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在新闻媒体上的价格影响和非经济出版物电子书

  • 简介:  在新闻媒体上的价格影响和非经济出版物电子书<br>   Numerous empirical studies have demons
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%a1%a1%a1%a1%d4%da%d0%c2%ce%c5%c3%bd%cc%e5%c9%cf%b5%c4%bc%db%b8%f1%d3%b0%cf%ec%ba%cd%b7%c7%be%ad%bc%c3%b3%f6%b0%e6%ce%ef%b5%e7%d7%d3%ca%e9%3cbr%3e%a1%a1%a1%a1%0aNumerous+empirical+studies+have+demonstrated+that+asset+prices+react+rapidly%2c+if+at+all%2c+to+news+published+in+the+mass+media.+In+many+cases%2c+the+information+has+been+discounted+and+prices+have+already+moved+upon+primary+publication+through+news+wires%2c+press+releases+or+firm+announcements.+Any+remaining+information+is+usually+quickly+priced+in+after+dissemination+through+the+mass+media.+But+not+al-ways%3a+Often+enough+delayed+price+adjustments%2c+underreactions+as+well+as+overre-actions%2c+can+be+observed+after+particular+news+reports+have+been+published.+This+points+to+inadequacies+in+the+efficient+markets+hypothesis+as+well+as+in+Behavioral+Finance+theories%3a+Delayed+reactions+appear+too+often+to+be+explained+away+as+%a1%b0anomalies%a1%b1+within+models+of+rational+pricing.+But+they+appear+too+eratically+to+be+explained+as+%a1%b0normalities%a1%b1+such+as+in+newer+models+of+systematically+irrational+pricing.+In+other+words%3a+Asset+prices+frequently+do+not+react+to+news+published+in+the+media.+Sometimes+they+do.+The+evidence+leads+to+the+following+conclusion%3aThat+markets+can+be+efficient+and+inefficient+at+the+same+time.%3cbr%3e%a1%a1%a1%a1%0a......
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