Implications of Capital Markets Research for Corporate Finance
探讨资本市场研究（有效市场假说和资产定价理论）对公司财务实践的启示，帮助管理者做出更好的商业决策，并警示过度解读历史数据的风险。
N We focus our discussion on the same two areas of capital markets research as does Professor Haugen: the efficient markets hypothesis and asset pricing theory. Our purpose is not to survey the extensive literature that has evolved but to examine the implications of this analysis for the practice of corporate finance. Thus, we focus on how an appreciation of the contributions to capital markets research over the past three decades can help managers make better business decisions. While we disagree with several of Professor Haugen's conclusions, we will not comment on every study or piece of evidence discussed. Rather, we focus mainly on the big picture of the research process and the potential dangers of overinterpreting historical data.