二、有效市场假说的假设条件 假设条件一：是信息成本为零， 假设条件二：完备市场假设， 假设条件三：完全理性假设。 是投资者都是追求个人 效用最大化的理性“经济人”，具有同样的智力水平和 同样的分析能力，对信息的解释也是相同的，股票价 格波动完全是投资者基于完全信息集的理性预期的结 果。 判外橙守贸多六当
二、 有效市场假说的假设条件 假设条件一：是信息成本为零， 假设条件二：完备市场假设， 假设条件三：完全理性假设。是投资者都是追求个人 效用最大化的理性“经济人”，具有同样的智力水平和 同样的分析能力，对信息的解释也是相同的，股票价 格波动完全是投资者基于完全信息集的理性预期的结 果
三 有效市场假说的内容及分析 (一)定义： Fama有效市场的定义： An efficient market is defined as a market where there are large numbers of rational,porfit-maximizers actively competing,with each trying to predict future market values of individual securities,and where important current information almost freely available to all participants. In a efficient market competition among many intelligent participant leads to a situation where ,at any point in time actual prices of individual securities already reflect the effects of information based both on events already occurred and on event which,as of now the market expect to take place in the future
三、 有效市场假说的内容及分析 有效市场假说的内容及分析 （一）定义： Fama有效市场的定义： An efficient market is defined as a market where there are large numbers of rational,porfit-maximizers actively competing,with each trying to predict future market values of individual securities,and where important current information almost freely available to all participants. In a efficient market ,competition among many intelligent participant leads to a situation where ,at any point in time actual prices of individual securities already reflect the effects of information based both on events already occurred and on event which,as of now the market expect to take place in the future