它没有说明完美市场的假设，即EMH概念中的集中假设，在现实世界中没有潜在的真理。EMH最有趣的一点是，无论实际世界在各自假设的背景下所面临的失败(Fama和French 2004)， EMH的假设似乎都有一定的真实性，至少在一定程度上是如此。鉴于讨论有效市场假说的主要目的是针对这一问题，考虑实证支持和有效市场假说所感知的有效性似乎是有趣的，尽管讨论集中式问题可以被视为离题。
按照传统的金融理论，全球以及主要参与者基本上都是财富的理性最大化者。然而，有很多明显的例子表明，心理学和情感会影响导致人类行为非理性或不可预测性的决策(Lo 2012)。行为金融学是将认知和行为心理学理论与传统金融学和经济学相结合，为人们最终做出非理性金融决策的原因提供解释的一个重要的新领域。当考虑使用“现代”或“惯例”等标签来描述金融时，可以参考以EMH概念和资本资产定价模型等逻辑理性理论为基础的金融范畴(Fama和French 2004)。这些理论的基本假设往往为特定事件的成功预测和解释提供经验和理论证据。然而，随着时间的推移，经济学和金融学的学者们开始发现可能无法用现有理论解释的行为和异常(Lo 2012)。
It holds the tendency without stating that the assumptions of perfect market that is the centralized assumption in the concept of EMH, there is no underlying truth with the real world. The most interesting point for EMH is that the hypothesis seems to be holding some truth, at least to a certain limit, irrespective of the failures being faced across the actual world in context with the respective assumption (Fama and French 2004). With the key purpose to discuss EMH with respect to this question, it seems to be interesting for considering the empirical support against and for the validity perceived by EMH, even though it can be considered as a digression to discuss the centralized question.
Key Concepts and Assumptions of Behaviour Finance
As per the conventional theory of finance, the globe along with the key participants is, in majority, rational maximizers of wealth. However, a number of instances are evident in which psychology and emotions impact the decisions that cause humans for behaving with irrationality or unpredictability (Lo 2012). Behavioural finance can be identified as a significantly new field seeking the combination of cognitive and behavioural theory of psychology with conventional finance and economics for providing explanations of reasons due to which people end up making irrational decisions of finance. When considering using the labels modern or convention for the description of finance, there is a reference for the category of finance that is set on the basis of logical and rational theories like the concept of EMH and Capital Asset Pricing Model (Fama and French 2004). The underlying assumptions of these theories tend to suggest empirical and theoretical evidence for the successful prediction and explanation of specific event. However, with the passage of time, academics in both, economics and finance started finding behaviours and anomalies that might not be explained from the perspective of available theories (Lo 2012).
While the theories may be explaining specifically idealized events, the actual world can be seen as extremely messy within which participants of the market end up delivering extremely unpredictable behaviour. The concept of behavioural science can be seen to grow since the past 20 years especially as investors hardly behave as per the assumptions made in economic theory and traditional financial theory. The researchers of behaviour have considered the view that theory of finance should be taking into consideration the observed behaviour of human (Shiller 2014). There has been a utilization of research from the perspective of psychology for the development of understanding about finance related decision making and focusing on the creation of discipline related to behavioural finance. Established theory of finance can be seen focusing on the trade- off between return and risk. Risk, in consideration with this perspective refers to the fact that variability of riskier investment and outcomes offering higher level of return in order to compensate for higher scope of risk (Shiller 2003). The theory holds the assumption that investors tend to be seeking the highest level of risk under the willingness and ability of bearing the same. Financial advisers can be seen asking clients for completing a questionnaire of risk attitude for the establishment of attitude towards risk, while considering problems like levels of wealth and horizon of investment time for the establishment of risk tolerance. Risk tolerance can be considered for driving the categories of investment being recommended in favour of the investor.