纽约Essay代写:金融市场

2017-02-08 00:11

库恩首先介绍了异常1970。它是在科学发现的出现，讨论违反范式诱导的期望是由正常的科学描述（库恩1970节）。异常只出现在范式意味着金融市场提供了背景，异常是指相对于正常返回的定义（constainides，Harris & Stulz，2003，p.4）。市场异常的发现表明，市场效率低下，资产定价模型失败的想法受到许多学者的支持（Fama，1970；当中，1981）。和经验在许多世界各地的股票交易所，资产定价是不遵循有效市场假说（EMH）规则。但球（1978）和Keim（2008），拒绝假设的基础上的信息有效的市场均衡模型依赖利润，如资本资产定价模型，是没有必要怀疑市场的效率。所以支持相信尺寸效应的存在作为实证研究的结果显示，抗议者认为，规模效应的探索为测量和数据库错误指示。

纽约Essay代写:金融市场

The term anomaly was first introduced by Kuhn in 1970. It is described in the discussion of emergence of scientific discoveries as a violation to the paradigm induced expectation which is governed by the normal science (Kuhn, 1970, p.52). Anomaly appears only against the background provided by the paradigm which means in the financial market, anomaly is defined relative to the definition of the normal return (Constainides, Harris & Stulz, 2003, p.4). The ideas that discoveries of market anomalies implicate the inefficiency of market and the failure of asset pricing model are supported by many scholars (Fama, 1970; Banz, 1981). And empirically in many stock exchanges around the world, the pricing of assets is not following the rules of Efficient Market Hypothesis (EMH). But to Ball (1978) and Keim (2008), the refuse to the hypothesis based on an information efficient market and an equilibrium model relied profit, such as the CAPM, is not necessary to suspect the market efficiency. So the supports believe the existence of the size effect as the empirical studies indicate, the protestors believe the exploration of the size effect as the measurement and databases errors indicate.