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NEW QUESTION: 1
You administer a Windows Azure SQL Database database named Inventory that contains a stored procedure named p_AddInventory.
Users need to be able to SELECT from all tables in the database and execute the stored procedure.
You need to grant only the necessary permissions.
What should you do?
A. Grant EXECUTE permission on p_Add!nventory to all users. Add all users to the db_datareader role.
B. Grant EXECUTE permission on p_AddInventory to all users. Add all users to the db_datawriter role.
C. Add all users to the db_owner role.
D. Grant EXECUTE permission on p_AddInventory to all users. Grant VIEW DEFINITION to all users.
Answer: C

NEW QUESTION: 2
Transactions are used to...
A. reduce the database server overhead
B. guarantee high performance
C. secure data consistency
D. secure access to the database
E. reduce code size in PHP
Answer: C

NEW QUESTION: 3
Harold Chang, CFA, has been the lead portfolio manager for the Woodlock Management Group (WMG) for the last five years. WMG runs several equity and fixed income portfolios, all of which are authorized to use derivatives as long as such positions are consistent with the portfolio's strategy. The WMG Equity Opportunities Fund takes advantage of long and short profit opportunities in equity securities. The fund's positions are often a relatively large percentage of the issuer's outstanding shares and fund trades frequently move securities prices. Chang runs the Equity Opportunities Fund and is concerned that his performance for the last three quarters has put his position as lead manager in jeopardy. Over the last three quarters, Chang has been underperforming his benchmark by an increasing margin and is determined to reduce the degree of underperformance before the end of the next quarter. Accordingly, Chang makes the following transactions for the fund:
Transaction 1: Chang discovers that the implied volatility of call options on GreenCo is too high. As a result, Chang shorts a large position in the stock options while simultaneously taking a long position in GreenCo stock, using the funds from the short position to partially pay for the long stock. The GreenCo purchase caused the share price to move up slightly. After several months, the GreenCo stock position has accumulated a large unrealized gain. Chang sells a portion of the GreenCo position to rebalance the portfolio.
Richard Stirr, CFA, who is also a portfolio manager for WMG, runs the firm's Fixed Income Fund. Stirr is known for his ability to generate excess returns above his benchmark, even in declining markets. Stirr is convinced that even though he has only been with WMG for two and a half years, he will be named lead portfolio manager if he can keep his performance figures strong through the next quarter. To achieve this positive performance, Stirr enters into the following transactions for the fund:
Transaction 2: Stirr decides to take a short forward position on the senior bonds of ONB Corporation, which Stirr currently owns in his Fixed Income Fund. Stirr made his decision after overhearing two of his firm's investment bankers discussing an unannounced bond offering for ONB that will subordinate all of its outstanding debt. As expected, the price of the ONB bonds falls when the upcoming offering is announced.
Stirr delivers the bonds to settle the forward contract, preventing large losses for his investors.
Transaction 3: Sitrr has noticed that in a foreign bond market, participants are slow to react to new information relevant to the value of their country's sovereign debt securities. Stirr, along with other investors, knows that an announcement from his firm regarding the sovereign bonds will be made the following day. Stirr doesn't know for sure, but expects the news to be positive, and prepares to enter a purchase order. When the positive news is released, Stirr is the first to act, making a large purchase before other investors and selling the position after other market participants react and move the sovereign bond price higher.
Because of their experience with derivatives instruments, Chang and Stirr are asked to provide investment advice for Cherry Creek, LLC, a commodities trading advisor. Cherry Creek uses managed futures strategies that incorporate long and short positions in commodity futures to generate returns uncorrelated with securities markets. The firm has asked Chang and Stirr to help extend their reach to include equity and fixed income derivatives strategies. Chang has been investing with Cherry Creek since its inception and has accepted increased shares in his Cherry Creek account as compensation for his advice. Chang has not disclosed his arrangement with Cherry Creek since he meets with the firm only during his personal time. Stirr declines any formal compensation but instead requests that Cherry Creek refer their clients requesting traditional investment services to WMG. Cherry Creek agrees to the arrangement.
Three months have passed since the transactions made by Chang and Stirr occurred. Both managers met their performance goals and are preparing to present their results to clients via an electronic newsletter published every quarter. The managers want to ensure their newsletters are in compliance with CFA Institute Standards of Professional Conduct. Chang states, "in order to comply with the Standards, we are required to disclose the process used to analyze and select portfolio holdings, the method used to construct our portfolios, and any changes that have been made to the overall investment process. In addition, we must include in the newsletter all factors used to make each portfolio decision over the last quarter and an assessment of the portfolio's risks." Stirr responds by claiming, "we must also clearly indicate that projections included in our report are not factual evidence but rather conjecture based on our own statistical analysis. However, I believe we can reduce the amount of information included in the report from what you have suggested and instead issue more of a summary report as long as we maintain a full report in our internal records." Determine whether Stirr's comments regarding the use of projections in the report and the length of the report are correct.
A. Both of Stirr's comments regarding the projections in the report, and the length of the report, are correct.
B. Only Stirr's comment regarding the length of the report is correct.
C. Only Stirr's comment about the projections in the report is correct.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Standard V(B) Communication with Clients and Prospective Clients. In addition to the requirements of Standard V(B) listed in the previous answer, members are required to clearly distinguish between fact and opinion in the presentation of investment analysis and recommendations. Stirr is correct in his first statement that the newsletter must indicate that projections are not factual, but based on the opinion of the report's author. Stirr is also correct in stating that an abbreviated report may be used to communicate with clients as long as a full report providing more detailed information is maintained and made available to any clients or prospects requesting additional information. Best practice would be to note in the abbreviated report that more information is available upon request. (Study Session 1, LOS 2.a)