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八月的西瓜 · 2024年10月03日

但release to public也是在开市前,所以开市的时候大家的info都一样,为什么还违反了?

NO.PZ2023021602000026

问题如下:

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?

选项:

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

解释:

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.

如题

1 个答案
已采纳答案

王暄_品职助教 · 2024年10月03日

嗨,从没放弃的小努力你好:


在这个案例中,虽然公司的季度收益信息最终在开市前通过新闻稿公开披露,但Simone在此之前已经向机构投资者透露了这些信息。这意味着,当市场开市时,虽然所有投资者都能获得相同的信息,但机构投资者已经有了更早的准备时间,他们可能基于这些信息做出了交易决策,而其他投资者则没有这样的机会。

因此,即使信息最终在开市前公开,Simone提前向机构投资者透露信息的行为仍然违反了“公平披露”的原则,也违反了CFA协会的职业道德标准。这是因为,公平披露不仅仅要求信息内容相同,还要求信息披露的时间和方式对所有投资者都是公平的。

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