总的来说，经典的资产定价理论和市场有效理论一直占据着主流金融学的中心部分，关于EMH、CAPM的争论也一刻都没有停止过。
Generally speaking, the classical pricing theory and the theory of efficient market is in the core of mainstream finance and the argument of EMH or CAPM has never ceased.
电子商务是未来企业提高国际竞争力和拓展市场的有效方式，同时，电子商务也为传统的供应链管理理论与方法带来了新的挑战。
While E-Commerce is viewed as a effective way to boost enterprises' international competitivenesses and to expand market it also poses new challenges on SCM theories and methods.
所有这些理论都或多或少以一个假设为基础：即人并不是理性的行为体，市场也不总是有效的。
All are based, to one extent or another, on the idea that people are irrational actors, and that markets aren't always efficient.
对那些相信有效市场理论的人来说，这代表着一场胜利。
For those who believe in efficient markets, this represents a triumph.
然而，最近这种有效市场理论遭到了行为模型学说攻击。该学说成功的用极具说服力的理由击中对方软肋。
Lately, however, the efficient market hypothesis has been attacked, successfully, by the behavioral model, which has pointed sharp arguments at its flanks.
然而，广为我们所知的是，沃伦·巴菲特抛弃了这一理论，他说：“要是市场是有效的，我早成了大街上的无业游民了”。
However, Warren Buffett has famously dismissed the theory, stating, "I'd be a bum on the street with a tin cup if the markets were always efficient."
有效市场理论（efficient market theory）的一个基本思想是：你不可能在大街上发现20美元钞票等着你去捡。
THE basic idea behind efficient market theory is that it seems implausible that there are $20 notes lying on pavements waiting to be picked up.
对于对冲基金的表现是否与有效市场思想冲突的问题，作者没有直接回答，而是提出了另一种概念：适应性市场理论（adaptive market theory），指出躺在地上的20美元钞票是存在的，只不过不是在大街上，而是在死胡同里。
What about the thought that hedge funds undermine the idea of efficient markets? Instead, Mr Lo suggests an alternative concept: adaptive market theory.
我们现在都已知道，有效市场理论只能用来骗骗白痴，市场失灵可能给广泛的公共部门造成毁灭性的后果。
We now know that the efficient market theory is for the birds, and that market failures can have devastating consequences for wide sectors of the public.
如果预测的一些事情并没有成为现实，那么这些理论就会被摒弃而且我们也有很多，很多，与金融市场有效论相反的例子。
If some of the things they predict don't come true, the theory has to be disregarded and there are many, many, many counter examples to financial market efficiencies.
他提出，这种思路来源于有效市场理论的一个信条，认为价格即可反映商品的全部信息。
This approach, he argues, stems from a belief in efficient-market theory which states, at its simplest, that prices reflect all available information.
他发现，那些标准理论认为留给市场去做会更有效率的很多经济决策，实际上最好是留给公司内部。
What he found was that many economic decisions that standard theory said would be more efficiently left to the market place were actually better left within a firm.
当然，有效市场理论也可以安然退却，方法是指出这次恢复仅仅是暂时性的，调节过度的价格将在稍后被套利交易拉下来。
Of course, efficient market theorists could retreat to higher ground by arguing a rally would just be one of those temporary, over-shooting events and prices will be arbitraged down in a while.
过去十数年间已有多次对有效市场理论的打击，该理论认为资产价格是所有可得信息价值的准确反映。
The past ten years have dealt a series of blows to efficient-market theory, the idea that asset prices accurately reflect all available information.
也许这是因为投资者没有更好的深刻领会有效市场理论。
Perhaps this is because investors are not the perfectly informed paragons found in efficient-market theory.
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.
而外在效率就是有效市场理论所研究的信息效率。
The exterior efficiency is just the information efficiency studied by Efficient Market Theory.
市场是有效的观点，The, efficient—，这一理论其实一定程度上适用于所有的市场。
The notion that markets are efficient which is the same sort of theory about all markets.
他的观点和“有效市场理论”有关，该理论意味着市场参与者会使用一切可用信息为特定时间的物品制定正确的价格。
His ideas are linked to the theory that markets are efficient, that means market actors taking all available information to create the correct price for things at any given time.
有效市场理论自从诞生以来，就一直是金融理论中最具争议和最重要的研究课题之一。
Since its naissance, Efficient Market Theory has been one of Theory the most disputed and most important subjects in financial theories.
在现代主流金融理论的基本框架中，有效市场理论具有重要的地位。
In the basic frame of the modern mainstream financial theory, the Efficient Market theory has important positions.
在现代主流金融理论的基本框架中，有效市场理论具有重要的地位。
In the basic frame of the modern mainstream financial theory, the Efficient Market theory has important positions.
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