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1、CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.BlueLotusLPCaseScenarioMikaleNatschavin,CEAfisthemanagingdirectorofBlueLotusLP,aboutiqueinvestmentbankspecializinginM&Aconsultingintheprofessionalservicesarena.BlueLotusalsomanagesafund(Xetafund)forseveralinstitut
2、ionalclientsThefundwasrunbyateamoffourmanagers.Duringtherecentdownturn,commensu,atewiththedeclineinthesizeofthefund,BlueLotusdownsizedthefirm.PaulVakilCFA,oneofthemanagersofXeta,waslaidffbyBlueLotusDuringhisexitinterviewNatschavinwishedVakilwelland,onbehalfofthefirm,gavehimpermissiontouseXetafundspa
3、stperformancewhenseekingnewemploymentopportunitiesVakilincludedtheperformanceofthefundtodemonstratehissuccessbutdidnotgiveanyindicationofateamapproach.VakilalsodidnotmentiontoNatschavinorthepersonnelmanagerthathewasstiHinpossessionofthecompany4ssuedlaptop.Vakilhadstaredseveralraodelstheteamhaddevelo
4、pedinpursuinginvestmentstrategiesonthatlaptopsharddiskWithinafewmonths,VakiljoinedtheequityresearchdepartmentofPatarsbyandSingly,abrokeragefirm.Vakil,WiththehelpofaqantspecialistatPatarsby,impiovedthemodelsandstartedusingtheminhisnewroleThingstu,nedoutverywellfcrVakilatPatarsby,andclientswaitedeager
5、lyforreleaseofhismonthlyrecommendatios.Duringasocietyevent,VakilranintoAliaDutt,CFA,oneoftheotherteammanagersofXetafund.DuttcongratulatedVakilLaterintheevening,VakilspoketoDuttaboutoneofthecompaniesheisfollowingSandhirst,Inc.VakiJstatedthathisreliinaryresearchindicatesthattheShOnrennoutlookforSandhi
6、rstisverypromising.DuttalsometNeilSavin,Erapco,InC.scontrollerattheeventFrapcoisanationalgrocerychainandalong-timeclientfBlueLotus.SavininformedDuttthatthenewlayoutinthestareshasbeenahitandthatheexpectsrevenuesandearningsforthecurrentquartertobewellaboveconsensusforecastThenextday,DuttplacedaIargeor
7、derforSandhirststockfortheXetafund.DuttalsoplacedalrgeorderforaretailETF.Duttisamemberofanonlineforumwhereshediscussesinvestmentsunderapseudonym.Dutthasfcrmedaveryloyalfollowingovertimeasothersrealizedthatherpostswereveryarticulateand,therefore,theworkofarofessionaLDuttrecommendedFrapcostockinthefau
8、mbutattibutedtherecommendationtoageneraluptickingrocerystoremarginsnationwideaknownfactbasedonrecentearningsannouncementsofothergrocers.Thefallowingweekatacharitygolftournament,VakilmetwithBobSnead,hiscollegeroommateSneadwasaverysuccessfulhedgefundmanagerBothofthefundsrunbySmeadwerecurrentlyclosedto
9、newinvestment,thoughSneadwasconsideringreopeningtheinvestmentsinthenearfuturAtVakilsinsistence,SneadagreedtoallownewinvestmentsintothetwofundsusinganewlystartedintermediaryftndaslongasVakilisthefuncSmanagerVakilquicklyconvincedhisbossesatPatarsbytoopenanintermediaryfindandmarketedthefundtoexistingPa
10、tarsbyclientsQuestion ID: 1220609most accurate regardingQuestion ID: 1220610Question ID: 1220611Q uestion ID: 1220612asawayintoSneadhedgefunds.NotknowinghowlongthedealwithSneadwouldholdup,andwantingtoquicklyrampupassetsundermanagement,VakilaccepteddepositsfromallPatarsbyclients,evensomethatwererelat
