NO.PZ2018062002000094
问题如下：
An investor has found that value stocks have better performance than growth stocks. She wishes to exploit the value effect, so which stock should be purchased?
选项：
A.The stock of companies with higher than average dividend yields.
B.The stock of companies with higher than average market-to-book ratios.
C.The stock of companies with higher than average price-to-earnings ratios.
解释：
A is correct.
A value stock has below characteristics: above-average dividend yield, low price-to-earnings and low market-to-book ratios, and a growth stock has the opposite characteristics.
考点：Tests, Implications And Conclusions Of EMH
这道题就是说长期实证研究表明，价值型股票在长期是outerperform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。
而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。
請問一下：
上課的結論是 Anomalies 是因統計方法而產生的
不能推翻有效市場假說
而此題 Value effect anomaly 是因統計方法而產生的
觀察到的偶然
既然如此，為什麼題目還要用這個策略去賺錢呢？
概念上有點迷糊
還麻煩助教了～
謝謝～
