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ciaoyy · 2018年01月08日

问一道题:NO.PZ2015122802000095 [ CFA I ]

问题如下图:

    

选项:

A.

B.

C.

解释:


A和B表述不一致吗?

原版书解释:Most asset-pricing models assume that markets are rational and that the intrinsic value of a security reflects this rationality. But market efficiency and asset-pricing models do not require that each individual is rational—rather, only that the market is rational. If individuals deviate from rationality, other individuals are assumed to observe this deviation and respond accordingly. These responses move the market toward efficiency. If this does not occur in practice, it may be possible to explain some market anomalies referencing observed behaviors and behavioral biases. 这段话的意思是说长期来看,即使个别investor不理智,但是其他investor会即使调整使得市场仍然处于一个rational的水平吗?


1 个答案
已采纳答案

韩韩_品职助教 · 2018年01月09日

是的,只要市场是理性的,即使有个别投资者偏离理性,其他的投资者会很快发现偏移,使得市场回归理性。

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