the risk-free asset relative to the  portfolio's beta, which is a measure of systematic risk.  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一级权益复习策略 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23一级权益复习策略 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）    

Question: Margie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policies to prevent bank employees from front running client orders. These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensure compliance with the CFA Institute Standards of Professional Conduct, Germainne should least likelyrecommend which of the following? Employees should be restricted from trading:  A. equity-related securities.  B. without prior permission.  C. during established time periods.  Answer = A  Although Standard VI(B)–Priority of Transactions is designed to prevent any potential conflict of interest or the appearance of a conflict of interest with respect to personal transactions, it does not ban employees from trading securities. A ban on all equity-related securities could be excessively restrictive to employees and unnecessary if appropriate personal transaction policies and procedures are in place. CFA Level I "Guidance for Standards I–VII" Standard VI(B)–Priority of Transactions   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一级需要一级花费多长时间？  

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，这就是我一级的经历  

Question： The index weighting that results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced is most accurately described as:  A. float-adjusted market-capitalization weighting.  B. equal weighting.  C. fundamental weighting.    Answer = C  Fundamentally weighted indices generally will have a contrarian “effect” in that the portfolio weights will shift away from securities that have increased in relative value and toward securities that have fallen in relative value whenever the portfolio is rebalanced.   CFA Level I “Security Market Indices,” Paul D. Kaplan and Dorothy C. Kelly Section 3.2.4.   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： CFA持证人普遍青睐的3个职位是什么？ CFA一级大三可以考吗？一级的含金量有多高? CFA二级比一级难一级大三可以考吗？一级的含金量有多高? CFA二级比一级在哪里？  

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： 考过CFA一级/二级有证书吗？ 为了CFA二级10A，那些年我走过的弯路和捷径 CFA二级考试复习要注意一级什么？    

competition among investment management firms in all markets; this objective does not require unnecessary entry barriers or hurdles for new firms, such as common fee structures. CFA Level I “The GIPS Standards,” CFA Institute Fundamentals of Compliance9     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和FRM的区别 通过CFA一级需要一级花费多长时间？

of Supervisors   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 CFA考试难吗？适合哪些人一级企业理财的学习策略 CFA考试难吗？适合哪些人考？  

,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 2.2     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【沪江金程联合开发】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： FRM和CFA有什么不同，哪个容易找工作？ CFA一级大三可以考吗？一级的含金量有多高? CFA二级比一级难一级大三可以考吗？一级的含金量有多高? CFA二级比一级在哪里？

Question： A long-term bond investor with an investment horizon of 8 years invests in option-free, fixed-rate  bonds with a Macaulay duration of 10.5. The investor most likely currently has a:  A. positive duration gap and is currently exposed to the risk of lower interest rates.  B. negative duration gap and is currently exposed to the risk of higher interest rates.  C. positive duration gap and is currently exposed to the risk of higher interest rates.  Answer = C  The duration gap is the bond's Macaulay duration minus the investment horizon, which is positive in  this case. A positive duration gap implies that the investor is currently exposed to the risk of higher  interest rates.  CFA Level I  "Understanding Fixed-Income Risk and Return", James F. Adams and Donald J. Smith  Section 4.2      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： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略 CFA考试难吗？适合哪些人一级权益复习策略 CFA考试难吗？适合哪些人考？    

Question： Which characteristic is a firm least likely to exhibit when it operates in a market with a downward  sloping demand curve, many competitors, and zero economic profits in the long run?  A. Differentiated product  B. Low barriers to entry  C. No pricing power  Answer = C  The characteristics of monopolistic competition include a large number of competitors, low pricing  power, and the production of differentiated products (through advertising and other non-price  strategies), but these still result in some pricing power. The ease of entry results in zero economic  profits in the long run.  CFA Level I  "The Firm and Market Structures," Richard G. Fritz and Michele Gambera  Sections 2.1, 2.2, 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： CFA一级企业理财的学习策略 要进投行？是不是必须要考一级CFA！？