论文代写:有效市场
市场效率的概念在金融经济学领域受到了广泛的讨论。然而,同样值得商榷的是市场效率的定义。1970年,美国经济学家尤金·法玛对市场效率的概念进行了全面的考察。在他的调查中,他提出了有效市场的定义。必须指出的是,他提出了一种有效的市场价格,这与充分获得信息有关。这一现象被称为有效市场假说(EMH)。根据EMH,资产价格必须“充分反映”所有可用信息。EMH的目标是,由于市场价格对新信息和贴现率变化敏感,因此不可能打败市场。
论文代写:有效市场
通过他的考试,Fama(1970)认识到EMH的三种形式,即弱形式、半强形式和强形式。EMH的弱形式表明,未来资产价格在过去的几年里无法预测资产价格,因为它们不构成新的信息。半强劲的形式表明,未来的资产价格无法根据已公布的信息预测。这是因为公布的信息是由投资者获得的,这导致了当前资产价格的调整。强大的形式代表了所有类型的信息(无论是来自私人的还是公共的)都反映在资产过程中(Fama, 1970)。
论文代写:有效市场
The concept of market efficiency is subject to debate in the field of financial economics. However the equally debatable is the definition of market efficiency. In the year 1970, Eugene Fama, an American economist had conducted a comprehensive examination of the concept of market efficiency. In his investigation, he framed the definition of efficient markets. It must be noted that he suggested an efficient market price which is associated with the full availability of information. This phenomenon was referred to as the Efficient-Market Hypothesis (EMH). According to EMH, the asset prices must ‘fully reflect’ all available information. The aim of the EMH is that since market prices are sensitive to new information and discount rate changes, it would be impossible to beat the market.
论文代写:有效市场
Through his examination, Fama (1970) recognized three forms of EMH which are the weak form, semi-strong form and the strong form. The weak form of EMH suggests that the future asset price could not be forecasted by the asset prices in the past years as they constitute no new information. The semi-strong form suggests that the future asset prices could not be predicted based on the published information. This is because the published information is acquired by the investors and this leads to the adjustment in the current asset prices. The strong form represents the idea that all kinds of information (either from private or public) is reflected in the asset process (Fama, 1970).