问题如下:
Which of the following market anomalies is inconsistent with weak-form market efficiency?
选项:
A.Earnings surprise.
B.Momentum pattern.
C.Closed-end fund discount.
解释:
B is correct.
Trading based on historical momentum indicates that price patterns exist and can be exploited by using historical price information. A momentum trading strategy that produces abnormal returns contradicts the weak form of the efficient market hypothesis, which states that investors cannot earn abnormal returns on the basis of past trends in prices.
考点:Tests, Implications And Conclusions Of EMH
弱势有效市场假定投资者不能根据市场过去交易的量、价信息获取超额收益。
但是MOMENTUM PATTERN却是认为过去的价格走势可以延续,并依据过去的价格信息获取超额收益,这是违反弱势有效市场假设的。
A和C都只是一种市场异象,原版书并没有提及他们试图推翻的是哪种市场有效情况,因此不在考纲要求范围之内,对该异象简单了解即可。
请问Closed-end fund discount.是什么意思?能不能解释一下?不要再让我去翻书了,我没找到,谢谢