CFA一级历年模拟考试(2015-2019)：2017_level_I_mock_exam_afternoon_answers_removed.docx

2017LevelIMockExam:AfternoonSessionTheafternoonsessionofthe2017LevelICharteredFinancialAnalyst(CFA*)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18EthicalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinal'sactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.SellingstockshortB.TradingoninformationfromlobbyistsC.DisclosinginformationabouttargetcompaniesAnswer=ASellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessionalConduct.CFALevelI"GuidanceforStandardsI-V,StandardII(B)-MarketManipulation2.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak'shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.SixmonthsIaterzshesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientCNoAnswer=CKozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedOfviolatingStandardIII（八）-LoyaItyzPrudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VI'StandardIII（八）-LoyaIty,Prudence,andCare,StandardVl（八）-DiscIosureofConflicts3.WhichofthefollowingstatementsconcerningtheGlobalInvestmentPerformanceStandards(GIPS)ismostlikelycorrect?A.TheStandardseliminatetheneedforin-depthduediligencebyinvestors.B.CompliancewiththeStandardsenhancesthecredibilityofinvestmentmanagementfirms.C.ClientsorprospectiveclientsbenefitfromtheStandardsbecausethehistoricaltrackrecordofcompliantfirmsisaccurateandprecise.Answer=BCompliancewiththeGIPSstandardsenhancesthecredibilityofinvestmentmanagementfirms.CFALevelIintroductiontotheGlobalInvestmentPerformanceStandards(GIPS)/CFAInstituteWhoBenefitsfromCompliance?4.MoniqueGrettazCFA,isaresearchanalystatEastWestInvestmentBank.Previously,Grettaworkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGretta'sformeremployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoallofthebank,sclients.ThispracticehashelpedGrettaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareofthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecause:A.thelong-standingclientrelationshipsarenotdisclosed.B.thispracticebenefitsallclients.C.herreportisadraft.Answer=ATheanalystdoesnotviolateanyoftheStandardsofProfessionalConductbyhavinglong-standingclientrelationshipsandgenerallyisnotrequiredtodisclosesuchrelationships.However,theanalystisnottreatingallclientsfairlya