操你逼_一级毛片在线观看免费_91欧美激情一区二区三区成人_日本中文字幕电影在线观看_久久久精品99_九九热精

24周年

財稅實務 高薪就業 學歷教育
APP下載
APP下載新用戶掃碼下載
立享專屬優惠

安卓版本:8.7.93 蘋果版本:8.7.93

開發者:北京正保會計科技有限公司

應用涉及權限:查看權限>

APP隱私政策:查看政策>

HD版本上線:點擊下載>

"Equity Investments":Market Efficiency

來源: 正保會計網校 編輯:小鞠橘桔 2020/10/16 09:32:06  字體:

選課中心

多樣班次滿足需求

選課中心

資料專區

干貨資料助力備考

資料專區

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程,每天學習一點,每天進步一點!為了幫助大家更高效地備考2021年CFA考試,正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試,夢想成真!

Questions 1:

The following table shows some data on a company before and after unexpected news is announced to the public:

Equity Investments:Market Efficiency

Based on the data in the table, the market for this company’s shares is bestdescribed as:

A、 relatively inefficient.

B、 semi-strong efficient.

C、 overvalued.

Questions 2:

Which of the following is most likely a cross-sectional anomaly in financial markets?

A 、Closed-end fund discount

B 、Overreaction effect

C、 Value effect

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. In an inefficient market, (1) the market value of a stock adjusts slowly to an unexpected news, and (2) there are probably discrepancies between market value and intrinsic value. Given that after the unexpected news, the estimated intrinsic value increases to $33 (from $30) but the market value increases to only $31 (from $30), it is possible to conclude that the market for this company’s shares is relatively inefficient. 

B is incorrect. In a semi-strong-form efficient market, prices reflect all publicly known and available information. Given that after the unexpected news is announced to the public the stock price did not fully converge to the intrinsic value ($31 vs. $33), it means that the price did not fully reflect all publicly available information. Therefore, the market for this company’s shares is not semi-strong-form efficient.

 C is incorrect. The company’s shares are undervalued, not overvalued, because after the announcement the market value per share is lower than the estimated intrinsic value per share ($31 < $33).

【Answer to question 2】C

【analysis】

C is correct. The value effect—that is, stocks with below-average price-to-earnings and market-to-book ratios and above-average dividend yields have consistently outperformed growth stocks over long periods—is a cross-sectional anomaly. 

A is incorrect. A closed-end fund discount is an anomaly where a closed-end fund trades at a discount from its net asset value. It is not a cross-sectional anomaly. 

B is incorrect. Overreaction effect is a time-series anomaly, not a cross-sectional anomaly.

成功=時間+方法,自制力是這個等式的保障。世上無天才,高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績,其成績背后無比寂寞的勤奮。小編相信,每天都在勤奮練習,即使是一點點的進步,大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊,點擊了解>

學員討論(0

免費試聽

特許金融分析師限時免費資料

  • CFA報考指南

    CFA報考指南

  • CFA考試大綱

    CFA考試大綱

  • CFA歷年

    CFA歷年

  • CFA學習計劃

    CFA學習計劃

  • CFA思維導圖

    CFA思維導圖

  • CFA備考建議

    CFA備考建議

回到頂部
折疊
網站地圖

Copyright © 2000 - www.electedteal.com All Rights Reserved. 北京正保會計科技有限公司 版權所有

京B2-20200959 京ICP備20012371號-7 出版物經營許可證 京公網安備 11010802044457號

恭喜你!獲得專屬大額券!

套餐D大額券

去使用
報考小助理

備考問題
掃碼問老師

主站蜘蛛池模板: 国产1区2区3区在线观看 | 国产精品久久久久久久久久久久久 | 黄色国产 | 亚洲在线一区 | 欧美精品中文字幕久久二区 | 久久大| 国产一区二区欧美 | a一级黄色大片 | 亚洲一区欧美二区 | 毛片免费网址 | 欧美日韩一区三区 | 在线观看污污视频 | 国产日韩欧美一区 | 麻豆乱码国产一区二区三区 | 一区二区三区免费 | 国产伦精品一区二区三区四区视频 | 亚洲天堂精品视频 | 精品国产麻豆 | 亚洲爽爽网 | 免费av高清 | 伊人av电影 | 久久久噜噜噜久久中文字幕色伊伊 | 国产精品久久久av | 国产精品久久久久久久va果冻 | 黄网入口| 成人在线观看免费 | 国产视频一区二区在线 | 国产精品免费一区二区三区在线观看 | 日本a v网站| 黄色一级片在线免费观看 | 一区二区a视频 | 亚洲第一天堂 | 日本久久片 | 日韩精品一区在线 | 91精品国产高清久久久久久久久 | 国产成人99久久亚洲综合精品 | 亚洲一级二级三级 | 天堂中文在线网 | 韩日精品一区 | 99热6这里只有精品 国产精品精品视频一区二区三区 | 中文字幕亚洲成人 |