CAJ | 학술논문

2013年诺贝尔经济学奖授予尤金·法玛、拉尔斯·汉森和罗伯特·席勒。以表彰其在资产定价理论及实证研究中作出的突出贡献。法玛的主要贡献包括提出“有效市场假说”，建立三因素模型和检验方法，推动资产价格的短期预测研究等。汉森建立了广义矩估计方法，并通过大量关于资产价格的实证研究加以完善。席勒在资产价格的长期预测与行为金融学的研究中作出了开创性贡献。他们完成了大量有影响的实证研究成果．帮助解释金融资产价格的决定因素和预测性问题，具有重要的实践意义。
2013년낙패이경제학장수여우금·법마、랍이사·한삼화라백특·석륵。이표창기재자산정개이론급실증연구중작출적돌출공헌。법마적주요공헌포괄제출“유효시장가설”，건립삼인소모형화검험방법，추동자산개격적단기예측연구등。한삼건립료엄의구고계방법，병통과대량관우자산개격적실증연구가이완선。석륵재자산개격적장기예측여행위금융학적연구중작출료개창성공헌。타문완성료대량유영향적실증연구성과．방조해석금융자산개격적결정인소화예측성문제，구유중요적실천의의。
Eugene Fama, Lars Peter Hansen and Robert Shiller shared the 2013 Nobel Prize in Economic Sciences for their empirical analysis of asset prices which have been highly influential both academically and practically. Fama provided ＂efficient market hypothesis＂, methodological insights on three-factor model and tests, profound research on short-term predictability from different angles. Hansen developed the Generalized Method of Moments and improved it to deal with the asset-price data by applying it in a sequence of empirical studies. Shiller made the pioneering contribution to long-term predictability of asset prices and behavior finance. They have produced a body of robust empirical findings about the determination of asset prices and predictability, which have important practical implications.