问题 问答题

有效市场假说(Efficient Market Hypothesis,EMH)

答案

参考答案:

解析:有效市场假说(Efficient Market Hypothesis,EMH):又称有效市场理论,由20世纪60年代美国芝加哥大学财务教授尤金·法默(Eugene F.Fama)提出。该假说认为,在一个有效的资本市场中,证券的价格应该立即对这些信息做出反映,即有利的信息会立即导致证券价格上升,而不利的信息则会使其价格立即下降。任何时刻的证券价格都已经充分地反映了当时所能得到的一切相关信息。其主要内容有三点:①证券价格迅速反映了未预期的信息;②随机游动假设;③投资者无法获得超额利润。 其成立的充分条件有:①在证券交易中,不存在交易成本、政府税收和交易的其他障碍;②市场信息的交流是高效率的,所有对投资者有用的信息对证券交易各方来说,都可以无需代价取得;③证券价格不受个别人和个别机构交易的影响,即市场参与者是价格的接受者;④所有的投资者都是理性地追求个人效用最大化的市场参与者。上述条件严格成立时,市场一定是有效的。 根据可获得的有关信息的分类不同,可将市场效率划分为弱势有效、半强势有效和强势有效三种类型:①弱式有效市场,指证券价格被假设完全反映包括它本身在内的过去历史的证券价格资料。其主要特点在于证券的现行价格充分反映了历史上一系列交易价格和交易量中所隐含的信息,证券价格的变动表现为随机游动过程。②半强势有效市场,指所有公开的可用信息假定都被反映在证券价格中,不仅包括证券价格序列信息,还包括公司财务报告信息、经济状况的通告资料和其他公开可用的有关公司价值的信息,公布的宏观经济形式和政策方面的信息。③强式有效市场,指所有相关信息(包括内部信息和公开信息)都在证券价格中反映出来,即证券价格除了包含历史价格信息和所有公开信息外,还包含了所谓的内幕信息。

完形填空

第二节完型填空

阅读下面短文,掌握其大意,然后从36-55各题所给的A,B,C,D四个选项中选出最佳选项,并在答题卡上将该项涂黑。(共20小题,每题1分,满分20分)

Mr. Brown, the wife of a famous doctor, was good at cooking. Once the Browns invited some of their friends to lunch. Mrs. Brown thought it was a good chance for her to ___36___ how wonderfully she could cook, so she ___37___ a new way of cooking a fish dish. She was quite pleased with herself when the dish was ___38___. “I have never cooked such ___39___ dish before!” she thought.

As the dish was very ___40___ she put it near the open window to cool for a few minutes. But, several minutes ___41___ , when she came back ___42___ it, she was shocked(震惊) to find the neighbor’s cat, Chester, at the dish. She was in time to stop the cat ___43___ it was too late.

When all the guests sat, the dinner began. The fish dish ___44___ really wonderful and everyone ___45___ it very much. They talked and laughed ___46___ four o’clock.

At the end of the afternoon, when she was alone again, Mrs. Brown felt ___47___ but also happy. She sat in a chair near a window to have a ___48___. She happened to look down ___49___ the window, and saw something ___50___ a little animal in the garden.

“Oh, it is Chester. Dear, she is dead! Why? The fish dish must be bad! What will ___51___ to my friends?” she was frightened.

Immediately she telephoned her husband for ___52___. The doctor told her to telephone ___53___ of the guests to meet him at the hospital as soon as he could.

Finally the danger was ___54___. Once again, Mrs. Brown was alone in her chair in the sitting room, still tired but no longer happy. Just then the telephone rang, it was her ___55___ who cried, “Oh, Mrs. Brown, Chester is dead. She was killed by a car and someone put it in your garden.”

36. A. enjoy                  B . show                              C. make                       D. say

37. A. did                            B. made                              C. tried                        D. found

38. A. ready                  B. gone                               C. finishing                  D. already

39. A. an expensive              B. an excellent                            C. a terrible                  D. a pretty

40. A. hot                           B. cold                                C. warm                       D. heat

41. A. early                  B. earlier                             C. later                         D. late

42. A. with                          B. to                                          C. for                           D. after

43. A. after                          B. before                             C. when                       D. until

44. A. tasted                 B. was eaten                        C. felt                          D. looked

45. A. ate                            B. enjoyed                                  C. had                          D. ate up

46. A. at                       B. from                               C. to                           D. till

47. A. worried                     B. sad                                 C. tired                        D. sorry

48. A. bread                  B. break                              C. breath                      D. stop

49. A. through                     B. throughout                      C. past                         D. out

50. A. as                       B. seem                               C. to seem                           D. like

51. A. change                B. happen                                   C. become                           D. come

52. A. thought               B. advice                             C. ways                        D. ideas

53. A. both                          B. any                                 C. all                                  D. each

54. A. end                           B. away                               C. over                         D. passed

55. A. husband                     B. doctor                             C. neighbor   D. guest

问答题