NO.PZ2018062002000087
问题如下：
For a fundamental analyst who uses publicly available information to detect mispricing, what is his assumption about the market efficiency?
选项：
A. The market is weak-form inefficient.
B. The market is semi-strong-form efficient.
C. The market is semi-strong-form inefficient.
解释：
C is correct.
According to semi-strong-form efficient hypothesis, investors are not able to earn abnormal returns by using publicly available information. So the analyst believes that the market is semi-strong-form inefficient if he uses fundamental analysis.
考点：Efficient Capital Market And Its Forms
题干说我们通过市场公开数据可以发现定价错误也就是说基本面分析可以获得超额回报，那么问此时市场属于哪种有效？
如果基本面分析可以获得超额回报，那么此时市场肯定不是半强有效的即半强无效。
但是半强无效情况，我们就无法判断是弱势有效还是弱势无效。
如何区分半强有效和半强无效？
