above average price-to-earnings ratios underperform

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：

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.

PE高的股票比PE低的股票表现要差，如果市场有效，不是就该这样吗？ PE低，说明公司实际价值大于账面价值，所以undervalued?题目在问什么？

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王园圆_品职助教 · 2024年09月24日

同学你好，题目说，在这个市场上，P/E值偏高的公司会表现持续偏差——也就是说只要持续做空P/E值偏高的公司或是持续买入P/E值偏低的公司，在这种市场就可以持续盈利

P/E是基本面分析用到的最常见指标。既然利用基本面分析的指标可以持续盈利，说明这个市场的基本面分析依然有用

上课的时候说过，半强有效市场开始，基本面分析就已经失效了，利用基本面分析就不能获利了；强有效市场更是如此，基本面分析也不会有用

题目问这个市场最不可能和哪种市场相冲突——运用双重否定，也就是这个市场最可能是属于哪种市场——不能选半强有效市场和强有效市场，就只能选弱有效市场了

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NO.PZ2023040301000101 问题如下 observation thstocks with above average price-to-earnings ratios have consistently unrperformethose with below average price-to-earnings ratios least likely contracts whiform of market efficiency? A.Weform B.Semi-strong form C.Strong form The observation thstocks with high above average price-to-earnings ratios have consistently unrperformethose with below average price-to-earnings ratios is a cross-sectionanomaly. It is a contraction to the semi-strong form of market efficienanstrong form market efficienbecause all the information useto categorize stocks their price-to-earnings ratios is publicly available. It is not a contraction to weform market efficiency. 题目说，在这个市场上，P/E值偏高的公司会表现持续偏差——也就是说只要持续做空P/E值偏高的公司或是持续买入P/E值偏低的公司，在这种市场就可以持续盈利P/E是基本面分析用到的最常见指标。既然利用基本面分析的指标可以持续盈利，说明这个市场的基本面分析依然有用题目说的是 P/E高的unrproform 是什么意思，表现更差？

2024-04-11 19:39 1 · 回答

2023-12-16 09:15 1 · 回答

NO.PZ2023040301000101 问题如下 observation thstocks with above average price-to-earnings ratios have consistently unrperformethose with below average price-to-earnings ratios least likely contracts whiform of market efficiency? A.Weform B.Semi-strong form C.Strong form The observation thstocks with high above average price-to-earnings ratios have consistently unrperformethose with below average price-to-earnings ratios is a cross-sectionanomaly. It is a contraction to the semi-strong form of market efficienanstrong form market efficienbecause all the information useto categorize stocks their price-to-earnings ratios is publicly available. It is not a contraction to weform 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stoprice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？

2023-11-05 05:18 2 · 回答

2023-05-10 21:45 1 · 回答

above average price-to-earnings ratios underperform

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