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cst6666 · 2024年06月04日

关于C

NO.PZ2023040301000083

问题如下:

Which of the following inferences concerning market efficiency most accurate?

选项:

A.

Fully exploitable over and under-reactions often occur in efficient markets

B.

Market pricing anomalies and behavioral biases are contrary to the existence of market efficiency

C.

If a market is semi-strong form efficient neither technicians nor fundamental analysts can expect to consistently earn abnormal returns

解释:

If securities markets are semi-strong form efficient, active trading to exploit price patterns or public information is not likely to generate abnormal returns. Thus, both technical and fundamental analyses become futile exercises.

讲义上有个结论 under semi-strong EMH

fundamental analysis can still be profitable if analyst use it to create comparative advantages. 那和C的说法还是有一定出入,

那我认可fundamental analysis under semi-strong EMH 无效

但是万一考到讲义上的这个说法,我在什么情形下判断正确呢?

1 个答案

王园圆_品职助教 · 2024年06月04日

同学你好,profitable和consistently earn abnormal return是不同的概念哦

前者只需要偶尔的创造超额收益,而后者必须持续创造超额收益

所以你可以通过题目有没有提到consistently 这个字眼来判断

还有一种判断方式更直接,就是如果题目考察“although fundamental analysis requires expensive information, it can be profitable in terms of generating abnormal returns if the analyst creates a comparative advantage with that information.”这句话的话,更有可能会给一句非常近似的表达来考察考生是否记得这个知识点,而不会对这句话做非常大的改动