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1、QuestiCnSl-6relatetoEthics,，Questions7-12relatetoQuantitativemethod6Questions13-18relatetoFinancialRepolIingjflalysis10Questions19-24RelatetoFinancialRepollingandAnalysis14Questions25-30relatetoCol-porateFinance.18Questions3136relatetoEquity.22Questions37-42relatetoEquity.26Questions43-48relatetoFix
2、edIncome30Questions4954relatetoDclivative33Questions55-60RelatetoPolIfolioManagement,.36RrstName:DateQuestions1-6relatetoEthicsCase1:TeaCaseScenarioC力口StianMathewCFA,isanequityj11lystspeciajfn11ginthebeveragemdusti%GuptaAssetMa血gers(GUPt),ap。ItfOiio皿血gementbasedmMflHhaiMathewisplamlingahiptoSriLanka
3、toresearchtheteamdus叨MmaliPtemadOSaCFA,as节em,isaresearch11UystabrollllgAshokaBrokerheadqualteredmColomb(Sri1.akaMathewcontactsntohelpai丁扣IgevisitstospecifcallyidentifiedteaestatesofpubliclyCohpalliesmthehighlandscfSriLaaka.阳m,wantingtoenhancethebusmessrelatiol6hiwithGUPlaarrangesalld,SlitobePciidfor
4、byAshokaThesecostsincludefoodhotelandThisStTangementisbasedthe皿derst扣汕ngthatallsecmityip455actiolisresultingMathewsniptoSLankaWiIIbeexecutedtlnougllAshoka沁hokabcrmnissirisaretypicallySimilartoitsbutitcantakeafewdaystoexecutelaigvolmncsofadesAshokaisnewtothebrokeragebusinessFVemsetstheitmeraiy,Withpl
5、allStoVisitanliimumofaxSriLankateaC(IIlPniIeSillttetleeregionSMathewtothevisitsandasksPLemtocl、eatealistcfquestiolistoasktlieofeachtowhichhewilladdRscprestiollSMalllewasksIVenltodelaythereleaseanyresearchreporthewritesonthesixSriLaakatheyvisittogetheruntilsuchtimettGuptaIifiShadanopportunitytoactont
6、ot螂KandyTeaEstateLimitedhfonnationisExhibit1.Exhibit1KandyTeaEstateLimitedDate:December2012Analyst:MuraIiPremadosaCharteredFinaialAnalystRecoui)eiaton:LongtenbuywithassociatedIiighconuiiodityrisksupportedbylargegrowthprospectsforSriLankaaswellasliquidityriskbecauseitisathinlytradedconayinafrontierma
7、rket.Exhibit1Conrd-TeaProductionbyCountry(millionkg)200820092010CAGR(2008-2010)Iudia980.8979.0966.4-0.7%SriLaiika318.7290.6331.42.9%Source:IndiaTeaBoardandSriLaiikaTeaBoardMatliewisimpressedwithPrem,sworkethicandresearchabilities.KnowingGuptawantstohireanalystsforitsnewColombooffice.MathewasksPremif
8、hewouldbeinterestedincIiangingenloyersandbuildingaresearchteamPremisexcitedabouttheprospectandtoshowhisworthtoGupta,Premundertakestkfollowingactionsathisofficeafternormalworkinghours:ActionECreatesalistofalltleworkliecoletedatAshokaontuspersonallaptop.Action2:Photocopiesresearchreportsherecentlycomp
9、letedontheteaindusty.Actiou3:MakesIiaiidwrittenexcerptsfrompreviousresearchmeetingtes.UponMatlew,sreturntoMumbai,liedeliverstohisclientshisInvesunentreportwitha“BuyrecommendationforKandyTeaEstatelimited,alongwithteasanleshecollectedwhileuiSriLaiika.WheIIbuyingKandysIiaresforIiisclients.Matliewalsobu
10、yshesamesharesforhispersonalaccount.Hehaddisclosedhisplantopurchasethesharesforhisownportfolioalongsidehisclientsbeforehebouglttheshares.However.MatliewisforcedtoselltleSameslarestwoweekslatertopayforamedicalemergency.MathewreceivedpermissionfromGupta,scomplianceofGcerforbothtransactions.LIstoelihan
11、cebusillessrdatisconsistentwiththeCFAInstituteCodeofEthicsandStand1Conduct?出ofA.YesB.NqUithregardtobestexecutionC.NqWithrcgardtoilldcpendenccandobjcctivitytoveViolatcdCFA扣idMathcwtheinfcrmationprovddedbythempany4.PIcmSresearchreportillExhibit1leastIikellyViolateSwlichCFAInstituteStandard?A.B.UseofCF
12、AttionC.CommunicationWithClients5WhichoftheactionsthatPIcmundettakestoshowvaluetoGuptaisnsistentWiththeCFAStandaid?6Matfewsacionsuponhisre血血。MuEtlJaiViQIateCFAStandardswithregardstohis:A.disclosuretoclients.B.personalteainvestments.C.giftsofteasanlestoclients.Questions7-12relatetoQuantitativemethodC
13、aSe2:LiheukoConsultuigCaseScenarioYiinLitveiikoisIhefbulerandprimaryanalystforLitvenkoConsulting,afintlalspecializesinanalysisandmodelingforinvestmentadvisories.Litvenkohasrecentlytakenonanewclient.LiiidaEpstein.EpsteiiimanagesanequityfhndandisseekingnewstrategiestlatwillIielpIierexcelinpickingcompa
14、niesforIhefundthatwillout-performthemarket.LitvenkosuggestsaquantitativeapproachtoSelectuigsecunties.Accordingtohisresearch,amultipleregressioncanprovideausefillscreenfornewstocks.Heproposesthefollowingmodel:&+1=bQ+b1(RmtR介)+fe2xSMBt+%xHMLt+h4Dt+fe5RltWhere%.=theeectedreturnonthesecurityintlenextper
15、iodRmt=thereturnontherelevantuarketindexRft=tlerisk-freerateSMBt=theexcessreturnoftlesmallestdecilemarket-capstocksoverthebiggest-decileonesHMLt=theexcessreturnoftleliglest-decilelxx)k-to-uarketstocksoverthelowest-decileonesDt=tlecurrentdividendyieldR/=theconanysearningsreinvestmentrate1.itveukotellsEpsteinthatliewillusefiveyearsofquarterlyhistoricaldatatoestimatetheu)delandadviseshertoselectthosesecuritieswithreturnsabovehertargetthresholdforfirtheranalysis.Asanexa
