經(jīng)典word整理文檔，僅參考，雙擊此處可刪除頁眉頁腳。本資料屬于網(wǎng)絡(luò)整理，如有侵權(quán)，請聯(lián)系刪除，謝謝！461、WhichofthefollowingstatementsismostlikelyconsistentwiththeCFAInstituteCodeofEthics?CFAInstitutemembersandCFAcandidatesmust:【單選題】A.promotetheintegrityofandupholdtherulesgoverningcapitalmarkets.B.practicethehighestlevelofpersonalandprofessionalintegrityandalwaysactinthebestinterestoftheiremployersC.maintaintheirprofessionalcompetenceandrequireinvestmentprofessionalsundertheirsupervisiontoadopttheCFACodeofEthics.正確答案:A答案解析:TheCodeofEthicsrequiresCFAInstitutemembersandcandidatesfortheCFAdesignationtopromotetheintegrityofandupholdrulesgoverningcapitalmarkets.AlthoughtheCodeofEthicsrequiresmembersandcandidatestoactwithintegrity,andtheinterestsoftheclientareparamount,notallclientrequestsareappropriatetofollow,particularlyifconsideredunethicalorillegal.TheCodeofEthicsdoesnotrequiremembersandcandidatestoencourageotherstopursuetheCFAdesignation,onlytoencouragethemtoimprovetheirprofessionalcompetence.2014CFALevelI"EthicsandProfessionalStandards,"CFAInstituteTheCodeofEthics2、AccordingtotheGlobalInvestmentPerformanceStandards(GIPS),whichofthefollowingisnotapartoftheverificationprocess?Testingwhetherthe:【單選題】A.firmhascompliedwithallthecompositeconstructionrequirements.B.verificationisundertakenbythecompliancedepartmentintheabsenceofathirdparty.C.firm’sprocessesandproceduresaredesignedtocalculateresultsincompliancewithGIPSstandards.正確答案:B答案解析:IntroductiontotheGlobalInvestmentPerformanceStandards2010ModularLevelI,Vol.1,p.131CFAInstitute,2006StudySessions1-3-cExplaintherequirementsforverificationofcompliancewithGIPSstandards.Verificationtests(StandardV)whethertheinvestmentfirmhascompliedwithallthecompositeconstructionrequirementsofGIPSonafirm-widebasis,andwhetherthefirmsprocessesandproceduresaredesignedtocalculateandpresentperformanceresultsincompliancewiththeGIPSStandards.Verificationmustbeperformedbyanindependentthirdparty.Afirmcannotperformitsownverification.13、A’s$100parvalueperpetualpreferredstockhasadividendrateof7%andarequiredrateofreturnof11%.Theearningsareexpectedtogrowataconstantrateof3%peryear.Ifthemarketpricepershareforthepreferredstockis$75,thepreferredstockismostappropriatelydescribedasbeing:【單選題】A.overvaluedby$11.36.B.undervaluedby$15.13.C.undervaluedby$36.36.正確答案:A答案解析:ValueofperpetualpreferredstockThestockisovervaluedby$75.00–63.64=$11.36.2014CFALevelI“EquityValuation:ConceptsandBasicTools,”byJohnJ.NagorniakandStephenE.WilcoxSection4.14、Whichofthefollowingperformancemeasuresmostlikelyreliesonsystematicriskasopposedtototalriskwhencalculatingrisk-adjustedreturn?【單選題】A.M-squaredB.SharperatioC.Treynorratio正確答案:C答案解析:“PortfolioRiskandReturn:PartII"byVijaySingal,CFAModularLevelI,Vol.4,Reading44,Section4.3.2StudySession12-44-hDescribeanddemonstrateapplicationsoftheCAPMandtheSML.CiscorrectbecausetheTreynorratiomeasuresthereturnpremiumofaportfolioversustheriskfreeassetrelativetotheportfolio’sbetawhichisameasureofsystematicrisk.5、Ananalystdoesresearchaboutearningspershareandgathersthefollowinginformationaboutacompany.Thecurrentstockpriceis$73,thesalespershareis$66,the2operatingprofitmarginis13.5%,theexpecteddividendgrowthrateis6%,andthenetprofitma