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AroDing · 2025年06月23日

如果可以賣空不是有超額回報,那有效性不是減弱了嗎

NO.PZ2015122802000074

问题如下:

With respect to efficient market theory, when a market allows short selling, the efficiency of the market is most likely to:

选项:

A.

increase.

B.

decrease.

C.

remain the same.

解释:

A is correct.

According to theory, reducing the restrictions on trading will allow for more arbitrage trading, thereby promoting more efficient pricing. Although regulators argue that short selling exaggerates downward price movements, empirical research indicates that short selling is helpful in price discovery.

考点:Efficient Capital Market And Its Forms

限制卖空相当于限制交易,如果市场禁止卖空行为,会妨碍市场的有效性。相反如果市场允许卖空,那么有效性会增强。

有效的市場不是沒有超額回報嗎?賣空行為不是可以獲得超額收益嗎,那可以賣空不就等於有效性在減弱嗎

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