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【综合单选】Mike Johnson, who is sitting for Level III of the CFA exam this year, is a junior consultant at a small investment advisory firm. Julie Gowan, CFA, is Johnson’s supervisor and in the last three months had been letting Johnson develop a clientele. Johnson had met Mrs. Campbell two months earlier as a referral from an existing client: Mrs. Smith. Following his recent second visit with Mrs. Campbell, Johnson gave Campbell a personal data form to complete and return. The purpose of the form was to gather information about Campbell’s financial situation, investment experience, and investment objectives. Upon receiving the completed form in the mail, Johnson had his assistant, who is a CFA Level I candidate, type up the information. Johnson then reviewed the information and determined that he needed to call Campbell to clarify several items and to request more information.When Campbell answered the phone and Johnson identified himself, Campbell immediately asked if Johnson was still confident in the firm’s recommendation to buy shares of Brown Company, which Smith had purchased upon the firm’s recommendation three months earlier. The rapid rise of the stock of Brown Company after the recommendation, Campbell added, was the reason Campbell wanted to meet with a representative of Johnson’s firm. Johnson quickly did a search on his computer and found the buy recommendation on Brown Company that had been sent to Smith and other clients. Johnson then remembered that some of the clients, who were his friends, had been very happy with the stock’s performance. Johnson responded to Campbell by saying that purchasing the stock was a good idea. Johnson then asked for a few details concerning Campbell’s situation, and Campbell answered some questions over the phone. Some of the information was not at her fingertips, so she promised to mail it to Johnson.During the phone conversation, Campbell stated that it is extremely important that the information she is providing to Johnson be considered confidential for several reasons. First, as a result of a lawsuit from a former neighbor, Campbell needs to hide some assets to avoid paying a judgment. Therefore, she wants to open up two separate accounts; a small one in her name, and a second account in the name of the company that Campbell owns. Second, Campbell told Johnson that she is about to file for divorce from her husband and does not want her husband to know about the accounts. After collecting all the information he needed, Johnson visited with Gowan to ask advice about opening the account in the name of Campbell’s company. Gowan told Johnson that Campbell should open the account in the name of a fictitious company instead of using the name of Campbell’s company. This would make it more difficult for the courts to find the assets. However, the supervisor stated, "You realize that opening an account in the name of a fictitious firm is illegal so I cannot suggest that you do it. I am only saying that, if you did this, it would help Campbell accomplish her objective." Later that day, Johnson went to a restaurant and met his old college roommate, William Black, who is now a divorce attorney. Johnson told Black all about Campbell’s situation and suggested that, if Black needs a new client, he should contact Campbell who is about to divorce her husband. Black said he could not act on the information because Campbell’s husband had seen him already about a possible divorce. Johnson assured Black that, as they had agreed, he did not tell Campbell about the possibility of Johnson passing her name on to Black. Black thanked Johnson for the lead and said that, thanks to Johnson’s referrals, he currently had more clients than he could handle anyway. Despite that, Black paid for the dinner as he usually did when Johnson gave him a good lead. Did Johnson violate the Code and Standards by telling Black about Campbell’s impending divorce?
A. No, because Black is not going to act on the information.
B. No, because the impending divorce had nothing to do with Campbell’s financial situation.
C. Yes, he violated client-member confidentiality.
【单选】加拿大多伦多证券交易所于1991年推出的指数参与份额(TIPs)是严格意义上最早出现的（　　）。

A. ETF
B. LOF
C. 指数基金
D. 期货基金
【单选】加拿大多伦多证券交易所于，1991年推出的指数参与份额(TIPs)是严格意义上最早出现的（　　）。

A. ETF
B. LOF
C. 指数基金
D. 期货基金
【单选】In Tarkenton’s German stock portfolio example, what is the hedged return in dollar terms?
