NO.PZ2015122802000084
问题如下：
If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to:
选项：
A.
earn abnormal returns.
B.
outperform active trading strategies.
C.
underperform active trading strategies.
解释：
B is correct.
Costs associated with active trading strategies would be difficult to recover; thus, such active trading strategies would have difficulty outperforming passive strategies on a consistent after-cost basis.
考点：Efficient Capital Market And Its Forms
在半强有效市场中，active的策略也无法获得超额收益，但它比passive投资策略成本还高。所以passive投资策略会优于active投资策略。
我以为是主动和被动结果是一样的，但为什么被动还能比主动好？
