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
Semi-strong form
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.
解答说较高P/E ratio的股票比较低P/E ratio的股票表现差,是因为semi-strong form efficiency。
我的理解是:P/E是public information,在semi-strong form efficiency成立时P/E的影响应该会被考虑在stock price中。但题干只是说较高股票的P/E ratio和股票表现存在负相关性而已?哪怕P/E ratio已经被市场考虑了也是有可能的啊?我的理解哪里有问题?