英国论文代写:市场效率

英国论文代写:市场效率

狂热者提出了一种关于市场效率的观点,认为价值溢价会给投资者带来根本性的风险。另一方面,行为学家指出,价值有助于表现出众,因为投资者可能会犯错误。Gubellini(2011)和Lakonishok(2004)等研究人员已经研究过价值型股票和成长型股票存在相对风险。潜在的主张是,基于时间变化的风险可以考虑接近最合适的方向来解释价值溢价。本文主要关注的是狂热者的陈述,将确定价值股的风险高于成长型股票,反之亦然。在讨论狂热者的陈述时,将批判性地评估经验证据。将在此讨论的基础上起草结论要点。在现代金融中,最突出的标志是收益与风险的关系。


英国论文代写:市场效率
当声称相同的情况下,人们已经接受了成长型股票与价值型股票相比具有较低回报的趋势。对这一现象的基本解释是,当时间发生变化时,风险也会随之增加。这种时变风险表现为危机时期以价值抵扣增长的战略风险较高。在此期间,风险溢价预期较高,而在有利条件下,风险溢价预期较低,风险溢价预期较低。然而,正如Fernandez(2004)和Zhang(2005)等研究表明,风险在产生价值溢价中并没有发挥关键作用。进一步说,Lakonishok等人(1994)指出,与有利条件时期的增长贝塔相比,贝塔值可以被认为是高的,但在危机时期可以被认为是低的。当假设风险时,这个特别的发现往往直接矛盾。

英国论文代写:市场效率

An argument had been placed by the zealots regarding the market efficiency, which stated the claim that value premium leads towards fundamental risks for the investors. On the other hand, behaviourists have stated that value helps in the delivery of outperformance as mistakes can be made by the investors. It has been researched by a number of researchers such as Gubellini (2011) and Lakonishok (2004) that there is a relative risk of value stocks and growth stocks. The underlying claim is that risk on the basis of times based variation can consider approaching the most appropriate direction to provide an explanation of the value premium. With the main focus on the statement of the zealots, this essay will either identify value stock as being riskier than growth stock, or vice versa. Empirical evidences will be critically evaluated while discussing the statement of the zealots. Key points of conclusion will be drafted based on this discussion. In modern finance, the most prominent landmark is the one when relating return and risk.


英国论文代写:市场效率
When claiming the same, it has been accepted that growth stocks hold the tendency of lower returns in comparison with value stock. The underlying explanation for the same is risk when variating time. This risk of time variations presents that strategic risk within which growth is deducted by value is high in the period of crisis. In this period, there are higher expectations for risk premium, while the same is low in the period of favourable conditions along with lower expectations for risk premium. However, as stated by a number of researches such as Fernandez (2004) and Zhang (2005) that risk does not play a crucial role in generating value premium. Further ahead, Lakonishok et al. (1994) stated that value betas can be considered high when compared with growth beta in the period of favourable conditions but can be considered low in the period of crisis. This particular finding tends to directly contradict when hypothesizing the risk.

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