2012 CFA Mock 下午 第90题 纳闷! 与弱\中有效市场都矛盾了,还能不与强有效市场矛盾?

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原版书我不可考所以来此一问!
有效市场理论不是强有效包含中有效和弱有效嘛?
那如果是中有效和弱有效里"publicly available"能在强有效里不publicly available?
彻底糊涂了!
按我的思路是这是基本分析,在弱有效市场中适用,这样的理解难道是错的?

90. An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of the market efficiency?
A. Weak form
B. Strong form
C. Semi-strong form

Answer = B
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
2012 Modular Level I, Vol. 5, pp. 140–144
Study Session 13-49-d, f
Contrast the weak-form, semi-strong-form, and strong-form market efficiency.
Describe identified market pricing anomalies, and explain possible inconsistencies with market efficiency.
B is correct. The observation that stocks with high above-average price-to-earnings ratios have consistently underperformed those with below-average price-to-earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi-strong form of market efficiency and weak-form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available.

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关键词：有效市场 MOCK MOC CFA observation efficiency available average stocks likely

到半强为止就足够了

xiaoyaoss 发表于 2012-5-31 23:37
到半强为止就足够了

半强是基本分析已经无效了不是吗?

注意“least”这个词。

adlinton 发表于 2012-6-1 00:11
注意“least”这个词。

所以还是： 最不与强有效市场矛盾? 也即与强有效市场可以共存？

既然它即contradicts weak 又 contradicts semi-strong，那它最不可能contradicts的就剩下strong了，这题我也做错了....端详良久啊

蓝山咖啡 发表于 2012-6-1 01:08
既然它即contradicts weak 又 contradicts semi-strong，那它最不可能contradicts的就剩下strong了，这题我 ...

问题是，连前两者假说都已经不成立了，强市场怎么可能成立啊这个是最囧的啊。 众所周知强市场是包含其他的呀

题问的是least likely contradicts哪一个
所以它contradicts weak and semi-strong，所以，这样就不可能contradict strong form

cfa考试貌似更喜欢问least likely

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