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QUOTE:
以下是引用edisonhu在2008-6-9 0:13:00的发言:

似乎都不能deleget ,因为经理持有该标的。

持有股票和DELEGATION有关吗?

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强人。。。

那个原题我读了一遍,都不知道那一部分要考什么。

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for a research report,factual information can be disclosed to target for verification. So i don't think the answer is "all of the report". btw, what is the difference between "any part of" and "all"?

早上的alternative investment, 暈過去. market extraction 需要sale price + NOI,同意?但我錯了.
capitalisation rate that takes into capital structure is band-in-什麼 method.

早上的卷,暫時知道已錯3條.

下午的卷,是比較難的.

current account balance 是3.9.

Residual income 那 一條,要自己去找interest expense 出來,才計的出來.另外,statement 1 寫residual income accounts for different firm's cost of capital and Statement 4 寫ROE = required return of equity, RI = ROE x invested capital.

For me, both are wrong, but i choose number 4. because ROE = Re, RI should be 0. 大家怎樣想?

還有 一條,如果剛買了 一個bond, in a short term, which risk is most significant (好像是這樣).選什麼cap risk, default risk, credit spread, downgrade risk.什麼怪題目.我選credit spread.

有連續好幾個B.是在題目90附近,忘了.

大家還記得什麼題目,討論一下.


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BOND那道题我也选credit spread, cap risk没什么关系,各项指标向好,应该不会downgrade.alternative investment 应该是sale price  对,gross income 错.

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Azimao, 很强啊。疑难杂症,手到病除。期待reference answer....特别是ethics的。

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QUOTE:
以下是引用nowhere在2008-6-9 1:01:00的发言:
Azimao, 很强啊。疑难杂症,手到病除。期待reference answer....特别是ethics的。

看了你写的ETHICS,觉得基本和我答得差不多.另外记得两个,一个是SAMLL BASKET礼物也不行;code和公司的COMPLIANCE POLICY不能掺合在一起.

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Real Estate 最大 depreciation risk 的是什麼? Hotel? Apartment? Warehouse?

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这次二级考的是比较郁闷,比预想的难不少,正像前面有一位说的,要求知识烂熟于胸。

考前拿notes考题模考,最后几套正确率都在80%的以上,昨天考下来觉得差不少,真不敢说自己能不能过。

1. 先说下午, 第一组ethics题基本被打倒,第二小题问problem with discontinued coverage, 我知道错在不能不issue the last report, 可是答案里没定选项;第三小题上面有几个考友提过,target company CEO can not read all of the research report, 但是D选项里是should not read any part of the research report, 我这道题读了几遍,应该没记错。这两道题我估计栽了。

2. BOP 计算balance的两道题都错了

3. 最后一组关于Minimum Variance Frontier的题,非常tricky,关于instability的那道题,应该是两个statement都正确;关于如何correct instability的那倒,第一个十年average的不对,第二个prohibit short selling的是对的; ICAPM的那道选A,domestic risk free rate; equity risk primum one, 5.5%, 根据covariance 算 beta,再乘上market risk premium (这种提法还真是第一次见)

4.上午最后一组关于real estate的题,第一个most likely depreciate的是C, 因为根据g=r-R0, 只有C是负值;第四小题选Band of Investment, 因为要考虑leverage debt;最后一小题,Sale Price是对的, Gross Income是错的,因为是NOI

To be continued

[此贴子已经被作者于2008-6-9 1:48:22编辑过]

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QUOTE:
以下是引用joshle在2008-6-9 1:16:00的发言:

Real Estate 最大 depreciation risk 的是什麼? Hotel? Apartment? Warehouse?

WAREHOUSE, G为负.

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ethics: why cannot combine CFA compliance and company policy? CFA compliance should be applied to real situation ba?  And only oral is not enough, should have book, I think.

Global portfolio definitely not right, CAPM no global portfolio a; risk free ICAPM use local+inflation differential?

The local risk free rate is actually not risk free. I guess I choose C.

alternative investment 应该是sale price  对,gross income 错? I choose the one that agree with Mkt price will undervalue and gross income is correct, is this the answer? I cannot remember if the same with you, but I guess so.

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