[单项选择]William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from "bold" to "buy" to allow his professional conduct that relate to:（）
A. Duty to clients.
B. Reasonable basis.
C. Duty to his employer.

[单项选择]A CFA candidate, who is an investment bank equity analyst writes a research report on an oil company recommending a buy. After reviewing the report and not seeing any disclosures a pension fund manager asks the analyst if the investment bank is currently undertaking any corporate finance activity with this oil company. The analyst does not mention or include in the research report, that he is related to the majority shareholder of the investment bank and that he owns shares in the oil company. According to the Standards of Practice Handbook, the analyst is least likely to have violated the CFA Institute Standards of Professional Conduct that relates to:（）
A. disclosure of conflicts.
B. independence and objectivity.
C. additional compensation arrangements.

[单项选择]Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamp’s corporate headquarters and meeting with all company officers. Prior to the completion of the report, Nancy was reassigned to another project. Nell utilized his and Nancy’s research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to independence and objectivity.

[简答题]权益贝塔(equity beta)

[单项选择]Owners’ equity is measured by subtracting liabilities from assets. This sentence can be described as the following equation（）.
A. ASSETS - LIABILITIES + OWNER’S EQUITY
B. ASSETS - LIABILITIES = OWNER’S EQUITY
C. OWNER’S EQUITY = ASSETS + LIABILITIES
D. OWNER’S EQUITY = LIABILITIES - ASSETS

[单项选择]An equity analyst needs to select a representative sample of manufacturing stocks. Starting with the population of all publicly traded manufacturing stocks, she classifies each stock into one of the 20 industry groups that form the Index of" Industrial Production for the manufacturing industry. She then selects a number of stocks from each industry based on its weight in the index. The sampling method the analyst is using is best characterized as:（）
A. data mining.
B. nonrandom sampling.
C. stratified random sampling.

[单项选择]An analyst does research about equity indices and gathers the following information for a market-capitalization-weighted index consisting of the shares in three companies:

Company	Beginning Share Prices	Ending Share Prices	Dividends per Share	Outstanding Shares
1	$36	$39	$0.10	2300
2	$22	$20	$0.55	3200
3	$29	$ 32	$0.75	1500

The total return of the index is closest to:（）
A. 2.54%
B. 4.02%
C. 4.13%

[单项选择]An analyst does research about equity valuation of Yelp Industry. Yelp's dividend growth rate is 6% and its dividend retention ratio is 60%. If the justified forward price-to-earnings ratio on Yelp's stock is 16, the implied required rate of return on equity is closest to:（）
A. 3.50%
B. 8.50%
C. 9.75%

[单项选择]An analyst does research about equity valuation and gathers the following information about a company and the economy. The current share price is $45, the price-to-earnings ratio is 15, the nominal risk-free rate is 3.1%, the risk premium is 7%, and the expected retention ratio is 40%. The best estimate of the company's dividend growth rate is:（）
A. 6.1%
B. 7.4%
C. 14.1%

[多项选择]获得CFA证书需要通过三级考试，其中，CFA一级要求掌握______。
A. 财务分析
B. 宏观/微观经济学
C. 定量分析的基本理论
D. 运用所学到的金融理论，比较并推荐最合理的投资工具

[简答题]权益资本成本(cost of equity capital)

[单项选择]The cost of equity using the capital asset pricing model (CAPM) approach and the discounted cash flow approach is: CAPM Discounted Cash Flow（）①A. 16.0% 16.0% ②B. 16.0% 15.4% ③C. 16.6% 15.4%
A. ①
B. ②
C. ③

[单项选择]Cody Scott would like to screen potential equity investments to identify value stocks and selects firms that have low price-to-sales ratios. Unfortunately, screening stocks based only on this criterion may result in stocks that have poor profitability or high financial leverage, which are undesirable to Scott. Which of the following filters could be added to the stock screen to best control for poor profitability and high financial leverage Filter 1—Include only stocks with a debt-to-equity ratio that is above a certain benchmark value. Filter 2—Include only dividend paying stocks. Filter 3—Include only stocks with an assets-to-equity ratio that is below a certain benchmark value. Filter 4—Include only stocks with a positive return-on-equity. Poor profitability High financial leverage（）①A. Filter 2 Filter 3 ②B. Filter 2 Filter 1 ③C. Filter 4 Filter 3
A. ①
B. ②
C. ③

[单项选择]An analyst does research about equity valuation. A company's current annual dividend (D₀) of $0.80 is expected to grow at a 20% rate for the next three years and at an 8% rate thereafter. If the required rate of return is 15%, the intrinsic value of the equity is closest to:（）
A. $13.71
B. $16.64
C. $21.33

[单项选择]An analyst does research about equity indices. The beginning value for an index is 2029 and the ending value is 2132. If the income for the period is 35 points, the price return of the index is closest to:（）
A. 4.8%
B. 5.1%
C. 6.8%

[简答题]债务-股权转换(Debt to Equity Swap)

[单项选择]An equity investment of $750000 in a private company will pay $19000000 at the end of five years if the company is successful. The following is estimates of the probability of failure for each year, given that it survives to the beginning of each year:

Year	Probability of Failure
1	0.40
2	0.35
3	0.30
4	0.25
5	0.20

If the company fails, the payoff is $0 (no money is recovered). If the investor's cost of equity for an investment with similar risk characteristics of this company is 20 percent, the net present value of the equity investment is closest to:（）
A. $377873
B. $500723
C. $623573

[单项选择]An analyst does research about equity swap. An investor enters into a threemonth equity swap on a notional principal of $1000000 with the following terms:
·The investor pays the return on an equity index, which is 2308.55 at inception.
·The investor receives a fixed rate of 8.00% with a 30/360 count convention.
If the ending equity index value is 2059.15, the net cash flow to the investor is closest to:（）
A. $47008
B. $88033
C. $128033