2020CFA L3 原版书之 道德课后习题.pdfVIP

Practice Problems 175 PRACTICE PROBLEMS Unless otherwise stated in the question, all individuals in the following questions are CFA Institute members or candidates in the CFA Program and, therefore, are subject to the CFA Institute Code of Ethics and Standards of Professional Conduct. 1 Smith, a research analyst with a brokerage firm, decides to change his recom- mendation for the common stock of Green Company, Inc., from a “buy” to a “sell.” He mails this change in investment advice to all the firm’s clients on Wednesday. The day after the mailing, a client calls with a buy order for 500 shares of Green Company. In this circumstance, Smith should: A Accept the order. B Advise the customer of the change in recommendation before accepting the order. C Not accept the order because it is contrary to the firm’s recommendation. 2 Which statement about a manager’s use of client brokerage commissions vio- lates the Code and Standards? A A client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client. B Client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research ser- vices received. C Client brokerage commissions may be directed to pay for the investment manager’s operating expenses. 3 Jamison is a junior research analyst with Howard Howard, a brokerage and investment banking firm. Howard Howard’s mergers and acquisitions depart- ment has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard Howard’s senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on Britland. What is