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天天_mama · 2020年11月24日

问一道题:NO.PZ201511190100000103 第3小题 [ CFA III ]

* 问题详情,请 查看题干

问题如下:

Statement 4 is most consistent with:

选项:

A.

the adaptive markets hypothesis.

B.

a behavioral approach to asset pricing.

C.

Savage’s subjective expected utility theory.

解释:

B is correct.

Statement 4 indicates that markets can be influenced by the emotions of others (sentiment). This is consistent with a behavioral approach to asset pricing that includes sentiment such as the behavioral stochastic discount factor-based asset pricing model proposed by Shefrin.

为什么不选c,题干中提到受情绪因素的影响,c选项好像也对。

1 个答案

王琛_品职助教 · 2020年11月25日

- 亲 C 选项的 subjective expected utility theory 指的是在 expected utility theory 基础上加上主观的权重
- statement 4 "buy/sell signal" 那里说的是技术分析,但是第一句话 “I do belive that the markets can be driven by emotions of others” 说的是市场会被人的感情说影响,也就是 sentiment premium
- B 选项 behavioral apporach to asset pricing 会在资产定价模型中加入 sentiment premium 的部分,因此这道题 B 选项是正确的