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四喜丸子 · 2023年07月09日

请问老师为什么不选A

NO.PZ2018062002000036

问题如下:

Iris, a financial analyst, recently studied how well the country's financial market is functioned. According to her research, the market transaction costs are low but the trading volumes are very high in this market. Therefore she believes the market liquidity is quite high. Which of the following statements is correct?

选项:

A.

In such a market, it is hard for traders to make use of their information.

B.

In such a market, it is easy for traders to trade and their transactions will reduce the effectiveness of market information.

C.

In such a market, it is easy for traders to trade and their transactions will improve the effectiveness of market information.

解释:

In a highly liquid markets, for informed trader, the completion of their orders is relatively easy. Their trading will make prices to incorporate the information, and the price will be consistent to its fundamental values.

考点:Well Functioned Financial Market

一位金融分析师Iris正在检查一个国家的金融市场是否运转良好,她发现该市场交易成本低、交易量很高,她认为该市场的流动性很好。那么在这样的市场中,下列说法正确的是:

A.说反了。题干说交易成本很低,流动性很好,此时如果分析师认为某只股票被低估了,那么在市场中很容买到。相反,如果此时交易成本很高,流动性又很差,那么即便分析师有判断,也无法实施,这个叫做hard to make use of inforamation。

B和C前半句一样,都是正确的:易成本很低,流动性很好的市场,交易员很容易交易。市场中交易越多,市场的就会越有效。因此B错在后半句。

A:In such a market, it is hard for traders to make use of their information.


在这样的市场中,交易者很难利用他们的信息。


因为市场有效 → 所以市场反应了所有的信息 → 在这样的市场 交易者难以利用已知信息。


老师这样理解为什么不对哇?请老师指正,谢谢。

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王园圆_品职助教 · 2023年07月09日

同学你好,你一开始这么想很正常,觉得A说的对也很正常,但是你看完三个选项就会发现,B和C的表述几乎完全一样,而C是肯定正确的

那就需要做出抉择,A和C怎么选

C肯定正确,那A呢?A是不是有别的意思?此时就可以想,一个有效的市场,必然是有大量的交易员可以快速容易的做各种交易从而才会使市场变得有效的,所以A的说法应该是反了——因为如果按照A的说法,交易员发现无法利用信息做交易,那就不会继续交易了,那没有交易的市场又怎么会有效呢?所以A和C比,A错C正确,只能选C

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