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1、Questions1*18RelatetoEthiCS2Questions1932RelatetoQuantitativeanalysis9Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance26Questions7788ReIatetoEquityinvestment29Questions8994RelatetoDerivatives32Questions95*106RelatetoFixed-incomeAn
2、alysis34Questions107*110RelatetoAlternativeInvestments38Questions111120RelatetoPortfolioManagement39Last Name:First Name:MOCK EXAM 114No:Date:Questions118RelatetoEthicsI.CarolinaOchoa,CFA,isthechieffinancialofficeralPanlagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagoniatScorporateinve
3、stigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.Accordingo(heCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,ilismostappropriateforOchoatodisclose(heallegations:A.onherProfessionalConduct
4、Statement.B.toCFAInstituteiftheallegationsareprovencorrect.C.toCFAInstitutewhentheinvestigationconcludes.2.RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopay
5、sseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalcondu
6、ctsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinalsactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.DisclosinginformationabouttargetcompaniesB.SellingstockshortC.Tradingoninf
7、ormationfromlobbyists3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.IfthecIienfsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,another
8、clientofKozniak1Shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforanicepr
9、ofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientC.No4.JanLoots,CFA,quit
10、hisjobasaportfoliomanagerataninvestmentfirmwithwhomhehadanon-solicitationagreementhesignedseveralyearsago.Lootsreceivedpermissiontotakehisinvestmentperformancehistorywithhimandalsotkacopyofthefhnssoftware-tradingplatform.Subsequently,Lootssentoutmessagesonsocialmediasitesannouncinghewaslookingforcli
11、entsforhisnewinvestmentmanagementfirm.AccesstoLoots,ssocialmediasitesisrestrictedtofriends,family,andformerclients.LootsleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.non-solicitationagreement,B.investmentperformancehistory.C.tradingsoftware*5.ZhaoXuan,CFA,isasell-si
12、deinvestmentanalyst.Whileatasoftwareindustryconference,ZhaohearsrumorsthatGreenRunSoftwaremayhavefalsifieditsnancialresults.Whenshereturnstoheroffice,ZhaoconductsathoroughanalysisofGreenRun.Basedonherresearch,includingdiscussionswithsomeofGreenRun,scustomers,ZhaoisconvincedthatGreenRun*sreported50%i
13、ncreaseinnetincomeduringrecentquartersiscompletelyfictitious.ButsofarZhaoistheonlyanalystsuspiciousaboutGreenRun,sreportedearnings.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theleastappropriate3/41actionforZhaoisto:A.recommendherclientsselltheirGreenRunsharesimmediately.
14、B.donothinguntilotheranalystssupportheranalysis.C.reporthersuspicionstoGreenRunsmanagement.6.BclenZapata,CFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12mont
15、hs,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.promis
16、edreturns.C.returnofcapital.7.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceOfathinlytradedmicro-capstockspriceoverthenextfewdays.Miffitt,sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday,sheimmediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwa
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