【每日一练】CFA 一级（2015年）
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
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权威名师倾情打造，助力通过金融第一考 |
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权威名师倾情打造，助力通过金融第一考 |
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双语教学，助力提升金融专业英语水平 |
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