In a sense, efficient markets would require that everybody -every analyst rushes out and completes Eric Lee's study.
在某种意义上,有效市场需要所有人,所有分析员一起去完成埃里克·李的研究
In general, less volatile stocks have done better over time than more volatile stocks, which is somewhat inconsistent with the notion of efficient markets.
一般来说,波动小的股票在长期内比波动大的股票,表现要好,一定程度上,这和金融市场有效论的观点是相悖的。
What this model asserts is that markets are informationally efficient.
这个模型说,这个市场处理信息有效的。
I believe it's clear that it is and that people who do so are people who understand more than the core efficient markets theory.
很明显,能够做到这一点的人必然了解到,比有效市场假设更深层的东西
Then I want to go to the efficient markets theory.
这之后我会讲讲有效市场假设
I think that "Efficient markets" is an important concept.
我认为"有效市场"是很重要的概念
Efficient markets" is a theory about-- well it came in about three decades ago, maybe it's closer to four decades ago-- it's a theory that financial markets work very well and incorporate information very well.
有效市场是...,大约三十年前,甚至四十年前,有人提出了这一假说,他认为金融市场运行良好,而且信息披露全透明
The only other thing--then next period we're going to talk-- on Friday we're meeting again and we're meeting again about-- this time it's about efficient markets and I want to talk about the evidence for efficient markets and against it and that will lead you into your third problem set about efficient markets.
下节课的主题是,我们将在周五的课上讨论,有效市场问题,我要讨论关于支持和反对,有效市场的证据,那时你们可以开始做,第三本习题集,是关于有效市场的
And to the extent that they help make markets efficient, I do think they help the world. I do sort of agree.
而且一定程度上,他们使市场更有效,我的确认为他们帮助了这个世界,我的确是同意的。
if hedge funds could make markets completely efficient, it would benefit the world a lot--is one.
如果对冲基金能够使市场能够完全有效,它会给世界带来很多益处-这是一点。
I don't believe that markets are efficient and it doesn't really seem like it should be an open question.
我不相信市场是有效的,而且事实上这似乎,也不应该是一个开放式的问题。
well, that's the way Wall Street works or at least a -some people say markets are efficient and stock prices incorporate all information.
华尔街就是这么运作的,一些人认为市场是有效的,股票价格是各种信息的综合体现
If markets were perfectly efficient, David Swensen could not have done what he did.
假设市场完全有效,大卫·斯文森就不可能有现在的成绩
used to be absolutely received economic wisdom that financial markets were efficient.
金融市场是有效的,这曾经是被完全接受的经济学真理。
Markets aren't efficient, but it's not that easy to beat them.
市场并不是有效的,但是要想击垮它们也不容易。
He's another example that markets are really not efficient.
他的例子再次说明了市场不是完全有效的
So, markets aren't that efficient.
所以,市场并不是那么有效的。
On the other hand--and this is something that I want to emphasize-- you don't want to carry that too far and one of the lessons of behavioral finance is that markets are not really efficient in a global sense.
而另一方面,我想强调的是...,不要认为这就是真理,行为经济学中的一课就说,从全球的角度看,市场并非全然是有效的
the notion that markets are efficient which is the same sort of theory about all markets.
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。
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