开发者:上海品职教育科技有限公司 隐私政策详情

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一只可爱的猪 · 2022年05月22日

课后题

1、Which statement about a manager’s use of client brokerage commissions violates

the Code and Standards?

A A client may direct a manager to use that client’s brokerage commissions to

purchase goods and services for that client.

B Client brokerage commissions should be used to benefit the client and

should be commensurate with the value of the brokerage and research services

received.

C Client brokerage commissions may be directed to pay for the investment

manager’s operating expenses.

为什么不选B?

2、Jamison is a junior research analyst with Howard & Howard, a brokerage and

investment banking firm. Howard & Howard’s mergers and acquisitions department

has represented the Britland Company in all of its acquisitions for the past

20 years. Two of Howard & Howard’s senior officers are directors of various

Britland subsidiaries. Jamison has been asked to write a research report on

Britland. What is the best course of action for her to follow?

A Jamison may write the report but must refrain from expressing any opinions

because of the special relationships between the two companies.

B Jamison should not write the report because the two Howard & Howard

officers serve as directors for subsidiaries of Britland.

C Jamison may write the report if she discloses the special relationships with

the company in the report.

为什么不选A

3、Which of the following statements clearly conflicts with the recommended

procedures for compliance presented in the CFA Institute Standards of Practice

Handbook?

A Firms should disclose to clients the personal investing policies and procedures

established for their employees.

B Prior approval must be obtained for the personal investment transactions of

all employees.

C For confidentiality reasons, personal transactions and holdings should not

be reported to employers unless mandated by regulatory organizations.

为什么不选A

4、Bronson provides investment advice to the board of trustees of a private university

endowment fund. The trustees have provided Bronson with the fund’s

financial information, including planned expenditures. Bronson receives a

phone call on Friday afternoon from Murdock, a prominent alumnus, requesting

that Bronson fax him comprehensive financial information about the fund.

According to Murdock, he has a potential contributor but needs the information

that day to close the deal and cannot contact any of the trustees. Based on

the CFA Institute Standards, Bronson should:

A Send Murdock the information because disclosure would benefit the client.

B Not send Murdock the information to preserve confidentiality.

C Send Murdock the information, provided Bronson promptly notifies the

trustees

为什么选B?不选C?

5、Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he

will compensate her beyond the compensation provided by her firm on the

basis of the capital appreciation of his portfolio each year. Jurgen should:

A Turn down the additional compensation because it will result in conflicts

with the interests of other clients’ accounts.

B Turn down the additional compensation because it will create undue pressure

on her to achieve strong short-term

performance.

C Obtain permission from her employer prior to accepting the compensation

arrangement.

为什么不选A?不是应该拒绝吗?

6、原版书 课后题R32第13题:

One of the discretionary accounts managed by Farnsworth is the Jones

Corporation employee profit-sharing

plan. Jones, the company president,

recently asked Farnsworth to vote the shares in the profit-sharing

plan in favor of the slate of directors nominated by Jones Corporation and against the directors

sponsored by a dissident stockholder group. Farnsworth does not want to

lose this account because he directs all the account’s trades to a brokerage firm

that provides Farnsworth with useful information about tax-free

investments.

Although this information is not of value in managing the Jones Corporation

account, it does help in managing several other accounts. The brokerage firm

providing this information also offers the lowest commissions for trades and

provides best execution. Farnsworth investigates the director issue, concludes

that the management-nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:

A Violated the Standards in voting the shares in the manner requested by

Jones but not in directing trades to the brokerage firm.

B Did not violate the Standards in voting the shares in the manner requested

by Jones or in directing trades to the brokerage firm.

C Violated the Standards in directing trades to the brokerage firm but not in

voting the shares as requested by Jones.

为什么不是A?


2 个答案

王暄_品职助教 · 2022年05月23日

另:其他的问题请另外开贴提问,我们是一个帖子提一个问题。

因为临近考期,问题很多,我们需要公平的照顾到所有同学,望谅解。

王暄_品职助教 · 2022年05月23日

1、Which statement about a manager’s use of client brokerage commissions violates

the Code and Standards?

A A client may direct a manager to use that client’s brokerage commissions to

purchase goods and services for that client.

B Client brokerage commissions should be used to benefit the client and

should be commensurate with the value of the brokerage and research services

received.

C Client brokerage commissions may be directed to pay for the investment

manager’s operating expenses.

为什么不选B?


因为本题是问的是哪一个是错误的,B为正确行为:客户给的佣金需要用来置办有利于客户的事情。是符合协会要求的


2、Jamison is a junior research analyst with Howard & Howard, a brokerage and

investment banking firm. Howard & Howard’s mergers and acquisitions department

has represented the Britland Company in all of its acquisitions for the past

20 years. Two of Howard & Howard’s senior officers are directors of various

Britland subsidiaries. Jamison has been asked to write a research report on

Britland. What is the best course of action for her to follow?

A Jamison may write the report but must refrain from expressing any opinions

because of the special relationships between the two companies.

B Jamison should not write the report because the two Howard & Howard

officers serve as directors for subsidiaries of Britland.

C Jamison may write the report if she discloses the special relationships with

the company in the report.

为什么不选A

因为问的是最合适的,只要J同学披露了关系就可以按照自己的想法写。

当然A页不算错,因为这种说法就是将该公司放入restricted list中,然后只写事实,不写观点;但只是协会建议,并不是强求。

只要披露关系,就可以写。


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