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与个人投资者相比,机构投资者更接近有效市场假说中的“理性经济人”假设,但这是否就意味着行为金融学对EMH的诸多质疑在投资主体机构化的市场上就不再成立,市场将实现有效市场假说所描述的理想状态?本文系统分析投资者和投资经理之间的委托代理结构以及由此引发的道德风险、羊群行为和有限套利对提高市场信息效率的制约机制和消极影响,并对机构投资者实现市场有效性的三个减弱的假设提出了质疑。
Compared with individual investors, institutional investors are closer to the “rational economic man” hypothesis in the effective market hypothesis, but does this mean that behavioral finance’s many doubts about EMH are not in the institutionalized investment market? Once established, the market will realize the ideal state described by the Efficient Market Hypothesis. This paper systematically analyzes the structure of the principal-agent between investors and investment managers and the resulting moral hazard, herd behavior and limited arbitrage to improve the efficiency of market information Mechanisms and negative effects and challenged three weakened assumptions about the market effectiveness of institutional investors.