2019年CFA二级押题密卷（下午卷）

学习财经，只在高顿2019CFA二级考前押题密卷咨询：400-600-8011邮箱：网站：高顿财经-1-学习财经，只在高顿2019IISamplePM（一）Theafternoonsessionofthe2019LevelIIFinancial®Samplehas60questions.bestsimulatetheexperience,advisedanof18minutespersetand6multiplechoicequestions)aof180minuteshours)thissessionoftheQuestions18andMethods7–101212181818181818180–14–2021–26–32–38–44-50–54–60FinancialReportingandAnalysisFinanceIncomeManagementManagementaccessingthisSampleagreetheofuse:ThisSampleiscandidates.viewandprintthepersonalTheactivitiesstrictlyandindisciplinaryaction:accessingorpermittingaccessbyotherthancopying,postingemailing,distributingreprintingtheSamplepurpose.®2019Institute.Allrightsreserved.咨询：400-600-8011邮箱：网站：高顿财经-2-学习财经，只在高顿2019IISamplePMEthicsTheGuptaCaseChristianMathew,CFA,isanequityanalystspecializinginthebeverageindustry,forGuptaAssetManagers(Gupta),aportfoliomanagementcompanybasedinMumbai,India.MathewisplanningatriptoSriLankatoresearchtheteaindustry.MuraliPremadosa,CFA,knownas“Prem,”isaresearchanalystforastockbrokingcompany,AshokaBrokers,headquarteredinColombo,SriLanka.MathewcontactsPremtohelparrangevisitstospecificallyidentifiedteaestatesofpubliclytradedcompaniesinthehighlandsofSriLanka.Prem,whowantsenhancethebusinessrelationshipwithGupta,arrangesforallofMathewsSriLankanexpensestobepaidforbyAshoka.Thesecostsincludefood,hotelandtransport.ThisarrangementisbasedontheunderstandingthatallsecuritytransactionsresultingfromMathew’striptoSriLankawillbeexecutedthroughAshoka.AshokascommissionsaretypicallysimilartoitscompetitorsbutitcantakeafewextradaystoexecutelargervolumesoftradesbecauseAshokaisnewtothebrokeragebusiness.Premsetstheitinerary,withplanstovisitaminimumofsixSriLankateacompaniesinthethreetea-growingregions.MathewagreestothevisitsandasksPremtocreatealistofquestionstoaskthemanagementofeachcompanytowhichhewilladdhisownquestions.MathewasksPremtodelaythereleaseofanyresearchreporthewritesonthesixSriLankacompaniestheyvisittogetheruntilsuchtimethatGuptahashadanopportunitytoactonMathewsrecommendations.Premagreestothisarrangement.Inameetingwithapubliclylistedteacompany,KandyTeaEstateLimited,informationisrevealedthatneitherMathewnorPrembelieveisinthepublicarena.Theinformationrelatestotherestructuringofthefactorylayouttomaketheteadryingprocessmarginallymoreefficientwitha1%reducedlossoftealeaf.Thenew咨询：400-600-8011邮箱：网站：高顿财经-3-学习财经，只在高顿layoutdoesnotrequireanyadditionalmachineryorpersonnel.PremandMathewseetheincreasedefficienciesduringtheirfactorytour.Afterthemeeting,PrempreparesaninvestmentresearchreportwiththeexcerptshowninExhibit1.Exhibit1KandyTeaEstateLimitedDate:December2016Analyst:MuraliPremadosaCharteredFinancialAnalystRecommendation:Long-termbuywithassociatedhighcommodityrisksupportedbylargegrowthprospectsforSriLankaaswellasliquidityriskbecauseitisathinlytradedcompanyinafrontiermarket.Exhibit1continued–TeaProductivitybycountry(MillionKg)2008980.8318.72009979.0290.62010966.4331.4CAGR(2008-2010)-0.7%IndiaSriLanka2.9%Source:IndiaTeaBoardandSriLankaTeaBoardMathewisimpressedwith’sworkethicandresearchabilities.KnowingGuptawantstohireanalystsforitsnewColombooffice,MathewasksPremifhewouldbeinterestedinchangingemployersandbuildingaresearchteam.PremisexcitedabouttheprospectandtoshowhisworthtoGupta,Premundertakesthefollowingactionsathisofficeafternormalworkinghours:咨询：400-600-8011邮箱：网站：高顿财经-4-学习财经，只在高顿Action1:CreatesalistofalltheworkhecompletedatAshokaonhispersonallaptop.Action2:Photocopiesresearchreportsherecentlycompletedontheteaindustry.Action3:Makeshandwrittenexcerptsfrompreviousresearchmeetingnotes.UponMathewsreturntoMumbai,hedeliverstohisclientshisinvestmentreportwithaBuy”recommendationforKandyTeaEstateLimited,alongwithteasampleshecollectedwhileinSriLanka.WhenbuyingKandysharesforhisclients,Mathewalsobuysthesamesharesforhispersonalaccount.haddisclosedhisplantopurchasethesharesforhisownportfolioalongsidehisclientsbeforeheboughttheshares.However,Mathewisforcedtosellthesamesharestwoweekslatertopayforamedicalemergency.MathewreceivedpermissionfromGupta’scomplianceofficerforbothtransactions.1.IsPremsarrangementtoenhancebusinessrelationsconsistentwiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?A.YesNo,withregardtobestexecutionNo,withregardtoindependenceandobjectivityofmakinginvestmentrecommendation2.WhoismostlikelytohaveviolatedCFAInstituteStandardsinregardtothetimingofthereleaseofresearchreports?A.PremMathewBothPremandMathew咨询：400-600-8011邮箱：网站：高顿财经-5-学习财经，只在高顿anyfurtheractionmostlikelyrequiredofPremandMathewpriortopublishinganinvestmentreportusingtheinformationreceivedintheirmeetingwithKandyTeaEstate?A.No.Yes,convincethecompanytomakeapublicdisclosure.Yes,independentlyverifytheinformationprovidedbythecompany.4.PremsresearchreportinExhibit1leastlikelyviolateswhichCFAInstituteStandard?A.PlagiarismUseofCFAdesignationCommunicationwithClients5.WhichoftheactionsthatPremundertakestoshowhisvaluetoGuptaisconsistentwiththeCFAInstituteStandards?A.Action2Action3Action16.MathewsinvestmentactionsuponhisreturntoMumbaiviolateCFAInstituteStandardswithregardstohis:A.disclosuretoclients.personalteainvestments.giftsofteasamplestoclients.咨询：400-600-8011邮箱：网站：高顿财经-6-学习财经，只在高顿MethodsSalazarCaseScenarioisaincomeinAlitaFund.SheisspecializedinthesheconductsaonyieldsandthatthebondyieldswiththeFunds(FFR)andtheinflation(UIR).Aftertheanalysis,shecollects60monthlyupthemodel.TheinExhibit1andthemodelisasExhibit1BondReturnsonFFRandUIR1.8321Standard0.118915.40873.6764FFR1.01580.2763UIR0.78510.15345.1180Afteranalysis,SalazarwonderswhethertheconditionallyBasedonhercalculation,theis8.46.Then,sheadetermineifconditionalisthe0.05significancelevel.Itisknownthatthecriticalvaluewith2degreesoffreedomthe0.05significanceis5.99.applyinghermodel,SalazarasksthemanagerofAlitaFund,JamesCameron,thespecificationandresults.herthatifthemodelconditionaltheresultscanbeunreliable.Thenhetwoabouttheconsequencesofconditional1“Conditionalwillinbutboththeandwillbebiased,resultingin2“Ifabasedonfinancialsignificantconditional咨询：400-600-8011邮箱：网站：高顿财经-7-学习财经，只在高顿theandcomputedwillbeinflated,suggestingthatthereisnosignificantrelationshipwhentherelationshipactuallyIIAfterdetailedanalysisconditionalheteroskedasticity,SalazarthenrunsaDurbin-Watsontesttotestwhethertheserialcorrelationexists.CameroninspectsSalazar’soutcomesandasksherhowtocorrecttheviolationsifbothconditionalheteroskedasticityandtheserialcorrelationexist.SalazarrealizesthatapossibleremedialactionistoadjustthecoefficientstandarderrorsbyWhite’smethodorHansen’smethod.ShewonderswhichmethodismostsuitableforthecircumstancedescribedbyCameron.Finally,SalazarcalculatesthesamplecorrelationbetweentheFunds(FFR)andtheinflationusing60monthlyandthe0.52.thesignificancelevelof5%,shedeterminewhetherthecorrelationcoefficientisstatisticallysignificant.Thecriticalvaluefortheteststatisticatthe0.05levelofsignificanceisapproximately2.00.7.Todetermineifconditionalheteroskedasticityispresent,whichofthefollowingstatisticaltestsshouldbeperformedandwhatcanbeconcludedfromthetest?A.Breusch-Paganχ²test.Noconditionalheteroskedasticityexists.Breusch-Paganχ²test.Conditionalheteroskedasticityexists.F-test.Conditionalheteroskedasticityexists.Whichoftheconsequencesofconditionaliscorrect?A.Only1iscorrect.Only2iscorrect.Both1and2correct.咨询：400-600-8011邮箱：网站：高顿财经-8-学习财经，只在高顿9.Whichremedialmethod(s)is/aremostappropriatetocorrecttheviolationsifbothconditionalheteroskedasticityandtheserialcorrelationexist.A.White’smethodHansen’smethodBothmethods10.SalazarshouldconcludethatthecorrelationcoefficientbetweenFFRandUIRis:A.significantlydifferentfromzero,becausethenullhypothesiscanberejected.significantlydifferentfromzero,becausethenullhypothesiscannotberejected.notsignificantlydifferentfromzero,becausethenullhypothesiscannotberejected.咨询：400-600-8011邮箱：网站：高顿财经-9-学习财经，只在高顿EconomicsGoldsworthycaseAnnaGoldsworthyisahighnetworthWilsonMachariaisherGoldsworthywithMacharia.Machariabelievestherewillbeavolatilityintheinthefuture,thespotbyadealerisinExhibit1.Exhibit1CurrencypairCAD/USDSpot1.3356-1.3360MachariatellsGoldsworthyamoneyonthecanexploitthebyinahighercurrencywithfundsinacurrency”Machariaisworriedaboutacurrencycrisis,inofacurrencycrisis,he：”Officialreservesdecline””Theinflationexperiencesasignificantdecrease””ishigherthanthe”Abouteconomicregulation,Macharia”Allself-regulatingindependent””Self-regulatingnon-government””Similaragencies,independentusuallyrelyonfunding.”11.UsingExhibit1,whichofthewouldbethereasonifthedealerhisquoteofCAD/USD1.3354-1.3362inatransaction?咨询：400-600-8011邮箱：网站：高顿财经-10-学习财经，只在高顿CAD/USDvolatilitybegindeclinealarger-scaletransactionC.AwhenbothNewandLondonopened12.Ifiswhichoftheisanddonothold?A.Purchasingpowerparityparityparity13.Prioracurrencycrisis,whichoftheisleasthappen?A.ofMacharia’sisA.咨询：400-600-8011邮箱：网站：高顿财经-11-学习财经，只在高顿FinancialReportingandAnalysisGFaUK-basedsells50%ofitsproductsdomesticinBritishpounds(GBP)and50%theUSAinUSdollars(USD).CostsincurredinBritishpounds(GBP).anaUK-basedfirm,ispreparingananalysisofGFusesFinancialReporting(IFRS)intheofitsfinancialis1,2018,monthsafterbalancesheetturnshertheofthetransactionsinUSdollars(USD)year-end(December31),GFhadaoutstandinginUSDtheUSAsalesincurredonOctober30,2017.ThecompanytheamountinfullonitsdueofFebruary1,2018.ShethechangeintheofUSDinExhibit1.Exhibit1:SelectedCloseOctober30,2017December31,2017February1,20180.620.680.64Then,shenoticesthatGFhasanon-domesticwasonJanuary1,2015expansionofGFnetworkChina.MostoftheChinesebutincurredinmultiplecurrencies:..andotherexpenseprimarilyinChinese(CNY).RawnormallypricedinBritishpounds(GBP).AlthoughdidnotcontributeGFinboth2015and2016,theCNY-denominatedsales30%of2017duethehugeoftheChineseandthey10%-15%nextafterfiscalend(December31,2017),meets咨询：400-600-8011邮箱：网站：高顿财经-12-学习财经，只在高顿withAlice,CFOofdiscusstheAlicepullsouttheyear-endresults(Exhibit2,andsome(Exhibit4).Exhibit2:BalanceSheetonDecember31,2017(CNYMillions)CashandcashAccount200150850assetsPP&E(net)1,2001,1002,300330assetsLong-termdebtliabilities7401,0701,100130Commonearningsliabilitiesandequity2,300Exhibit3:SummarizedIncome2017(CNYMillions)Sales77046060COGSDepreciationexpenseOtherexpenseexpenseexpenseNetincome503040130Exhibit4:SelectedCloseJanuary1,20158.70咨询：400-600-8011邮箱：网站：高顿财经-13-学习财经，只在高顿January1,20178.728.888.80December31,2017fiscal2017concernstheoftheriskandasksAlicewillonfinancialtheanalysisofasksAlicetwoquestions:whichwouldbeifusingthemethodfinancialSecond,whichwouldbeifusingmethodsfinancialAliceasksaER,whichinthreemajordivisionsincludingmanufacturing,realandfindsthatERhasamountofleasewithSelectedfinancialnotesisinexhibit5andexhibit6.Exhibit5ERSelectedFinancialDecember31(in€Millions)20172016Sales2,350191,98014expenseleaseincomeCurrentdebt1513790630260270Long-termdebtequityassets1802051,2802,5301,0502,018Exhibit6leaseLeaseCommitments(in€Millions)asofDecember31,2017咨询：400-600-8011邮箱：网站：高顿财经-14-学习财经，只在高顿DueDecember31,2018DueDecember31,2019DueDecember31,2020DueDecember31,2021DueDecember31,2022offutureleaselease181816161632116*After2022,allleaseassumedbethesameasin2022Theimplicitoffinanceleasewas8.0needsadjustoff-balancesheetobligationsactualpictureofsolvencyShedeterminesthattheadjustment2017wouldincreaselong-termdebt.partofherannualthreedivisions’andinExhibit7.Exhibit7M-scoresandZ-scoresdivisionsDivisionManufacturingM-scoreZ-score-2.35-1.56-1.793.010.001.7915.WhichoftheaccountingabouttheonfinancialofthesalesintheUSAisGFwould:A.reportanyear-end.notreportcurrencyuntiltheisadjustthesalesthechangeinwhen咨询：400-600-8011邮箱：网站：高顿财经-15-学习财经，只在高顿16.TheofthechangeinthebetweentheCNYandarisinginin2017willbea(an):A.adjustmentlossof£2.70millioninotherincome.adjustmentof£2.41millioninotherincome.lossof£2.79millioninnetincome.17.Theanswerquestionaboutwhichwouldbeusingmethodis:A.quickonasset18.Underwhichmethodwilldebt-to-assetsbehigher?A.Themethod.Themethod.willbeno19.BasedoninExhibits5and6,adjusteddebt-to-assetasofendof2017isclosestto:A.17.4%.20.83%.20.14%.20.BasedonExhibit7,whichdivisionisbesuspectedofmanipulatingearnings?A.Manufacturing咨询：400-600-8011邮箱：网站：高顿财经-16-学习财经，只在高顿FinanceGoldenManufacturerCaseGoldenPlasticsCorp.isaleadingmanufacturerofhigh-qualityplasticpackagingmaterialsusedinvariousindustries,primarilyintheconfectionaryandchocolateindustry.InlateNovember2017,thecompanyreceivedapprovalforanimportantpatentapplication—onesupplyingimprovedplasticchocolatewrappermaterialforchocolatepreservation,especiallytopreventitfromextremeweather(i.e.meltingduringsummer).4January2018,SilverlaunchedahostilebidtotakeoverGoldenCorp.Unfortunately,Goldenssuccessfullydefendeditselffrombeingacquiredbyseekinganinvestorwhointendedtobuyasubstantialminorityamountofitsstock–whichwouldbeenoughtoblockSilver’shostiletakeoverbidwithoutsellingtheentirecompany.ZagInc.alsoproducesplasticwrappersthatareusedforcandyandchocolate.Samantha,whoisbothchiefexecutiveofficerandchieffinancialofficerofZag,hadbeenindiscussionswithGoldenfortheconsiderationofthenewlypatentedtechnologies.Asaresult,SamanthabegantoconsiderhavingZagmakeitstakeoverbidforGolden.SamanthaprovidesGolden’smostrecentfinancialstatements,asindicatedinExhibits1to2,tooneofhisassistants,Peter.ZagintendstousethediscountedcashflowapproachtocalculateGoldensfreecashflow,andtofurtherdeterminethemaximumvalueofthecompany.Exhibit1GoldenPlasticsCorp咨询：400-600-8011邮箱：网站：高顿财经-17-学习财经，只在高顿SelectedFinancialData($millions,exceptpershareamounts)ForEnding31December2016Revenues2,6001,200600CostofgoodssoldSelling,general,andadministrativeexpenseEarningsbeforeinterest,taxes,depreciation,andamortization(EBITDA)DepreciationexpenseOperatingincome80025055050InterestexpensePretaxincome500150350Incometax(30%)NetincomeExhibit2GoldenPlasticsCorp.ConsolidatedBalanceSheets($millions)At31December2016$102015CashandcashequivalentsOthercurrentassetsTotalcurrentassetsLong-termassets,grossTotalassets$53152953253001,200$1,8501,130$1,730Currentliabilities$700$670咨询：400-600-8011邮箱：网站：高顿财经-18-学习财经，只在高顿Long-termdebtCommonstockholders’equity550600600460Totalliabilitiesandstockholders’equity$1,850$1,730PetersoonreturnsandpointsoutthatthefreecashflowsfromGoldenwilldifferinfutureyearsasaresultofitsnewpatents—justasZagwantedtolicensethetechnology,hesuggeststhatotherplasticfirmswouldalsobeinterested.PeteralsosuggeststhatsinceGoldenhasalowerdebt-to-equityratiothantherestofcompetitors,itcouldsupportmoredebt,andhehasadjustedtheweighted-averagecostofcapitalaccordingly.PetersprojectedcashflowsandotherestimatesareprovidedinExhibit3.Exhibit3andAssumptionsofUsedinGoldenPlasticsofJanuary2017(Allnumbersin$millions2017170201816520191802020195End-of-yearfreecashflowtofirmGrowthat5%perannumWeighted-averagecostofcapitalTotaldebtimmediatelyfollowingacquisition10.5%650Numberofoutstandingshares(millions)80AfteradiscussionabouttheappropriatecashflowestimatesanddiscountratestouseindeterminingthevalueofGoldentoZag,SamanthadecidedthatZagshouldmakeamixedofferforallofGoldenssharesfor$35pershare,consistingof$23incashandZagscommonstockwithanexchangeratioof0.24.Thedetailsoftheoffer咨询：400-600-8011邮箱：网站：高顿财经-19-学习财经，只在高顿arefoundinExhibit4.Exhibit4ofZagsPlannedAllofGoldenPlastics’CommonGoldenPlastics$25/shareZagPlastics$50/share100millionPre-mergerpriceSharesoutstanding60millionPost-mergerFollowingthemerger,Zagssharesareexpectedtobepricedat$53/share.SynergiesfrommergerZagbelievesthatmostofthesynergiesarisingfromthemergerresultfromGoldensnewpatents.BecauseGoldenandZagarebothbasedintheUnitedStates,SamanthaalsodecidedtohavePetercalculatethepre-andpost-acquisitionHerfindahl–HirschmanIndex(HHI)fortheindustry.Themarketiscurrentlycomposedof11companies.Itiscurrentlydominatedbyonelargepubliclytradedfirm,whichcontrols30%ofthemarket.GoldenandZag,eachcontrols11%ofthemarketwiththerestofthemarketevenlydividedbyeightotherfirms.WiththetakeoverofGolden,therewillbe10companiesremainedinthemarket.WhenSamanthapresentedZagsproposedtakeovertohisboardthefollowingday,oneofthedirectorsmadethefollowingcomments:1.WhileIamcertainlyinfavorofthistakeover,Ithinkwouldachievethegreatestvaluefromtheacquisitionifoffermorecashandlessstock.2.Overthenextfewyears,thismergershouldbegoodforourcompany,astheempiricalevidencefrommergerstudiesindicatesthatacquirersnormallyoutperformtheirpeersduringthethreeyearsfollowingamerger.咨询：400-600-8011邮箱：网站：高顿财经-20-学习财经，只在高顿21.GoldensactiontorespondtoSilverstakeovercanberegardedaswhichofthefollowingtypeoftakeoverdefensetactic?A.Pac-mandefenseB.Just-say-nodefenseC.WhiteSquiredefense22.BasedonExhibit1&2,Golden’sfreecashflowtothefirm(FCFF)(inmillions)for2016isclosestto:A.$565.B.$575C.$635.23.BasedonPetersassumptionsinExhibit3,themostthatZagshouldbewillingtopayforeachshareofGoldenisclosestto:A.$30.B.$36.C.$40.24.BasedonZag’sproposedtenderofferandinformationinExhibit4,thesynergyarisingfromthismerger(inmillions)isclosestto:A.$643.$943.$1,063.25.Basedonthepost-acquisitionthemostlikelyindicationofthemergewillbe:A.Noviolationoftheantitrustlaw,thepostis1,872;咨询：400-600-8011邮箱：网站：高顿财经-21-学习财经，只在高顿Noviolationoftheantitrustlaw,thepostis1,672;Likelytoraiseantitrustconcerns,thepostis1,672;26.WhichofthefollowingstatementsmadebythememberoftheBoardofDirectorsismostaccurate?A.Statement1onlyStatement2onlyC.Neitherstatement1nor2咨询：400-600-8011邮箱：网站：高顿财经-22-学习财经，只在高顿EQUITYGoslingasthefinancialinassetmanagementfirm.Hissupervisorhasjusthimfindoutsomesubjectcompaniesinstylefield.JordandecidesusetopanalysismethodfinishtheSoon,hethatsemi-conductorindustryisexperiencingandistheleadingcompanyinthisfield.JordansetsashisanduseresidualincomemodelprojecttheeconomicofwithinExhibit1.Exhibit1Selectedvaluationof31December2017Netincome$573million$1328million$1532million13%Commonearningsofequity2018-2019DividendSharesoutstanding10%30%120millionJordanalsotheof10%ofcouldnotbeperpetuallymaintained,andwouldtime.hisvaluationmorehesetsaof0.7after2019inhisassumption.Underthisassumption,hewouldusetheresidualincomemodelcalculatetheintrinsicofArmishawscolleague,noticeshimconsidertheinfluencecouldbemanyLowdividendhighROE,portionofaccountingaccrualinnetincomewillallleada”Then,Jordanandadiscussionabouttheofequityinthemodel.Jordantellstheofequityinthereportisunderthe咨询：400-600-8011邮箱：网站：高顿财经-23-学习财经，只在高顿model(FFM).theremustbesomethingwiththecalculation,becausetheFFM’sisnot13%.”JordanacceptsandtheequitywiththeinputinExhibit2.Exhibit2SelectedaboutFFMmodelDebt0RMRF0.820.750.15-0.41%SMBHMLLIQUST-billriskpremiumliquidity8%2%4%3%alsoremindsJordanclassifysstylesothatitcouldmeetwiththesorientedJordanreplieswithconfidencethathecouldthestylethroughthesensitivitiesexhibit2.suggestsJordanconsideringmorewhencalculatingtheofreturn:Themodelcouldbebecauseitwasbasedonbothmulti-fundamentaland“Jordanadjustshismodeltheandsubmithisreportnextmorning.27.BasedonExhibit1,Jordanresidualincomein2019,theclosestnumberwouldbe:A.$201.11million$258.50million$264.17million咨询：400-600-8011邮箱：网站：高顿财经-24-学习财经，只在高顿28.BasedonJordansassumptionabouttheintrinsicof’susingresidualincomemodeisclosestto:A.