摘要:建立具有发展水平的金融市场和有效的金融监管和财政政策理论也不是万能的,财务模型只是一个模拟的真实世界的。To establish the level of development of financial markets and the risk profile of an effective financial supervision and policy Finance theory is not a panacea, the financial model is only a simulation of the real world.
rrow the price will be the best predictive value is the price today. Therefore, in weak-form efficient market, technical analysis would be inval
2.2 Effective market and fundamental analysis.
If the market does not meet the semi-strong efficient, public information is not fully reflect the current prices, analysis of false disclosure of information to find the price will be able to increase revenue. However, if semi-strong efficient market, then only in an open information-based analysis will not be able to provide any help because of the current public information, the current price is right, the future price changes and current information known to the public There is no relationship between the change in the future rely solely on the new public information. For those who rely solely on public information in the people, information and open tomorrow, he knew nothing about today, so do not have any public information, for tomorrow's prices, he predicted the best is today prices.Therefore, in such a market, the fundamentals of information has been published does not help analysts to select the price is overvalued or undervalued securities, disclosure of information on the basis of analysis useless.id.
2.3 Efficient markets and portfolio management
If the market is strong and effective, access to internal information and in accordance with its action, when any new information (including public and internal) will quickly be reflected in the market. Therefore, in this market, any attempt to find internal information to combat the practice of the market are unwise. This strong efficient market hypothesis, any professional investors the market value of the marginal to zero, because there was no source of information and processing methods to stabilize and increase revenue. Portfolio theory for example, to build its portfolio of one of the conditions is based on the assumption that the market is fully effective, all market participants can be fully equal to the investment information, such as benefits and risks of various securities and the impact of changes in factors, without considering transaction costs. However, the management of the portfolio, if the market is strong and effective, portfolio managers would choose the negative attitude of conservative just for the sake of the average market yield level, because the difference between a period of time will benefit and non-profits investment can not be known at this stage in any of the characteristics of these investments based on further adjustments to portfolio. Therefore, in such a market, the general manager of a simulation of a major investment in the market index. And reach in the market only when the weak-form efficiency, organizational manager is proactive, will choose the timing of the sale of assets and efforts, efforts to find a deviation from the value of the asset price.
For example:Beijing Power Company organized the financial system customers forum pointed out that the financial capital of the economic development of enterprises are an important part of the building, particularly in the current international financial crisis, the slow growth of the domestic economy under the adverse effects, safety and financial enterprises the development of leaders at all levels, as well as by the great concern the whole society. Beijing as the National Grid Power Company's service window will conscientiously sum up the success
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