183****7858
2025-02-24 17:36一個有效的市場價格充分反應(yīng)在股價中，那這樣豈不就是沒人能賺到超額收益和資本利得了嗎，金融市場也就不用存在了嗎？
所屬：CFA Level I > Equity 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
2個回答
開開助教
2025-02-25 10:02
該回答已被題主采納
同學(xué)你好，如果是在一個完全有效的市場中，所有可用的信息（公開信息和私人信息）都已經(jīng)反映在股票的價格中。所以，根據(jù)這一理論，股價總是“正確的”，并且沒有投資者能夠持續(xù)地通過分析和預(yù)測獲得超額收益。
但實現(xiàn)市場并不都是完全有效的，因此還有獲得超額收益的機會。
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180****8696
2025-02-25 19:18該回答已被題主采納
The idea that an efficient market fully reflects all available information in stock prices doesn't imply that no one can earn excess returns or capital gains, but rather that such opportunities should be random and unpredictable, as they are based on information that is already incorporated into prices. According to the Efficient Market Hypothesis (EMH), if markets are truly efficient, it becomes difficult to consistently outperform the market by using public information, as the price already reflects everything known. However, this does not mean financial markets are unnecessary—markets still exist to allocate capital, provide liquidity, and allow investors to manage risk. Capital gains or excess returns can still occur, but they would typically arise from new, unforeseen information or factors that the market hasn't yet priced in, which is why active trading and investment strategies still exist.
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