NO.PZ2015122801000016
问题如下：
Which of the following statements would least likely describe an appropriate use of a security market index?
选项：
A.Reflections of market sentiment.
B.Comparing a value manager's performance against a broad market index.
C.Proxies for measuring of beta and risk-adjusted return.
解释：
B is correct.
The index stocks are those that the manager actually choose from, which means that portfolio securities will be selected from value stocks. So a value manager should be compared against a value index, not a broad market index.
B是正确的
首先，价值型基金的业绩衡量标准应该是价值型股票构成的指数，用一般的大盘指数衡量价值型基金的业绩，是不可比也不恰当的。所以选B。
A指数每天涨跌幅度的大小可以很好的反映当天市场投资者的乐观与悲观，所以A正确。
C中，首先贝塔的计算起点，就是以大盘的风险作为1来计算比较个股风险的。而大盘风险通常会用大盘指数的风险来近似替代。其次，风险调整后的收益率，就是阿尔法，阿尔法就等于主动投资的组合和被动投资组合之间的收益之差。其中的被动投资组合也通常用大盘指数的收益率做替代。所以C正确。
β指数不是通过历史的超额收益与市场超额收益线性回归计算的吗，这里的C选项说的是由market index决定准确吗
