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珈柠 · 2024年08月16日

CFA|

NO.PZ2023021602000013

问题如下:

Jennifer Ducumon, CFA, is a portfolio manager for high-net-worth individuals at Northeast Investment Bank. Northeast holds a large number of shares in Baby Skin Care Inc., a manufacturer of baby care products. Northeast obtained the Baby Skin Care shares when it underwrote the company's recent IPO. Ducumon has been asked by the investment banking department to recommend Baby Skin Care to her clients, who currently do not hold any shares of Baby Skin Care in their portfolios. Although Ducumon has a favorable opinion of Baby Skin Care, she does not consider the shares a buy at the IPO price or at current price levels. According to the CFA Institute Standards of Professional Conduct, the most appropriate action for Ducumon is to:

选项:

A.recommend the shares after additional analysis.

B.ignore the request.

C.follow the request as soon as the share price declines.

解释:

Ducumon's opinion of the Baby Skin Care shares must not be affected by internal pressure. If Ducumon followed the request from the investment banking department at her company, she would be in violation of Standard I(B): Independence and Objectivity. Ducumon must refuse to recommend the Baby Skin Care shares until they are an attractive purchase based on fundamental analysis and market pricing.

请问A选项为什么错?在作出一些分析后做决策不是正确的吗?

1 个答案
已采纳答案

王暄_品职助教 · 2024年08月16日

Jennifer Ducumon,一位CFA持证人,是东北投资银行的高净值个人客户的投资组合经理。东北投资银行持有大量婴儿护肤公司的股份,且是在该公司最近的IPO时获得的。现在,投资银行部门希望Ducumon向她的客户推荐婴儿护肤公司的股票,尽管Ducumon认为当前的股价并不合适购买。

A选项(在进一步分析后推荐股票):

这个选项看似合理,因为一般来说,进行更多的分析可以帮助做出更好的投资决策。然而,在这个特定的情境中,关键在于Ducumon已经认为当前的股价并不合适购买,这是她的专业判断。如果她在进一步分析后仍推荐股票,这可能违背她的初步判断,也可能违背CFA的道德标准,特别是独立性和客观性标准。因此,A选项并不合适。

B选项(忽略请求):

这个选项符合CFA的道德标准,特别是独立性和客观性标准。Ducumon应该坚守她的专业判断,不应该因为内部压力而改变她的推荐。

C选项(等股价下跌后再推荐):

这个选项同样存在问题,因为它也是基于股价的变动,而不是基于公司的基本面或市场定价的深入分析。这也可能违背独立性和客观性的道德标准。

综上所述,A选项之所以错误,是因为它已经违背了Ducumon的初步专业判断,并且可能违背CFA的独立性和客观性道德标准。Ducumon应该坚守她的专业判断,忽略内部压力,选择B选项。

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