NO.PZ2018062002000036
问题如下:
Iris, a financial analyst, recently studied how well the country's financial market is functioned. According to her research, the market transaction costs are low but the trading volumes are very high in this market. Therefore she believes the market liquidity is quite high. Which of the following statements is correct?
选项:
A.In such a market, it is hard for traders to make use of their information.
B.In such a market, it is easy for traders to trade and their transactions will reduce the effectiveness of market information.
C.In such a market, it is easy for traders to trade and their transactions will improve the effectiveness of market information.
解释:
In a highly liquid markets, for informed trader, the completion of their orders is relatively easy. Their trading will make prices to incorporate the information, and the price will be consistent to its fundamental values.
考点:Well Functioned Financial Market
一位金融分析师Iris正在检查一个国家的金融市场是否运转良好,她发现该市场交易成本低、交易量很高,她认为该市场的流动性很好。那么在这样的市场中,下列说法正确的是:
A.说反了。题干说交易成本很低,流动性很好,此时如果分析师认为某只股票被低估了,那么在市场中很容买到。相反,如果此时交易成本很高,流动性又很差,那么即便分析师有判断,也无法实施,这个叫做hard to make use of inforamation。
B和C前半句一样,都是正确的:易成本很低,流动性很好的市场,交易员很容易交易。市场中交易越多,市场的就会越有效。因此B错在后半句。
A:In such a market, it is hard for traders to make use of their information.
在这样的市场中,交易者很难利用他们的信息。
因为市场有效 → 所以市场反应了所有的信息 → 在这样的市场 交易者难以利用已知信息。
老师这样理解为什么不对哇?请老师指正,谢谢。