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Financials考了四个

1.translation,要算Ending Inventory和Gross profit. Ending Inventory 用average rate 算,Gross profit里面Sales是Average rate, COGS 用mixed rate. 好像我的答案是C和D。之后是算translation Gain/Loss,这是基本知识啦。

2. Trading,Available for sales and Held to Maturity,是考unrealized gain/Loss 放在哪里,记得答案是C,分别放在Equity和P/L里面。还有如果重新归类,应该怎样归类更加增加公司账面收益,记得好像是D,原来unrealized loss 的还是放在AFS里面,原来Held to maturity的由于MVA为正,所以可以归为trading.

3.PBO,比较简单,就是考一些基本的知识,比如pension expense 怎么算(要自己算interest cost的),还有估计economic pension expense就是把expected plan return 变为actural return,还有改变assumption带来的效应,云云。

4.好像是考adjustment to financial statement. 记不起来了。

Corporate Finance考项目选择,和M&A

M&A 里面有一道题要算takeover premium. 记得好象是(55-44.4)/44.4=23.8%. 记下来用comparable transaction算company value. 好象是55/1.25x 1= 44.

Euqity 很变态的考emerging market(inflation level 的影响)实在是没有注意到notes的这一节,所以忽略了。没想到美国人还是很重视emerging market的,而且认为我们的inflation很高。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)

然后考了DDM,本来以为DDM是很简单的,哪里知道考了一个equity market risk premium. 我选了一个5.5%。记得是用r= g + D/P x (1+g)算的。还有对于PEG的评价,选评价错的一个,我选了duration

之后就是RI了,NI没有给,要自己用(EBIT-I)x(1-t). I=Long-term debt x coupon rate。然后要用single stage RI model 算公司价值,g 也没有,要用g=ROExb来算。然后问有什么可以support 一个人的观点,他认为用前面的模型,公司overvalue了。我选了C,就是RI不可能constant growth. 还有就是对RI的评价,哪一个是错的,我选的也是D(ROE=R的时候,觉得应该是no RI).

Fixed Income考了MBS,CMO,PAC.比较简单。居然没有考OAS!

Direvatives早上考了Futures,下午考了IRS(interest rate swap)--居然没有考option!

Portfolio更变态,考三个人对Minimum variance portfolio 的评价,我记得我选的是第一个两个都错,第二题前错后对,第三题两个都对。。。估计要挂了。。。然后是CAPM,extended CAPM 和ICAPM的比较,那个是对的。我选了domestic risk free rate....

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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.

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我记得D是should not read any part of the research report. 我看了好几遍了

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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.

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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.

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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

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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"?
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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).




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

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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

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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]

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