The reason is related to the jointhypothesis problem.
原因与联合假说问题有关。
2
Whether we can not use capital pricing model, then avoid jointhypothesis in the empirical process, arbitrage the kernel of finance theory becomes the breach of the problem.
It points out that the intrinsic value and the market value constitute the two different sides of enterprise value and the hypothesis of market efficiency is the theory joint of the two.