论文代写:英国有效市场

论文代写:英国有效市场

本文确定了几个关键的金融方面和问题,一直统治着金融领域多年。本文结合英国的市场现状,探讨了Fama在1970年和1991年提出的有效市场假说。本文提出了投资组合经理持股国际化背后的理念(Fabozzi and Peterson Drake, 2009)。投资组合经理的持有量内部化的目的是管理与投资有关的风险。本文对行为金融学面临的挑战进行了评估和识别,最后,哈里•马科维茨(Harry Markowitz)的现代投资组合理论进行了探索,以探讨投资组合经理如何能够实现收益最大化和风险最小化。

论文代写:英国有效市场

然而,由于Jenson(1978)和Grossmanand Stiglitz(1980)将信息成本和交易成本纳入了市场效率的范畴,Fama(1970)对市场效率的定义得到了加强。Fame(1991)随后即兴提出了市场效率的定义,指出市场效率是一个连续统一体。根据Jones and Netter(2008)的研究,Fama(1991)对交易成本和市场效率持怀疑态度。他接着指出,如果交易成本和获取信息的成本降低,市场效率可以持续。在Fama(1991)的研究工作中,他提出基于资产价格的信息效率可以分为两大类。首先,投资者只有在获得超额回报的情况下才会对交易策略敏感。第二,反映所有信息的股票价格可能促进新投资资本的最高价值使用(Fama, 1991)。

论文代写:英国有效市场

The paper has identified several key financial aspects and issues that have been ruling the area of finance for several years. In this paper, the Efficient Market Hypothesis developed by Fama in 1970 and 1991 has been explored with reference to the present market conditions in the UK. The paper has presented the idea behind the internationalization of the holdings of portfolio managers (Fabozzi and Peterson Drake, 2009). The internalization of holdings of portfolio managers has been aimed to manage the risk associated with the investments. This paper evaluated and identified the challenges faced by Behavioral finance and lastly, the Modern Portfolio Theory by Harry Markowitz has been explored to address the way in which the portfolio managers are able to maximize their returns and mitigate risk.

论文代写:英国有效市场

However, the definition of market efficiency of Fama (1970) was enhanced by Jenson (1978) and Grossmanand Stiglitz (1980) as they incorporated the cost of information and the transaction costs within the purview of market efficiency. Fame (1991) then went on to improvise his market efficiency definition and noted that the market efficiency is subject to the continuum. Based on the research work conducted by Jones and Netter (2008), it was revealed that Fama (1991) had been skeptical about the transaction costs and the market efficiency. He then stated that the market efficiency can be sustained if the transaction cost and the cost of obtaining information are lowered. In this research works of Fama (1991), he propounded that the informational efficiency based on the asset prices can be deduced under two broad categories. The first is that the investors are sensitive to the trading strategies only if it earns an excess return. The second is that the stock prices which reflect all information are likely to promote the highest valued use of the new investment capital (Fama, 1991).