frr07172017-11-29 06:21:07

Q. A portfolio manager analyzes a market and discovers that it is not possible to achieve consistent and superior risk-adjusted returns, net of all expenses. This market is most likely characterized by: persistent anomalies. informational efficiency. restrictions on short selling. Solution 信息有效, 讲义上说的是获取信息快, 成本低...等等.貌似和这里的解释不搭界? B is correct. In an informationally efficient market, consistent and superior risk-adjusted returns (net of all expenses) are not achievable. A is incorrect because in an informationally efficient market, consistent and superior risk-adjusted returns (net of all expenses) are not achievable. In such a situation, persistent anomalies are unlikely. C is incorrect because some market experts argue that restrictions on short selling limit arbitrage trading, which impedes market efficiency. Market Efficiency Learning Outcome Describe market efficiency and related concepts, including their importance to investment practitioners