On the Fractal Analysis of Listed Military Industry Capital Market
Military industry is a national strategic industry,the operating of military industry capital market influents national defense security.Today,more and more practices have proved that the modern capital market theory based on Efficient Market Hypothesis (EMH) doesnt accord with fact.Based on the nonlinear model,fractal theory takes account into the complexity of the market and limitation of EMH ,can explain many phenomena of market that the efficient market theory cannot explain,and provides new thought and method for us to analyze the capital market deeper.In this paper,some companies of military industry that have been exchanged in the stock market are taken as examples to analyze the fractal structure and fractal dimensions of Chinese military industry capital market.The result find Chinese military industry capital market has fractal structure and the Efficient Market Hypothesis cant be satisfied.
Capital market Fractal structure Hurst exponent Military industry
CHEN Bo YAN Zhongyong
Institute of National Defense Economics & Management,The Central University of Finance and Economics,Beijing,P.R.China,100081
国际会议
2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)
河南焦作
英文
1749-1756
2007-08-20（万方平台首次上网日期，不代表论文的发表时间）