An Essay on Financial Information in the Era of Computerization
本文分析金融市场计算机化对价格信息收集的影响，以“闪崩”为例讨论技术分析、基本面分析和统计方法面临的挑战，认为计算机化导致价格脱离实体参照，需重新定义信息概念。
This article deals with the increasing computerization of the financial markets and the consequences of such process on our ability to collect information about financial prices. The concept of information is at the heart of financial economics simply because this notion is a precondition for all investments. Since financial prices characterize an agreement on a transaction between two counterparties, they understandably became a key informational indicator for decision. This article will analyse the increasing computerization of financial sphere by discussing the recent emergence of what is called a “flash crash” and its impact on the traditional ways of collecting information in finance (technical analysis, fundamental analysis and statistical approach). I argue that the growing computerization of financial markets generated a “hyper-reality” in which financial prices do not refer to “something” anymore implying a revision of our usual way of defining/using the notion of information.