有效市场假说的争论与发展  

The Debate and Development of Efficient Market Hypothesis

作　　者：杨光兵[1] 

机构地区：[1]对外经济贸易大学金融学院,北京100029

出　　处：《科学决策》2010年第10期73-87,共15页Scientific Decision Making

摘　　要：本文系统回顾了有效市场假说的发展历程,重点评述了信息经济学派对完全信息假设的质疑和争论、行为金融学派对完全理性人假设及有效套利的质疑和争论,进一步从实证工作的角度,结合金融市场异象,对弱式有效、半强有效、强式有效的争论和发展也进行了总结。This article paper systematically reviews the development process of efficient market hypothesis,focusing on the criticism and debate on the complete information from information economics school and the criticism and debate on fully rational people assumption and the existence of effcient arbitrage from behavioral finance school respectively.In addition,this paper summarizes the controversy and development of empricial work in efficient market hypothesis according to weak form efficiency,semi-strong form efficiency and strong form efficiency,combining market efficiency with anomalies in financial markets.

关 键 词：有效市场假说 行为金融学 信息经济学 

分 类 号：F830[经济管理—金融学]