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CFA考试为金融第一考，其中道德理论是十分重要的科目，今天高顿老师来给大家讲讲我们的CFA考试科目的道德经典题讲解：
STANDARD I: PROFESSIONALISM
Standard I(A) Independence and Objectivity
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Example 1 (Research Independence and Intrafirm Pressure)：
Walter Fritz is an equity analyst with Hilton Brokerage who covers the mining industry. He has concluded that the stock of Metals & Mining is overpriced at its current level, but he is concerned that a negative research report will hurt the good relationship between Metals & Mining and the investment banking division of his firm. In fact, a senior manager of Hilton Brokerage has just sent him a copy of a proposal his firm has made to Metals & Mining to underwrite a debt offering. Fritz needs to produce a report right away and is concerned about issuing a less than favorable rating.
这个Example是关于Investment baking relationships的 Walter Fritz是 Hilton Brokerage公司负责采矿行业的股票分析师。虽然他得出结论Metals & Mining现在的股价被高估，但是他考虑到这个研究报告会伤害到Metals & Mining和他们公司投资银行部的关系。实际上，Hilton Brokerage的一位高级经理刚刚给他发来一份他们公司会承销Hilton Brokerage的一个债券发行的议案。Fritz需要立即提供报告并且被担心他给出的推荐意见不是太好。
他应该怎么做？
这个Example是关于投资银行关系的冲突的，如果一个公司同时有投行部和投研部，投研部在对投行部的客户做研究分析时可能会有来自于投行部或者是公司的压力，这个时候投研部的分析师应该保持独立客观性，最好在投行部和投研部中间建立firewall（防火墙），或者是把投行部的客户放进restricted lists(限制清单)中。
【Comment】
Fritz’s analysis of Metals & Mining must be objective and based solely on consideration of company fundamentals. Any pressure from other divisions of his firm is inappropriate. This conflict could have been eliminated if, in anticipation of the offering, Hilton Brokerage had placed Metals & Mining on a restricted list for its sales force.
这个Example给到的评论说Fritz关于Metals & Mining的分析必须是客观的并且仅仅基于公司基本面的客观分析。受到的任意的来自公司其他部门的压力都是不合适的。如果参与承销，这种冲突需要被消除，为了销售，Hilton Brokerage需要把Metals & Mining放进其限制清单中。
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