2015特许金融分析师考点分析（一）

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离特许金融分析师考还剩11天，昨天brooke已经和大家分享了特许金融分析师的一二级核心考点，今天带给大家的依然是关于2015特许金融分析师考点分析，下面我们一起来看看，看是否可以给到大家一些参考：

第一分析点：material events and uncertainties记录到哪里的问题
The MD&A must also provide information about the effects of inflation, changing prices, or other material events and uncertainties that may cause the future operating results and financial condition to materially depart from the current reported financial information.

第二分析点：Due Diligence and Reasonable basis

A model expert developed a model. He gathered lots of historical data, which shows unilateral bull market, that is, only upward trend. If he made investment suggestions based on these historical data, is he in violation of the Code and Standards?
　　A.        No
　　B.        Yes, because he should combine more of other theories to make decision.
　　C.        Yes, because he should also simulate more of the downward trend.
　　Solution: C

　　The model expert violated the Code and Standards V(A) Diligence and Reasonable Basis by making investment suggestions based only on historical data which shows only upward trend. The proper way to avoid violating Standards is to simulate more of the downward trend also.

第三分析点：Put call parity
公式：

特许金融分析师考点分析

l  Note that the options much be European-style and the puts and calls mush have the same exercise price for these relations to hold.

l  Fiduciary call: buy riskless bond that pays X at maturity and a call with exercise price X.

l  Protective put: buy security and long put.

l  Put-call parity 的作用：

ü  为option定价

ü  合成option。

ü  无风险套利。在无风险套利中，遵循long小边，short大边原则
例如：

特许金融分析师考点分析

套利方法是： long security, long put, short call, short bonds.


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