标准金融学

一是以Fama和French为代表的风险改变假说，这种解释从收益与风险相匹配的角度来解释超额收益，坚持有效市场理论，属于现代标准金融学的范畴。

One is the Fama and French , as a representative of the " risk change hypothesis ," The explanation from returns and risks of matching Angle to explain excess profits , Adhere to the efficient market theory , belongs to the category of modern standard finance .

标准金融学的经验异常与行为金融学的兴起

Empirical Anomalies in Standard Finance and the Rise of Behavioral Finance

一般均衡即CCAPM模型，这一部分内容构成了标准金融学的基本内容。

Which is the standard ? This chapter constitutes the standard finance .

标准金融学与行为金融学的冲突

Theoretical Conflict and Evolution : Standard Finance and Behavior Finance

标准金融学在投资者完全理性和市场有效的前提假设下，在均衡的框架内分析了资产价格的决定。

Standard finance supposes that investors are fully rational and market is efficient .

现代标准金融学理论难以解释现实世界金融市场中存在的大量异常现象，如交易数据中的胖尾性等。

The modern standard finance theory cannot explain many anomalies which exist in real markets .

资产定价理论的发展分为两个阶段：标准金融学定价阶段和行为金融学定价阶段。

The asset pricing theory has developed from standard finance stage to behavior finance stage .

外国学者研究发现，证券市场存在种种异象，而标准金融学理论却不能对这些异象给予合理的解释。

Foreign scholars find that there are lots of anomalies which can not be rationally explained by standard financial theories .

标准金融学多年来受到了诸多市场异象的挑战，这使人们意识到标准金融学有许多不足。

Standard finance is challenged by a lot of market anomalies for many years which make people realize that standard finance has many deficiencies .

在标准金融学中，公司行为像普通投资者的行为一样，是建立在完全理性的假设基础上的。

In mainstream finance , research in corporate behavior , just like that of normal investors , is based upon the hypothesis of complete rationality .

标准金融学认为，投资者是理性人，即使大部分投资者是非理性人，但是由于完美套利的存在，市场也将是有效市场。

The Standard Finance Theory holds that investors are rational , and the security market is efficient due to the possibility of perfect arbitrage , even if most of the investors are irrational .

对现实金融市场的实证研究越来越多地揭示，在市场中存在着基于有效市场假说的标准金融学难以解释的异常现象。

With the extensive and intensives study in the real financial market , researchers have found more and more anomalies that are hard to be explained by standard finance which is based on the EMH .

与标准金融学理论的理性分析框架相比，行为金融学更注重人的实际心理和经济行为，从而为金融决策提供更现实的指导。

Compared with the rational analytical frame of standard financial theory , behavioral finance pays much attention to a person 's real psychology and economic behavior , which offers a realistic guidance for financial decision .

从对其理论体系的介绍，我们可以看出为什么行为金融学能够在金融研究领域取得令人瞩目的成果，及其对标准金融学理论重要的替代或补充作用。

From it , we can see why the Behavioral Finance can obtain the great achievement in finance research , and we can also see it 's important function of substituting or supplementing the Standard Finance .

与标准金融学将人假定为完全理性不同，行为金融学认为人并非完全理性，人的判决决策会受到各种因素的影响，人是有限理性的。

Standard finance assumes that the investors are completely rational , but behavioral finance argues that people are not completely rational . Decision-making will be subject to the influence of various factors , people is limited rationality .

作为行为经济学主要的、成功的运用，行为金融学在对主流金融学（又称标准金融学）的批判与质疑中成长壮大，在资本市场实践中显示了强大的力量。

As the most fruitfully applied field of behavioral economics , behavioral finance has been developing in the course of criticizing and raising doubts to standard finance ( main-stream finance ) and outstanding in the practice of capital market .

随着股票市场异象的不断发现，作为标准金融学的假定前提之一的有效市场理论受到了挑战，越来越多的金融学者们开始关注对投资者行为的研究。

With the discovering of the stock market abnormal phenomena , Efficient Market Hypothesis which is one of the premises of the classical finance has been challenged . A growing number of financial scholars have begun to focus on investor behavior .

行为金融学是一门新兴的交叉学科，其与标准金融学的区别在于致力于描述投资者的决策过程而不是告诉投资者如何进行投资决策。

Behavioral finance is a new intercross subject . It dedicates to describe the decision-making process of the investors but not to tell the investors how to make the investment decision , which is the difference between behavioral finance and the classical finance .

异常现象中有一种叫做价值异象的情况一直受到学者们的关注，本文试图研究价值异常现象在中国证券市场的存在性以及传统标准金融学和行为金融学对于价值异象的解释是否合理。

One of the anomalies called value anomaly has been concerned by lots of scholars , this paper attempts to study value anomaly in the stock market of China , and also study the answer of standard finance and behavioral finance to find which one is reasonable .

被称为“异象”或“谜题”的一些与有效市场假定和标准金融定价模型相矛盾的实证现象带来了对现有标准金融学理论的挑战，也引发了有关金融学范式是否应该转换的论争。

Some empirical anomalies or puzzles that contradict to EMH ( effective market hypothesis ) and standard financial pricing models have posed serious challenges to the traditional neo - classical framework of finance , and brought about a controversy over the issue whether a paradigm shift is needed .