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1、Priｏｒto the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【單選題】

A.moral hazard.

B.adverse ｓｅｌｅｃｔion.

C.regulatory arbitrage.

正確答案:A

答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.

2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Miland’s likelihood of manipulation?【單選題】

A.DSR

B.LEVI

C.SGAI

正確答案:A

答案解析:A is correct. The DSR (days’ sales receivable index) variable in the Beneish model is related positively to the Beneish model M-score. Therefore, a year-over-year increase in DSR from 0.9 to 1.20 would lead to an increase in the M-score, which implies an increase in Miland’s likelihood of manipulation.

3、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts fｏｒthe purpose of performance calculation after the first full month of management. Cupp is responsible fｏｒcalculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account fｏｒthe new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【單選題】

A.Cupp did not violate the Code ａｎｄ　Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.Cupp did not violate the Code ａｎｄ　Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.Cupp violated the Code ａｎｄ　Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

正確答案:C

答案解析:Answer C is correct. Cupp violated Standard III(D)–Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance ａｎｄ　the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows fｏｒthe month would have to be reviewed to ensure their consistent treatment under the new policy.

4、Based on the three economic outlook statements, a profitable long/short trade would be to:【單選題】

A.go long a Canadian CDX IG ａｎｄ　short a US CDX IG.

B.short an iTraxx Crossover ａｎｄ　go long an iTraxx Main.

C.short electric car CDS ａｎｄ　go long traditional car CDS.

正確答案:B

答案解析:B is correct. Based on Outlook 1, Chan ａｎｄ　Smith anticipate that Italy’s economy will weaken. In ｏｒｃｅｒto profit from this forecast, one would go short (buy protection) a highyield Italian CDS (e.g., iTraxx Crossover) index ａｎｄ　go long (sell protection) an investment-grade Italian CDS (e.g., iTraxx Main) index.

5、Assume fｏｒthis question only that Global reports under U.S. GAAP ａｎｄ　that the total periodic pension cost fｏｒthe year ended 20X8 was €4,250. Ignoring income taxes, which of the following statements best describes the adjustment necessary fｏｒanalyzing Global Oilfield//////////////\'s cash flow statement?【單選題】

A.Increase operating cash flow €750 ａｎｄ　decrease financing cash flow €750.

B.Decrease operating cash flow €2,084 ａｎｄ　increase investing cash flow €2,084.

C.Increase operating cash flow €5,000 ａｎｄ　decrease financing cash flow €5,000.

正確答案:A

答案解析:Total periodic pension cost represents the true cost of the pension. If the firm//////////////\'s contributions exceed its true pension expense, the difference can be viewed as a reduction in the overall pension obligation similar to an excess principal payment on a loan. Pension contributions are reported as operating activities in the cash flow statement while principal payments are reported

6、Whose statement regarding the use of multifactｏｒmodels in active ａｎｄ　passive portfolio management is correct?【單選題】

A.Lam only

B.Cheung only

C.Both Lam ａｎｄ　Cheung

正確答案:B

答案解析:B is correct. Analysts can use multifactｏｒmodels in passively managed portfolios to replicate an index fund’s factｏｒexposures.

7、Based on Exhibits 1 ａｎｄ　2, Sienna’s FCFE in 2016 is:【單選題】

A.€894 million.

B.€1,466 million.

C.€2,894 million.

正確答案:A

答案解析:A is correct. Sienna’s FCFE in 2016 is calculated as

8、Based on the information in Exhibit 1, the REIT sectｏｒthat represents the least desirable investment is:【單選題】

A.industrial.

B.office.

C.apartments.

正確答案:A

答案解析:Fｏｒindustrial properties, the most important factｏｒaffecting economic value is retail sales growth, which is expected to be low in West Lundia. The most important factｏｒaffecting economic value fｏｒapartment REITs are job creation ａｎｄ　population growth, which are both expected to be high. Fｏｒoffice properties, the most important factｏｒis job creation, which is expected to be high.

9、Rule has worked as a portfolio manager fｏｒa large investment management firm fｏｒthe past 10 years. Rule earned his CFA charter last year ａｎｄ　has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material fｏｒhis new firm. He states in the material, “In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, ａｎｄ　Portfolio Management.” Has Rule violated Standard VII(B)–Reference to CFA Institute, the CFA Designation, ａｎｄ　the CFA Program in his marketing material?【單選題】

A.Rule violated Standard VII(B) in stating that he completed the exams in three consecutive years.

B.Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments, ａｎｄ　Portfolio Management.

C.Rule did not violate Standard VII(B).

正確答案:B

答案解析:Answer B is correct according to Standard VII(B)–Reference to CFA Institute, the CFA Designation, ａｎｄ　the CFA Program. CFA Program candidates do not receive their actual scores on the exam. Topic ａｎｄ　subtopic results are grouped into three broad categories, ａｎｄ　the exam is graded only as “pass” ｏｒ“fail.” Although a candidate may have achieved a topical score of “above 70%,” she ｏｒhe cannot factually state that she ｏｒhe received the highest possible score because that information is not reported. Thus, answer C is incorrect. Answer A is incorrect as long as the member ｏｒcandidate actually completed the exams consecutively. Standard VII(B) does not prohibit the communication of factual information about completing the CFA Program in three consecutive years.

10、If Hilliard adopts Colbaugh//////////////\'s first recommendation regarding the use of additional analytical models, which of the following will she most likely incorporate into her analysis? An estimate of risk pertaining to:【單選題】

A.Liquidity.

B.Time horizon.

C.Business cycle.

正確答案:A

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