11、ivelynewaccountsQuestion#1of60RegardingVakiIsreferencetoXetafundsperformanceinhisresume,whichofthefollowingiscompliancewiththeCodeandStandards?Vakilviolated:A)StandardI11(D)-PerformancePresentationB)StandardIV（八）-DutiestoEmployer:Loyalty.C)StandardHID-PerfonnancePresentationaswellasStandardIV（八）-Dut
12、iestoEmployer:Loyalty;Question#2of60VakifsuseoftheBlueLotusmodelsatPatarsbyisleastIikelytobeaviolationunder：A)StandardI(C)-Professionalism:Misrepresentation.B)Standar*dIl（八）-IntegrityofCapitalMarkets:MaterialNonpublicInformation.C)StandardTV（八）DutiestoEmployer:IQyHItyQuestion#3of60VakiTsconversation
13、withDuttregardingSandhirststockismostlikelyaviolationof:A)StandardIV（八）-DutiestoEmployer:Loyalty.B)Standard11（八）-IntegrityofCapitalMarkets:MaterialNonpublicInformationC)Standard11T(C)-DutiestoClients:Suitability.Question#4of60WithregardstoinvestmeritsinSandhirstStoCkandretailETF,DUtt勿OSflikelyviolat
14、ed:A)StandardU（八）MaterialandNonpublicInformationbyinvestinginSandhirststockbutnotbyinvestingintheretailETEB)Standard11（八）-MciterialandNonpublieInformationbyinvestingintheretailETFbutnotbyinvestinginSandhirststock.C)StandardIl（八）-MaterialandNonpublicInformationinbothinstances.DutfsrecommendationOfFra
15、PCostockintheordineforumismostlikely.A)adolationofStandaidII（八）-MaterialandNonpublicInfoimationeventhoughsheattributedtherecommendationtopubliclyavailableinformation.B)notaviolationunderStandard11（八）-MaterialandNonpublicInformation.C)dolationofStandardI11O:PreservationofConfidentialityQuestion#6of60
16、QuestionID:1220614VakiIsconductregardingtheintermediaryfundtochannelinvestmentsintoSneadfundsismostlikelyaviolationunder:A)Standar*d11(B)IntegrityofCapitalMarkets:MarketManiulation.B)StandardUI(D)DutiestoClients:SuitabilityC)StandardI11(D)DutiestoClients:FairDealing.Questions#7-12of60Questions67thro
17、ugh72relatetoQuantitativeMethods.KateSavyerCaseScenarioResearchassociateKateSawyerisresponsibleforidentifyingthedeterminantsofperformanceforherfilm*sProgressiveFUnd(PF).AlltestsPQrfOnnQdatSawyersfirmareexaminedattheQ05levelofsignificance.Sawyerexaminesthefollowingregressionsusingmonthlydataobservedf
18、ora36monthperiod:(1)RpFt二二b+bR+bVMG+epFt2t0epFjt二a+&iR%I+a2VMGl+Upf,iWhere:RpF,t=thereturnontheProgressiveFundinmonthtRM.t=thereturnontheWilshire5000stockmarketindexinmonthtVMGt=thereturnonvaluestocksminusthereturnongrowthstocksinmonthppt=theestimatedsquaredregressionerrorsderivedSum(1)EXhibit1:Equa
19、tion(1)RegressionResultsVariableCoefficientp-valuesConstant-00050.030RYL2500,001VMG0.2000.980TheR/fromequation(1)equalsQ80.Acolleague,JackLockhart,makestworecommendationstoSawyer:RecomInendation1:Myresearchindicatesthatinflation-ratechangesarehighlycorrelatedWiththeWilshire5000stockindexreturns.Ther
20、efarRIrecommendaddingtheinflationchangevariabletoyourregression.Recomnendation2:MyresearchindicatesthattheslopecoefficientsofyourregressionchangedsignificantlyafterthepassageofRegulationFairDisclosurewhichtookplaceinthemiddleofyour3-yearsampleperiod.Yourregressionpoolsacrosstwodistinctsampleperiods.
