法玛在有效市场假说中根据价格所反映信息的层次将有效市场分为强有效市场、次强有效市场和弱有效市场。

According to the levels of the information the price reflects, Fama classified the efficient market into three types: weak efficient market, semi-strong efficient market and strong efficient market.

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传统金融理论建立在有效市场假说(emh)和资本资产定价模型(CAPM)两大基石之上，其模型和范式局限在“理性”的分析框架中，忽视了对投资者实际决策行为的分析。

The traditional finance theory is based on EMH and CAPM, but the models and methods are confined to the frame of rationality ignoring the analysis of investor's actual decision behaviour.

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