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Alfred · 2023年05月10日

这题为什么选A

NO.PZ2023040301000101

问题如下:

An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of market efficiency?

选项:

A.

Weak form

B.

Semi-strong form

C.

Strong form

解释:

The observation that stocks with high above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi-strong form of market efficiency and strong form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available. It is not a contradiction to weak form market efficiency.

都semi-strong不成立了,怎么weak form 还成立

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已采纳答案

王园圆_品职助教 · 2023年05月10日

P/E ratio指标属于基本面因素指标而非技术指标,题干的描述属于一种基本面分析

而在弱有效市场上,我们认为技术分析无效了,基本面分析依然有效

在半强有效和强有效市场,无论技术分析还是基本面分析都无效——所以既然题干的基本面分析在某个市场持续成立,就说明这个市场肯定不是半强有效或强有效的,只可能是弱势有效

Alfred · 2023年05月15日

哦哦,记错了,是semi-strong成立时weak form成立

Alfred · 2023年05月15日

不好意思,点错了

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