NO.PZ2015122802000094
问题如下：
Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average:
选项：
A.dividend yields.
B.market-to-book ratios.
C.price-to-earnings ratios.
解释：
A is correct.
Higher than average dividend yield is a characteristic of a value stock, along with low price-to-earnings and low market-to-book ratios. Growth stocks are characterized by low dividend yields and high price-to-earnings and high market-to-book ratios.
考点：Tests, Implications And Conclusions Of EMH
这道题就是说长期实证研究表明，价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。
而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。
为啥价值effect和size effect是市场反常呢，市场不是确实这样吗？这种投资策略也确实有效呀。我没理解他们与EMH的关系，也没理解市场反常的关系。
