NO.PZ2018091702000003
问题如下：
David, an individual investor says, - I have 25 years of investment experiences. I know that market prices can be affected by emotions of investors, therefore I focus on the buy and sell signals. I trust those analysts who also take price-volume analysis into consideration.-
David's opinion on investment strategy follows：
选项：
A. the adaptive markets hypothesis (AMH).
B. a behavioral approach to asset pricing.
C. Behavioral Portfolio Theory (BPT).
解释：
B is correct.
考点：行为金融学中的投资组合构建模型
解析：Behavioral asset pricing model 在资产定价模型中增加了情感溢价sentiment premium，题干中David认为市场价格受投资者情绪影响，所以与这个模型一致。
AMH强调适应市场，根据市场变化做出投资决策的调整；BPT强调基于目标，分层做投资组合。
AMH不是EMH的衍生嘛 题干说用buy and sell signal 感觉像是在说EMH的事情 然后加入了 sentiment的因素？ 如果是AMH的话 应该是什么样的表述呢？