f2 market efficiency法玛将与证券价格有关信息分为三类

1DefinitionofmarketefficiencyAllocativeIffinancialmarketsallowfundstobedirectedtowardsfirmswhichmakethemostproductiveuseofthem,thenthereisallocativeefficiencyinthesemarkets.OperationalTransactioncostsareincurredbyparticipantsinfinancialmarkets,forexamplecommissionsonsharetransactions,marginsbetweeninterestratesforlendingandforborrowing,andloanarrangementfees.Financialmarketshaveoperationalefficiencyiftransactioncostsarekeptaslowaspossible.Transactioncostsarekeptlowwherethereisopencompetitionbetweenbrokersandothermarketparticipants.Theinformationprocessingefficiencyofastockmarketmeanstheabilityofastockmarketto stocksandsharesfairlyandquickly.Anefficientmarketinthissenseisoneinwhichthemarketpricesofallsecuritiesreflectalltheavailableinformation. ysisisbasedonthetheorythatsharepricescanbederivedfromarational ysisoffuturedividends.Ifthefundamental ysistheoryofsharevaluesiscorrect,thepriceofanysharewillbepredictable,providedthatallinvestorshavethesameinformationabout 'sexpectedfutureprofitsanddividends,andaknowncostofcapital. ystsorch sworkonthebasisthatpastpricepatternswillberepeated,thereforefuturepricemovementscanbe fromhistoricalpatternsofsharepricemovementsinthepast,andtherearesomepatternsthatcontinuallyreappear.Thereisnorealtheoreticaljustificationforthisapproach,butitcanattimesbespectacularlysuccessful2VaryingdegreesofefficiencyLevelsofSharepricesreflectallhistoricalincludingpastsharepriceInvestorsmakeexcessprofitsthroughchtechniques(technicalysis)Researchhasshownthat,overtime,sharepricesappeartofollowarandomwalk2VaryingdegreesofefficiencyLevelsofformefficiencyAsabove&reflectsallpubliclyavailableTestsforsemi-strongformefficiencyfocusonthespeedandaccuracyofsharepriceresponsestothearrivalofnewinformation2VaryingdegreesofefficiencyLevelsofStrongformAsabove&reflectsinformationheldprivaybythedirectors(insiderdealing)Insiderinformationcannotbeusedtomakeabnormalgainsinastrongformefficientcapital2014/12Q14Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate? Operational Semi-strongform2015/06Q18WhichofthefollowingstatementsareIfacapitalmarketisweakformefficient,aninvestorcannotmakeabnormalreturnsbyusingtechnical OperationalefficiencymeansthatefficientcapitalmarketsdirectfundstotheirmostproductiveuseTestsforsemi-strongformefficiencyfocusonthespeedandaccuracyofsharepriceresponsestothearrivalofnew1and21and32and31,2and2016/09Q25Whichofthefollowingstatementsaboutcapitalmarketefficiencyis/arecorrect?

InsiderinformationcannotbeusedtomakeabnormalgainsinastrongformefficientcapitalmarketInaweakformefficientcapitalmarket,RingCo’ssharepricereactstonewinformationthedayafteritisRingCo’ssharepricereactsquicklyandaccura ytonewly-releasedinformationinasemi-strongformefficientcapitalmarketA1and2B1and3C3D1,2andAnswerInsiderinformationcannotbeusedtomakeabnormalgainsinastrongformefficientcapitalmarketandRingCo’ssharepricereactsquicklyandaccura tonewly-releasedinformationinasemi-strongformefficientcapitalmarketarecorrect.Ex2018/12WhichTWOofthefollowingwouldbeevidenceofstrongformmarketefficiency?Thelackofregulationonuseofprivateinformation(insiderInabilitytoconsistentlyoutperformthemarketandmakeabnormalgainsImmediatesharepricereactionto tothemarketRegulationtoensurequickandtimelypublicannouncementofinformationMrMays nstoinvestontheStockExchange.AfriendofhiswhoworksintheCityofLondonhastoldhimthattheLondonStockExchangeshowsstrongformmarketefficiency.Ifthisisthecase,whichofthefollowinginvestmentstrategiesshouldMrMaysfollow?Studythe reportsinthepressandtrytospotunder-valuedsharesinwhichtoinvestInvestintwoorthreebluechipcompaniesandholdthesharesforaslongasBuildupagoodspreadofsharesindifferentindustryStudythe