21、Therefore,IrecoinmendcorrectingyourcurrentregressionequationformodelmIsspecification.InherconversationwithLockhart,Sawyerexplainsthatsheisconcernedthatherregressionequation(1)mayignoreotherimportantdeterminants戒PeIformanCeftheProgressiveFund.Sawyerexplainsthatsheisawarethattheomissionfinportantindep
22、endentvariblesaffectsthequalityoftheparameterestimatesfIheregression.Shemakesthefollowingclaims,assumingtheomittedvariablesareco11elatedWiththeincludedvariables:Claim1:Theparameterestimatesofequation(1)areunbiased.Claim2:Theparameterestimatesofequation(1)areinconsistentQuestion#7of60QuestionID:12206
23、16Oftheslopesforthetwoindependentvariables,RandVMG,determinewhicharestatisticallysignificantattheU05level?A)Bothslopesarestatisticallysignificant.B)OnlytheslopeforRvisstatisticallysignificantC)OnlytheslopeforVMGisstatisticallysignificantQuestion#8of60QUeSliOnID:1220617TheR2derivedfrequation(1)indica
24、teswhichofthefollowingfcrequation(1)?A)Regressionsumofsquaresexceedstheerrorsumofsquares.B)Regressionsumofsquaresexceedsthetotalsumofsquares.C)Meanregressionsumofsquaresislessthanthemeantotalsumofsquares.Question#9of60QuestionID:1220618Sawyerdecidestotestregressionequation(1)fortheexistenceofndition
25、alheteroskedasticity.SawyerislikelytoconcludethatherregressiondoesnotexhibitconditionalheteroskedasticityiftheR2fromequation(2)is:A)closetoQB)closeto1.C)CloSetQQ80.RegardingLockhart,sRecommendation1,theeconometricproblemthatismostHkelytobeintroducedbyincludingtheinflationchangevariableinregressioneq
26、uation(1)is:A)modelmisspecificationB)serialcorrelation.C)multicollinearity;QuestionID: 1220620Question#11of60RegardingLockhart;sRecommendation2,themost7eyfrmofmodelmisspecificationtowhichherefersis:A)stationaritymodelmisspecification.B)time-seriesmodelmisspecificationC)functionalmmodelmisspecificati
27、on.QuestionID: 1220621Question#12of60RegardingClaim1andClaim2madebySawyerabouttheeffectsofomittedvariables,whichclaimsarecorrect?A)Claim1OnlXB)Claim2onlC)BothClaim1andClaim2.Questions#13-18of60Questions73through78relatetoFinancialReportingandAnalysisWhitmoreCorporationCaseScenarioGarySmith,CFA,hasbe
28、enhiredtoanalyzeaspecialtytoolandmachinerymanufacturer;WhmoreCorporation(WMC).WMCisaleadingproducerofspecialtymachineryintheUnitedStates.Attheendof2014,WMCpurchasedYorkToolCompany(YTC),anAustralianfirminasimilarlineofbusinessYTChaspartiallyintegrateditsmarketingfunctionsWithinWMCbutstillmaintainscon
29、trolofitsoperationsandsecuresitsownfinancing.FollowingisasummaryoftheincomestatementandbalancesheetforYTCGnmillionsofAustraliandollars-AUD)forthepastthreeyearsaswellasexchangeratedataoverthesameperiod.IncomeStatement(AUDmillions)201420152016Revenues765820870COGS4845205805G&A171183200Depreciationexpe
30、nse505050Interestexpense181716Incomebeforetax425024Taxes212512Netincome212512BalanceSheet(AUDmillions)201420152016201420152016Cash222520Currentliabilities616593584Accountsreceivable400422460Long-termdebt180170160Inventories2。2530Prepaidexpenses82025Commonstock505050Netfixedassets500450400Retainedear
31、nings104129141Totalassets950942935Totalliabilities&equity950942935Exchangerates(AUD/USD)201420152016Averageexchangerate1.40L301.45YeaLendexchangerateL20L40L50Historicalexchangerate1.201.201.20SmithhasdiscoveredthatWMChasasmallsubsidiaryinUkraineThesubsidiaryfollowsIASaccountingrulesandusesFlFOinvent
