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lastangel · 2020年02月17日

问一道题:NO.PZ2018062002000088

问题如下:

Following are some types of portfolio management. If the market is weak-form efficient but semi-strong-form inefficient, which of these types is most likely to earn an abnormal return?

选项:

A.

Active portfolio management by using technical analysis.

B.

Passive portfolio management.

C.

Active portfolio management by using fundamental analysis.

解释:

C is correct.

In a semi-strong-form inefficient market, fundamental analysis is able to help analysts to earn abnormal returns by using publicly available information to identify misvalued securities. If the market is weak-form efficient, technical analysis is not able to earn abnormal returns. If the market is semi-strong-form efficient, passive portfolio would outperform fundamental analysis.

请问这道题是weak-form的情况下,为什么c选项的active trading还能获得超额收益?

1 个答案

maggie_品职助教 · 2020年02月18日

审题要审全哦,题目说的是在弱势有效但是半强无效的情况下,半强无效说明我们还能通过分析基本面信息来获得超额收益。而弱势有效只说明通过分析历史的价量信息不能获得超额收益。