【每日一练】CFA 一级(2015年)
Question:
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 market efficiency?
A. Weak form
B. Semi-strong form
C. Strong form
Answer = A
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 strong form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available. It is not a contradiction to weak form market efficiency.
CFA Level I
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 4.2
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