英文标题：
《Blindfolded monkeys or financial analysts: who is worth your money? New
evidence on informational inefficiencies in the U.S. stock market》
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作者：
Giuseppe Pernagallo and Benedetto Torrisi
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最新提交年份：
2019
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英文摘要：
The efficient market hypothesis has been considered one of the most controversial arguments in finance, with the academia divided between who claims the impossibility of beating the market and who believes that it is possible to gain over the average profits. If the hypothesis holds, it means, as suggested by Burton Malkiel, that a blindfolded monkey selecting stocks by throwing darts at a newspaper\'s financial pages could perform as well as a financial analyst, or even better. In this paper we use a novel approach, based on confidence intervals for proportions, to assess the degree of inefficiency in the S&P 500 Index components concluding that several stocks are inefficient: we estimated the proportion of inefficient stocks in the index to be between 12.13% and 27.87%. This supports other studies proving that a financial analyst, probably, is a better investor than a blindfolded monkey.
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中文摘要：
有效市场假说被认为是金融学中最具争议的论点之一，学术界在谁声称不可能击败市场和谁认为有可能获得超过平均利润之间存在分歧。如果假设成立，这意味着，正如伯顿·马尔基尔（BurtonMalkiel）所建议的那样，一只蒙着眼睛的猴子通过向报纸的金融页面投掷飞镖来选择股票，其表现可能与金融分析师一样好，甚至更好。在本文中，我们使用了一种基于比例置信区间的新方法来评估标准普尔500指数组成部分的无效程度，得出结论认为有几种股票是无效的：我们估计指数中无效股票的比例在12.13%到27.87%之间。这支持了其他研究，证明金融分析师可能是比蒙着眼睛的猴子更好的投资者。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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