<FONT size=6>Grossman and Stiglitz 1976 </FONT>
<DIV >w如果市场一直是完全套利的，套利活动就不可能获得任何利润。那么套利者是如何赚钱的？特别是在取得关于市场是否已经被充分套利的信息需要成本时，他们是如何赚钱的？ </DIV>
<DIV >wGrossman and Stiglitz 1980 对此做出了一个非常有趣的解答。 </DIV>
<DIV ><FONT size=6>这篇文章主要针对，grossman and stiglitz 悖论的，</FONT></DIV>
<DIV ><FONT size=6>要涉及到EMH and REE方面的知识。</FONT></DIV>
<DIV ><FONT size=6></FONT> </DIV>
<DIV ><FONT size=6>主要参考文献</FONT></DIV>
<DIV > </DIV>
<DIV ><FONT size=6></FONT>
<DIV class=O v:shape="_x0000_s2050">
<DIV >wLucas 1972 </DIV>
<DIV >wGrossman 1975 1976 1978</DIV>
<DIV >wHayek 1945 </DIV>
<DIV >wSheffrin 1983 “Rational Expectation” </DIV>
<DIV >wMuth 1961 </DIV>
<DIV >w </DIV>
<DIV >Shleifer 2000</DIV></DIV></DIV>
<DIV >史书中 《金融经济学十讲》。</DIV>
<DIV > </DIV>
<DIV >上传三篇文献，一个ppt</DIV>
<DIV > </DIV>
<DIV >好文章啊</DIV>
<DIV >
<DIV><FONT color=#ff0000><FONT face="Times New Roman"><FONT color=#ff0000>1</FONT><FONT color=#ff0000>. </FONT><FONT color=#ff0000>Grossman and Stiglitz, 1980, "On the Impossibility of Informationally Efficient markets," AER 70, 393-408</FONT></FONT></FONT></DIV>
<DIV><FONT color=#ff0000><FONT face="Times New Roman"><FONT color=#ff0000>2. </FONT><FONT color=#ff0000>Campbell and Kyle, 1993, "Smart money, noise trading and stock price behavior," RES, 1-34.</FONT> </FONT></FONT></DIV>
<DIV><FONT face="Times New Roman"><FONT color=#ff0000>3</FONT><FONT color=#ff0000>. </FONT><FONT color=#ff0000>Wang, 1993, "A model of intertemporal asset prices under asymmetric information," RES, 249-282.</FONT> </FONT></DIV></DIV>