$28.55$30.27$31.05oneof’sopinionaboutthereasonsresultinglowisleastA.LowdividendExtremelyhighportionofaccountingaccrualinnetincome30.UsingtheinExhibit2,theonequityofunderModelisclosestto:A.6.86%8.46%9.66%31.BasedontheandtheriskinExhibit2,equitystyledoes’sfit?A.Small-capwithhighliquiditySmall-capwithlowliquidityvaluewithhighliquidityoftheaboutssuggestionJordanonmodelisA.’sis’sisnotbecausemodelisnotbasedonmulti-fundamental’sisnotbecausemodelisnotbasedon咨询：400-600-8011邮箱：网站：高顿财经-25-学习财经，只在高顿FIXEDINCOMETimotheusandDanzigHoldingGroupCaseScenarioTimotheusüisaManagingofDanzigHoldingandresponsibilityofDepartment.Theobjectivehimispricingtwooption-embeddedbonds,sohedeclaresameetingwithEliasSchmitt,FRMandtheofBonddiscussthepricingüsomeonabondofGermanBioCureSchmitt.Thisbondis2%annual-payputablebondwithputpriceof€95theendof1.Second,üdiscussestheofacapped-floaterwithSchmitt.ThebondisissuedSpanishAssociationwiththecapof8%.Itisaannualandfloatingbond,andtheisLIBOR.”Besidesthat,theofbinomialissuppliedcolleaguesMacroeconomicandinExhibit1.Exhibit1:BinomialInterestRateTreeToday110%6%8%Then,anew-recruitedmemberofBondClaudiaanemailSchmitt.Inthisemail,EuropeanandExhibitionManagementCompany(ECEM)hasissuedabond€980withitsvalueof€1,000.Onebondcouldbe20commonthebondpriceinBloomberg€885.Besidesthat,thepriceofis42.”AfterameetingwiththeofDanzigHoldingischooseamodel.Thismodelcouldshowclearrelationshipbetweeneconomiccycleandüsubmitshisanswerafterthinking.咨询：400-600-8011邮箱：网站：高顿财经-26-学习财经，只在高顿knocksonthedoorofsofficewhenitisapproachingtheoffdutytime,becausesheisnotsureabouttwoproblemswhensheapproachesaclient,KaiserslauternLifeInsurance.ügerletgiveheranswerIthink,ifotherconditionsbutvolatilitydecreases,thevalueofacallablebondwoulddecrease.IfZ-spreadiswiththeriseofvolatilityoftheaputablebondwouldincrease.”33.BasedonExhibit1andotherabout’sputablebond,thevalueisclosestto:A.€8€95.34.BasedonExhibit1andotheraboutstheofcapisclosestto:A.€4€0.35.Basedontheemailinsmailbox,thepriceofECEMsbondisclosestA.€50.49€44.2536.Basedontheemailinsmailbox,whichistheminimumvalueofthebondofA.€980885€840咨询：400-600-8011邮箱：网站：高顿财经-27-学习财经，只在高顿37.WhichmodelcouldtheinfluenceofeconomiccycleonA.Rating.modelReducedmodel38.thetworight?A.Theisbutthesecondisright.Theisright,buttheiswrong.Neitherisright.咨询：400-600-8011邮箱：网站：高顿财经-28-学习财经，只在高顿VincentGarcíaandJoelCaseScenarioVincentisawhoisworkinginandSons’Capital,aBrazil-basedandconsultingfirm.isconsideringusingenhancereturnsandmanagerisk.askshisjunioranalyst,Joelhelphim.Inthemorning,needsanewmemberasaninDepartment,sohethreeCalixto,andThe1interviewhasatopicofCalixto“Thedeltaofin-the-moneyputoptionmoves-1asapproachesifthepriceoftheunderlyingdoesnotiswhenaputoptionismoredeep“DeltaisamoremeasureofthechangeinthevaluewhenanoptionisThentheythe2thetopicisBlack–Scholes–Mertonoptionpricingmodel,andtheydiscusstheassumptionsofthemodel.Calixto“TheoptionswhichispricedshouldbeEuropean“Therenoortransactions“ThevolatilityoftheunderlyingassetschangethroughTheofthisinterviewistalk.Calixto“Nowhethertheunderlyingassethasdividends,anAmericancalloptionshouldnotbe咨询：400-600-8011邮箱：网站：高顿财经-29-学习财经