NO.PZ2015122801000067
问题如下:
Ann, CFA, believes that active portfolio management strategy may perform better than passive index tracking strategy consistently over time. According to the market efficiency theory, which of the following financial market conditions will Ann agree?
选项:
A.Semi-strong form efficient.
B.Weak-form efficient.
C.Strong-form efficient.
解释:
B is correct.
According to the market efficiency theory, portfolio managers cannot beat the market on a consistent basis if securities markets are semi-strong-form efficient. And active portfolio management should outperform passive portfolio management under weak-form efficient market.
B是正确的。
本题考察的是三种有效市场形式的区别。
弱势有效时,所有的技术分析是无效的,但是分析公司基本面依然是有效的,所以对于分析基本面的主动投资基金经理来说,就是可以获得持续的超额收益的。B正确。
由于不允许内幕交易,所以从半强有效市场开始,主动投资--只靠分析基本面信息或者技术分析等主动投资策略,是无法获得超额收益的。AC错。
题干不太明白profolio management strategy就是基本面分析吗?
我看到主动投资active了,profolio management不是资产配置吗?和基本面分析有关系吗?