NO.PZ2023040301000093
问题如下：
If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to
选项：
A.earn abnormal returns
outperform active trading strategies
underperform active trading strategies
解释：
Costs associated with active trading strategies would be difficult to recover; thus, such active trading strategies would have difficulty outperforming passive strategies on a consistent after-cost basis.
同学你好，这就是上课的结论，在半强有效市场下，由于市场上所有可以获得的公开信息都已经充分的反映在股价里面了，所以此时主动投资已经不能获得超过被动投资的超额收益了。但是由于被动投资需要付出的管理费用更低，则费后的净收益反而会高于主动投资，所以本题选B
——不是还可以交易内幕信息吗？
