NO.PZ2018101901000024
问题如下：
All of the following are reasons that the historical outperformance of value stocks versus growth stocks may not be anomalous except:
选项：
A.Abnormal returns represent compensation for risk exposures, such as the heightened risk of value stocks to suffer distress during downturns.
B.Companies with strong historical growth rates are viewed as good investments, with higher expected returns than risk characteristics merit.
C.The deviation disappears by incorporating a three-factor asset pricing model.
解释：
B is correct.
This choice describes the halo effect, which does offer a behavioral explanation for the poor performance of growth stocks versus value stocks. Growth stocks are mispriced relative to their risk characteristics, because FMPs focusing on just a few properties, such as a high historical revenue growth rate, while neglecting other characteristics.
A选项中的abnormal return指的是题干中提到的value stock相较于growth stock的outperformance吧，那无论经济低迷还是经济繁荣，value stock的风险平均都低于growth stock呀，那A选项中downturns的时候，growth stock的risk应该比value stock更加hightten了，那不应该给growth stock一个更高的compensation嘛？
