| 单词 | Efficient market theory |
| 释义 |
Efficient market theory
中文百科
效率市场假说 Efficient-market hypothesis（重定向自Efficient market theory）
效率市场假说（英语：Efficient-market hypothesis，缩写为EMH），又译为有效市场假说，一个经济学假说，由尤金·法马（Eugene Fama）于1970年深化并提出的，是金融学中最重要的七个理念之一，其对有效市场的定义是：如果在一个证券市场中，价格完全反映了所有可以获得的信息，那幺就称这样的市场为有效市场。 衡量证券市场是否具有外在效率有两个标志：一是价格是否能自由地根据有关信息而变动；二是证券的有关信息能否充分地披露和均匀地分布，使每个投资者在同一时间内得到等量等质的信息。根据这一假设，投资者在买卖股票时会迅速有效地利用可能的信息.所有已知的影响一种股票价格的因素都已经反映在股票的价格中，因此根据这一理论，股票的技术分析是无效的。
英语百科
Efficient-market hypothesis 效率市场假说（重定向自Efficient market theory）
![Price-Earnings ratios as a predictor of twenty-year returns based upon the plot by Robert Shiller (Figure 10.1,[31] source). The horizontal axis shows the real price-earnings ratio of the S&P Composite Stock Price Index as computed in Irrational Exuberance (inflation adjusted price divided by the prior ten-year mean of inflation-adjusted earnings). The vertical axis shows the geometric average real annual return on investing in the S&P Composite Stock Price Index, reinvesting dividends, and selling twenty years later. Data from different twenty-year
periods is color-coded as shown in the key. See also ten-year returns. Shiller states that this plot](/uploads/202501/10/Price-Earnings_Ratios_as_a_Predictor_of_Twenty-Year_Returns_(Shiller_Data)0734.png)  In financial economics, the efficient-market hypothesis (EMH) states that asset prices fully reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information or changes in discount rates (the latter may be predictable or unpredictable). |
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