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AvenYu · 2024年11月01日

A选项

NO.PZ2024022002000046

问题如下:

Michael Stone, CFA, the CEO of Pyro Hedge Fund, focuses exclusively on short selling strategies. Stone targets corporations experiencing significant stock price surges. He compensates various consultancies to promptly inform him of any legislative or regulatory shifts that could affect his chosen companies. Stone shorts stocks of companies he believes are at their revenue and profit zeniths and are reported by his advisors as likely to encounter legal or regulatory hurdles. Following his short selling, Stone initiates a media blitz to reveal all detrimental data he's acquired about the firm, irrespective of its public availability. Which of Stone’s actions is most likely in contravention of the CFA Institute Standards of Professional Conduct?

选项:

A.Short selling of stocks B.Utilizing intelligence from consultancies C.Broadcasting negative company information

解释:

Option C is correct.Stone's conduct concerning his media campaigns and related actions are aimed at intentionally driving down stock prices for his own benefit. He consciously engages in practices that cause unnatural stock price fluctuations, intending to significantly affect the issuer's stock value. This behavior is a breach of Standard II(B)–Market Manipulation according to the CFA Code and Standards.

他从顾问机构获得信息不算是material nonpublic information吗?

1 个答案

王暄_品职助教 · 2024年11月01日

如果顾问机构提供的是重要非公开信息,并且Stone利用这些信息进行交易,那么这确实可能构成内幕交易。但在这个问题中,并没有明确说明顾问机构提供的是非公开信息。

更重要的是,Stone的行为(通过媒体发布不利信息以影响股票价格)本身就是市场操纵,无论他使用的信息是否公开。


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