| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3645 |
| DP3645 Determinants of Opposition Against EPO Patent Grants - The Case of Biotechnology and Pharmaceuticals | |
| Dietmar Harhoff; Markus Reitzig | |
| 发表日期 | 2002-11-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | The efficient market hypothesis gives rise to forecasting tests that mirror those adopted when testing the optimality of a forecast in the context of a given information set. However, there are also important differences arising from the fact that market efficiency tests rely on establishing profitable trading opportunities in ?real time?. Forecasters constantly search for predictable patterns and affect prices when they attempt to exploit trading opportunities. Stable forecasting patterns are therefore unlikely to persist for long periods of time and will self-destruct when discovered by a large number of investors. This gives rise to nonstationarities in the time series of financial returns and complicates both formal tests of market efficiency and the search for successful forecasting approaches. |
| 主题 | Financial Economics |
| 关键词 | Efficient market hypothesis Forecast evaluation Model specification Learning |
| URL | https://cepr.org/publications/dp3645 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532653 |
| 推荐引用方式 GB/T 7714 | Dietmar Harhoff,Markus Reitzig. DP3645 Determinants of Opposition Against EPO Patent Grants - The Case of Biotechnology and Pharmaceuticals. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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