效率市场理论在其核心是有矛盾的。
There is a contradiction at the centre of the efficient market hypothesis.
效率市场理论认为不受调控的市场才是有效且理性的。
The efficient markets theory is that unregulated markets are efficient and rational.
拥护效率市场理论的人将趋势和定律混为一谈。
Advocates of efficient market theory confuse a tendency with a law.
这是经验教训，而不是当下讨论日炙的“效率市场”理论的摘要。
Why interfere? That was the lesson of experience, not an abstract devotion to the theory of "efficient markets," as is now increasingly argued.
效率市场假说90%正确，如果你忽视它，你会丢钱。
The efficient market hypothesis is 90 per cent true, and you will lose money by ignoring it.
之前我描述有效率市场假说的时候，对你们说了些假话。
In my description of what it meant to have the Efficient Market Hypothesis.
珐玛先生是通过一些简单的理论性例子得出效率市场假说理论的。
Mr. Fama arrived at the EMH through some simple theoretical examples.
内容包含三个主要部分：有效率市场假说，资本均衡理论和现代公司金融理论。
The contents contain three main parts: efficient market hypothesis, capital equilibrium theory and modern corporate financial theory.
按研究的层次分，效率市场可分为微观效率市场、中观效率市场和宏观效率市场。
According to level of study, efficient market can be divided into micro efficient market, regional efficiency market and macro efficient market.
现在需要想一想一个股市的模型是怎样的，我们要用的模型是，基于有效率市场假说的。
Now we need to think about a model of the stock market And the model we're going to use is based on what's called the Efficient Market Hypothesis.
前者源于生产要素的效率优势，但其实现有赖于非效率市场力量或者交易方面效率市场力量的存在。
The former derives from efficiency predominance of production factors and its realization depends on the existence of non-efficient market forces and efficient market forces in trading.
对效率市场假说的拥护者来说，坏消息是，“价格是正确的”那部分所面临的麻烦比以往任何时候都多。
The bad news for EMH lovers is that the price is right component is in more trouble than ever.
如果效率市场理论是正确的，技术分析应该根本不会奏效；主要的市场价应该反映所有信息，包括过去的价格浮动。
If the efficient market theory is correct, technical analysis should not work at all; the prevailing market price should reflect all information, including past price movements.
至少在学术圈，人们开始对于十年前流行的一种理论重拾兴趣，这种理论曾被效率市场理论的信奉者摒弃。
In academic circles, at least, there's been resurgence in interest in a theory that was popular a decade ago but had been dismissed by believers in efficient market theory.
但既然金融危机让人们对效率市场假设产生怀疑(住房和抵押债的定价显然有误)，其他理论正在卷土重来。
But now that the financial crisis has discredited the efficient market hypothesis-clearly houses and mortgage bonds were mispriced-alternative theories are making a comeback.
这令投资者可通过运用技术分析法，分析股价的历史信息而获得超额利润，这不是在一个有效率市场中应该存在的。
It should not exist in an efficient market that investor can win super-profit through using the technological analytic approach to analyze historical message of the stock price.
我们认为扩大这类保护措施将提升劳动市场的公平性和效率。
We believe expanding such protections would make the labor market more fair and efficient.
TAM正计划同智利私有航空公司LAN合并，后者在它的国内市场中，一直制定着效率的地区标准。
TAM is planning to merge with LAN, a privatized Chilean airline that has long set the regional standard for efficiency in its home market.
在当今的全球市场中，更大的利润可能会转化为投资资本，从而可以轻易地再投资于老式的生态效率低下的行业。
In today's global markets, greater profits may be turned into investment capital that could easily be reinvested in old-style eco-inefficient industries.
土耳其电力市场效率得以提高，私营部门在配电和发电领域的参与也有所增加。
Turkey has improved the efficiency of its electricity market while increasing private sector participation in power distribution and generation.
然而，投资者所带来的好处(保证市场效率的流动性和价格信息)却很少得不到肯定。
Yet the benefits that investors bring-the liquidity and price information that make for efficient markets-barely get a hearing.
但经济学家并不是市场效率的天真信徒。
But economists were hardly naive believers in market efficiency.
期货市场的功能在于价格发现、价格风险规避及市场效率提高。
The function of futures markets is price discovery, price risk hedging, and market efficiency improving.
过去十年中，土耳其电力市场效率得以提高，私营部门在配电和发电领域的参与也有所增加。
In the last ten years, Turkey has also improved the efficiency of its electricity market while increasing private sector participation in power distribution and generation.
人们普遍认为认为自由市场只关心效率而不是公平。
It is generally believed that the free market CARES only about efficiency and not fairness.
第三，讽刺地是，最有争议的计算机驱动交易形式恰恰是可提高市场效率的形式。
The third, most controversial form of computer-driven trading is ironically the one that should make markets more efficient.
迈克尔·斯宾塞一直在提醒世人警惕市场效率提升的阻力。
MICHAEL SPENCE has long been pointing out the frictions that interfere with efficient markets.
迈克尔·斯宾塞一直在提醒世人警惕市场效率提升的阻力。
MICHAEL SPENCE has long been pointing out the frictions that interfere with efficient markets.
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