CFA考試《CFA二級》歷年真題精選及詳細(xì)解析1007-14

1、CFA考試CFA二級歷年真題精選及詳細(xì) 解析 1007-141、Prior to the presidents intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【單選題】A. moral hazard.B. adverse select!on.Cregulatory arbitrage.正確答案:A 答案解析:A is correct. The farmers having the abilit

2、y to restrict the release of water to the detriment of the manufacturers duri ng the p ricing dispute is an exam pie of a moral hazard.2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Milands likelihood of manipulation?【單選題】A. DSRB. LEVIC. SGA

3、I正確答案:A答案解析:A is correct* The DSR (days sales receivable index) variable in the Beneish model is related positively to theBen eish model M-score. Therefore, a year-over-year in crease inDSR from 0.9 to 1.20 would lead to an in crease in the M-score, which imp lies an in crease in Mila nds likelihood

4、 of man ipulation.3、ABC Investment Management acquires a ne% very large account with two concentrated positions. The firms current policy is to add new accounts for the purpose of performanee calculation after the first full month of management. Cupp is responsible for calculating the firms performa

5、nce returns.Before the end of the initial mon th, Cupp no tices that one of the significant holdings of the new accounts is acquired by ano ther com pan% causi ng the value of the investme nt to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer

6、, thereby allowingABC In vestme nt to rea p the p ositive imp act of that months portfolio return.單選題】A. Cupp did not violate the Code and Standards because theGIPS Stan dards allow com po sites to be up dated on the date of large external cash flows.B. Cupp did not violate the Code and Standards be

7、cause com panies are allowed to determi ne whe n to in cor porate new accounts into their composite calculation.C. Cupp violated the Code and Standards because the inclusion of the new account preduces an inaccurate calculation of the monthly results according to the firms stated policies.正確答案:c 答案解

8、析:Answer C is correct* Cupp violated Standard 111(D)-Performanee Presentations when he deviated from the firms stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claimGIPS compliance and the GIPS standards require external cash

9、 flows to be treated in a consists nt man ner with the firms documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to en sure their consists nt trea

10、tme nt un der the new policy.4、Based on the three economic outlook statements, a profitable long/short trade would be to:【單選題】A. go long a Canadian CDX IG and short a US CDX IG.B. short an iTraxx Crossover and go long an iTraxx Main.C. short electric car CDS and go long traditional car CDS.正確答案:B 答案

11、解析:B is correct. Based on Outlook 1, Chan and Smith anticipate that Italys economy will weaken. In order to profit from this forecast, one would go short (buy protection) a highyield Italian CDS (e.g., iTraxx Crossover) index and go long (sell protection) an investment-grade Italian CDS (e.g., iTrax

12、xMain) index.5、Assume for this quest)on only that Global reports under U.S.GAAP and that the total periodic pension cost for the year ended 20X8 was 4,250. Ignori ng in come taxes, which of the following statements best describes the adjustment necessary for analyzing Global Oilfields cash flow stat

13、ement?【單選題】A. Increase operating cash flow 750 and decrease financing cash flow 750.B. Decrease op erati ng cash flow 2,084 and increase in vesting cash flow 2,084.CJncrease operating cash flow 5,000 and decrease financing cash flow 5,000.正確答案:A 答案解析:Total periodic pension cost represents the true c

14、ost of the pension. If the firms contributions exceed its true pension expe nse, the differs nee can be viewed as a reducti on in the overall pension obligation similar to an excess principal payment on a loan. Pension conthbutions are reported as operating activities in the cash flow statement whil

15、e principal payments are reported 6、Whose statement regard!ng the use of multifactor models in active and passive portfolio management is correct?【單選題】A. Lam onlyB. Cheung onlyC. Both Lam and Cheung正確答案:B 答案解析:B is correct. Analysts can use multifactor models in passively managed portfolios to repli

16、cate an index funds factor expo sures.7、Based on Exhibits 1 and 2, Siennas FCFE in 2016 is:【單選題】A.894 million.B燦466 million.C2,894 million.正確答案:A 答案解析:A is correct, Siennas FCFE in 2016 is calculated as8、Based on the in format! on in Exhibit 1, the REIT sector that represents the least desirable inv

17、estment is:【單選題】Ajn dusthakB.office.Cap artme nts.正確答案:A 答案解析:For industrial properties, the most important factor affecting economic value is retail sales growth, which is expected to be low in West Lundia. The most important factor affecting economic value for apartment REITs are job creation and

18、population growth, which are both expected to be high. For office properties, the most important factor is job creation, which is expected to be high.9、Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has d

19、ecided to open his own investment management firm. After leaving his current empioyer; Rule creates some market)ng material for his new firm. He states in the material, In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio ma

20、nagement skills learned during my professional career While completing the exami nation p rocess in three con secutive years, I con sistently received the highest possible scores on the topics of Ethics,Alter native In vestme nts, and Portfolio Management/ Has Rule violated Standard /ll(B)-Reference

21、 to CFA Institute, the CFADesig nation, and the CFA P rogram in his market! ng material?【單選題】A.Rule violated Standard VII(B) in stating that he completed the exams in three consecutive years.B.Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alter native Investme nts, and Portfolio Management.C. Rule did not v