因而对(1 - 1) 式的检验实际上是对资产不 完全替代和理性预期的联合假设(joint hypothesis) 的检验。尽管大多数研究的结果是拒绝联合假 设,但仍不能据此得出资产不完全替代的结论,因为人们无法排除因理性预期不成立而导致...
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The reason is related to the joint hypothesis problem.
原因与联合假说问题有关。
Whether we can not use capital pricing model, then avoid joint hypothesis in the empirical process, arbitrage the kernel of finance theory becomes the breach of the problem.
实证过程中是否可以不使用资产定价模型，进而回避联合检验，金融中的核心理论——套利成为解决该问题的突破口。
It points out that the intrinsic value and the market value constitute the two different sides of enterprise value and the hypothesis of market efficiency is the theory joint of the two.
论文指出企业内在价值和企业市场价值构成了企业价值的两个不同侧面，二者结合的理论枢纽是市场有效性假说。
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