翻訳と辞書 Words near each other ・ Joint Functional Component Command for Global Strike and Integration ・ Joint Functional Component Command for Integrated Missile Defense ・ Joint Functional Component Command for Intelligence, Surveillance and Reconnaissance ・ Joint Functional Component Command for Space ・ Joint Functional Component Command for Space and Global Strike ・ Joint Functional Component Command – Network Warfare ・ Joint Genome Institute ・ Joint Global Change Research Institute ・ Joint Graduate School of Energy and Environment ・ Joint Ground-Based Air Defence Command ・ Joint Helicopter Command ・ Joint Helicopter Command Flying Station Aldergrove ・ Joint Helicopter Support Unit ・ Joint Himalayan Committee ・ Joint honours degree ・ Joint hypothesis problem ・ Joint Implementation ・ Joint Improvised Explosive Device Defeat Organization ・ Joint Industrial Council ・ Joint Information Environment ・ Joint Information Operations Warfare Center ・ Joint injection ・ Joint Innovation Lab ・ Joint Inquiry into Intelligence Community Activities before and after the Terrorist Attacks of September 11, 2001 ・ Joint Inspection Unit ・ Joint Institute for Marine and Atmospheric Research ・ Joint Institute for Marine Observations ・ Joint Institute for Nuclear Astrophysics ・ Joint Institute for Nuclear Research ・ Joint Institute for the Study of the Atmosphere and Ocean Dictionary Lists mini英和辞書 mini和英辞書 Webster 1913 Latin-English FOLDOC Wikipedia English ウィキペディア

翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Joint hypothesis problem ： ウィキペディア英語版 Joint hypothesis problem Market Efficiency implies stock prices fully reflect all publicly available information instantaneously, thus no investment strategies can systematically earn abnormal returns. Fama (1991)〔FAMA, E.F., 1991. Efficient Capital Markets: II. The Journal of Finance, 46(5), pp. 1575.〕 argued that stock prices respond instantaneously and without bias to new value relevant information and that security returns over time are determined only by changes in the market level and individual stock risk. Therefore no profitable investment opportunities from superior analysis, which implies no one can consistently outperform the market. The precondition for this 'strong' definition is that information and trading cost always equal to zero. This is clearly not true in practice. Stock market anomalies are violations of Market Efficiency Hypothesis in which consistently abnormal returns can be earned by on some investment strategies that are constructed based on potential market inefficiencies. The Joint Hypothesis problem refers to that testing for market efficiency is problematic, or even impossible. Any attempts to test for market (in)efficiency must involve an equilibrium asset pricing models. It is not possible to measure 'abnormal' returns without expected returns predicted by pricing models. Therefore any anomalous evidences on market returns may reflect market inefficiency, bad asset pricing model or both. In sum, Joint Hypothesis problem implies that Market Efficiency per se is not testable. ==References== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Joint hypothesis problem」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.