摘要
本文首先对以无套利假设作为理论基础的经典金融资产定价理论进行了梳理。然后,基于经典理论的预测结果与实际金融市场数据不能很好吻合的事实,以及行为金融学所指出的无套利定价理论的局限性,提出以一价定律作为金融资产定价的理论出发点具有重要的理论和现实意义。
This paper reviews the classical non-arbitrage financial asset pricing theories.Then,based on the fact that the predictions of the classical theories are not confirmed by the real financial market data,and the limitations of the classical theories pointed out by the behavior finance theories,this paper suggests that it is of great theoretical and practical significance to take the law of one price as the foundation of the financial asset pricing.
出处
《南方金融》
北大核心
2011年第3期70-73,共4页
South China Finance
关键词
资产定价
无套利
一价定律
Asset Pricing
Non-arbitrage
Law of One Price
