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f uncertainty, when companies change consumer behavior, the nature of business enterprises that need to search for and understanding of the full project assets ( supplier selection) is the basis of all of the information, give full consideration to the consumer the cost of the new partners to ensure that the interests of the return.
 
Capter 4     Data finding and analusis       

第四章 数据发现和分析

                            
Assess and evaluate the efficient market hypothesis in the current financial problems
The expectations raised by the theory (prospect theory) for the behavioral Finance theory Dianzhong Set the theoretical basis, marking the beginning of behavioral Economics, Kahneman Also won the 2002 Nobel Prize in Economics (Kahneman Daniel, Amos Tversky G.1979). Werner De Bondt and RH Thaler papers published in 1985, "the stock market Market over-reaction of it? "Marks the official birthday of Behavioral Finance Theory Health（DeBondtWerner F. M,1985）, since the 20th century, 90 behavioral finance theory have been rapidly Development.
 
Behavioral finance theory to the expectations theory, combined with the investment Human behavior research on efficient market theory to the basic assumptions A doubt. Expectations theory suggests that investors are often the decision-making against Bayesian back rule, that is often irrational; rather than a rational investment Behavior is not random, often in the direction of change, so often Often can not cancel each other out. Shiller study has confirmed this point, he further Further pointed out that when these non-rational behavior of investors in the community, or we Listen to the rumors are the same, this phenomenon will become more obvious (Shiller Robert J. ,1984) The emotional factors that funding is not random error, but a very Often make wrong judgments. Efficient market theory for a rational investment Those who can carry the assumption that the efficiency of markets, Shleifer and Vishny point out that there are limits to arbitrage(Shleifer A., R. W. Vishny,1997). They will be divided into investors Pseudo-rational investors and rational investors (quasi-rational), the latter Type of investors are doing their best to do a good job in investment decision-making, but often guilty of some Decision-making errors
Therefore, the behavioral finance theory suggests that the validity of the theory on which the market The establishment of the three basic assumptions are not valid. Investors are often non - Rational and irrational investor behavior is not random, and therefore Prices can not offset each other, and the so-called arbitrage by rational people Risk constraints, the market arbitrage mechanism is not perfect. Payment behavior Financial theory to the conclusion that: the market is generally invalid
 
Chapter 5    Discussion and Conclusions        

第五章 讨论和结论

                     
1 To establish the level of development of financial markets and the risk profile of an effective financial supervision and policy Finance theory is not a panacea, the financial model is only a si本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。