CFA Level3三级复习策略–pdf下载

CFA Level3三级复习策略–pdf下载

Analiste was an analyst under Heade. One day he told Heade that he had
some private information suggesting that an unnamed South American oil
service stock was “ready to pop” and asked for his guidance on whether the
stock could be widely owned by the company’s clients. Heade said “You are
one of our most experienced analysts. Do what you think is right.”
Which of the following most accurately describes whether Heade fulfilled his
supervisory responsibilities under the CFA Standards?
A. Heade was entitled to delegate responsibility to senior analysts with broad
experience such as Analiste, and is not required to approve each stock
selection.
B. Heade should have been sensitive to several “warning flags” presented by
Analiste’s state of mind, choice of investment and sources of information, and
brevity of disclosure. Heade should have taken a careful look at the situation.

ECONOMICS—level two?
16. Given the two stage FCFE for stock market index, FCFE for 2007 is
60, the growth rate from 2008-2010 is 12.4%, the growth rate after 2010 is
9%, the cost of equity is 12.4% (the same to first stage growth rate, easy
for discount the first 3 year FCFE), calculate the value of the index. (Use
the two stage DCF model)
17. Given the Dividend, EPS for 2007 and 2008, given risk free rate and
risk-premium, given ROE, calculate P/E for 2008 under DDM mode

Risk management:
How can a trader produce a short vega, long gamma position?
A. buy short-maturity options, sell long-maturity options.
B. buy long-maturity options, sell short-maturity options.
C. buy and sell options of long maturity.
D. buy and sell options of short maturity.