereportC)ThereisaviolationregardingtheBigTimerepobutnoviolationWiththeBlueNotereportQuestion ID: 1212856Question#3of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingstatementsismostaccuratewithregardtoHollysdisclosure东hisownershipofBigTimerestrictedsharesandpastinvestmentbankingrelationshipwithBigTime?Thedisclosure:A)isneitherrequirednorrecommendedbytheStandardssincethesharesarerestricted.B)complies