NO.PZ2018062002000084
问题如下：
Which of the following is true regarding the performance of passive trading strategies in a semi-strong-form efficient market?
选项：
A. Passive trading strategies would earn abnormal returns.
B. Passive trading strategies would outperform active trading strategies.
C. Passive trading strategies would underperform active trading strategies.
解释：
B is correct.
For a fund that adopts active trading strategies, costs would be hard to recover, so therefore, passive portfolio management should outperform active portfolio management on a consistent after-cost basis.
考点：Efficient Capital Market And Its Forms
在半强有效市场中，active的策略也无法获得超额收益，但它比passive投资策略成本还高。所以passive投资策略会优于active投资策略。
老师，不是强有效下被动投资才强于主动投资吗？在半有效小，公开信息完全反映在股价上，但有些可以通过非公开信息获利（虽然方法不可取，但是如果能得到，也是通过非公开募内幕可以套利）。为什么在半强有效下就被动已经强于主动了？
