THE ECONOMETRICS OF FINANCIAL MARKETS
高频金融数据和计算机硬件发展使金融经济学成为社会科学中最实证化的领域，但受限于市场实验困难，仍依赖模型驱动的统计推断，由此形成了金融计量经济学这一独特领域。
The abundance of high-frequency financial data and the rapid development of computer hardware have combined to transform financial economics into, arguably, the most empirically oriented field within the social sciences. At the same time, as a result of the difficulty of conducting genuine market experiments, empirical finance remains firmly grounded in the tradition of model-driven statistical inference that is characteristic of economics. Even so, the richness of data has often spurred a practical orientation that is more familiar in the natural sciences. The combination has proved fertile, leading to the classification of a set of loosely connected empirical topics as a distinct entity, financial econometrics .