英语Corporate Finance资料讲解.pptVIP

“金融经济学的悲剧英雄”巴施里叶 Hero of The tragic financial economics was the unfortunate Louis Bachelier. In his 1900 dissertation written in Paris, Theorie de la Spéculation (and in his subsequent work, esp. 1906, 1913), he anticipated much of what was to become standard fare in financial theory: random walk of financial market prices, Brownian motion and martingales (note: all before both Einstein and Wiener!) 套利定价理论 Black-Scholes公式的成功也是用无套利假设来为金融资产定价的成功。这一成功促使 1976 年罗斯(S. A. Ross, 1944～) 的套利定价理论 (APT, Arbitrage Pricing Theory) 的出现。 APT 是作为 CAPM 的替代物而问世的。CAPM 的验证涉及对市场组合是否有效的验证，但是这在实证上是不可行的。于是针对 CAPM 的单