EFFECTIVE MARKET THEORY

Second chapter has drawn out the effective market theory in the explanation of relation of stock price information.

第二章在说明股价与信息的基础上引出了有效市场理论。

As an important anomaly of the effective market theory, the momentum effect is one of the most serious challenges to the classical models of rational price formation.

作为有效市场理论的重要异象，动量效应是基于风险的传统资产定价理论的最严重挑战之一。

But at the same time, it proved the existence of the separate equilibrium under the opposite conditions, which offered abundant theory evidence for the effective supervision of the security market.

但同时，也论证了在相反条件下分离均衡的存在性，这为证券市场的有效监管提供了充分的理论证据。