开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

大瓶子 · 2023年09月04日

为什么违反了半强和强有效市场呢?

NO.PZ2023040301000102

问题如下:

After the public announcement of the merger of two firms, an investor makes abnormal returns by going long on the target firm and short on the acquiring firm. This most likely violates which form of market efficiency?

选项:

A.

Semi-strong form only

B.

Semi-strong and strong forms

C.

Weak and semi-strong forms

解释:

In a semi-strong efficient market, prices adjust quickly and accurately to new information. In this case, prices would quickly adjust to the merger announcement, and if the market is a semi-strong efficient market, investors acting after the merger announcement would not be able to earn abnormal returns. Therefore, the market is not semi-strong-form efficient. A market that is not semi-strong-form efficient is also not strong-form efficient. Thus, violating the semi-strong-form efficiency also implies violating the strong-form efficiency. However, the market could still be weak-form efficient because past prices are not being used to make abnormal profits. Thus, we cannot say that the weak-form market efficiency has been violated

为什么违反了半强和强有效市场呢?

1 个答案

王园圆_品职助教 · 2023年09月04日

因为在半强有效市场以及强有效市场上,股票的价格应该已经反映了市场上所有的公开信息和历史信息,任何人都不能利用这些公开信息获得超额收益。

而这个公司合并的信息是一个public announcement,如果市场属于半强有效市场或强有效市场,那两个公司的股价会立刻对这个信息做出反映并调整到合理的位置,那投资者就不可能利用这个信息获得abnomal return

所以题干描述的投资者事实上获得超额收益的情形明显是违反了半强有效及强有效市场的假设的

  • 1

    回答
  • 0

    关注
  • 347

    浏览
相关问题

NO.PZ2023040301000102 问题如下 After the public announcement of the merger of two firms, investor makes abnormreturns going long on the target firm anshort on the acquiring firm. This most likely violates whiform of market efficiency? A.Semi-strong form only B.Semi-strong anstrong forms C.Weansemi-strong forms In a semi-strong efficient market, prices aust quickly anaccurately to new information. In this case, prices woulquickly aust to the merger announcement, anif the market is a semi-strong efficient market, investors acting after the merger announcement woulnot able to earn abnormreturns. Therefore, the market is not semi-strong-form efficient. A market this not semi-strong-form efficient is also not strong-form efficient. Thus, violating the semi-strong-form efficienalso implies violating the strong-form efficiency. However, the market coulstill weak-form efficient because past prices are not being useto make abnormprofits. Thus, we cannot sththe weak-form market efficienhbeen violate 1

2024-05-07 22:42 1 · 回答

NO.PZ2023040301000102问题如下 After the public announcement of the merger of two firms, investor makes abnormreturns going long on the target firm anshort on the acquiring firm. This most likely violates whiform of market efficiency? A.Semi-strong form onlyB.Semi-strong anstrong formsC.Weansemi-strong forms In a semi-strong efficient market, prices aust quickly anaccurately to new information. In this case, prices woulquickly aust to the merger announcement, anif the market is a semi-strong efficient market, investors acting after the merger announcement woulnot able to earn abnormreturns. Therefore, the market is not semi-strong-form efficient. A market this not semi-strong-form efficient is also not strong-form efficient. Thus, violating the semi-strong-form efficienalso implies violating the strong-form efficiency. However, the market coulstill weak-form efficient because past prices are not being useto make abnormprofits. Thus, we cannot sththe weak-form market efficienhbeen violatelong on target form anshort on acquiring firm啥意思啊

2024-04-27 22:32 2 · 回答