(from a colleague): “While I try to make decisions analytically, I do believe the markets can be driven by the emotions of others. So I have frequently used buy/sell signals when investing. Also, my 20 years of experience with managers who actively trade on such information makes me think they are worth the fees they charge
Statement 4 is most consistent with:
the adaptive markets hypothesis.
a behavioral approach to asset pricing.
Savage’s subjective expected utility theory.
答案选B.但是教材原文提到
Although Shefrin cites evidence that investors commit errors that result in inefficient prices in the aggregate, it is important to determine if these errors are either systematic or essentially random in nature. If they are systematic, then the errors may be predicted and exploited to earn excess returns.
(Institute 38)
明显在说这个情感因素的影响是随机的，而题目中说根据信号买卖，似乎这一点不符，另外我也没看出根据信号买卖为什么就是behavioral appraoch呢，这里没体现出sentimental premium
