问题如下图：
选项：
A. 
B. 
C. 
解释：
什么是market to book ratio？
NO.PZ2015122802000094 问题如下 Researchers have founthvalue stocks have consistently outperformegrowth stocks. investor wishing to exploit the value effeshoulpurchase the stoof companies with above-average: A.vinyiel. B.market-to-book ratios. C.price-to-earnings ratios. is correct.Higher thaverage vinyielis a characteristic of a value stock, along with low price-to-earnings anlow market-to-book ratios. Growth stocks are characterizelow vinyiel anhigh price-to-earnings anhigh market-to-book ratios.考点Tests, Implications AnConclusions Of EMH这道题就是说长期实证研究表明，价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。 可以请讲一讲growth stocks 为何P/E ratio 会比较高吗？
NO.PZ2015122802000094 问题如下 Researchers have founthvalue stocks have consistently outperformegrowth stocks. investor wishing to exploit the value effeshoulpurchase the stoof companies with above-average: A.vinyiel. B.market-to-book ratios. C.price-to-earnings ratios. is correct.Higher thaverage vinyielis a characteristic of a value stock, along with low price-to-earnings anlow market-to-book ratios. Growth stocks are characterizelow vinyiel anhigh price-to-earnings anhigh market-to-book ratios.考点Tests, Implications AnConclusions Of EMH这道题就是说长期实证研究表明，价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。 为啥价值effect和size effect是市场反常呢，市场不是确实这样吗？这种投资策略也确实有效呀。我没理解他们与EMH的关系，也没理解市场反常的关系。
NO.PZ2015122802000094 问题如下 Researchers have founthvalue stocks have consistently outperformegrowth stocks. investor wishing to exploit the value effeshoulpurchase the stoof companies with above-average: A.vinyiel. B.market-to-book ratios. C.price-to-earnings ratios. is correct.Higher thaverage vinyielis a characteristic of a value stock, along with low price-to-earnings anlow market-to-book ratios. Growth stocks are characterizelow vinyiel anhigh price-to-earnings anhigh market-to-book ratios.考点Tests, Implications AnConclusions Of EMH这道题就是说长期实证研究表明，价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。 老师好，求问本题题干意思和答案意思，以及为何选择答案A
NO.PZ2015122802000094 market-to-book ratios. price-to-earnings ratios. A is correct. Higher thaverage vinyielis a characteristic of a value stock, along with low price-to-earnings anlow market-to-book ratios. Growth stocks are characterizelow vinyiel anhigh price-to-earnings anhigh market-to-book ratios. 考点Tests, Implications AnConclusions Of EMH 这道题就是说长期实证研究表明，价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。 而价值型的股票说明企业赚的钱都拿来分红了，基本上都是大的成熟的企业（增长机会较少），因此相比growth stocks,它的PE\PB较小，而分红比率较高。 如题。。。。。。。。。。
