Agent-Based Modeling Bridges Theory of Behavioral Finance and Financial Markets
نویسندگان
چکیده
Financial Economics researches have become active since 1950’s and many prominent theories regarding asset pricing and corporate finance have been proposed (Markowitz, 1952; Modigliani, Miller, 1958; Sharpe, 1964; Shleifer, 2000). The assumption of the efficiency of financial markets plays an important role in the literature in traditional financial theory and many research have been conducted based on the assumption (Friedman,1953; Fama,1970). For example, CAPM (Capital Asset Pricing Model), one of the most popular asset pricing theory in the traditional financial literature, is derived based on the assumptions of the efficient market and rational ABSTRACT
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تاریخ انتشار 2016