From Efficient Markets Theory to Behavioral Finance
回顾了有效市场理论在1970年代的主导地位及其后被市场异象和过度波动证据所动摇的过程，并介绍了1990年代以来行为金融学的发展，包括反馈理论、聪明钱与普通投资者互动模型等。
The efficient markets theory reached the height of its dominance in academic circles around the 1970s. Faith in this theory was eroded by a succession of discoveries of anomalies, many in the 1980s, and of evidence of excess volatility of returns. Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a blossoming of research on behavioral finance. Some important developments since 1990 include feedback theories, models of the interaction of smart money with ordinary investors, and evidence on obstacles to smart money.