– Rf)] = 0.155 – [0.025 + 1.2 × (0.118 – 0.025)] = 0.0184.  CFA Level I  "Portfolio Risk and Return: Part II," Vijay Singal  Section 4.3.2      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA考试难吗？适合哪些人考？ 2016年6月CFA报名开始及具体报名流程（第一阶段截止至9月23日） CFA考试介绍及难度  

Question: Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power company's shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:  A. Disclosure of Conflicts.  B. Suitability.  C. Independence and Objectivity.  Answer = B  The utility is not a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation of Standard III(C)–Suitability. CFA Level I "Guidance for Standards I–VII" Standard I(B)–Independence and Objectivity, Standard III(C)–Suitability, Standard VI(A)–Disclosure  of Conflicts   CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级企业理财的学习策略 要进投行？是不是必须要考CFA！？  

Question： Claire Jones, CFA, is an analyst following natural gas companies in the United States. At an industry energy conference, the chief financial officer of Alpine Energy states that the company is interested in making strategic acquisitions. At a separate event, Alpine's head of exploration commented that he is bullish on natural gas production prospects within northeastern Pennsylvania. Jones is aware that Alpine currently has very little exposure to this region. She also knows another company in her universe, Pure Energy, Inc. is based in northeastern Pennsylvania and controls significant assets in the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets. Jones attempts to contact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business trip to northeastern Pennsylvania. Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases significant positions in client accounts. The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets? A. Yes, Jones' recommendation is based on insider information B. No C. Yes, both Jones and Wong have acted on insider information Answer = B Jones has used the mosaic theory to combine nonmaterial, nonpublic information with material public Information CFA Level I "Guidance for Standards I-VII," CFA Institute Standard II(A) Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

暑假是学习英语的好时机，很多人都想在暑假期间提高自己的英语水平，可是自学提高是很困难的，因此选择培训机构成了最好的选择，那么面对市场上琳琅满目的英语培训机构，我们应该如何选择呢?下面就跟着沪江的小编一起来了解一下吧。 　首先，我考虑的第一要素是：培训时间。 我刚刚大学毕业，将要步入社会。考虑到要工作，因此，培训时间成了我首先关注的要素。我想大多数人都培训是以零碎时间学习英语为主吧，真正全日制学英语的除了学生到没多少了……因此，我想找的英语培训班必须是能够自由安排上课时间或者周末开课。 　其次，就是授课模式。 传统英语课程是集体授课，人数众多，程度良莠不齐，假如是大班授课，效果势必不会很理想;小班也是有4-5人甚至更多;我觉得要么不学，要么就学最好的。个人认为，最好的授课模式，非外教一对一教学不可了，当然，0基础的童鞋还是不要找外教，除非那外教会普通话。 　另外，学习效果也是一大重点。 在我学习之前，我首先弄懂一个问题：就是我为何而学英语?我是工作需要而要学英语，所以，我比较注重英语口语方面，而非考试。因此，我需要的是一个大众口碑好的，教学质量过硬的英语培训班。效果怎么看，我觉得最直接的就是看师资了。有个专业的老师引导，效果也差不到哪去吧。 　最后，要看性价比怎么样。 综合学习环境、师资力气、学习效果及课程收费等。因而，不要以为廉价就是性价比高。我个人理解就是花最少的钱，获得最大的教学资源和学习效果。 互联网是一个大平台，想要学会如何选择一个好的培训机构，仅仅只需要在百度上多了解一下即可，沪江的小编也希望本篇文章能够帮助到想学英语而又不知道哪个英语培训好的人。

= A  A spot rate is defined as the yield to maturity on a zero-coupon bond maturing at the date of that cash  flow.  CFA Level I  "Introduction to Fixed-Income Valuation," James F. Adams and Donald J. Smith  Section 2.4      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 2016年6月CFA报名开始及具体报名流程（第一阶段截止至9月23日） CFA考试介绍及难度 工作后适合考CFA吗？在职如何备战CFA考试？    

Question： Which of the following is most likely a benefit of the direct method for reporting cash flow from operating activities? Compared with the indirect method, the direct method:  A. mirrors the forecasting approach normally used by analysts.  B. provides insight on differences between net income and operating cash flows.  C. provides details on the specific sources of operating receipts and payments.  Answer = C  The primary benefit of the direct method is that it provides information on the specific sources of  operating cash receipts and payments.  CFA Level I  "Understanding Cash Flow Statements,"Elaine Henry, Thomas R. Robinson, Jan Hendrik van  Greuning, and Michael A. Broihahn  Section 2.3      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级企业理财的学习策略 95后，结婚，生孩子，考CFA，这就是我的经历  

Question： Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notices there are  substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?  A. Complete a thorough and diligent analysis of the company and then sell the stock.  B. Sell the stock immediately because she has a reasonable basis for taking this investment action.  C. Take no investment action.  Answer = C  The information concerning the qualified opinion is material. It is also nonpublic because it has not been released and is not available online, so the mosaic theory would not hold up in this case. As a result, she would be in violation of Standard II(A)–Material Nonpublic Information if she took investment action based on this information. She should also make reasonable efforts to achieve public dissemination of the information. CFA Level I "Guidance for Standards I–VII" Standard II(A) Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略  

or losses on the disposal of discontinued operations are reported separately near the bottom of the income statement and are included in net income, not other comprehensive income.  CFA Level I  "Understanding Income Statements," Elaine Henry and Thomas R. Robinson  Sections 5.1, 8      CFA特许金融分析师1-3级【沪江金程

Question： James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve the quality of his company's communication with institutional fund managers. He holds an investor briefing with this group the evening before the company earnings are announced. The company's quarterly earnings are broadcast in a press release the next day before the market opens. The earnings information in the investor briefing is identical to that in the press release. Did Simone most likely violate the CFA Institute Standards of Professional Conduct?  A. Yes  B. No, because the company releases information while the market is closed  C. No, because investor briefing and press release information are identical  Answer = A  Simone violated Standard II(A)–Material Nonpublic Information by giving institutional fund managers access to material nonpublic information prior to public dissemination (i.e., the press release). By releasing earnings results to a select group of institutional fund managers prior to a public press release, Simone allows the institutional fund managers a time advantage over other investors not invited to the investor briefing. CFA Level I "Guidance for Standards I–VII" Standard II(A)–Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 这可能是目前zui快通过CFA、FRM双证的捷径了 通过CFA一级需要花费多长时间？

有趣的英语口语教材来激发孩子的学习兴趣。 　　2、教师要选对 　　在一对一口语培训中，教师的重要作用不言而喻。因此，家长在选择教师时必须谨慎。 　　首先，外教是口语练习的最佳选择。因为无论是从发音的准确性和流利性，还是语言习惯的教学方面，外教有着其他教师无法比拟的优势。 　　其次，家长应该了解外籍教师的国籍。由于英式英语和美式英语在发音上略有不同，家长应该根据孩子未来的发展需要选择英式教师或是美式教师。 　　最后，许多家长往往忽视教师的年龄。但事实上，教师的年龄与孩子的年龄越接近，越容易打破教师和学生之间的沟通障碍。也将使学生在进行一对一口语练习时更自然，取得的效果也更佳。 　　3、环境要合适 　　教学环境是许多家长在选择培训机构时相对容易忽视的一点。但实际上，要创造一个良好的教学环境，学生才能充分参与到口语练习中去，使练习达到事半功倍的效果。 　　因此，最好不要选择环境比较嘈杂的口语中介机构。与此同时，家长应该多注意