Many eminent economists, from Eugene Fama of the University of Chicago to Allan Meltzer of Carnegie Mellon, take a totally different view. 目前,包括芝加哥大学(UniversityofChicago)的尤金•法玛和卡内基•梅隆大学的阿兰•梅尔泽在内,许多优秀的经济学家的观点就与之截然相反。
They include Fama, one of the most influential financial economists of the past half-century, and his university of Chicago colleague John Cochrane, a prominent macroeconomist. 其中包括过去半个世纪最有影响力的金融经济学家法玛,还有他在芝加哥大学的同事、著名的宏观经济学家约翰•柯克兰。
The price is right principle says asset prices will, to use Mr Fama's words fully reflect available information, and thus provide accurate signals for resource allocation. 价格总是正确的原则认为,资产价格将(套用法玛的话说)完全反映出可得到的信息,以此为资源配置提供准确的信号。
The Application of FAMA Protocol in Tiered Distributed Wireless Network FAMA协议在分层分布式无线网络中的应用
The development of computers able rapidly to analyse data made the development of mathematically elegant economic models particularly desirable, driving the acceptance of concepts such as American economist Eugene Fama's efficient market hypothesis. 能够快速分析数据的计算机技术的发展,使得数学水平一流的经济模型的开发大行其道,推动人们接受了一些概念,比如美国经济学家尤金法玛(EugeneFama)的有效市场假说。
But Mr Fama tested the predictions of the EMH on the behaviour of actual prices. 殊不知法玛早已经检验了EMH对实际价格行为的预测。
Joseph Fama and Keith Mondello, two young whites, faced charges of murdering Yusuf Hawkins, a young black visitor to the neighborhood. 两名白人青年,法玛与蒙代洛,被控谋杀到他们住家附近造访的黑人青年郝金斯。
Fama and other efficient market researchers have taken for granted the informational efficiency implies resource allocation efficiency. 以法玛位代表的信息效率学派认为,一个具有信息效率的股市自然会具有资源配置效率。
In the normal, people always use the definition by Fama, which says: Efficient financial market is such market, in witch its bonds 'prices always affect the information that we can gotten. 通常,人们以法马(Fama,1970)的定义作为现代理论的代表:有效金融市场是指这样的市场,其中的证券价格总是可以充分体现可获得信息变化的影响。
According to Fama's weak efficiency theory, the paper tests the continuity of Shanghai Securities Complex Index and arrives a conclusion that Shanghai share market is near weak efficiency. 在分析资本市场的信息效率时,首先从法玛的弱有效性检验出发,检验了上海证券综合指数的延续性,判定上海股票市场已逼近弱有效率;
In a new-announced thesis of Fama and French, they discover the system risk β can't explain the different income between different stock through the proof, but company scale and benefit/ value in none system risk is a main fator to explain return rate of stock. 法马和弗伦奇在新发表的论文中,通过证明发现系统风险β不能对股票收益差别给予解释,而非系统风险当中的公司规模和权益/市值是股票收益率的重要解释因素。
The scholars mainly used Fama-MacBeth cross-sectional regression model. 学者们主要采用的是由Fama和Macbeth(1973)提出的,用来研究股票市场因素模型的横截面回归分析法(F-M方法)。
The three factors model suggested by Fama& French ( 1993) proves to be a satisfactory explanation on return spread. Fama和French(1993)提出的三因子模型,已经被国外很多学者证明能较好的解释股票的收益率差异。
As Fama& French ( 1998) pointed out, value stocks have higher returns than growth stocks in the markets around the world. Fama&French(1998)指出,在世界范围内,价值型股票比成长型股票具有普遍的较高的收益率。
In this paper, the Fama's definition of efficient capital market is introduced. 本文阐述了Fama关于资本市场有效性理论的定义及其基于不同信息集上的划分;
American economist Fama put forward the famous theory of the Efficient Market Hypothesis henceforth and formed a passive investment strategy of buying and holding. 此后,美国经济学家法玛提出了著名的有效市场假说,形成了买入并持有的消极投资战略。
After adjusting risks by CAPM model, Fama-French three-factors model and four-factors model, these abnormal returns still exist significantly. 并且这些超常收益在经过CAPM模型、Fama-French三因素和四因素模型风险调整后依然显著存在。
The second t-test, test net of transaction costs and net market risk, after deducting the handling of market risk, mainly according to the Fama French model, the three-factor model fit the A-share market. 第二个t检验,检验扣除交易费用和扣除市场风险的情况下,扣除交易市场风险的处理,主要是通过根据FamaFrench模型,拟合A股市场的三因素模型来完成的。
Career concerns offered by the managerial talent market, among others, has attracted the attention from both the theoretical and corporate circles since Fama ( 1980). 其中,经理人才市场提供的职业生涯考虑自Fama(1980)之后,一直备受理论界和企业界的关注。
Thus, according to Fama and MacBeth ( 1973) regression results, this paper considers that under different market cycles, the impact between cash dividends and stock price fluctuations is different. 因此,根据FamaandMacBeth(1973)回归结果,本文认为不同股市周期下,现金分红情况对股价波动的影响不同,下降市场时期,现金股利分红作用更大。
Efficient market hypothesis ( EMH) is the cornerstone of modern financial theory, which was deepen and made by Fama ( 1970). 有效市场假说(EMH)是现代金融理论的基石,由Fama(1970)深化并提出。
Fama and Jensen ( 1983) consider that corporate governance is equal to controlling the agency problem. Fama和Jensen(1983)认为,所谓公司治理在根本上就是对代理问题的治理。
One is the Fama and French, as a representative of the "risk change hypothesis," The explanation from returns and risks of matching Angle to explain excess profits, Adhere to the efficient market theory, belongs to the category of modern standard finance. 一是以Fama和French为代表的风险改变假说,这种解释从收益与风险相匹配的角度来解释超额收益,坚持有效市场理论,属于现代标准金融学的范畴。
To verify whether the excess profit is only relevant to operating cash flow, this thesis employs the standard capital asset pricing model, the Fama and French three-factor model to verify whether the excess profit is also influenced by market risk factors. 为了验证这个投资组合的超额收益是否只与现金流量有关,本文进一步利用标准资本资产定价模型、Fama和French(1993)三因素模型,检验这个超额收益是否与市场风险因子有关。
Based on this test results, Fama& French separate the size of the market value and the book market value factors with an extremely clever introduction of the scale factor, book market value ratio factor, the market portfolio factor, the three-factor model was constructed. 依据这一检验结果,Fama&French将规模因素与账面市值比因素加以分离,极为精巧地引入了规模因子、账面市值比因子,与市场组合因子一起构建了三因子模型。