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1、Question:1Topic:IndividualPM/BehavioralMinutes:15ReadingReferences:2011LevelIII,Volume2,StudySession3,Reading7,pp.5-12HeuristicDrivenBias:TheFirstThcmc,BeyondGrccdandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,HershShefrin(OxfordUniversitySchoolPress,2002)2011LevelHI,Volume2,Study
2、Session3,Reading8,pp13-20FrameDependence:TheSecondTheme,BeyondGreedandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,HershShefrin(OxfordUniversitySchoolPress,2002)2011LevelIII,Volume2,StudySession4,Reading16,.246-250EstatePlanninginaGlobalContext,StephenM.Horan,CFA,andThomasR.Robinso
3、n,CFA(CFAInstitute,2(X)9).1.OS:2011III37a7.HeuristicDrivenBias:TheFirstTheme2)ceVQimfeldteinrfpa*bfteIIFibiiC-ddvenbiases(includingrepresentativeness,overconfidence,anchoring-and-adjustment,aversiontoambiguity)oninvestmentdecisionmaking.201IIII38a8FrameDependence:TheSecondTheme3)IeeXPhUwIshQQkbrJton
4、irte4Qininvestors*willingnesstoholdontodeterioratinginvestmentpositions;b)evaluatetheimpactsthattheemotionalframesofselfcontrol,regretminimization,andmoneyillusionhaveoninvestorbehavior.2010III416a,b,f,g16.fctEstatePlanninginaGlobalContext”ThecandidateshouldbeabletO)discussthepurposeofestateplanning
5、andexplainthebasicconceptsofdomesticestateplanning,includingestates,wills,andprobate;b)explainthetwoprincipalformsofwealthtransfertaxesanddiscusstheimpactofimportantnon-taxissues,suchaslegalsystem,forcedheirship,andmaritalpropertyregime;C)detenineafamily,scorecapitalandexcesscapital,basedonmortality
6、probabilitiesandMonteCarloanalysis;Question:1Topic:IndividualPM/BehavioralMinutes:15d)evaluatetherelativeaftertaxvalueoflifetimegiftsandtestamentarybequests;e)explaintheestateplanningbenefitofmakinglifetimegiftswhengifttaxesarepaidbythedonor,ratherthantherecipient;f)evaluatetheafter-taxbenefitsofbas
7、icestateplanningstrategies,includinggenerationskipping,spousalexemptions,valuationdiscounts,andcharitablegifts;g)explainthebasicstructureofatrustanddiscussthedifferencesbetweenrevocableandirrevocabletrusts;h)explainhowlifeinsurancecanbeataxefficientmeansofwealthtransfer;i)discussthetwoprincipalsyste
8、ms(sourcejurisdictionandresidencejurisdiction)forestablishingacountry,staxjurisdiction;R)discussthepossibleincomeandestatetaxconsequencesofforeignsituatedassetsandeValfenndgifiSicwtidIacortiebilityundereachofthreebasicmethods(credit,exemption,anddeduction)thatacountrymayusetoproviderelieffromdoublet
9、axation;Ddescribetheimpactofincreasinginternationaltransparencyandinformationexchangeoninternationalestateplanning.Question:1Topic:IndividualPM/BehavioralMinutes:15GuidelineAnswer:PARTATemplateforQuestionI-ANote:Considereachobjectiveindependently.ObjectiveDeterminewhichtrust(irrevocable,revocable,or
10、bothequally)ismoreappropriateforeachobjective.(circleone)Justifyyourresponsewithonereasonforeachobjective.etrueth)n).1.tosubjetimHue.WietFnganthe1.SellUSD1.0millionofBuildcoshareswhileminimizingtotaltaxes.irrevocablebothequallyBeckershouldsellthesharesintherevocabst.Currenttaxesonrealizedcapitalgain
11、swilltesameforeithertrust(20%USD1.8milliAssetsintheirrevocable(rustarenotsubjecestatetax.AssetsintherevocabletrustareCttoestatetaxesuponBecker,sdeath,atwhicethecostbasiswillbeincreasedtomarketv2.PutadditionalassetsintoatrustOprotectthoseassetsfrompotentialfuturelegalclaimsagainstBecker.revocableboth
12、equallyBbukertQiala(axesth0rei)fninirrtfedei)CabfeiingusfrbjeiltttoUIiLihiS(IDCeVQCalMaltriIiSkaGfeta出HirmoWbadeownedbythesettlorandhenceareoutofreachofanyclaimants.2011LevelIIIGuidelineAnswersMorningSessionPage3of39Question:1Topic:IndividualPM/BehavioralMinutes:15PARTBTemplateforQuestionI-BNote:COn
13、Sidereachbiasindependently.USeeaChdiscussionOnIyonce.BehavioralbiasIdentifythediscussioninwhichoneoftheparticipantsbestillustrateseachofthefollowingbehavioralbiases(circlethediscussionnumberfromExhibit1).Justifyeachresponsewithonereason.IRepresentativenessreferstojudgmentsbased(stereotypes.Beckermay
14、beoverlyoptimisticnthati.representativenessRollingMixCementshareswillperformwel3becausetheCEOofRollingMixCementperformedwellatBuildco.41Framedependencerefersloinvestorbehaviordependsonthewaydecisionsareframed.Bthat己Ckerii.frame2holdsmanypositionsvaluedbelowcost.Thismaydependence3Obeevidenceofframede
15、pendence(lossaversiHisinvestmentdecisionsareframedtoavoidSratherthancontinuouslyreevaluateholdings.n).Iosse0Peoplepreferthefamiliartotheunfamiliar.Frostiii.aversionto2prefersthecertaintyofbondcashflowstouncertaintyofriskyassetcashflows,eventtheoughambiguity3investorsmightreceiveappropriatelyhigherreturns4forassumingthatrisk.2011LevelIIIGuidelineAnswersMorningSessionPage4of39Question:2Topic:IndividualPMMinutes:23ReadingReferences:2011Lev
