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題名 Rethinking Modern Financial Ecology and Its Regulatory Implications 作者 臧正運
Tsang, Cheng-Yun貢獻者 法學院 日期 2017-08 上傳時間 9-Feb-2018 11:40:59 (UTC+8) 摘要 Our understanding of the modern financial market significantly shapes the way we regulate it. Sensible and effective regulation will not be achieved if that understanding is misplaced or premised on faulty assumptions. All three mainstream market theories, Efficient Market Hypothesis, Behavioural Finance and Adaptive Market Hypothesis, fail, to some extent, to accurately reflect the complete features of modern financial ecology, and they overlook the unique roles played by regulators, the financial market infrastructures, and the financial gatekeepers. This paper views financial markets as an adaptive, complex ecosystem, and re-explores the distinctive roles played by the various groups of market participant. It re-conceptualizes the comprehensive landscape of modern financial ecology by exploring the mainstream market hypotheses, and by adapting, and applying, to them the insights of complexity science. 關聯 Banking & Finance Law Review, Vol.32, No.3, pp.461-494 資料類型 article dc.contributor 法學院 dc.creator (作者) 臧正運 zh_TW dc.creator (作者) Tsang, Cheng-Yun en_US dc.date (日期) 2017-08 dc.date.accessioned 9-Feb-2018 11:40:59 (UTC+8) - dc.date.available 9-Feb-2018 11:40:59 (UTC+8) - dc.date.issued (上傳時間) 9-Feb-2018 11:40:59 (UTC+8) - dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115947 - dc.description.abstract (摘要) Our understanding of the modern financial market significantly shapes the way we regulate it. Sensible and effective regulation will not be achieved if that understanding is misplaced or premised on faulty assumptions. All three mainstream market theories, Efficient Market Hypothesis, Behavioural Finance and Adaptive Market Hypothesis, fail, to some extent, to accurately reflect the complete features of modern financial ecology, and they overlook the unique roles played by regulators, the financial market infrastructures, and the financial gatekeepers. This paper views financial markets as an adaptive, complex ecosystem, and re-explores the distinctive roles played by the various groups of market participant. It re-conceptualizes the comprehensive landscape of modern financial ecology by exploring the mainstream market hypotheses, and by adapting, and applying, to them the insights of complexity science. en_US dc.format.extent 236116 bytes - dc.format.mimetype application/pdf - dc.relation (關聯) Banking & Finance Law Review, Vol.32, No.3, pp.461-494 dc.title (題名) Rethinking Modern Financial Ecology and Its Regulatory Implications en_US dc.type (資料類型) article