reportsinthepressandtrytospotstronglygrowingcompaniesinwhichtoinvest Thepreferredapproachisagoodspreadofshares,asthisminimisestheriskintheportfolioandshouldensureMrMaysdoesachievesomethingapproachingtheaveragereturnforthemarket.StrongformefficiencymeansthatMrMayscannotdoanythingtoguaranteebeatingthemarket-evenbyinsidertrading,sooptionsAandDareawasteoftime.2016/12Q23WhichofthefollowingstatementsabouttheequitymarketvalueofCoralCois/aretrue?TheequitymarketvaluewillchangefrequentlyduetocapitalmarketsIfthecapitalmarketissemi-strongformefficient,theequitymarketvaluewillnotbeaffectedbythereleasetothepublicofinsiderinformationOvertime,theequitymarketvalueofCoralCowillfollowarandomwalk11and32and31,2andAnswer 1and3Ifthecapitalmarketissemi-strongformefficient,newly-releasedinsiderinformationwillquicklyandaccura ybereflectedinshareprices.Theotherstatementsare3MarketimperfectionsandpricinganomaliesVarioustypesofanomalyappeartosupporttheviewsthatirrationalityoftendrivesthestockmarket,includingtheSeasonalmonthoftheyeareffects,dayoftheweekeffectsandalsohourofthedayeffectsseemtooccur,sothatsharepricesmighttendtoriseorfallataparticulartimeoftheyear,weekorday.Theremaybeashort-runoverreactiontorecentevents.Forexample,duringthestockmarketcrashin1987,themarketwentinto fall,losing20%inafewhours.Individualsharesorsharesinsmallcompaniesmaybeneglected.A isatraderwhobuysandsellsirrationallyanderratically;forexample,overreactingtogoodorbadnews.Themarketcapitalisationorsizeofa hasalsoproducedsomepricinganomalies.The investingin companieshasbeenshowntobethantheaveragereturnfromallcompaniesinthelongrun.2019/06Q24Whichofthefollowingis/areindicatorsofmarket(1)Lowvolumeoftradinginsharesofsmaller(2)OverreactiontounexpectedA1B2CBoth1and2DNeither1nor2016/12Q7Inrelationtocapitalmarkets,whichofthefollowingstatementsistrue?ThereturnfrominvestinginlargercompanieshasbeenshowntobegreaterthantheaveragereturnfromallWeakformefficiencyariseswheninvestorstendnottomakerationalinvestmentdecisionsAllocativeefficiencymeansthattransactioncostsarekepttoaminimumResearchhasshownthat,overtime,sharepricesappeartofollowarandomwalkAnswer Researchhasshownthat,overtime,sharepricesappeartofollowarandomwalkItiscorrectthatresearchhasshownthat,overtime,sharepricesappeartofollowarandomwalk4BehaviouralfinanceSpeculationbyinvestorsandmarketsentimentisamajorfactorinthebehaviourofshareprices.Behaviouralfinanceisanalternativeviewtotheefficientmarkethypothesis.Itattemptsto inthemarketimplicationsofthepsychologicalfactorsbehindinvestordecisionsandsuggeststhatirrationalinvestorbehaviourmaysignificantlyaffectsharepricemovements.Thesefactorsmayex inwhysharepricesappearsometimestooverreacttopastpricechanges.Behaviouralfinanceconsiderstheemotionaland'illogical'factorsthataffectthedecision-makingofinvestors.Thesebehaviouralfactorsmayex inwhyinvestorsoftendonotactrationally.Forexample,behaviouraltheorymayex instockmarketbubbles. 资本市场的有效性并不要求所有投 估的，同时被高估的，使股价恢复理性预期。专业投资者的活动，能够控制业余投资者的投 ystsorch sworkonthebasisthatpastpricepatternswillberepeated,thereforefuturepricemovementscanbe fromhistoricalpatternsofsharepricemovementsinthepast,andtherearesomepatternsthatcontinuallyreappear.Thereisnorealtheoreticaljustificationforthisapproach,butitcanattimesbespectacularlysuccessful, sdonotattempttopredicteverypricechange.Theyareprimarilyinterestedin forexamplewhenthepriceofasharehasbeenrisingforseveralmonthsbutsuddenlystartstofall.,Movingaverageshelpthechtoexamineoveralltrends.Forexample,theymaycalculateandplotmovingaveragesofsharepricesfor20days,60daysand240days. Oneofthemainproblemswithchartismisth