论文代写:有效市场假说

14 7月 论文代写:有效市场假说

论文代写:有效市场假说

这篇文章说明了有效市场假说的尤金制定于1970年,这三种类型的市场效率与他们连接到价格的可预测性。在一个有效的市场信息对投资者的可用性的基础上,他们试图预测未来证券的价值,所以没有人能够有能力out-profit别人。还讨论了,这些形式的效率如何在金融市场以及它们是如何影响行为的金融家。

的弱形式有效市场意味着市场上的回报应该是独立的,过去的股票价格的信息不能被用来预测未来值。有两种类型的统计测试,可用于确定这一假设的有效性,首先是根据自相关测试在一段时间内业绩不联想到相关,第二个是运行测试意味着股票价格的波动是自己决定的。其次是讨论以前的有关股票的信息不可能预测未来结果的指令之后,交易员在这种情况下是无效的。过滤规则可以交易测试的一个例子说明了交易成本之后,股东不能获得一个不同寻常的回报。

结论可以扣除的弱形式有效市场假说,它可以有效地制定利润丰厚的投资政策从过去的价格或体积信息市场描绘的人而言。技术检查,其次是基于过去的价格没有提供理论基础和实证支持。

如果违反了弱形式的半强和强劲的形式自动违反了因为所有的三种形式建立在彼此。三种形式将违反违规行为是否有效的交易规则和相关技术策略。

论文代写:有效市场假说

This essay illustrates efficient market hypothesis formulated by Eugene Fama in 1970 and the three types of market efficiency with their connection to the price predictability. In an efficient market information is readily available to the investors on the basis of which they try to predict the future value of securities so no one can have the capacity to out-profit someone else. It has been also discussed that how these forms of efficiencies actually hold in the financial market and how they affect the behaviour of financiers.
The weak form of the efficient market implies that rates of return on the market should be independent, past information of the stock prices cannot be used to anticipate future value. There are two types of statistical tests that can be used to determine the validity for this assumption, first is the autocorrelation tests according to which over a period of time earnings are not suggestively correlated and second is the runs test which implies that fluctuations in stock price are self-determining over time. Secondly it was discussed that previous information about stocks could not predict future results so the instructions followed by the traders are invalid in this case. Filter rule could be an example of a trading test which illustrates that after transaction costs; a stockholder could not earn an unusual return.
The conclusion that can be deducted from the weak form of the efficient market hypothesis that it could be effective in formulating lucrative investment policies from past price or volume information for the one who is concerned in market depiction. Secondly for technical examination that is based on past price a theoretical groundwork and empirical support are not available.
In case of violation of weak form the semi strong and strong form are automatically violated because all the three forms build on each other. Each of the three forms would be violated if irregularities are effective in technical strategies trading rules and autocorrelation.

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