这与有效市场假说是截然对立的。
That is in direct contradiction to the efficient market hypothesis.
假如有效市场假说有效，放任自流就存在先验理由。
If the efficient market hypothesis were valid, there would be an a priori reason for imposing no constraints.
传统金融学的理论基础是有效市场假说。
Efficient market hypothesis is the basis of traditional financial theory.
在过去的二三十年，金融行为学派一直在蚕食有效市场假说。
In the past 20 to 30 years, the behavioural-finance school has been chipping away at the efficient-market hypothesis.
而且，有效市场假说还承认，市场调节可能不足，也可能过量。
Also EMH now agrees that markets can undershoot or overshoot.
假如有效市场假说有效，放任自流就存在先验理由。
If the efficient market hypothesis were valid, there would be an apriori reason for imposing no constraints.
最后是结论部分，对有效市场假说的假设的有效性进行探讨。
Finally there is a conclusion and a discussion about the validity of the EMH hypothesis.
在其最强大的表现形式下，有效市场假说甚至否认存在房地产泡沫这件事。
In its strongest form, the EMH denies that there could even be such a thing as the housing bubble (see here and here).
然后围绕这三者之间的关系分析了有效市场假说中泡沫的形成。
Then surrounding the relation between the three they anglicize how the foam in the valid market hypothesis form.
对信仰emh——有效市场假说——的人们来说，五月四日将是迷人的一天。
For believers in EMH — the efficient market hypothesis — May 4 will be a fascinating day.
但如果市场因为这个消息而恢复，对有效市场假说来说这意味着什么呢？
But what will it mean for the efficient market hypothesis if the market rallies on the news?
最后，文章重新审视了被有效市场假说否定了的技术分析和基本分析。
At last, the paper scans technical analysis and fundamental analysis, which are negatived by EMH.
有效市场假说认为市场是有效的，证券价格可以充分体现信息变化的影响。
According to efficient market hypothesis (EMH), security market is efficient and stock prices can reflect changed information fully.
股票市场收益的长记忆性研究对于有效市场假说的检验有着特别重要的意义。
It is of great significance for the study of long memory in stock market returns to test the efficient market hypothesis.
本文的研究突破了传统的有效市场假说，从一个新的角度研究中国的股票市场。
This paper break the traditional Efficient market Hypothesis, studying on China's stock market from a new perspective.
折价现象违背了“有效市场假说”，但至今没有完善、令人信服的理论充分解释。
The discount of closed-end fund violates the financial theory and challenges "the Efficient Market Hypothesis", but there is no improved and convinced theory to explain it.
为了给实证提供理论支撑接下来对有效市场假说内容、不足及面临的挑战进行阐述。
Next, it discusses about the content, defects and challenges of efficient market hypothesis so as to provide a theoretical model for the demonstration research.
公平地说，金融理论家接受有效市场假说并非仅仅因为它既优雅、方便，又可生财进宝。
To be fair, finance theorists didn't accept the efficient-market hypothesis merely because it was elegant, convenient and lucrative.
有效市场假说和资本资产定价模型作为实证会计理论研究的理论基础，在此也进行了讨论。
Effective market hypothesis and capital asset pricing model are also discussed here as the base of empirical accounting research.
有效市场假说和资本资产定价模型作为实证会计理论研究的理论基础，在此也进行了讨论。
Effective market hypothesis and capital asset pricing model are also discussed here as the base of empirical accounting research.
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