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椰子鸡 · 2024年04月11日

怎么得到 技术面分析有效的？

  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.

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



题目说的是 P/E高的underproformce 是什么意思，表现更差？


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1 个答案

王园圆_品职助教 · 2024年04月11日

 P/E高的underproformce就是凡是P/E高于平均的股票就会持续下跌或者收益率低于同类股票

本题说的是基本面分析有效，同学你想问的是问技术分析有效？

技术分析如果有效，题目会说通过分析历史的股价走势就可以预测未来的股价走势，或者股票价格是有趋势性的，可以依靠股价走势趋势获得超额收益

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