欢迎您！东篱公司
退出
-
申报数据库
-
立项数据库
-
成果数据库
-
项目获奖数据库
中文摘要：
30多年来，关于证券市场信息效率的研究一直是现代金融学的焦点问题。有效市场假说从理性行为出发，得出证券价格总是可以充分反映可获得的信息，其价格等于其“内在价值”，即预期未来现金流的折现价值。然而，从上个世纪80年代开始，这一假说受到了空前的质疑。首先是来自噪音学派关于交易成本的批评，随后是来自行为金融学关于有限套利和噪音交易等更为严厉的质疑。90年代未关于证券市场价格泡沫的研究又成为现代金融学备受关注的热门话题。
英文摘要：
The information efficiency research of the stock market always has been the focal point of the modern finance in thirty years. From the rational behavior, the hypothesis of effective market thinks the securities price always may fully reflect obtainable information. The securities price is equal to its intrinsic value, namely anticipative commutation value of cash class. However, from the beginning of 1980s, this hypothesis has received the unprecedented question. At first, there have criticism about the transaction cost coming from the noise school. Afterwards, there is severer question about the limit arbitrage and the noise transaction coming from behavior finance. At the end of 1990s, the research of stock market price bubble became the hot topic of modern finance again.
同期刊论文项目
同项目期刊论文
期刊信息
位置：