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涵 · 2020年02月17日

问一道题:NO.PZ2015122802000090

问题如下:

With respect to efficient markets, a company whose share price reacts gradually to the public release of its annual report most likely indicates that the market where the company trades is:

选项:

A.

semi-strong-form efficient.

B.

subject to behavioral biases.

C.

receiving additional information about the company.

解释:

C  is correct.

If markets are efficient, the information from the annual report is reflected in the stock prices; therefore, the gradual changes must be from the release of additional information.

你好,如果市场价格逐步变化,还可以获利的话, 为什么不是weak form inefficient呢?

1 个答案

maggie_品职助教 · 2020年02月18日

不对哦,weak form inefficient说的是通过分析历史的价量信息可以获得超额收益,而这道题所得不是这个事儿,它的重点在于“gradually to the public release information”,如果是半强有效,那么所有公开信息会立即反映在价格中,那从这道题来看,价格的调整是有延迟的,说明我们还能通过released information来获取超额收益,那么说明市场最多弱势有效。加油。

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