有效市场假说

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 .

自20世纪80年代以来，有效市场假说受到了学术界和现实的双重挑战。

Since 1980 , EMH confronts with double challenge from academe and reality .

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 .

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 .

这一现象的广泛和长期存在显然有悖于传统的有效市场假说（EMH）。

This phenomenon of widespread and persistent is clearly contrary to the traditional efficient market hypothesis .

有效市场假说（EMH）的发端可以追溯到20世纪初。

The indication of ' The Efficient Market Hypothesis ' is at the early 19th century .

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 .

在EMH提出后的十几年时间里，有效市场假说在理论上和实证上都得到了强有力的支持。

During the more than ten years after EMH been put forward , it gain strongly sustain from theory and demonstration .

有效市场假说（EMH）认为，一个有效的市场总能立即充分、准确地反映所有的信息。

Effective Market Hypothesis ( EMH ) suggests that an effective market should always reflect all available information sufficiently and correctly .

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 ) .

传统的有效市场假说（EMH）认为股票收益是不可预测的，投资者只能获得正常的投资回报率。

The traditional efficient market hypothesis ( EMH ) holds that stock returns are unpredictable and investors can only get the normal return .

在经典资本市场理论（CMT）中，有效市场假说（EMH）一直是资本市场理论的基石。

In classical Capital Market Theory ( CMT ), Efficient Market Hypothesis ( EMH ) is the headstone of CMT at all times .

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 .

在以往的研究中，IPO抑价和后市表现长期被割裂，前者通常采用有效市场假说（EMH）和非对称信息的分析框架，而后者则对有效市场假说构成挑战。

The efficient markets hypothesis ( EMH ) and information asymmetry were adopted as the analysis framework for the IPO underpricing , while the after-market performance constitutes a challenge to EMH .

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 .

有效市场假说（EMH）是现代金融理论的基石，由Fama（1970）深化并提出。

Efficient market hypothesis ( EMH ) is the cornerstone of modern financial theory , which was deepen and made by Fama ( 1970 ) .

这一方面是由于股票市场本身的复杂性，另一方面是由于以往的研究多是在传统主流经济学关于有效市场假说（EMH）的基础上进行的。

One hand , it is because of the complexity of stock market ; on the other hand , it is due to the EMH which previous studies based on .

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 .

股票市场过度反应是对有效市场假说的-个重要挑战，也是行为金融学研究领域的一项重要内容。过度反应假说是由Debond和Thaler最先正式提出的。

The stock market overreaction is one of the important challenges to effective market hypothesis , is also an important content in the field of behavior finance research . " Overreaction " hypothesis was first formally proposed by De the bond and Thaler .

能够快速分析数据的计算机技术的发展，使得数学水平一流的经济模型的开发大行其道，推动人们接受了一些概念，比如美国经济学家尤金法玛（EugeneFama）的有效市场假说。

The development of computers able rapidly to analyse data made the development of mathematically elegant economic models particularly desirable , driving the acceptance of concepts such as American economist Eugene Fama 's efficient market hypothesis .

自1965年芝加哥大学尤金·法玛教授发表了《股票市场价格的行为》的论文以来，有效市场假说（EMH）理论受到广泛的检验并引起激烈的争论。

Since the publication of The Behavior of Stock Market Price by Professor Fama Eugene of Chicago University in 1965 , the theory of Efficient Market Hypothesis ( EMH ) has been broadly tested and aroused heated arguments .

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 .

在经典金融理论中，有效市场假说（EMH）一直是数量化资本市场理论的核心，同时也是现代金融经济学的理论基石之一。

Among classics financial theory , Efficient Market Hypothesis ( EMH ) is the core of the quantity capital market theory all the time , and it is one of the theoretical foundation of modern financial economics at the same time .

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 .

本文特别强调，我国加入WTO以后，由于金融市场日趋复杂化，应该着力从有效市场假说（EMH）和分形市场假说（FMH）两方面对金融风险进行多角度的综合测度研究。

This paper especially emphasizes that after joined WTO , our financial market becomes complex day by day , so it is necessary to observe it from both EMH and FMH angle at the same time , and carry out a comprehensive research on financial risk measurement .