earning surprise不就是说要逐渐反应吗？

NO.PZ2018062002000090

问题如下：

Company A released its annual report to the public recently and its share price reacts gradually to it. With respect to efficient markets, which of the following statements about the market is correct?

选项：

The market is subject to behavioral biases.

The market is semi-strong-form efficient.

The market received additional information about the company.

解释：

C is correct.

The information from the annual report is already reflected in the stock prices if the markets are efficient. So the gradual changes of the stock prices are not to the releasing of annual report but to additional information.

考点：Efficient Capital Market And Its Forms

这里的“gradually”很重要，说明信息不是立即反应至价格的，因此市场不是有效的。价格在慢慢变化就说明还有其他信息。

earning surprise不就是说要逐渐反应吗？半强市场也是有效的

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王园圆_品职助教 · 2024年06月30日

同学你好，为什么你觉得“earning surprise不就是说要逐渐反应吗？”这个earnings surprise和半强有效市场又有什么关系？助教没太理解呢。

请看以下讲义截图蓝色部分，这是最开始关于有效市场的定义，里面明确说了，只有对新信息（也就是surprise）是迅速反映的，那才是有效市场——而本题后面半句说了“With respect to efficient markets,”，也就是定义了本题的前提是，这个市场肯定是有效市场，但是具体是不是半强有效市场，我们是不能确定的，也可能是强有效，也可能是弱势有效

earnings确实是属于基本面分析的一部分，但是一旦是有效市场，就必然会对earnings的信息立刻反映，无论是哪个有效市场都会立刻反映

既然题目说了gradually，那就只能说明市场还在不断收到其他信息，由于对每个信息都需要花1分钟不到的时间反映，最后看起来就是股价一直在缓慢变动

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