CFA三级十年真题 (2008-2017)：level_III_guideline_answers_2011.docx

Question:1Topic:IndividualPM/BehavioralMinutes:15ReadingReferences:2011LevelIII,Volume2,StudySession3,Reading7,pp.5-12"HeuristicDrivenBias:TheFirstThcmc,''BeyondGrccdandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,HershShefrin(OxfordUniversitySchoolPress,2002)2011LevelHI,Volume2,StudySession3,Reading8,pp13-20"FrameDependence:TheSecondTheme,BeyondGreedandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,HershShefrin(OxfordUniversitySchoolPress,2002)2011LevelIII,Volume2,StudySession4,Reading16,.246-250"EstatePlanninginaGlobalContext,StephenM.Horan,CFA,andThomasR.Robinson,CFA(CFAInstitute,2(X)9).1.OS:2011III37a7."HeuristicDrivenBias:TheFirstTheme"2)ceVQimfeldteinrfpa*bfteIIFibiiC-ddvenbiases(includingrepresentativeness,overconfidence,anchoring-and-adjustment,aversiontoambiguity)oninvestmentdecisionmaking.201IIII38a8"FrameDependence:TheSecondTheme3)IeeXPhUwIshQQkbrJtonirte4Qininvestors*willingnesstoholdontodeterioratinginvestmentpositions;b)evaluatetheimpactsthattheemotionalframesofselfcontrol,regretminimization,andmoneyillusionhaveoninvestorbehavior.2010III416a,b,f,g16.fctEstatePlanninginaGlobalContext”ThecandidateshouldbeabletO)discussthepurposeofestateplanningandexplainthebasicconceptsofdomesticestateplanning,includingestates,wills,andprobate;b)explainthetwoprincipalformsofwealthtransfertaxesanddiscusstheimpactofimportantnon-taxissues,suchaslegalsystem,forcedheirship,andmaritalpropertyregime;C)detenineafamily,scorecapitalandexcesscapital,basedonmortalityprobabilitiesandMonteCarloanalysis;Question:1Topic:IndividualPM/BehavioralMinutes:15d)evaluatetherelativeaftertaxvalueoflifetimegiftsandtestamentarybequests;e)explaintheestateplanningbenefitofmakinglifetimegiftswhengifttaxesarepaidbythedonor,ratherthantherecipient;f)evaluatetheafter-taxbenefitsofbasicestateplanningstrategies,includinggenerationskipping,spousalexemptions,valuationdiscounts,andcharitablegifts;g)explainthebasicstructureofatrustanddiscussthedifferencesbetweenrevocableandirrevocabletrusts;h)explainhowlifeinsurancecanbeataxefficientmeansofwealthtransfer;i)discussthetwoprincipalsystems(sourcejurisdictionandresidencejurisdiction)forestablishingacountry,staxjurisdiction;R)discussthepossibleincomeandestatetaxconsequencesofforeignsituatedassetsandeValfenndgifiSicwtidIacortiebilityundereachofthreebasicmethods(credit,exemption,anddeduction)thatacountrymayusetoproviderelieffromdoubletaxation;Ddescribetheimpactofincreasinginternationaltransparencyandinformationexchangeoninternationalestateplanning.Question:1Topic:IndividualPM/BehavioralMinutes:15GuidelineAnswer:PARTATemplateforQuestionI-ANote:Considereachobjectiveindependently.ObjectiveDeterminewhichtrust(irrevocable,revocable,orbothequally)ismoreappropriateforeachobjective.(circleone)Justifyyourresponsewithonereasonforeachobjective.etrueth)n).1.tosubjetimHue.WietFnganthe1.SellUSD1.0millionofBuildcoshareswhileminimizingtotaltaxes.irrevocablebothequallyBeckershouldsellthesharesintherevocabst.Currenttaxesonrealizedcapitalgainswilltesameforeithertrust(20%×USD1.8milliAssetsintheirrevocable(rustarenotsubjecestatetax.AssetsintherevocabletrustareCttoestatetaxesuponBecker,sdeath,atwhicethecostbasiswillbeincreasedtomarketv2.PutadditionalassetsintoatrustOprotectthoseassetsfrompotentialfuturelegalclaimsagainstBecker.revocablebothequallyBbukertQiala(axesth0rei)fninirrt>fedei)CabfeiingusfrbjeiltttoUIiLihiS(IDCeVQCalMaltriIiSkaGfeta出HirmoWbadeownedbythesettlorandhenceareoutofreachofanyclaimants.2011LevelIIIGuidelineAnswersMorningSessionPage3of39Question:1Topic:IndividualPM/BehavioralMinutes:15PARTBTemplateforQuestionI-BNote:COnSidereachbiasindependently.USeeaChdiscussionOnIyonce.BehavioralbiasIdentifythediscussioninwhichoneoftheparticipantsbestillustrateseachofthefollowingbehavioralbiases(circlethediscussionnumberfromExhibit1).Justifyeachresponsewithonereason.IRepresentativenessreferstojudgmentsbased(stereotypes.Beckermaybeoverlyoptimisticnthati.representativenessRollingMixCementshareswillperformwel3becausetheCEOofRollingMixCementperformedwellatBuildco.41Framedependencerefersloinvestorbehaviordependsonthewaydecisionsareframed.Bthat己Ckerii.frame2holdsmanypositionsvaluedbelowcost.Thismaydependence3Obeevidenceofframedependence(lossaversiHisinvestmentdecisionsareframedtoavoidSratherthancontinuouslyreevaluateholdings.n).Iosse0Peoplepreferthefamiliartotheunfamiliar.Frostiii.aversionto2prefersthecertaintyofbondcashflowstouncertaintyofriskyassetcashflows,eventtheoughambiguity3investorsmightreceiveappropriatelyhigherreturns4forassumingthatrisk.2011LevelIIIGuidelineAnswersMorningSessionPage4of39Question:2Topic:IndividualPMMinutes:23ReadingReferences:2011Lev