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

CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&PatWilson,CFAtisthechiefcomplianceofficerfarExcessInvestments,aglobalassetmanagemeritandinvestmeritbankingservicescompany.WilsonisreviewingtwoinvestmentreportsWrittenbyPeterHoll¾CFA,ananalystandortfoHomanagerwhohasworkedforExcessforfouryears.HollysfirstreportundercompliancereviewisastrongbuyrecommendationforBlueNote,Ina,amusicalinstrumentmanufacturerThereportstatesthatthebuyrecommendationisapplicableforthenext6Io12monthswithanaveragelevelofriskandasustainablepriceta*getQf$24fortheentiretimeperiod.Further;thereportstatesthattheriskanalysisisbasedon95%VaR(calculatedusingtheparametricmethod)andthatpricedeclinesovertheinvestmenthorizonshouldthusbelimitedto5%ofthecurrentprice.HollyinformsWilsonthathedeterminedhisconclusionspimarilyfinanintensivereviewOfBlueNoteSfilhgswiththeSECbutalsofromaCcilltooneofBlueNoteSsupplierswhoinformedHollythat.IheirnewinventoryprocessingsystemwouldallowformoreefficiencyinsupplyingBIUeNotQWithraWmaterials.HollyexplainstoWilsonthatheistheonlyanalystcoveringBlueNotewhoisawareofthisinformationandthathebelievesthenewinventoryprocessingsystemwillallowBlueNotetoreducecostsandincreaseoverallprofitabilityforseveralyearstocome.WilsonmustalsoreviewHollysreportonBigTime,Inc.,amusicalpi'omotionanddistributioncompany.InthereporHollyprovidesaveryoptimisticanalysisOfBigTimesfundamentals.Theanalysissupportsabuyrecommendationforthecompany.WilsonfindsoneproblemWithHollysreportonBigTimerelatedtoHollysformerbusinessrelationshipwithBigTime,Inc.TwoyearsbeforejoiningExcess,Hollyworkedasaninvestmentbankerandreceived1,OOOrestrictedsharesofBigTimeasaresultofhisparticipationintakingthecompanyPUbIiCThesefactsarenotdisclosedinthereportbutaredisclosedonExcessInvestmentswebsiteJustbeforethereportisissued,HollymentionstoWilsonthatBigTimeunknowinglydisclosedtohimandafewotheranalystswhowerewaitingfc>raconferencecalltobeginthatthecompanyisplanningtorestructurebothitssalesstaffandsalesstrategyandmayselloneofitspoorlyperformingbusinessunitsnextyearThreedaysafterissuinghisreportonBigTime,whichcausedasubstantialriseinthepriceofBigTimeshares,HollysellsalloftheBigTimesharesoutofbothhisperformancefee-basedaccountsandflat-feeaccountsandthenproceedstosellalloftheBigTimesharesoutofhisownaccountonthefollowingday.HollyobtainedapprovalfromWilsonbeforemakingthetrades.JustafterselghissharesinBigTime,HollyreceivesacallfromtheCEOofBlueNotewhowantstoseeifHollyreceivedthedeskpenengravedwiththeBlueNotecompanylogothathesentlastweekandalsotocrfrtwofrontrowticketspluslimousineservicetoasold-outconcertforapopularbandthatusesBlueNotesinstrumentsHoilyconfirmsthatthedeskpenarrivedandthankstheCEOforthegiftandtellshimthatbeforeheacceptstheconcerttickets,hewillhavetocheckhiscalendartoseeifhewillbeabletoattend.HollydecHnestheuseCftheEmousineserviceshouldhedecidetoattendtheconcertAfterspeakingwiththeCEoofBlueNote,Hollyconstructsaletterthatheplanstosendbyemailtoall&'hisclientsandprospectswithemailaddressesandbyregularmailtoallofhisclientsandprospectswithoutonailaddresses.TheletterdetailschangestoanequityvaluationmodelthatHollyandseveralotheranalystsatExcessusetoanalyzepotentialinvestmentrecommendations.Hollysletterexpldnstheitthenewmodel,whichwillbeputintousenextmonthwillutilizeMonteCarlosimulationstocreateadistributionofstockvalues,asharpcontrasttotheexistingmodelwhichusesstaticvaluationscombinedWithsensitivityanalysisRelevantdetailsofthenewmodelareincludedintheletter;butsimilardetailsabouttheexistingmodelarenotincluded.TheletteralsoexplainsthatmanagementatExcesshasdecidedtoexcludealcoholandtobaccocompanysecuritiesfromtheresearchcoverageuniverse.Hollysletterconcludesbystatingthatnoothersignificantchangesthatwouldaffecttheinvestmentrecommendationprocesshaveoccurredorareexpectedtooccurinthenearfuture.Question ID: 1212854Question#1of60AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthefollowingstatementsismostaccurateWithregardtotheinvestmentreportonBlueNote,Inc.?Thereport:A)complieswiththeStandards,B)shouldnothaveincludedapricetargetasitmakesanimplicitguaranteeofinvestmentperformance.C)doesnotcomplywiththeStandardsduetoimproperriskanalysis.Question ID: 1212855Question#2of60DidHoUyviolateanyCFAInstituteStandardsofProfessionalConductwithrespecttohisreportonBlueNoteorBigTime,asitrelatestopotentialuseofmaterialnonpublicinformation?A)HollyhasviolatedStandardonmaterialnonpublicinformationinthecaseofbothreportsB)ThereisaviolationregardingtheBlueNotereport,butnoviolationwiththeBigTimereportC)ThereisaviolationregardingtheBigTimerepobutnoviolationWiththeBlueNotereportQuestion ID: 1212856Question#3of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingstatementsismostaccuratewithregardtoHollysdisclosure东hisownershipofBigTimerestrictedsharesandpastinvestmentbankingrelationshipwithBigTime?Thedisclosure:A)isneitherrequirednorrecommendedbytheStandardssincethesharesarerestricted.B)complies