[CFA level 1模拟真题]Version 4 Questions－Q45 following, desirable, limitation, efficiency, face

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Q45. Capital market efficiency is desirable, but there are limitations in achieving full market efficiency.

Which of the following is least likely to be a limitation in achieving full capital market efficiency?

A. Cost of trading

B. Survivorship bias

C. Limits of arbitrage

D. Cost of information

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答案和详解如下：

Q45.  B  Study Session 13-58-a

Survivorship bias is not a limitation in achieving market efficiency. It is a source of unreliability of a market anomaly. For example, the finding of market timing prowess on the part of certain investors may be the result of survivorship bias and not an example of market inefficiency that can be exploited.

LEEFEI571

B

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