Finance from a New Perspective
质疑了资本资产定价模型和有效市场模型两大金融学范式，基于新研究讨论其有效性，对金融学者和从业者理解理论局限有参考价值。
0 Academics and professionals in finance are reacting strongly to the publication and release of several new studies that call into question the validity of two major paradigms underlying much of what is taught in the classroom and practiced in corporations throughout the world. The first paradigm is the Capital Asset Pricing Model (CAPM). This theory assumes that all investors optimize without restriction in mean-variance space, and since aggregations of efficient portfolios are themselves efficient, it predicts the efficiency of the market aggregate. The second paradigm is the Efficient Market Model (EMM). This is more of a contention than a theory. The contention being that at any given time, stock prices accurately reflect what is knowable about economic and financial conditions as well as the relevant characteristics of the companies that issued the stocks.