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momo · 2023年12月16日

半强

  1. CFA I
  2. Equity

NO.PZ2023040301000101

问题如下：

An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of market efficiency?

选项：

A.

Weak form

B.

Semi-strong form

C.

Strong form

解释：

The observation that stocks with high above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi-strong form of market efficiency and strong form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available. It is not a contradiction to weak form market efficiency.

这题不应该选b吗，还是没绕明白

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1 个答案

王园圆_品职助教 · 2023年12月16日

题目说，在这个市场上，P/E值偏高的公司会表现持续偏差——也就是说只要持续做空P/E值偏高的公司或是持续买入P/E值偏低的公司，在这种市场就可以持续盈利

P/E是基本面分析用到的最常见指标。既然利用基本面分析的指标可以持续盈利，说明这个市场的基本面分析依然有用

上课的时候说过，半强有效市场开始，基本面分析就已经失效了，利用基本面分析就不能获利了；强有效市场更是如此，基本面分析也不会有用

题目问这个市场最不可能和哪种市场相冲突——运用双重否定，也就是这个市场最可能是属于哪种市场——不能选半强有效市场和强有效市场，就只能选弱有效市场了

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