CFA一级每日一练（含详细解析）82
1、Fundamental Asset Managers claims compliance with the CFA Institute Global Investment Performance Standards and manages both discretionary and non-discretionary
accounts. When constructing a single composite for Fundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value and growth strategies. Does the composite constructed by Dzuya most likely meet GIPS criteria?【单选题】 A.Yes
B.No, because of non-similar investment strategies C.No, because non-discretionary accounts are not included 正确答案:B
答案解析:“Introduction to the Global Investment Performance Standards ,” CFA Institute2012 Modular Level I, Vol. 1, p. 173Study Session 1-3-bExplain the construction and
purpose of composites in performance reporting.B is correct because a composite must include all actual, fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, or strategy (Standards IV Composites).By including both value and growth portfolios, the composite is made up of portfolios with different investment mandates or strategies.
2、Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, which submitted a proposal. Sato selected Capital as a manager based on the firm's excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated the CFA Institute Standards of Professional Conduct?【单选题】
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A.Neither B.Peters C.Both 正确答案:A
答案解析:Members should use reasonable care and judgment to maintain independence and objectivity, as stated in Standard I (B). There is no indication of inappropriate behavior in the selection of the equity manager or in the acceptance of employment with that manager; both decisions were based on the excellent performance records of the manager and the member, respectively.Standard I(B)
3、High-water marks are typically used when calculating the incentive fee on hedge funds. They are most likely used by clients to:【单选题】 A.avoid prime brokerage fees. B.claw back the management fees.
C.prevent paying twice for the same performance. 正确答案:C
答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAC is correct because high-water marks prevent clients from paying twice for the same performance. When a hedge fund’s value drops, the manager will not receive an incentive fee until the value of the fund returns back to its previous level.
4、An analyst does research about hypothesis testing.Which of the following teststatistics is most appropriate test statistics for two means based on samples that webelieve are dependent?【单选题】 A.T-test. B.F-test.
C.Chi-square test. 正确答案:A
答案解析:两个非独立总体的均值检验也叫做配对检验，用的是t分布检验。例如，检验学员在取得CFA证书前和取得CFA证书后，他们的收入有无差异或者增加多少，可以使用配对检验，这时两个样
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本并不是独立的。
5、Kristen Chandler, CFA, has been doing research about different types of goods.Which of the following goods has a positively sloped demand curve as a result ofthe negative income effect overweighting the positive substitution effect?【单选题】 A.Veblen. B.Giffen. C.Inferior. 正确答案:B
答案解析:吉芬商品（Giffen goods）是劣等品（inferior goods）的一种。对于吉芬商品而言，当价格下降时，负的收入效应要超过正的替代效应，最后的总结果会使得价格下降时需求减少，所以吉芬商品有正斜率的需求线。对于其他劣等品而言，负的收入效应不会超过正的替代效应，最后的总结果会使得价格下降时需求增加。对于凡勃伦商品（Veblengoods）而言，当价格更高时需求增加，但这并不符合题目中收入效应和替代效应的关系。
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CFA一级每日一练(含详细解析)82
