[{"data":1,"prerenderedAt":35},["ShallowReactive",2],{"q-sec_sr_invest-115-2-037":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-115-2-037","115-2",37,"使用反向策略可以獲得超額報酬的假設原因為：",[13,14,15,16],"市場反應過度","市場反應不足","報酬不具可預測性","投資人的不理性行為是隨機的",0,"效率市場假說與行為財務",1,"反向策略是買進過去表現最差的輸家、賣出過去表現最好的贏家。它之所以可能賺到超額報酬，前提是市場對利多或利空「反應過度」，價格一時被推過頭而偏離基本價值，日後會出現反轉修正，使長期報酬呈現負向自我相關，故選（A）。（B）反應不足支持的是動能（順勢）策略，也就是追買強勢股、放空弱勢股，方向與反向策略正好相反。（C）若報酬完全不具可預測性，符合隨機漫步與效率市場，任何交易策略都賺不到超額報酬。（D）若投資人的不理性行為只是隨機出現，各種偏誤會互相抵銷，不會形成可以被系統性利用的規律。","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-115-2-036","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？",36,1785904144162]