有效市场

以上事实说明我国证券市场不满足有效市场假说理论（EfficientMarketHypothesis，EMH）。

The fact above shows that China stock market does not satisfy the Efficient Market Hypothesis ( EMH ) theory .

有效市场假说（EMH）不再那么流行。

The efficient market hypothesis is no longer in such vogue .

IPO抑价是世界资本市场上的一个普遍现象，不论是新兴的证券市场，还是接近有效市场的发达国家成熟的证券市场。

IPO underpricing is a universal phenomenon in the securities markets all around the world .

随着近代金融理论的发展，有效市场假设（EfficientMarketHypothesis，EMH）受到越来越多的质疑。

With the development of modern financial theory , EMH ( Efficient Market Hypothesis ) are questioned more and more scholars .

对于IPO后市表现，由于事关有效市场假说能否成立，因而对其存在和解释的争议更大。

The controversy about the existence and explanation of the after-market performance is greater as it challenges the efficient markets hypothesis .

笔者根据理论假设前提的不同对股票定价理论进行了分类，讨论了有效市场假说（EMH）的含义、理论基础和缺陷，并以此为基础分析了不同市场环境下各种理论的适用性。

The author classified different theories in terms of the difference in premises .

第三章转入分析现代资产组合理论的理论前提&有效市场理论（EMH）。

Chapter 3 analyzes the premise of MPT , which is the Efficient Market Hypothesis ( EMH ) .

有效市场假说（EMH）自诞生之日起，就成为现代金融理论的一个重要基石。

Efficient Market Hypothesis ( EMH ) has become an important foundation of modern financial theory since it was founded .

本文对资本市场均衡理论、资本资产定价模型（CAPM）和套利定价模型（APT）的经验检验、有效市场假设的检验进行了分析；

The article analyzes the theory of asset market equilibrium , some empirical investigation of CAPM and APT and some tests of the efficient market hyPothesis .

自Fama提出有效市场假说（EMH）开始，有关市场效率研究的成果层出不穷。

Research results about market efficiency are emerging endlessly following Fama 's theory of Efficient Market Hypothesis ( EMH ) .

有效市场理论（EMH）认为，有效金融市场中的证券价格总是可以充分体现可获信息变化的影响。

According to the efficient market hypothesis ( EMH ), the stock prices can reflect the information promptly in the efficient stock market .

如今，存在于FSA以及世界各地证券与银行业监管机构DNA中的有效市场假设'受到了根本性冲击。

Now , he says , there has been a very fundamental shock to the efficient markets hypothesis which has been in the DNA of the FSA and securities and banking regulators around the world .

有效市场假说（EMH）无疑是近现代金融理论最重要的基石之一。

Without doubt , Efficient Markets Hypothesis has become the most important foundation of the modern financial theories since the day Eugene Fama presented it .

以有效市场假说（EMH）为代表的经典金融理论在研究投资者投资行为时，假设市场的参与者都是完全理性并且市场总是有效的。

The hypothesis that classical financial theory which is represented by Efficient Market Hypothesis research the behavior of investor are totally rational people and the efficient market .

基于低P／E、P／B、P／C策略的投资组合可以取的超额收益，P／E策略效果最为显著，说明我国股票市场仍然是弱有效市场。

The investment portfolios based on " P / E ", " P / B " and " P / C " strategies can get extra return . The " P / E " strategy is of the most significance , that means the sub-efficiency of Chinese stock market .

随着金融市场上各种异象的累积，有效市场假说（EMH）和资本资产定价模型（CAPM）的权威地位已开始动摇。

Along with various accumulations of anomalies in financial market , the correctness of Efficient Market Hypothesis ( EMH ) and the Capital Asset Pricing Model ( CAPM ) has been doubted .

传统金融理论建立在有效市场假说（EMH）和资本资产定价模型（CAPM）两大基石之上，其模型和范式局限在理性的分析框架中，忽视了对投资者实际决策行为的分析。

The traditional finance theory is based on EMH and CAPM , but the models and methods are confined to the frame of rationality ignoring the analysis of investor 's actual decision behaviour .

有效市场假说（EMH）是近30多年来经济学的核心命题之一，并从其引出资产定价、期权定价等重大经济理论。

Efficient Market Hypothesis ( EMH ) is the core proposition of economics in the last 30 years , and its extraction asset pricing , options pricing and other major economic theory .

现代金融学大厦是建立在有效市场假说（EMH）基础之上的，主流的金融工具及衍生产品定价均是以EMH为前提假设，指数型基金的发展更是直接得益于有效市场假说的广泛推广。

The modern finance theory is based on the Efficient Market Theory , which is also the precondition of the mainstream financial instruments and derivates pricing models , and the development of index funds is benefited from the EMH directly .

大量的实证证明，股票的回报率并不是服从正态分布，不能满足有效市场假说（EMH）金融理论的假设条件，意味着存在正偏或负偏。

A lot of evidence shows that stock returns are not perfectly normally distributed , can not meet the efficient market hypothesis ( EMH ) assumptions of financial theory , which means that there skewness is positive or negative , not equal to zero .

许多经典的现代金融理论和模型均是建立在理性人假设和Fama提出的有效市场假说这两个理论基础之上，其研究范式也局限于完全理性的分析框架。

Many classical theories and models of MF are based on the rational agent suppose and Efficient Market Hypothesis ( EMH ) put forward by Fama , which research pattern also localized on the analysis frame of complete rationality .

股票收益率的可预测性重点表现在股票价格的惯性效应与反转效应，它们作为股票市场的异常现象与有效市场假说相矛盾，不能用资本资产定价模型（CAPM）和Fama-French三因素模型进行解释。

Stock return predictability is mainly reflected in the momentum effect and contrarian effect , which , as an anomaly in stock market , cannot be explained by CAPM and Fama-French Three Factor Model and are inconsistent with Efficient Market Hypothesis ( EMH ) .

传统的金融理论基于一种线性思维，假定收益率序列是一个I.I.D过程。但是近些年来，有效市场理论在理论和实证检验两方面越来越受到挑战。

Traditional financial theory is based on a linear thinking , it is assumed that yield sequence is a process of I.I.D. But in recent years , efficient market theory has been accepted more and more challenges in the theory and empirical testing .

以概率统计理论为基础的现代资本市场理论（MCMT），为了满足概率统计学的适用条件，提出了理性投资者、有效市场和收益率的随机游动三大假说。

In order to satisfy the applicable conditions of Probability and Statistics , the Probability and Statistics based Modern Capital Market Theory ( MCMT ), was built on three hypotheses : rational investor , efficient market , and the random walk of yield rate .

传统金融学的理论基础是有效市场假说。

Efficient market hypothesis is the basis of traditional financial theory .

有效市场理论与证券分析理论的适用性比较

Effective Market Theory and Securities Analysis Theory : An Applicability Comparison

经典的金融市场理论是以有效市场假说为基础的。

Classic Capital Market Theory is based on Efficient Market Hypothesis .

投票机的说法支持有效市场的假设。

The voting machine metaphor underpins the efficient market hypothesis .

其次对有效市场假说及分形相关理论进行了综述。

Second , it is a overview of EMH and Fractal Theory .

从有效市场假设看我国证券市场的信息披露制度

Efficient Market Hypothesis and Information Disclosure System in China 's Security Market