"Equity Investments":Forms of market efficiency
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Questions 1:
If a test rejects the hypothesis that market prices reflect private information but does not reject the hypothesis that they reflect past market data and public information, then the form of market efficiency is best described as:
A 、weak.
B、 strong.
C 、semi-strong.
Questions 2:
A behavioral bias in which an investor assesses probabilities of outcomes depending on how similar they are to the current state is called:
A 、conservatism.
B 、representativeness.
C、 narrow framing.
C is correct. The forms of market efficiency are as follows:
If a test rejects the hypothesis that market prices reflect private information but does not reject the hypothesis that they reflect past market data and public information, then there is evidence that the form of market efficiency is semi-strong (because only past market data and public information are reflected in market prices).
A is incorrect. Markets are weak-form efficient when market prices reflect past market data only.
B is incorrect. Markets are strong-form efficient when market prices reflect past market data, public information, and private information.
B is correct. An investor assessing probabilities of outcomes depending on how similar they are to the current state is called representativeness.
A is incorrect. Conservatism is where investors tend to be slow to react to changes.
C is incorrect. In narrow framing, investors focus on issues in isolation.
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