xtajvk

真牛.

不知道ethics如何.前面看有人说small package也不行. 不过我记得说是nominal value and ex post gift should be acceptable if it does not affect your independent and objective.

And if you get your restricted stock compensation and fully disclosed in your report, I think it should be permitted in such case. The key here is whether such additional compensation is fully disclosed so that the reader can evaluate the partiality.

 

azimao

补充点我记得的ＱＭ，　PPP, 双边Ｔ检验，〉＝０，最后一个好像选Ａ，记不太清楚了。

cososy

QUOTE:

以下是引用wuyuan17在2008-6-9 1:30:00的发言：

PM The last one: equity risk premium: I  use beta*(Rm-Rf)=5.3%,beta =Cov/variance,Var=18%,Cov=480?

R=Rf+beta(Rm-Rf)=Rf+equity risk premium.

I read it twice, it's equity risk premium, not market risk premium.

我也是这么算得：）

cov=290，算出的beta大概是0.8多， 答案是5.3%

azimao

同意楼上ＲＥＶＥＮＵＥ算法。

[此贴子已经被作者于2008-6-9 1:57:43编辑过]

cososy

raphie：

你的记忆力太好啦！佩服佩服！好多看了你的才知道考啥：）

你的答案我都看了，基本认同

有点问题，探讨一下：

1.emerging market inflation

“只记得第一题问哪个adjustment是错的，有revenue, depreciation,后面两个不记得了。然后最后两题是算nominal cash flow 的增长率和real revenue in 2008. 我都是直接用inflation index 来算了。。。实在不知道还要不要调整什么选项。记得cash flow 的增长率我算的是16.7%. revenue 记得是用revenue/1.35 x (1.12)”

revenue的计算还应该再乘以2008年的通胀率，即revenuex (1.12)x1.55/1.35 ，因为是算名义的revenue

2.equity market risk premium.

notes上有公式,具体名词不记得了，大概是 =long term dividend growth + long term earning growth rate - bont rate,把题目中给的那几个数加减就能得

azimao

哪有PREPAYMENT RISK 这个选项?,只有CAP, DEFAULT, DOWNGRADE , AND CREDIT SPREAD.

wuyuan17

QUOTE:

以下是引用piginaust在2008-6-9 0:29:00的发言：
1)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"?
----------------------
I didn't choose this one. definitly not this one. it's relation between analyst and investment banker, not those people said the target company and analyst. there would be a wall(chinese wall)between analyst and investment banker. So investment banker should not read any part, this one is not violated, I choose B maybe?

2)current account balance 是3.9.     Yes,me too


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

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.

QUOTE:

I choose Prepayment risk(no call option).

aegis88

你说的都对，可是选项D是should not read any part of the research report, 我没敢选这个

raphie

should not read any part of the research report表示任何一部分都不能读，should not read all the research report 表示全部不能读。但是Research Objective表明，可以给ＣＥＯ看一部分，即反映事实，factor的那一部分(不是任何一部分都不读，有一部分是可以分享的），但是不能给CEO看全部的report.所以应改选should not read all.

azimao

QUOTE:

以下是引用wuyuan17在2008-6-9 1:20:00的发言：

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.

Commingling compliance procedures in the firm's code of ethics will diminish the goal of reinforcing with the firm's employees their ethical obligations.Stand-alone codes of ethics should be written in plain language.