CHAPTER 11The Efficient Market HypothesisMaurice Kendall (1953) found no predictable pattern in stock pricesPrices are as likely to go up as to go down on any particular dayHow do we explain random st
第十一章有效市场假设11-2莫里斯·肯德尔(1953) 发现股价不存在任何可预测范式。价格在任何一天都可能上升或下降。我们如何解释股价的随机变化有效市场假设(EMH)11-3有效市场假说(EMH)股价可以反映所有已知信息的观点称之为有效市场假说EMH。由于市场参与者急需新的交易信息,关于未来良好表现的预测导致目前表现良好。结果: 价格变化到与股票风险相称的收益率。11-4有效市场假设(EMH)信息
CHAPTER 11The Efficient Market HypothesisMaurice Kendall (1953) found no predictable pattern in stock pricesPrices are as likely to go up as to go down on any particular dayHow do we explain random st
CHAPTER 11Social Security ? 2010 by the McGraw-Hillpanies, Inc All rights -Hill/IrwinSocial Security Expenditures(1939-2007)Source:Social Security Trustees [2008]Why Have Social SecurityConsumpt
Chapter 1The Investment EnvironmentReal Assets Versus Financial AssetsReal AssetsDetermine the productive capacity and net ie of the economyExamples: Land, buildings, machines, knowledge used to
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CHAPTER 13Empirical Evidence on Security ReturnsOverview of InvestigationReturn-beta relationships are widely used in actual financial practiceThe CAPM predicts expected rates of return on assets, rel
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