NO.PZ2015122802000087
问题如下：
Fundamental analysts assume that markets are:
选项：
A.weak-form inefficient.
B.semi-strong-form efficient.
C.semi-strong-form inefficient.
解释：
C is correct.
Fundamental analysts use publicly available information to estimate a security’s intrinsic value to determine if the security is mispriced, which is inconsistent with the semi-strong form of market efficiency. Semi-strong-form market efficiency states that investors cannot earn abnormal returns by trading based on publicly available information.
考点：Efficient Capital Market And Its Forms
题干说基本面分析可以获得超额回报，那么问此时市场属于哪种有效？
如果基本面分析可以获得超额回报，那么此时市场肯定不是半强有效的即半强无效。
但是半强无效情况，我们就无法判断是弱势有效还是弱势无暇。
課上好像只講了弱势有效，半强有效和强势有效三個。 所以是不是还有弱势无效，半强无效跟强势无效？如果是，他们分别代表什么？
