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"morality" exercise:Misconduct
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
Teresa Avila, CFA, is a micro cap investment analyst at a hedge fund. The fund requires Avila to hold any securities she recommends for the fund in her own account as well. Because Avila has such a small account, whenever she trades for her own portfolio she combines the transactions with those of the hedge fund so she is sure to have her account aligned with the fund. Has Avila most likely violated any CFA Institute Standards of Professional Conduct?
A、 No.
B 、Yes, related to Misconduct.
C 、Yes, related to Priority of Transactions
Questions 2:
Colin Gifford, CFA, is finalizing a monthly newsletter to his clients, who are primarily individual investors. Many of the clients’ accounts hold the common stock of Capricorn Technologies. In the newsletter, Gifford writes, “Based upon the next six month’s earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn’s stock will be $22 per share by the end of the year.” Regarding his stock analysis, the least appropriate action Gifford should take to avoid violating any CFA Institute Standards of Professional Conduct would be to:
A 、separate fact from opinion.
B、 include earnings estimates.
C、 identify limitations of the analysis.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct as Standard VI(B) requires that investment transactions for clients and employers have priority over transactions in which members have beneficial ownership. By executing her own accounts transactions with those of the hedge fund the analyst has violated this Standard as micro cap securities can be thinly traded and easily influenced by changes in the volume of activity. So the analyst may benefit when she combines her transactions with the hedge funds and she should let the fund execute its orders before she makes changes to her account.
A is incorrect because the Priority of Transactions Standard has been violated.
B is incorrect because this Standard has not been violated.
【Answer to question 2】B
【analysis】
B is correct because while pro forma analysis may be standard industry practice, it is not required by the Standards. Earnings estimates are opinions and must be clearly identified as such.
A is incorrect because facts should be separated from opinion in investment analysis.
C is incorrect because known limitations should be identified.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
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