A lot of anomalous phenomena in the capital market indicate that there are some serious flaws in the traditional finance.The EMH is challenged in theory and practice.

• 摘要资本市场中的大量异象表明传统金融学存在严重缺陷，有效市场假说受到理论和实践的挑战，从而诱发了另一些相关理论的面世。