CFA一级权益知识点|strong-form EMH & semi-strong form EMH & weak-form EMH
备考必备 | 2015-12-28
CFA考试科目—CFA一级权益：.EMH：这个市场能利获取利用内幕消息，属于什么市场？
CFA一级权益知识点：
区分strong-form EMH & semi-strong form EMH & weak-form EMH 定义?
Strong-form EMH states that stock prices fully reflect all information from public and private sources.
Strong-form EMH states that stock prices fully reflect all information from public and private sources.
Semi-strong form EMH states that stock prices fully reflect all publicly available information.
If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to outperform active trading strategies.
Weak-form EMH states that stock prices fully reflect all currently available security market information.
CFA一级权益考题：
Which of the following inferences concerning market efficiency most accurate?
A.Fully exploitable over and under-reactions often occur in efficient markets.
B.Market pricing anomalies and behavioral biases are contrary to the existence of market efficiency.
C.If a market is semi-strong form efficient, neither technicians nor fundamental analysts can expect to consistently earn abnormal returns.
Solution: C
金程CFA解答：If securities markets are semi-strong form efficient, active trading to exploit price patterns or public information is not likely to generate abnormal returns. Thus, both technical and fundamental analyses become futile exercises.
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