efficient market

简明释义

效率市场

英英释义

例句

1.Many financial theories are based on the assumption of an efficient market.

许多金融理论基于有效市场的假设。

2.Investors often believe that the stock exchange operates as an efficient market.

投资者通常认为股票交易所运作如一个有效市场。

3.In an efficient market, all available information is already reflected in asset prices.

在一个有效市场中，所有可用的信息已经反映在资产价格中。

4.The concept of an efficient market suggests that it's impossible to consistently achieve higher returns than the average market return.

一个有效市场的概念表明，不可能持续获得高于市场平均收益的回报。

5.Behavioral finance challenges the notion of an efficient market by highlighting human irrationality.

行为金融通过突出人类非理性来挑战有效市场的概念。

作文

In the world of finance, the concept of an efficient market plays a crucial role in understanding how assets are priced and traded. An efficient market is one where all available information is fully reflected in asset prices, meaning that it is impossible to consistently achieve higher returns than the average market return on a risk-adjusted basis. This idea stems from the Efficient Market Hypothesis (EMH), which suggests that stocks always trade at their fair value, making it difficult for investors to purchase undervalued stocks or sell stocks for inflated prices. The implications of an efficient market are profound. For investors, it means that trying to outperform the market through stock picking or market timing is largely futile. Instead, many financial advisors advocate for a passive investment strategy, such as investing in index funds that mirror the performance of a particular market index. This approach minimizes costs and capitalizes on the idea that markets are efficient and that over the long term, they will provide reasonable returns. However, the reality of financial markets often deviates from the theoretical construct of an efficient market. Various factors can lead to market inefficiencies, such as behavioral biases among investors, the presence of insider information, and transaction costs. Behavioral finance, for instance, highlights how emotions and cognitive errors can lead investors to make irrational decisions, causing mispricing in the market. Moreover, empirical studies have shown that certain anomalies exist, such as the January effect or the value effect, where certain stocks tend to perform better than others due to patterns unrelated to their fundamental values. These anomalies suggest that while markets may be efficient in some respects, they are not perfectly so.Despite these inefficiencies, the concept of an efficient market remains a valuable framework for understanding market dynamics. It encourages investors to focus on long-term strategies rather than attempting to time the market based on short-term fluctuations. Additionally, it underscores the importance of diversification, as holding a broad portfolio can mitigate risks associated with individual asset volatility. In conclusion, the idea of an efficient market provides a foundational perspective on how financial markets operate. While real-world complexities introduce inefficiencies, the core principle that all known information is reflected in asset prices remains relevant. Investors should recognize the limitations of trying to beat the market and instead adopt strategies that align with the efficient market paradigm. By doing so, they can navigate the complexities of investing with a more informed and strategic approach.

在金融世界中，有效市场的概念在理解资产定价和交易方式方面起着至关重要的作用。有效市场是指所有可用信息都完全反映在资产价格中，这意味着在风险调整后的基础上，持续获得高于市场平均回报的收益是不可能的。这个思想源于有效市场假说（EMH），该假说表明，股票始终以其公允价值交易，使投资者难以购买被低估的股票或以高价出售股票。有效市场的影响深远。对投资者而言，这意味着通过选股或市场时机来超越市场的尝试在很大程度上是徒劳的。因此，许多金融顾问主张采取被动投资策略，例如投资于反映特定市场指数表现的指数基金。这种方法可以最小化成本，并利用市场有效的理念，长期来看，它们将提供合理的回报。然而，金融市场的现实往往偏离有效市场的理论构造。各种因素可能导致市场低效，比如投资者的行为偏差、内部信息的存在和交易成本。例如，行为金融学强调情感和认知错误如何导致投资者做出不理性的决策，从而导致市场中的错误定价。此外，实证研究表明，某些异常现象的存在，例如一月效应或价值效应，某些股票由于与其基本价值无关的模式而表现得比其他股票更好。这些异常现象表明，虽然市场在某些方面可能是有效的，但并不是完美的。尽管存在这些低效，有效市场的概念仍然是理解市场动态的重要框架。它鼓励投资者关注长期策略，而不是试图根据短期波动来把握市场时机。此外，它强调了多样化的重要性，因为持有广泛的投资组合可以减轻与个别资产波动相关的风险。总之，有效市场的理念为我们提供了一个关于金融市场运作的基础视角。虽然现实世界的复杂性引入了低效，但所有已知信息反映在资产价格中的核心原则仍然具有相关性。投资者应认识到超越市场的局限性，而应采取与有效市场范式相一致的策略。通过这样做，他们可以以更明智和战略的方法应对投资的复杂性。