标准金融理论

学者们通过放松一些假设，来对标准金融理论进行重建和完善。

Scholars reconstruct and perfect the standard financial theory through loosing the suppose condition .

由于标准金融理论很难解释这一现象，因而被称为封闭式基金之谜。

The standard financial theory can 't satisfactorily explain this phenomenon , therefore , we call this phenomenon closed-end fund puzzles .

金融学主要研究三方面的问题。标准金融理论与行为金融理论研究的范式各具特点。

Behavioral finance challenges standard finance with brand new paradigm .

标准金融理论与行为金融理论研究的范式各具特点。

A Comparative Study of Asset Pricing Theories Between Standard Finance and Behavioral Finance ;

现有的巨灾债券定价模型是基于标准金融理论建立的。

The existing catastrophe bond pricing models are all based on the standard finance theory .

20世纪70年代，标准金融理论达到了它的顶峰。

The standard finance theory reached the height of its dominance in academic circles around the 1970s .

首先，分别从标准金融理论和行为金融理论的角度，综述了有关解释封闭式基金折价原因的理论。

First , the paper reviews theories of explanation for reasons that cause the discounts of closed-end funds .

然而对于广泛存在于证券市场中的“异象”，标准金融理论却没有太好的办法进行解释。

However , people could not explain the general " anomalies " in stock market with standard finance theory .

这些非理性行为有悖于标准金融理论，在标准金融理论的框架下难以得到合理的解释。

These irrational behaviors is difficultly explained by the stander finance theories , but can be reasonably explained by psychology .

因此，如何圆满的解释封闭式基金之谜，成为了标准金融理论与行为金融理论哪个理论更符合现实的检验工具之一。

Thus , how to explain close-end fund puzzles has been a tool that is used for test which theory is close to reality .

前景理论对于研究投资者行为的作用不亚于期望效用理论对于标准金融理论的作用。

The prospect theory for the study of investor behavior is as important as the expectation utility theory in the role of standard finance theory .

经过分析，认为行为金融理论的投资者情绪理论与标准金融理论的基金业绩预期理论适合解释我国封闭式基金折价现象。

The conclusion is that both investor sentiment theory of behavioral theory and managerial performance theory of standard financial theory adapt to explain the discounts in China .

近年来，国内外学者通过对股票市场的研究陆续发现了许多标准金融理论无法解释的市场异象，周内效应便是其中一种。

In recent years , scholars researched the stock markets and successively found many market visions that the standard finance theory can not explain , calendar effect of week is one of market visions .

它抛弃了标准金融理论完全理性的严格假设，采用了更为符合现实的有限理性分析框架，迅速得到学术界和实务界的认可。

It abandoned the entirely rational hypothesis of Standard Finance theory , using a more realistic and rational analysis of the limited framework , thus has been quickly accepted by academic and practical sides .

因此，标准金融理论受到了严峻的挑战，一大批全新的金融理论也日益兴盛，它们试图解释金融市场出现的异象，其中行为金融理论就是成功的典范之一。

Therefore , the standard finance theory faces to severe challenge , a large number of new financial theory become more and more prosperous , they tried to explain the heteromorphism of financial markets , behavioral finance theory is one of successful examples .

摘要封闭式基金折价作为一种普遍现象，其成因长期以来成为困扰金融学界的一个谜团，标准金融理论对此解释乏力，而行为金融学从投资者情绪的角度进行了有力的诠释。

As a common phenomenon , the discount of close-ended fund has been having its cause a puzzle in the finance fields in a long term , which is explained by the standard finance theory powerlessly and interpreted powerfully by behavior finance from the angle of investor 's emotion .

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 .

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 .

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 .

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 .