单选题 Given that markets are efficient, which of the following is least likely to cause an actively managed mutual fund to underperform an index fund?
  • A. Taxes.
  • B. Inferior stock selection.
  • C. Management expenses.
【正确答案】 B
【答案解析】Inferior stock selection would not be a reason because, in an efficient market, all securities are priced perfectly. Therefore, there are no undervalued or overvalued securities. Since all securities are perfectly priced, the investor should select a strategy that minimizes taxes, transactions costs, and management expenses.