NO.PZ2015122802000087
问题如下：
Fundamental analysts assume that markets are:
选项：
A.weak-form inefficient.
B.semi-strong-form efficient.
C.semi-strong-form inefficient.
解释：
C is correct.
Fundamental analysts use publicly available information to estimate a security’s intrinsic value to determine if the security is mispriced, which is inconsistent with the semi-strong form of market efficiency. Semi-strong-form market efficiency states that investors cannot earn abnormal returns by trading based on publicly available information.
考点：Efficient Capital Market And Its Forms
题干说基本面分析可以获得超额回报，那么问此时市场属于哪种有效？
如果基本面分析可以获得超额回报，那么此时市场肯定不是半强有效的即半强无效。
但是半强无效情况，我们就无法判断是弱势有效还是弱势无暇。
semi strong- form inefficient 的意思就是 不是半强有效呗？选C是因为，只是确定他不是半强有效，并不一定是弱有效，也有可能连弱有效都达不到。
