Normative consequences of efficient capital market research
Normative consequences of efficient capital market research
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有效资本市场研究的规范后果
DOI：
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
Norio Sawabe
中科院分区：
文献类型：
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作者：
Norio Sawabe
本文讨论有效市场假说对标准制定的影响及其规范后果。它通过对一个具体案例的分析来展示这种影响：金融工具国际会计准则的设计和实施。在这种情况下，很明显，有效市场假说被用作证明金融工具公允价值使用合理性的主要理论参考。通过实施这样的标准，该标准的使用者被教育相信有效市场假说是会计估值的正确理论参考。因此，积极研究计划的公理获得了规范性的方面。用户理所当然地认为会计应该参考有效市场假说来解释。
This article deals with the influence exercised by the efficient market hypothesis on standard setting and, consequently, its normative consequences. It shows this influence through the analysis of a particular case: the design and implementation of the International Accounting Standard on financial instruments. In this case it is clear that the efficient market hypothesis was used as the main theoretical reference to justify the use of fair values for financial instruments. By implementing such a standard the users of this standard are educated to believe that the efficient market hypothesis is the correct theoretical reference for accounting valuations. Hence an axiom of a positive research programme acquires a normative aspect. Users will take it for granted that accounting should be interpreted with reference to the efficient market hypothesis.