[{"data":1,"prerenderedAt":35},["ShallowReactive",2],{"q-sec_sr_invest-115-2-036":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":22},"sec_sr_invest","證券商高級業務員資格測驗——證券投資與財務分析(試卷「投資學」)","c8",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":19,"explanation":20,"difficulty":21},"sec_sr_invest-115-2-036","115-2",36,"下列何者的報酬率可用來檢定市場是否符合強式效率市場？",[13,14,15,16],"公司董事長","公司大股東","基金經理人","選項(A)(B)(C)皆是",3,"效率市場假說與行為財務",1,"強式效率市場假說主張股價已完全反映所有公開與「未公開」的資訊，因此連握有內線消息的人也賺不到超額報酬。要檢定它，就得去看最可能掌握私有資訊者的績效：（A）公司董事長與（B）公司大股東是典型的公司內部人，（C）基金經理人則被視為擁有較佳研究資源與私下管道的專業投資人，這三種人的報酬率若都無法顯著打敗大盤，才支持強式效率成立，所以（D）三者皆是為正解。若改以財報、股利宣告等公開資訊發布後的價格反應來檢定，對應的是半強式效率；只用歷史價量資料做技術分析檢定，則屬弱式效率，三個層次不可混用。","medium",[23,27,31],{"id":24,"question":25,"qno":26},"sec_sr_invest-114-3-025","在弱式效率市場中，下列哪些分析工具可賺取超額報酬？",25,{"id":28,"question":29,"qno":30},"sec_sr_invest-115-1-019","下列敘述何者為非？",39,{"id":32,"question":33,"qno":34},"sec_sr_invest-115-2-037","使用反向策略可以獲得超額報酬的假設原因為：",37,1785904144158]