纽约代写Assignment:资产定价

2017-02-08 00:04

异象是一些令人惊讶的市场结果所产生的现象，被看作是资产定价行为理论和有效市场理论的矛盾。通常异常表明市场效率低下和利润机会。他们已经在许多学术文献的学者和各种众所周知的异常分析可以发现文件，如价值效应，低市盈率效应，市场反应过度，一月效应、周末效应等。但对某些异常的存在有怀疑，因为某些形式的异常在一定时期后消失，如小企业效应，它们被简单地当作统计畸变。如果金融市场确实存在异常现象，那么投资者的获利机会就比正常情况更为明显。本文从横截面金融市场和时间序列两个方面对上述一种异常现象进行了重点分析。首先介绍了异象，特别是小企业效应及其对市场效率的影响。探讨了小企业效应产生的原因，解释了异常的存在及其影响。分析异常的最终目的实际上是向投资者和管理者提出一些建议和策略。最后得出结论。

纽约代写Assignment:资产定价

Anomalies are phenomena arising from some surprising market results and are seen as contradictions to the theories of asset pricing behavior and the theories of efficient market. Usually anomalies indicate market inefficiencies and profit opportunities. They had been analyzed in many academic literatures by scholars and various forms of well known anomalies could be found in documents, such as the value effect, the low PE effect, the market overreaction, the January effect and the weekend effect and so on. But there are many suspicions about the existence of those anomalies as some forms of anomalies disappeared after certain period, such as the small firm effect, and they were treated simply as statistical aberrations. If there really are anomalies in financial market, opportunities for investors to make more profit than normal can definitely be explored. One form of anomalies mentioned above, a small firm effect, is emphasized and analyzed from the cross sectional financial markets and time series in this essay. The anomalies, especially the small firm effect, and its implications for market efficiency are introduced first. And then the reasons for the small firm effect are explored to explain the existence of anomaly and its effects. The final goal in analyzing anomalies is actually to promote some suggestions and strategies to investors and managers. And at last there comes the conclusions.