，只在高顿Calixtotheunderlyingisthantheanoptionwouldapositive“Intheofrising,aswaptionwouldbeasksassisthiminanalyzingthetransactions:1:PurchaseofanAmericanputoptionontheofBancoOpticsusesatwo-periodbinomialmodelcalculatethevalueofaputoptiononoftheputoptionbeeninExhibit1.Exhibit1AmericanPutOptiononBOStockTimetoexpirationstockprice2year50Real48Real15%ExercisepriceModelpredictedupmoveModelpredicteddownmoveAnnualizedrisk-freerate20%6.00%2:adynamichedgeusingandputwithadeltaof-0.2.hassold20,000ofofBanco(BB),andthenhefinishthistrading.3:hasusedputoptionsontheofAmericanabearTheput,withitspriceof$30,hasapremiumof$1.5.Thesecondput,withitspriceof$40,hasapremiumof$7.5.Then,isthepriceoftheofinthisbear咨询：400-600-8011邮箱：网站：高顿财经-30-学习财经，只在高顿39.Whotheonofoptionin1A.Calixto40.WhotheleastonassumptionsofBlack–Scholes–Mertonoptionpricingmodelin2A.Calixto41.IntheroundofhowmanyisA.onetwothree42.Thevalueofthetwo-yearAmericanputoptionin1isclosestA.1.941.852.2843.In2,howwouldasGarcía?A)write4,000puts.write100,000puts.buy100,000puts.44.In3,isthepriceoftheofinthisbearputA.244634咨询：400-600-8011邮箱：网站：高顿财经-31-学习财经，只在高顿SupermancaseMichaelJohnson,ismakingaSupermanCapital,aequityfundwithaof2014.Thegovernanceandeconomicofthefundthatthepartnercanlimitedpartner2%managementbasedonpaid-incapitaland20%carriedunderThecapitalthelimitedpartneris$125million.MichaelhasfinishedcollectingtheperformanceofthefundinExhibit1.Thenextisthefundperformancein2017.Exhibit1SupermanFundCashandDistributionsmillions)called30carriedint.distribution23.4paidindistribution0.6-6distribution23.42014201520162017304780170.941.6-102329.529.53383.983.9244532Thealsodiscussestheequityfundsmethodalignitswiththemanagersofsubjectcompanies.AlanHull,oneofSuperman’sLhas$10milliondistributionthefundin2017.thehehasjustinfield.goesBirdhomeInc.,apropertyadvice.thetopadvisorofthecompanyserveshim.AfterathoroughrecommendsHullconsidera10-year-oldcommercialbuildingwithanageof15Thethethebuildinghasa75-yeareconomicTheoftheneedsbewitha咨询：400-600-8011邮箱：网站：高顿财经-32-学习财经，只在高顿of$2,300,000whichwillincreasethebuildingsvaluebyleasttheamount.ThealsosomeotherdetailedinExhibit2.recommendsthattheissuitablevaluetheandHullagrees.Exhibit2building’stheland13,500,000Replacement10,200,000500,000100,0000FunctionalobsolescenceLocationalobsolescenceobsolescenceThenextsubmitsthereportHull.ThepropertyisNOIof$700,000intheHull”Iamwillinganloana6%aslongasthedoesnot70%andDSCRisleast1.4.Pleasemeknowhowmuchofaloancanbeobtained.”Martin,Hull’sbrotherinistheownerofMartinHedgefundManagementInc.advicesHullconsidercommoditiesthanSinceHullisnotfamiliarwithcommoditygoods,Martinexplainsthebetweencommoditiesandrealhimwiththe1:andcommoditiesbothfinancialassets2:itisimportantthatcommoditiescouldcontributesignificantcashflows3:shouldmorethedemandandsupplywhencommodities’valuationMartinHullhispositioninenergyexplainsHull:energysectorincludingcrudeoil,gasoline,has咨询：400-600-8011邮箱：网站：高顿财经-33-学习财经，只在高顿becausetheynotperishable,notbyandcanbelongThesethemorethanothercommodity45.In2017,thevaluepaidin(TVPI)ofSupermanCapitalisclosestto:A.1.371.401.45oftheclausesshouldbediscussedinthetheequityfundsmethodalignitswithth