Generally speaking, the classical pricing theory and the theory of efficient market is in the core of mainstream finance and the argument of EMH or CAPM has never ceased.
总的来说，经典的资产定价理论和市场有效理论一直占据着主流金融学的中心部分，关于EMH、CAPM的争论也一刻都没有停止过。
We now know that the efficient market theory is for the birds, and that market failures can have devastating consequences for wide sectors of the public.
我们现在都已知道，有效市场理论只能用来骗骗白痴，市场失灵可能给广泛的公共部门造成毁灭性的后果。
So, as a supporter of the efficient markets theory, I thought for sure the market would fall down laughing.
因此，作为一个自由市场理论的支持者，我确信市场将可笑的下跌。
What about the thought that hedge funds undermine the idea of efficient markets? Instead, Mr Lo suggests an alternative concept: adaptive market theory.
对于对冲基金的表现是否与有效市场思想冲突的问题，作者没有直接回答，而是提出了另一种概念：适应性市场理论（adaptive market theory），指出躺在地上的20美元钞票是存在的，只不过不是在大街上，而是在死胡同里。
The past ten years have dealt a series of blows to efficient-market theory, the idea that asset prices accurately reflect all available information.
过去十数年间已有多次对有效市场理论的打击，该理论认为资产价格是所有可得信息价值的准确反映。
In the basic frame of the modern mainstream financial theory, the Efficient Market theory has important positions.
在现代主流金融理论的基本框架中，有效市场理论具有重要的地位。
The weaknesses of efficient market theory prevent it from interpreting the phenomena of China securities market, which proved by theoretical research and practice.
理论研究和实践都证明，有效市场理论存在不足和缺陷，不能解释我国证券市场的许多现象。
Since its naissance, Efficient Market Theory has been one of Theory the most disputed and most important subjects in financial theories.
有效市场理论自从诞生以来，就一直是金融理论中最具争议和最重要的研究课题之一。
These implications are in direct contradiction to the theory of rational expectations and the efficient market hypothesis.
这些影响是理性预期理论和有效率的市场假说。
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.
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。
Advocates of efficient market theory confuse a tendency with a law.
拥护效率市场理论的人将趋势和定律混为一谈。
For a long period, the modern financial theory based on efficient market hypothesis and random walk has been the mainstream of financial fields.
长期以来，以有效市场假说和随机游走为基础的现代金融理论一直占据着金融学术领域的主流地位。
Efficient market hypothesis is the basis of traditional financial theory.
传统金融学的理论基础是有效市场假说。
I think that the efficient market theory offers one of the truest views of the markets.
我认为有效市场理论是其中一个能真实地反映市场的理论。
In the second part, some empirical tests methodology and literatures on the research of efficient market theory.
第二章介绍了有效市场理论的实证研究方法和前人的研究成果。
The Standard Finance Theory holds that investors are rational, and the security market is efficient due to the possibility of perfect arbitrage, even if most of the investors are irrational.
标准金融学认为，投资者是理性人，即使大部分投资者是非理性人，但是由于完美套利的存在，市场也将是有效市场。
Efficient market Hypothesis (EMH) is the foundation of modern financial marketing, it study the theory of stock price react to all information.
股票市场有效性理论是现代金融市场学的基础，它是研究股票价格对信息反应速度问题的学说。
But it was left to Mr Williamson to refine Mr Coase's theory and clarify what features of certain transactions made carrying them out more efficient within a firm rather than in the market.
但是科斯定理也有待威廉姆森先生去完善并澄清何种交易特征可以让内部交易比市场交易更为有效。
Efficient Market Hypothesis is the foundation of modern financial marketing, it study the theory of stock price react to all information.
股票市场有效性理论是现代金融市场学的基础，它是研究股票价格对信息反应速度问题的学说。
Thought it is agreed to and employed generally, efficient Market Theory has been facing all kinds of challenges.
有效市场理论在受到普遍赞同和适用的同时，也面临着各种不同的挑战。
The efficient market hypothesis is the main cornerstone of modern finance theory.
有效市场理论是现代财务金融学的主要理论基石。
Market timing that based on behavioral finance theory give up the Efficient Market Hypothesis and study the capital structure from the investor point of view of non-rational.
基于行为金融的市场择时理论放开了有效市场的假设，从投资者的非理性角度研究公司资本结构，为资本结构的研究提供了一个新的视角。
Finally, the article discusses the existence of efficient market and integrally grasps the true connotation of efficient market theory.
而后论述了有效市场的存在性。从而在整体上把握了有效市场理论的真实内涵。
Due to the weakness of Efficient market Hypothesis in financial market, the fractal market theory is proposed.
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。
The traditional exchange rate theory basing on the hypotheses of efficient market and rational expectations has in recent years been the victim of people's doubts and challenges.
传统的汇率理论是构建在有效市场与理性预期假设基础上的，近年来，该理论不断遭受人们的质疑与挑战。
As Mr Buffett himself has put it: adherents of the theory, "observing correctly that the market was frequently efficient, went on to conclude incorrectly that it was always efficient."
正如巴菲特先生自己所说的那样：拥护该理论的人“正确地看到市场一般情况下是有效率的，但进而又错误地认定市场总是有效率的。”
As Mr Buffett himself has put it: adherents of the theory, "observing correctly that the market was frequently efficient, went on to conclude incorrectly that it was always efficient."
正如巴菲特先生自己所说的那样：拥护该理论的人“正确地看到市场一般情况下是有效率的，但进而又错误地认定市场总是有效率的。”
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