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\u4e0d\u904e\uff0c\u5982\u679c\u4f60\u628a\u4e2d\u570b\u80a1\u5e02\u7576\u505a\u662f\u4e00\u500b\u7279\u4f8b\u90a3\u5c31\u5927\u932f\u7279\u932f\u4e86\u3002Elroy Dimson\u3001Jay R. Ritter\u4ee5\u53ca\u5176\u4ed6\u7814\u7a76\u4eba\u54e1\u7814\u7a76\u4e86\u6574\u500b\u4e8c\u5341\u4e16\u7d00\u7684\u767c\u9054\u548c\u65b0\u8208\u5e02\u5834\u5e77\u5f97\u51fa\u7d50\u8ad6\u8a8d\u7232\uff0c\u7d93\u6fdf\u589e\u9577\u8207\u80a1\u5e02\u6536\u76ca\u7387\u4e4b\u9593\u7684\u76f8\u95dc\u6027\u5f88\u4f4e\u3002<\/p>\n

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\u4e0a\u5e02\u516c\u53f8\u76c8\u5229\u8207\u80a1\u5e02\u6536\u76ca\u7387<\/h2>\n

\u501f\u7528\u8036\u9b6f\u5927\u5b78\u6559\u6388Robert J. Shiller\u904e\u53bb\u4e00\u500b\u591a\u4e16\u7d00\u4ee5\u4f86\u7684\u6578\u64da\uff0c\u6211\u5011\u9996\u5148\u8a08\u7b97\u5169\u500b\u6642\u9593\u5e8f\u5217\u7684\u4e94\u5e74\u6efe\u52d5\u6536\u76ca\u7387\uff08\u5e74\u5316\u5e73\u5747\u6536\u76ca\u7387\uff09\u3002\u7d50\u679c\u986f\u793a\uff0c1904\u5e74\u81f32020\u5e74\u671f\u9593\uff0c\u76c8\u5229\u589e\u901f\u8207\u80a1\u5e02\u6536\u76ca\u7387\u4e4b\u9593\u5728\u6709\u4e9b\u6642\u9593\u5468\u671f\u5167\u4fdd\u6301\u540c\u6b65\uff0c\u4f46\u4e5f\u6709\u6578\u5341\u5e74\u6642\u9593\u5169\u8005\u5b8c\u5168\u504f\u96e2\uff0c\u76f8\u95dc\u4fc2\u6578\u4f4e\u81f30.2\u3002<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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