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class=\"wp-block-heading\">\u7d50\u8ad6<\/h3>\n\n\n\n<p>\u5e02\u5834\u306e\u975e\u52b9\u7387\u6027\u306f\u591a\u69d8\u306a\u8981\u56e0\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u307e\u3059\u304c\u3001\u66dc\u65e5\u52b9\u679c\u306f\u305d\u306e\u4e2d\u3067\u3082\u7279\u306b\u89b3\u5bdf\u3057\u3084\u3059\u3044\u73fe\u8c61\u306e\u4e00\u3064\u3067\u3059\u3002\u3053\u306e\u52b9\u679c\u3092\u7406\u89e3\u3057\u3001\u5229\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u6d17\u7df4\u3055\u308c\u305f\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u53d6\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u76f8\u5834\u306b\u7d76\u5bfe\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3042\u304f\u307e\u3067\u3082\u4e00\u6307\u6a19\u3068\u3057\u3066\u6349\u3048\u3001\u300c<strong>\u7d4c\u6e08\u306e\u5148\u884c\u304d\u306b\u4e0d\u900f\u660e\u611f\u3042\u308b\u6642\u306f\u7121\u7406\u3057\u306a\u3044\u300d<\/strong>\u3053\u3068\u304c\u6295\u8cc7\u3067\u751f\u304d\u6b8b\u308b\u30b3\u30c4\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u53c2\u8003\u8ad6\u6587<\/p>\n\n\n\n<p>Bruce N. Lehmann, 1990, &#8220;Fads, Martingales, and Market Efficiency&#8221;, The Quarterly Journal of Economics, 105(1), pp. 1-28<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bruce N. Lehmann\u306e\u8ad6\u6587\u3001\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u300c\u66dc\u65e5\u52b9\u679c\u300d\u306b\u3064\u3044\u3066\u7d39\u4ecb\u3057\u307e\u3059\u3002\u66dc\u65e5\u52b9\u679c\u306f\u3001\u7279\u5b9a\u306e\u66dc\u65e5\u306b\u682a\u4fa1\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u7d71\u8a08\u7684\u306b\u6709\u610f\u306a\u30d1\u30bf\u30fc\u30f3\u3092\u793a\u3059\u73fe\u8c61\u3067\u3042\u308b\u7814\u7a76\u7d50\u679c\u3067\u3059\u3002 \u66dc\u65e5\u52b9\u679c\u306e\u6982\u8981\u3068\u5206\u6790 \u66dc\u65e5\u52b9\u679c\u306f [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-81","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-8"],"jetpack_featured_media_url":"https:\/\/next-million-investment.com\/wp-content\/uploads\/2024\/11\/71b7602d-831f-44d4-9c9c-7e30cba39863.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/posts\/81","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=81"}],"version-history":[{"count":2,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions"}],"predecessor-version":[{"id":86,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions\/86"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=\/wp\/v2\/media\/82"}],"wp:attachment":[{"href":"https:\/\/next-million-investment.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/next-million-investment.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}