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.
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.
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?
在金融市场中由于有效市场假说的不足和缺陷，分形市场理论被提出。
Due to the weakness of Efficient market Hypothesis in financial market, the fractal market theory is proposed.
作为现代金融分析体系的重要基础，有效市场假说的实证结果并不理想。
Although as a basis of the efficient market hypothesis, the modern financial analysis system is not efficient enough to study the financial market.
并认为以非线性为范式的分形市场假说有助于解决有效市场假说的困境。
The paper considers the Fractal Market Hypothesis with paradigm of non-linear can contribute to improve the puzzle of Efficient Market Hypothesis.
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.
这些不对称很难与有效市场假说相符——根据该假说，证券价格应准确反映出所有已知信息。
These asymmetries are difficult to reconcile with the efficient market hypothesis, the notion that securities prices accurately reflect all known information.
在EMH提出后的十几年时间里，有效市场假说在理论上和实证上都得到了强有力的支持。
During the more than ten years after EMH been put forward, it gain strongly sustain from theory and demonstration.
在EMH提出后的十几年时间里，有效市场假说在理论上和实证上都得到了强有力的支持。
During the more than ten years after EMH been put forward, it gain strongly sustain from theory and demonstration.
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