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肯尼斯·弗伦奇
提出多因子模型,革新资产定价理论
肯尼斯·弗伦奇是美国著名金融学家,与尤金·法玛共同提出三因子模型,对资产定价理论和实证研究产生深远影响,现为达特茅斯学院教授。
Diversification is still the only free lunch in finance, but it requires more than just holding a large number of stocks.
分散投资仍然是金融中唯一的免费午餐,但它需要的不仅仅是持有大量股票。
肯尼斯·弗伦奇
The size and value effects are persistent anomalies that challenge the efficient market hypothesis.
规模和价值效应是持续存在的异常现象,对有效市场假说提出了挑战。
肯尼斯·弗伦奇
Investors should be aware that the market does not always reward risk in the way that traditional models predict.
投资者应该意识到,市场并不总是以传统模型预测的方式回报风险。
肯尼斯·弗伦奇
The size and value effects are pervasive across different markets and time periods, but their magnitude can vary significantly.
规模和价值效应在不同市场和时间段普遍存在,但其幅度可能有显著差异。
肯尼斯·弗伦奇
The capital asset pricing model (CAPM) is a useful tool for understanding the risk-return tradeoff, but it is not a perfect description of reality.
资本资产定价模型(CAPM)是理解风险-回报权衡的有用工具,但它并非对现实的完美描述。
肯尼斯·弗伦奇
Market efficiency does not mean that prices are always right, but that they are impossible to predict consistently.
市场效率并不意味着价格总是正确的,而是意味着价格不可能被一致预测。
肯尼斯·弗伦奇
Diversification is the only free lunch in finance, but it requires discipline and patience.
多样化是金融中唯一的免费午餐,但它需要纪律和耐心。
肯尼斯·弗伦奇
The size and value effects are pervasive across different markets and time periods.
规模和价值效应在不同的市场和时间段中普遍存在。
肯尼斯·弗伦奇
Investors should be aware that the factors driving returns today may not be the same ones that drive returns tomorrow.
投资者应该意识到,今天驱动回报的因素可能与明天驱动回报的因素不同。
肯尼斯·弗伦奇
The capital asset pricing model (CAPM) is a useful tool for understanding the risk-return tradeoff, but it is far from perfect.
资本资产定价模型(CAPM)是理解风险-回报权衡的有用工具,但它远非完美。
肯尼斯·弗伦奇