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FNU FIJINATIONAL UNIVERSITY College of Business, Hospitality and Tourism Studies School of Economics, Banking and Finance Department of Banking and Finance Fin 705 — Ethics in Financial Services Final Examination: Trimester III, 2019 Question Paper This examination constitutes 50% of total assessment of this course and students must score 40/100 in this examination in order to pass this course. Instructions: 1. Time Allowed: 3 HOURS with additional 10 MINUTES reading time. 2. All answers are to be written in the Answer Booklet provided. 3. Write your ID Number on ALL pages of your Answer Booklet and any extra sheets that you use. 4. This is a closed book examination. You are not permitted to access any books, notes or other forms of written or electronic materials. 5. Attach the extra sheets securely at appropriate place before handing-in the Answer Booklet to the supervisor Sections Question Marks Section A : Short Answer Questions | 13 Questions. All are compulsory. 40 Section B: Discussion Questions 5 Discussion Questions. All are compulsory. 30 Section C: Case Studies 1 Case Study. 15 Section D: Essay Writing 2 Questions. Answer any 1. 15 TOTAL/WEIGHT 100/50% FIN705 Trimester III, 2019 Page 1 of 7
SECTION A SHORT ANSWER QUESTIONS (40 MARKS) There are 13 questions in this section worth. All are compulsory. 1. How can conflicts of interest make financial markets less efficient? (2 marks) 2. What advantages can investor derive from efficient markets? Discuss any two. (3 marks) 3. Evaluate two reasons why market timing is seen as unethical. (3 marks) 4. What is the relationship between intrinsic value of a security and its market price? (3 marks) 5. Evaluate an argument in favor of and an argument against banning personal trading by “access persons”. (3 marks) 6. Discuss the welfare enhancing feature of market exchanges. (3 marks) 7. Discuss any two ways in which market timing opportunities can be reduced. (4 marks) 8. Critically evaluate the ethical basis of bankruptcy. (3 marks) 9. Analyse the role of Relationship Investing in improving corporate governance. (3 marks) 10. Critically evaluate one arguments for and one argument against socially responsible investing. (3 marks) 11. Describe the benefits of a self-regulating profession. (3 Marks) 12. Identify and evaluate any two unethical business practices in the insurance industry. (3 marks) 13. Critically evaluate any two ethical concerns related to the banking industry. (4 Marks) FIN705 Trimester 111, 2019 Page 2 of 7
SECTION B DISCUSSION QUESTIONS (30 MARKS) There are six discussion questions in this section. All are compulsory. QUESTION 1 Caleb Smith, an investment adviser, has two clients: Larry Robertson, 60 years old, and Gabriel Lanai, 40 years old. Both clients earn roughly the same salary, but Robertson has a much higher risk tolerance because he has a large asset base. Robertson is willing to invest part of his assets very aggressively; Lanai wants only to achieve a steady rate of return with low volatility to pay for his children’s education. Smith recommends investing 20% of both portfolios in zero-yield, small-cap, and high-technology equity issues. Discuss Smith’s actions from ethical perspective. (5 marks) QUESTION 2 Kontiki is appointed as the lead manager of an initial public offering (IPO) of shares by Borland Ltd. Soon after Kontiki’s appointment, its research staff issue positive research on Borland. Discuss the ethical issue arising in this case and recommend a way in which the issue can be rectified or managed. (5 marks) QUESTION 3 A highly rated research analyst who works for Quail Equities Limited plans to issue a research report on Pheasant Enterprises Limited, a top 50 company, changing a long-standing recommendation from ‘accumulate’ to ‘sell’. Before the research report is issued, Quail advises a select group of Quail’s clients to sell their holdings immediately. Is this ethical? Discuss. (5 marks) QUESTION 4 A bank manager, who was having extensive renovations carried out on his house by a company, allowed that company to run up a large overdraft in his bank. The company got into financial trouble, became insolvent and was wound up. The company complained that the bank manager ought not to have allowed it to run up such a level of debt and felt that it had been treated in a vindictive manner by the manager. The bank argued that the manager had engaged the company in a private capacity and not as a bank manager. i. Has the bank manager acted ethically in allowing the company to run up a larger bank overdraft? Why or why not? (2 marks) ii. Would the corporate/professional Code of Ethics allow for such actions by bank employees? (3 marks) FIN705 Trimester II1, 2019 Page 3 of 7
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