efficient market

简明释义

有效市场

英英释义

例句

1.In an efficient market, all available information is already reflected in stock prices.

在一个有效市场中，所有可用信息已经反映在股票价格中。

2.In a perfectly efficient market, no investor can gain an advantage over others.

在一个完美的有效市场中，没有投资者可以获得比其他人更大的优势。

3.The concept of an efficient market suggests that prices only change when new information becomes available.

有效市场的概念表明，价格只有在新信息出现时才会改变。

4.Many financial analysts use the efficient market hypothesis to explain price movements.

许多金融分析师使用有效市场假说来解释价格波动。

5.Investors believe that it is impossible to consistently achieve higher returns than the market average in an efficient market.

投资者相信，在一个有效市场中，不可能持续获得高于市场平均水平的回报。

作文

The concept of an efficient market refers to a market where all available information is fully reflected in the prices of securities. In such a market, it is impossible for investors to consistently achieve returns that exceed average market returns on a risk-adjusted basis, because any potential profit opportunities are quickly eliminated by the actions of rational investors. The idea of an efficient market is central to the Efficient Market Hypothesis (EMH), which posits that financial markets are 'informationally efficient'. This means that stock prices always incorporate and reflect all relevant information. To understand the implications of an efficient market, one must consider the three forms of market efficiency: weak, semi-strong, and strong. Weak form efficiency suggests that past stock prices and volume data do not provide any useful information to predict future prices. Semi-strong form efficiency asserts that all publicly available information is already reflected in stock prices, meaning that fundamental analysis cannot yield superior returns. Strong form efficiency goes even further by claiming that even insider information cannot give an investor an advantage.In practice, the existence of an efficient market has significant implications for investment strategies. For instance, if markets are truly efficient, then active portfolio management—where fund managers attempt to outperform the market through stock selection and market timing—would be futile. Instead, passive investing strategies, such as index funds, would be more advantageous since they aim to replicate market returns rather than beat them.However, critics of the EMH argue that markets are not always efficient. They point to instances of market bubbles and crashes as evidence that prices can deviate significantly from their intrinsic values due to irrational behavior among investors. Behavioral finance, a field that combines psychology and economics, provides insights into why investors might act irrationally, leading to mispricings in the market. Moreover, technological advancements and the rise of algorithmic trading have introduced new dynamics into the concept of an efficient market. High-frequency traders can exploit minute price discrepancies almost instantaneously, contributing to market efficiency but also raising questions about fairness and transparency in the financial system. In conclusion, while the idea of an efficient market serves as a foundational principle in finance, its real-world application is complex and often contested. Understanding the nuances of market efficiency allows investors to make more informed decisions regarding their investment strategies. Whether one subscribes to the notion of market efficiency or not, it is essential to recognize the ongoing debates and research surrounding this critical aspect of financial economics. By doing so, investors can better navigate the complexities of the financial markets and potentially enhance their investment outcomes.

“有效市场”这一概念指的是一个市场，在这个市场中，所有可用信息都完全反映在证券价格中。在这样的市场中，投资者不可能持续获得超出平均市场回报的收益，因为任何潜在的利润机会都会被理性投资者的行为迅速消除。“有效市场”的理念是有效市场假说（EMH）的核心，后者认为金融市场是“信息有效的”。这意味着股票价格始终包含并反映所有相关信息。要理解“有效市场”的含义，必须考虑市场效率的三种形式：弱式、半强式和强式。弱式效率表明，过去的股票价格和交易量数据对预测未来价格没有任何有用的信息。半强式效率则主张所有公开可用的信息已经反映在股票价格中，这意味着基本面分析无法产生优于市场的收益。强式效率更进一步，声称即使是内部信息也无法让投资者获得优势。在实践中，“有效市场”的存在对投资策略具有重要影响。例如，如果市场真的有效，那么主动投资组合管理——即基金经理试图通过选股和市场时机来超越市场——将是徒劳的。相反，被动投资策略，如指数基金，将更具优势，因为它们旨在复制市场回报而不是击败市场。然而，有效市场假说的批评者认为，市场并非总是有效。他们指出市场泡沫和崩盘的实例作为价格可以因投资者的非理性行为而显著偏离其内在价值的证据。行为金融学这一领域结合了心理学和经济学，提供了关于为什么投资者可能会非理性地行动，从而导致市场出现错误定价的洞察。此外，技术进步和算法交易的兴起给“有效市场”这一概念引入了新的动态。高频交易者可以几乎瞬间利用微小的价格差异，虽然这有助于市场效率，但也引发了关于金融系统公平性和透明度的问题。总之，尽管“有效市场”的理念在金融学中作为基础原则，但其在现实世界中的应用复杂且常常受到争议。理解市场效率的细微差别使投资者能够更明智地决定投资策略。无论一个人是否认同市场效率的概念，认识到围绕这一金融经济学关键方面的持续辩论和研究都是至关重要的。通过这样做，投资者可以更好地应对金融市场的复杂性，并可能改善他们的投资结果。