{"id":1146,"date":"2023-11-25T11:12:30","date_gmt":"2023-11-25T03:12:30","guid":{"rendered":"https:\/\/edu.secda.info\/scu10156104\/?p=1146"},"modified":"2023-11-25T19:17:33","modified_gmt":"2023-11-25T11:17:33","slug":"arbitrage-and-speculation","status":"publish","type":"post","link":"https:\/\/edu.secda.info\/scu10156104\/?p=1146","title":{"rendered":"Arbitrage and Speculation"},"content":{"rendered":"<h3><span style=\"color: #6f8cad;\">6:54\uff1a\u6548\u7387\u5e02\u5834<\/span><\/h3>\n<p>\u4ee5\u4e0b\u8cc7\u6599\u4f86\u6e90\uff1a<span style=\"color: #86a695;\"><strong><a style=\"color: #86a695;\" href=\"https:\/\/rich01.com\/what-is-efficient-market-hypothesis\/\">\u6548\u7387\u5e02\u5834\u5047\u8aaa\u662f\u4ec0\u9ebc\uff1f\u5c0d\u6295\u8cc7\u7b56\u7565\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f\u6b63\u9762\u89c0\u9ede vs \u53cd\u9762\u89c0\u9ede<\/a><\/strong><\/span><\/p>\n<ol>\n<li><strong><span style=\"color: #9579ab;\">\u5f31\u5f0f\u6548\u7387(Weak Form Efficiency)<\/span>\uff1a<\/strong>\u8a8d\u70ba\u76ee\u524d\u80a1\u50f9\u5df2\u7d93\u53cd\u6620\u51fa\u904e\u53bb\u80a1\u7968\u50f9\u683c\u6240\u63d0\u4f9b\u7684\u5404\u7a2e\u8cc7\u8a0a\uff0c\u5305\u542b\u80a1\u7968\u7684\u6210\u4ea4\u50f9\u3001\u6210\u4ea4\u91cf\u3001\u878d\u8cc7\u91d1\u984d\u7b49\uff0c\u56e0\u6b64\u6295\u8cc7\u4eba<strong>\u7121\u6cd5<\/strong>\u518d\u300c\u5229\u7528\u5206\u6790<strong>\u904e\u53bb\u80a1\u7968\u50f9\u683c<\/strong>\u300d\u4f86\u7372\u5f97\u9ad8\u984d\u5831\u916c\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5982\u679c\u5f31\u5f0f\u6548\u7387\u6108\u9ad8\uff0c<span style=\"text-decoration: underline;\">\u4ee5\u904e\u53bb\u50f9\u91cf\u70ba\u57fa\u790e\u7684\u300c\u6280\u8853\u5206\u6790\u300d\u5c31\u6703\u6108\u7121\u6548<\/span>\u3002<\/li>\n<li><strong><span style=\"color: #9579ab;\">\u534a\u5f37\u5f0f\u6548\u7387(Semi-Strong Form Efficiency)<\/span>\uff1a<\/strong>\u8a8d\u70ba\u76ee\u524d\u80a1\u50f9\u5df2\u5145\u5206\u53cd\u6620\u51fa\u6240\u6709\u8207\u516c\u53f8\u76f8\u95dc\u7684\u516c\u958b\u8cc7\u8a0a\uff0c\u5305\u542b\u8ca1\u52d9\u5831\u8868\u3001\u7372\u5229\u9810\u4f30\u3001\u7d93\u6fdf\u653f\u6cbb\u60c5\u52e2\u7b49\u3002\u56e0\u6b64\u6295\u8cc7\u4eba<strong>\u7121\u6cd5<\/strong>\u518d\u300c\u5229\u7528\u5206\u6790<strong>\u516c\u958b\u8cc7\u8a0a<\/strong>\u300d\u4f86\u7372\u5f97\u9ad8\u984d\u5831\u916c\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5982\u679c\u534a\u5f37\u5f0f\u6548\u7387\u6108\u9ad8\uff0c<span style=\"text-decoration: underline;\">\u4ee5\u8ca1\u5831\u3001\u7d93\u6fdf\u6578\u64da\u7b49\u70ba\u57fa\u790e\u7684\u300c\u57fa\u672c\u9762\u5206\u6790\u300d\u5c31\u6703\u6108\u7121\u6548<\/span>\u3002<\/li>\n<li><strong><span style=\"color: #9579ab;\">\u5f37\u5f0f\u6548\u7387(Strong Form Efficiency)<\/span>\uff1a<\/strong>\u8a8d\u70ba\u76ee\u524d\u80a1\u50f9\u5df2\u5145\u5206\u53cd\u6620\u6240\u6709\u516c\u958b\u53ca\u672a\u516c\u958b\u7684\u8a0a\u606f\uff0c\u56e0\u6b64\u5728\u5f37\u5f0f\u6548\u7387\u5e02\u5834\u4e0b\uff0c\u5373\u4f7f\u6295\u8cc7\u4eba\u6709\u5167\u5e55\u6d88\u606f\uff0c\u4e5f\u7121\u6cd5\u5f9e\u4e2d\u7372\u5f97\u9ad8\u984d\u5831\u916c\u3002<\/li>\n<\/ol>\n<h3>Locational Arbitrage<\/h3>\n<p>\u4ee5\u4e0b\u53f3\u5716\u61c9\u70ba\u4f9b\u7d66\u7dda\u53f3\u79fb(\u6dfa\u85cd)\uff0c\u975e\u9700\u6c42\u7dda\u5de6\u79fb(\u7c97\u6df1\u85cd)<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1152\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1-800x432.png\" alt=\"\" width=\"900\" height=\"486\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1-800x432.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1-300x162.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1-768x415.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Locational-Arbitrage-\u4f9b\u7d66\u8b8a\u5316\u932f\u8aa4-1.png 1290w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"color: #ff0000;\">Triangular Arbitrage(\u5fc5\u8003\uff01)<\/span><\/h3>\n<h4><span style=\"color: #7489b3;\">Accounting for bis-ask spread<\/span><\/h4>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ.png\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1155 size-large alignleft\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ-800x502.png\" alt=\"\" width=\"750\" height=\"471\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ-800x502.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ-300x188.