投资学课后习题答案Chap011.pdfVIP

CHAPTER 11: THE EFFICIENT MARKET HYPOTHESIS CHAPTER 11: THE EFFICIENT MARKET HYPOTHESIS PROBLEM SETS 1. The correlation coefficient etween stock returns for two non-overlapping periods should e zero. If not, one could use returns from one period to predict returns in later periods and make a normal profits. 2. No. Microsoft’s continuing profita ility does not imply that stock market investors who purchased Microsoft shares after its success was already evident would have earned an ex