答案和详解如下： 1.The performance of professional money managers taken as a whole has been: A) above average. B) better than a simple buy and hold strategy. C) inconsistent with the strong form of the EMH. D) below average. The correct answer was D) The implication of the strong-form tests is that money managers as a group have not outperformed the buy-and-hold policy. In fact after accounting for fees, mutual funds, bank trust departments, pension plans, and endowment funds are not able to match the performance of a simple buy-and-hold policy.
2.Which of the following actions is most likely to give an analyst superior results?
A) The ability to react very quickly to public announcements. B) Having superior abilities to identify patterns of returns based on historical data of economic factors and being able to determine the relationship between a stock return and certain economic factors based on historical data and then use that relationship to make reliable forecasts for future price movements. C) Maintain a portfolio comprised of about half large blue-chip stocks and half mid-cap stocks. D) A strong ability to interpret and estimate the future impact of publicly available information. The correct answer was D) An analyst cannot obtain superior results by relying on historical data. The analyst must be able to do a superior job of interpreting and estimating variables that are relevant to the value of the security.
3.Assuming market efficiency, which of the following statements regarding technical and fundamental analysis is FALSE?
A) Technical analysis that relies exclusively on historical data has no value. B) Evidence indicates it is possible to obtain superior returns by investing in mid-cap firms since they tend to be followed by fewer analysts. C) The only way to obtain superior results using historical data is to perform a top down analysis examining first the market, then the industry and then individual firms. D) Analysts should be focused on determining which variables are the most relevant to security value and then do a superior job of estimating these variables. The correct answer was C) Assuming market efficiency, any approach, including a top down approach, will not produce superior results as long as it relies exclusively on historical data.
4.The conclusion that technical analysis adds no value:
A) supports the weak form of the EMH. B) is not supported by fact. C) contradicts the strong form of the EMH. D) none of these answers are correct. The correct answer was A) Simple trading rule, autocorrelation and runs tests generally find evidence suggesting that technical analysis based on historical information does not generate significant excess returns.
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发表于 2008-4-9 11:39
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