有效市场假定 Efficient Market Hypothesis(EMH) ■证券价格反映了全部已知信息吗? Do security prices reflect information 为什么要检查市场有效性 Why look at market efficiency? 为了商业和公司财务 Implications for business and corporate finance 为了投资 Implications for investment 12-312-3 证券价格反映了全部已知信息吗? Do security prices reflect information ? 为什么要检查市场有效性 Why look at market efficiency? – 为了商业和公司财务Implications for business and corporate finance – 为了投资Implications for investment 有效市场假定 Efficient Market Hypothesis (EMH)