| 1. | Among classics financial theory , efficient market hypothesis ( emh ) is the core of the quantity capital market theory all the time , and it is one of the theoretical foundation of modern financial economics at the same time
在经典金融理论中，有效市场假说( emh )一直是数量化资本市场理论的核心，同时也是现代金融经济学的理论基石之一。 |
| 2. | In this thesis , the efficiency of stock market is defined as two aspects : information efficiency and function efficiency . efficient market hypothesis ( emh ) has studied the relationship between stock price and information in stock market
本文将股票市场的效率界定为两个方面，即市场有效定价(外部有效)的信息效率和市场有效运行(内部有效)的功能效率。 |
| 3. | Although the efficient market hypothesis ( emh ) is the core theory of the pricing efficiency of capital market , emh is " the revolution of rational expectation " in some meaning according to author ' s view
因此，在某种意义上，有效市场假说是金融领域的“理性预期革命” ，而预期又是建立在信息基础上的。第三章较为系统地论述了资本市场效率的核心理论? ?有效市场假说的理论内核。 |
| 4. | Fama and french wrote an article for the journal of finance in the year of 1992 . they thought that p is unrelated to stock return . this view is strongly against the key thought of capm and directly against the efficient market hypothesis ( emh )
1992年fama和french在《金融杂志》上撰文认为，股票的系数和收益率之间基本上没有关系，这一观点抨击了capm核心思想，并直接抨击了有效市场假说。 |
| 5. | At present , the researches about pricing efficiency are all based on efficient market hypothesis ( emh ) both at home and abroad . but many researchers do not truly understand emh , and many concepts have not been clarified , even the existence and tenable conditions of emh have not been fully understood
目前国内外对定价效率的研究均以有效市场假说( emh )为基础，但是许多研究并没有真正理解emh ，许多概念都没有澄清，对有效市场的存在性和成立的条件也不甚理解。 |
| 6. | In this paper , the newest empirical test of efficient market hypothesis ( emh ) was done in terms of the empirical test of capital asset pricing model ( capm ) . because of the logical relationship between emh and capm , we tried to use a new method to find whether the emh theory is available in china ' s stock market . we did our research on the basis of emh ( efficient market hypothesis )
本文从资本资产定价模型出发，首先回顾了有效市场假说的理论以及国内学者在这一领域中的研究成果，其次用实证研究的方法检验了该模型在中国的适用性，得到的结论认为在目前阶段中国股票市场还不适合用资本资产定价模型来确定资产价格，最后对中国股票市场效率不足的原因进行分析并提出政策性建议。 |
| 7. | The forepart theories studying about the investors " behavior in the securities market are the classical financial theories as efficient market hypothesis ( emh ) and modern assets portfolio theory ( apt ) . but some abnormal phenomenon in the securities market could n ' t be explained by those classical financial theories . the rational man hypothesis and valid market theory are especially wildly oppugned
而早期研究证券市场投资者行为主要是有效市场假说（ emh ） 、现代资产组合理论（ apt ）等经典金融理论，但证券市场中的一些异常现象却无法用经典金融理论来解释，尤其是经典金融理论中的理性人假设和有效市场理论更受到广泛质疑。 |
| 8. | Seasonality effect is the abnormal returns connected with the calendar . the existence of the seasonality is a strong challenge to the efficient market hypothesis ( emh ) . for that reason , among others , seasonality effect has been drawing enough attentions from both policy makers and market investors
季节效应是指与季节相联系的股市非正常收益，由于它在很大程度上违背了市场有效性的假说，因此对季节效应的研究一直备受国内外金融市场的投资者和管理者的关注。 |
| 9. | In the last chapter , we managed to put forward some useful idea to help develop the efficiency of china ' s stock market from the point of view of law , market and political system . in 50 ' s of 20 century , the famous professor eugene fama introduced the idea of efficient market hypothesis ( emh ) , which means that the information available on the asset market can be found in the price of assets without delay and fault
在效率市场中，投资者都利用可获得的信息力图获得更高的报酬，证券价格对新的市场信息的反应是迅速而准确的，证券价格能完全反映全部信息，市场竞争涉及的证券价格从个均衡水平过渡到另一个均衡水平，而与新信息相应的价格变动是相互独立的，或称随机的。 |
| 10. | Traditional capital market theories are studied in the frame of neoclassical economics . as the core of neo - classical economics , efficient market hypothesis ( emh ) has always being the foundation of capital market theories . many classical capital market theories are developed on the basis of emh or on some bases closely related with it
传统资本市场理论研究一直是在新古典经济学的研究框架下进行，作为新古典经济学核心的有效市场假定( emh )是资本市场理论研究的基石，许多经典资本市场理论都是在emh基础上发展起来或与之有密切联系。 |