A. 15.05%.
B. 5.25%.
C. 5.00%.
【单选】 Stress testing approaches are not constrained by many of the constraints associated with the traditional distribution based value at risk (VAR) approaches. Which of the following is an example of a constraint associated with the traditional VAR approach but NOT the stress testing approach? The traditional VAR approach:
A. places too high a probability on extreme events.
B. places too small a probability on extreme events.
C. ignores extreme events.
【单选】 An investor hires a portfolio manager and stipulates a maximum value at risk for the portfolio. This is an example of the use of the value at risk framework to:
A. measure performance.
B. build portfolios.
C. set risk limits.
【单选】 When describing the risk exposures that an analyst should examine as part of an enterprise risk management system, what terms describe the risks pertaining to the factors that directly affect firm or portfolio values and the risks associated with external capital markets? Firm/Portfolio Value External Capital Market
A. Market risk Factor risk
B. Systematic risk Financial risk
C. Market risk Financial risk
【单选】 Which of the following commodities is an example of constant production and seasonal demand?
A. Corn.
B. Natural gas.
C. Oil.
【单选】Which of the following is the best example of convenience yield?
A. A manufacturer of copper tubing that holds copper in inventory.
B. The increase in corn prices as a function of time after the harvest.
C. A coin dealer that lends out gold coins.
【单选】 Which of the following is an example of an issuer of venture capital?
A. Formative-stage companies.
B. Venture capitalists.
C. Large, successful corporations.
【单选】 A manager makes a difficult decision not knowing all the ramifications of that decision other than financial and economic benefits will accrue to society and the firm. The manager reasons that the decision has benefits for some of the poorest countries. This is an example of:
A. rights and justice theories.
B. the veil of ignorance and the differencing theory.
C. a combination of the Friedman doctrine and utilitarianism.
【单选】 All of the following are examples of the principal-agent relationship (PAR) problem EXCEPT:
A. a senior executive routinely leaves the office early claiming to work from home yet there is no accountability.
B. an employee calls in sick to use up their sick time since they cannot carry it over to the next year.
C. two members of a board of directors are having an elicit relationship.
【单选】 An external stakeholder would be an example of which of the following?
A. A customer who wants to buy the firm’s product at a lower price.
B. A stockholder who is supplying risk capital.
C. An independent member of the board of directors of the firm.
【单选】 A bond manager deciding against making an otherwise desired secondary transaction because of a desire to minimize portfolio turnover is most likely an example of what type of portfolio constraint?
A. Seasonality.
B. Exposure Limits.
C. Buy and Hold.
【单选】 Which of the following is an example of a bottom-up approach of classic relative value analysis that would indicate an undervalued issue?
A. The manager of a corporate bond portfolio expects the increased debt usage of Corey, Inc., together with the prospect of greater competition and lower profit margins, will lead to a decrease in the credit rating of Corey bonds. These expectations are not reflected in the current market value of the bonds.
B. Due to continued strong earnings growth of XMP Corporation, their bond’s credit rating is expected to be upgraded. The manager of a corporate bond portfolio does not believe this is reflected in the current market value.
C. General economic conditions indicate the inflation rate will decline over the next year, with the expectation this will result in reducing the required yield for outstanding bonds in all maturity classes.
【单选】 If a portfolio manager is interested in the interest rate sensitivity of her portfolio as compared to a Treasury bond index, which measure should she examine?
A. Portfolio duration.
B. Value at risk.
C. Spread duration.
【单选】 Which of the following are examples of an asset allocation strategy used by a portfolio manager?
A. Both market timing and sector rotation.
B. Sector rotation.
C. Selecting assets within a market segment that will outperform the assets contained within the corresponding benchmark index.
【单选】In the example given by White, the term that describes the costs associated with the purchase of CRD stock is:
A. missed trade opportunity.
B. volume-weighted costs.
C. delay costs.
【单选】In the example given by Plain, what was the effective spread for the order of 300 shares of GHT stock?
A. $0.06
B. $0.02
C. $0.04
【单选】 An analyst examines the correlation of a sample of stock returns and finds that it is 0.60. She then divides the sample in half based on the volatility of stock returns, sample A has the highest volatility and sample B has the lowest volatility. The correlations in sample A and sample B will be, respectively:
A. higher than 0.60, lower than 0.60.
B. both less than 0.60.
C. lower than 0.60, higher than 0.60.
【单选】 Wahid Sedique, portfolio manager with Fort Meigs Investment Advisors is discussing the practical and theoretical benefits of adding additional asset classes to client portfolios with his colleague Elizabeth Alvarez. In their conversation Sedique states, “From a practical standpoint, adding emerging markets to a portfolio consisting of developed U.S. and International equities provides valuable diversification in the event of a global crisis due to their low correlation with other asset classes.” Alvarez replies, “I think we should include U.S. TIPS in our client allocations because they are a liquid and virtually risk-free way to increase portfolio cash flows in the event of rising inflation.” With respect to their statements:
A. Sedique is correct; Alvarez is correct.
B. Sedique is incorrect; Alvarez is correct.
C. Sedique is incorrect; Alvarez is incorrect.
【单选】 During which phase of the business cycle would TIPS be least useful to a portfolio manager?
