随机游走、市场效率与投资策略

Random Walk, Market Efficiency and Investment Strategy

回顾了随机游走及有效市场假设理论发展的背景 ,分别采用数学方法及描述语言给出其定义。在指出市场效率与信息反映速度关系以后 ,本文深入地分析了有效市场假设理论对技术分析、基础分析和消极投资三种策略的指导意义。

The paper gives some background of development in Effcient Market Hypothesis, an d defines EMH in mathematics and description ways. After showing the relationshi p between EMH and spreading speed of information, it analyzed deeply that EMH ha s important directions in technical analysis, fundamental analysis and passive i nvestment.