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ-768x482.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/TriagularArbitrageQ.png 1368w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #ab7f5b;\">\u76f4\u63a5\u5831\u50f9=\u9280\u884cbid\uff1b\u9593\u63a5\u5831\u50f9=1\/ask<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #ab7f5b;\">\u2192<\/span><\/strong><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1.png\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1157 aligncenter\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1-800x664.png\" alt=\"\" width=\"900\" height=\"747\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1-800x664.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1-300x249.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1-768x637.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Triangular-Arbitrage-Ans1.png 1162w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p><span style=\"color: #ab7f5b;\"><strong>\u9806\u6642\u91ddvs\u9006\u6642\u91dd\u7b56\u7565<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1164\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter-800x391.png\" alt=\"\" width=\"900\" height=\"439\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter-800x391.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter-300x146.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter-768x375.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/Traiangular-Arbitrage-Alter.png 1102w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<h3><span style=\"color: #ff0000;\">Covered Interest Arbitrage<\/span><\/h3>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1165\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q-800x472.png\" alt=\"\" width=\"900\" height=\"531\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q-800x472.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q-300x177.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q-768x453.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-Q.png 1357w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1189\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1-800x594.png\" alt=\"\" width=\"900\" height=\"668\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1-800x594.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1-300x223.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1-768x570.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A1-1.png 1374w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>ANS.<\/p>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1170\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1-800x471.png\" alt=\"\" width=\"900\" height=\"530\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1-800x471.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1-300x177.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1-768x452.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A2-1.png 1173w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>But&#8230;&#8230;<\/p>\n<p>\u73fe\u5be6\u4e0d\u6703\u9019\u9ebc\u7c21\u55ae\uff01\u9084\u9700\u8003\u616e&#8230;<\/p>\n<p><a href=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1172\" src=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3-800x185.png\" alt=\"\" width=\"900\" height=\"208\" srcset=\"https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3-800x185.png 800w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3-300x69.png 300w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3-768x178.png 768w, https:\/\/edu.secda.info\/scu10156104\/wp-content\/uploads\/2023\/11\/CIA-A3.png 1334w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>6:54\uff1a\u6548\u7387\u5e02\u5834 \u4ee5\u4e0b\u8cc7\u6599\u4f86\u6e90\uff1a\u6548\u7387\u5e02\u5834\u5047\u8aaa\u662f\u4ec0\u9ebc\uff1f\u5c0d\u6295\u8cc7\u7b56\u7565\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f\u6b63\u9762<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/posts\/1146"}],"collection":[{"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1146"}],"version-history":[{"count":11,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/posts\/1146\/revisions"}],"predecessor-version":[{"id":1190,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=\/wp\/v2\/posts\/1146\/revisions\/1190"}],"wp:attachment":[{"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edu.secda.info\/scu10156104\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}