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论文作者:英语论文论文属性:课程作业 Coursework登出时间:2014-04-01编辑:caribany点击率:8470
论文字数:3250论文编号:org201403311434022001语种:英语 English地区:英国价格:免费论文
关键词:Efficient Market Hypothesis有效市场假说financial background金融背景Lehman Brothers
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.
6 附言
Efficient Market Hypothesis, also known as market efficiency theory, since its Source can be traced back to Bachelier in his Ph.D. thesis on "the speculative theory of" one Text, such as ground-breaking research and Cowles were conducted in 1933 by A post-mortem studies (Cowles A,1933), in 1953, a British statistician named Kendall "Economic time series analysis, Part I: the price," the paper gold Into the area of the vibration caused a great deal, Kendall found that stock prices seem to compliance Random walk from the law (Kendall Maurice G.,1953).Generally considered to be Harry Roberts • University of Chicago in 1959 Securities held to discuss the price of the securities markets at first proposed Weak-form efficiency (weak-form efficiency), semi-strong efficiency (semis trong-form efficiency) and the efficiency of strong (strong-form efficien cy) the distinction between methods. Samuelson, in its "reasonably be expected to price a random Fluctuations to prove that "a text of price changes in the random walk and martingale line Described as the first for the EMH has laid a theoretical foundation (Samuelson P. A,1965.). Chi Dr. Fama University of Chicago working on the formation of efficient market hypothesis And development has played an important role.Fama, who was originally given the definition of efficient market is able to quickly Of new information to adjust the market (Fama E. F.,1969), and later transferred the definition Fama The whole for the assets to fully reflect all information received by the City Field (Fama Eugene F,1991), which means that the market can reasonably process information, and asset price Cell level is always associated with the assets of the fundamentals (fundamentals) are consistent. Efficient market hypothesis of the information requirements of this definition is no cost, in Information is a cost will lead to contradictions. Because if the information There is a cost, access to information on the receipts must have the incentive, but if Information has been fully reflected in prices, it has not generated any revenue for Incentives to allow people to access to information (Grossman S. J., J. E. Stiglitz,1980). Jens本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。