32、oryaccounting.TheUkrainiansubsidiarywasacquired10yearsagoandhasbeenfullyintegratedintoWMC,soperations.WMCobtainsfundingforthesubsidiarywheneverthecompanyfindsprofitableinvestmentswithinUkraineorsurroundingcountries.AccordingtoforecastsfromeconomisttheUkrainiancu,encyisexpectedtodepreciaterelativetot
33、heU.S.doDaroverthenextfewyears.LocalCurrenCypricesarefcrecastedtoremainstable,howeverOneofthemanagersatWMCasksSmithtoanalyzeathirdsubsidiarylocatedinIndiaThemanagerhasexplainedthatrealinterestratesinIndiaoverthepastthreeyearshavebeen200%,250%,and3.00%,respectively,whilenominalinterestniteshavebeen34
34、.64%,29.15%,and25.66%,respectivelySmithrequestsmoretimetoanalyzetheIndiansubsidiary.Question#13of60QuestionID:1220623CalculatethepercentchangeinYTCnetincomeshownontheWMCfinancialstatementsfrom2015to2016.A)-520%.B)-552%.C)-5&9%.IfWMCusesthetemporalraethod,YTC,snetmonetaryliabilitiesleaveWMCexposedtol
35、ossintheeventof:A)currencyQuD)depreciation.B)currency(AUD)appreciation.C)eitherCUnPnCydepreciationorcurencyappreciation.Question#15of60QuestionlD:1220625DeterminewhetherthetranslatedtotalassetturnoverforYTCfor2016wouldbehigherunderthecurrentratemethodorunderthetemporalmethod.A)Temporalmethod.B)Curre
36、ntratemethod.C)Nodifferencebetweentemporalandcurrentratemethods.Question#16of60QuestionID:1220626Fortheperiod2014-2016,WMC*sannualUSDrevenuegrowthrateattributabletoitsAustliansubsidientertainmentandadvertisingcontentintextandvideoformatTheinternetsegraentrepresents75%ofthecompanystotalrevenues.Thene
37、wspaperpublishingsegmentpublishes10dailynewspapers.Thenewspaperpublishingsegmentrepresents25%ofthecompanystotalrevenues.TheDailyisorganizedintothreesegments:newspaperpublishing(60%ofrevenues),broadcasting(35%ofrevenues),andinternet6%ofrevenues).Thenewspaperpublishingsegmentpublishes101dailynewspaper
38、s.Thebroadcastingsegmentownsandoperates25televisionstations.Theinternetsegmentconsistsofaninternetadvertisingservice.TheDailysnewspaperpublishingandbroadcastingsegmentscoverthe20largestmarketsintheUnitedStates.VoyagersacquisitioncfTheDailyisthecompanyssecondmajoracquisitioninitshistcry.Thepreviousac
39、quisitionwasattheheight&themergerboomintheyear2000.VoyagerpurchasedtheDragonCompanyatapremium-to-11et-assetvalue,therebydoublingthecompanySsize.VoyagerusedthepoolingmethodtoaccountfcrtheacquisitionofDragon;however;becauseofFASBchangestotheBusinessCombinationStandarVoyagerwillusetheacquisitionmethodt
40、oaccountf(rtheDaiIyacquisitionGnmillions,exceptpersharedata)Voyager;Inc.(beforemerger)TheDaily(beforemergez)Revenues$L800$7,600Operatingincome$415$998Earnings$200$650Assets$1,900$14,700Debt$200$2,500Equity$1,100$7,600Numberdshares117.6million213.1millionStockpricepershare$68$35EarningspershareH.70$3
41、.05PEratio40,OxIL5Voyagerhasmadeanall-cashofferof$45persharetoacquireTheDaiIyWallStreetisskepticalaboutthemergerWhHeVoyagerhasbeengrowingitsrevenuesby40%peryear;TheDailysrevenuegrowthhasbeenlessthan2%peryearMichaelRenner,theCF0ofVoyager,defendstheacquisitionbystatingthatTheDailyhasaccumulatedalargea
42、mountoftaxlossesandthatthecombinedcompanycanbenefitbyimmediatelyincreasingnetincomeaft*themergerInaddition,RennerstatesthatthenewVoyagerwilleliminatetheinefficienciesofitsinternetoperationsandtherebyboostfutureearningSwRennerbelievesthatthemergedcompanieswillhaveavalueof$17.5billioaInthepast,TheDailysmanagementhaspubliclystateditsoppositiontomergingWithanycompany,apositionmanagementstillmaintains.Asaresultofthissituation,VoyagersubmitteditsmergerproposaldirectlytoTheDailysboardofdirects%whilethefirmsCEOwasonva
