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
Semi-strong form
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？
