老师能否讲下选项B

问题如下：

Following are some types of portfolio management. If the market is weak-form efficient but semi-strong-form inefficient, which of these types is most likely to earn an abnormal return?

选项：

A.

Active portfolio management by using technical analysis.

B.

Passive portfolio management.

C.

Active portfolio management by using fundamental analysis.

解释：

C is correct.

In a semi-strong-form inefficient market, fundamental analysis is able to help analysts to earn abnormal returns by using publicly available information to identify misvalued securities. If the market is weak-form efficient, technical analysis is not able to earn abnormal returns. If the market is semi-strong-form efficient, passive portfolio would outperform fundamental analysis.

考点：Efficient Capital Market And Its Forms

题目说的是在弱势有效但是半强无效的情况下，半强无效说明我们还能通过分析基本面信息来获得超额收益。而弱势有效只能说明通过分析历史的价量信息不能获得超额收益。