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考拉女士 · 2020年02月06日

问一道题:NO.PZ2018062002000090 [ CFA I ]

问题如下:

Company A released its annual report to the public recently and its share price reacts gradually to it. With respect to efficient markets, which of the following statements about the market is correct?

选项:

A.

The market is subject to behavioral biases.

B.

The market is semi-strong-form efficient.

C.

The market received additional information about the company.

解释:

C is correct.

The information from the annual report is already reflected in the stock prices if the markets are efficient. So the gradual changes of the stock prices are not to the releasing of annual report but to additional information.

老师,b为什么不对呢?

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月08日

这道题的重点在于“gradually to the public release information”,如果是半强有效,那么所有公开信息会立即反映在价格中,那从这道题来看,价格的调整是有延迟的,说明我们还能通过released information来获取超额收益,那么说明市场最多弱势有效。



sarahjia · 2020年03月22日

请问老师为什么是弱势有效呢

maggie_品职助教 · 2020年03月22日

请看我的回复:我说的是“最多”弱势有效,也可能弱势无效。

sarahjia · 2020年03月22日

啊啊好的,谢谢

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