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【正文】 stribution which can be expressed as an equation called the probability distribution function. Words study assumption 正態(tài)假設(shè) In corporate finance we almost always assume that financial returns can be described by a continuous normal distribution function——this is also called the normality assumption. 系數(shù) standard deviation 標(biāo)準(zhǔn)離差率 Variance 方差 sensitivity analysis 靈敏度分析 scenario analysis 情況分析 meanvariance world 均值 方差世界 Words study market hypothesis (EMH) 有效市場(chǎng)假設(shè) Efficient market hypothesis suggests that, at any given time, prices fully reflect all available information on a particular stock and /or market. Thus, according to the EMH, no investor has an advantage in predicting a return on a stock price since no one has access to information not already available everyone else. taker 價(jià)格接受者 A firm can be considered a price taker when a change in its rate of production and sales will not significantly affect the market price of its product. Again, the underlying reason is perfect petitiveness. Words study 10. investor rationality 投資者的理性 Investor rationality implies that investors behave as if they were rational and possessed a full knowledge of all available market information to a high degree of accuracy. Rational behavior means that individuals maximize some objective function——their utility function——under the constraints that they face. investor 機(jī)構(gòu)投資者 retail investor 個(gè)人投資者（散戶投資者） Words study efficient markets 配置有效市場(chǎng) operationally efficient markets 運(yùn)營(yíng)有效市場(chǎng) informationally efficient markets 信息有效市場(chǎng) ? When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, the market is said to be allocationally efficient. ? When the cost of transferring funds is ―reasonable‖, the market is said to be operationally efficient. ? When prices fully reflect all available information, it is informationally efficient. Words study form 弱式 semistrong 半強(qiáng)式 strong form 強(qiáng)式 ? Week form——assets prices reflect all historical price information. ? Semistrong ——assets prices reflect all historical price information and all publicly available information. ? Strong form——assets prices reflect all historical price information, all publicly available information, and all private information ( including information only known to insiders, such as pany directors). Words study 異常 價(jià)格低估 effect 星期一效應(yīng) January effect 元月效應(yīng) On average, stocks
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