资本市场分割:从有效市场假说到行为金融

Capital Market Segmentation: Efficient Markets Hypothesis and Behavioral Finance

有效市场假说(EfficientMarketsHypothesis)自面世以来,大量的实证研究支持有效市场假说。但是也有少量的现象明显违背有效市场假说,这些现象被称为市场异象(MarketAnomalies)。对市场异象的研究促进了金融学的发展,并产生了一门新的学科—行为金融(BehavioralFinance)。本文主要对一种主要的市场异象—市场分割进行了研究综述,阐述了有效市场假说和行为金融理论对这个问题的各自的观点。大量的研究表明,市场并非总是有效的。

Ever since it was put forward, the efficient markets hypothesis has been favored by a lot of empirical studies. Some cases, however, simply do not agree with the hypothesis. This is called market anomalies. Its study facilitated the development of financial science and prompted the birth of a new subject of knowledge - behavioral finance. This article is mainly on the introduction of one market anomaly: market segmentation. Varied views from both efficient market hypothesis and behavioral finance are related and it is shown that markets are not always efficient.