A. Initial recovery.
B. Early expansion.
C. Slowdown.
【单选】 Which of the following statements regarding TIPS is most accurate? TIPS have:
A. inflation risk but no credit risk.
B. credit risk but no inflation risk.
C. no credit risk and no inflation risk.
【单选】 If inflation rises, the yields for TIPS will:
A. rise and their price will fall.
B. fall and their price will rise.
C. rise and their price will rise.
【单选】 Frank Bowden is formulating the expected returns, standard deviations, and correlations for bonds and equities given global economic forecasts. Tom Weatherford is examining the returns to a U.S. small-cap stock based on analyst's forecasted returns versus the capital asset pricing model and the security market line. Which of the following about Bowden and Weatherford is most accurate?
A. Bowden is performing alpha research and Weatherford is performing beta research.
B. Bowden is performing beta research and Weatherford is performing alpha research.
C. Bowden is performing beta research and Weatherford is performing beta research.
【单选】 Which of the following is NOT an example of a drawback to fixed annuities?
A. The real values of the cash flows fall over time.
B. The payments in some periods may fail to meet the investor’s needs or may be zero if the funds lose money.
C. The investor could become locked into a low interest rate.
【单选】 Which of the following is NOT an example of a cause of savings risk?
A. A person expects to average a 12% rate of return in their 401k retirement account.
B. The financial markets drop significantly wiping out a significant portion of a person’s wealth.
C. A person fails to determine how much they need to save given an assumed rate of return and time frame.
【单选】 Estate taxes are an example of a tax on:
A. the value of assets owned.
B. capital gains on assets transferred.
C. a percentage of assets gifted.
【单选】 An individual, aged 40, is currently in the 25% marginal tax bracket, and expects to be in the 15% bracket when he retires. Making contributions today to a tax-deductible individual retirement account is an example of:
A. both minimizing the amount and deferring the timing of the tax payment.
B. deferring the timing of the tax payment.
C. minimizing the amount of the tax payment.
【单选】 Carl and Terri Anderson, age 45 have a $1,500,000 investment portfolio. Given the following investment policy statement, which of the potential portfolios would be most appropriate for the Anderson’s? Objectives Risk Tolerance Ability to take risk:The Anderson’s have a long time horizon and meet their current expenses through current income. Their ability to take risk is high. Willingness to take risk:The Anderson’s have stated that they do not want to gamble with their money, but are willing to take some risk to achieve their investment goals, if they are adequately compensated for that risk in the form of expected return. Overall:High ability to take risk and moderate willingness to take risk leads to a moderately high risk tolerance. Return Objectives The Anderson’s want to have a portfolio worth $3,500,000 in today’s dollars when they retire in 20 years. They are planning to spend their current income and do not plan to make any further contributions to their account. The break-even inflation rate implied by TIPS is 2.5%. Constraints Time Horizon Multistage, consisting of at least 2 time horizons1. Retirement in 20 years2. Retirement – at least 20 years after retirement. Liquidity Requirements Would like to keep $50,000 in cash on hand at all times to meet emergency expenses. Legal/Regulatory None Taxes Tax aspects should be considered and the bulk of retirement savings should be held in a tax advantaged account. Unique Considerations None. Asset Class Asset Class Return Portfolio 1 Portfolio 2 Portfolio 3 Large cap U.S. Stocks 8% 20% 36% 15% Small cap U.S. stocks 12% 10% 10% 15% International developed market equities 11% 10% 10% 0% International emerging market equities 15% 5% 5% 0% U.S. corporate bonds 5% 20% 35% 35% U.S. Treasury bonds 4% 22% 0% 30% Venture capital 20% 10% 0% 0% Cash (T-bills) 3% 3% 4% 5% Total expected return 8.62% 7.80% 6.10% Standard deviation 12.80% 10.20% 7.40%
A. Portfolio 2.
B. Portfolio 3.
C. Portfolio 1.

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