Rational Bubble in Efficient Stock Markets and the Information Filter of Stock Value
有效证券市场的理性泡沫与股票内在价值的信息滤波

The producing conditions,measurement methods and forming reasons of the rational bubble in efficient stock markets were discussed.The corresponding empirical analysis for the bubbles in Chinese stock market was made.On the basis of the above studies,the problem reversed to the measurement of the bubbles in stock markets was discussed,i.e.,how to distinguish stocks value from the stock prices with the bubbles filtered.The method of Kalman filter to filter and forecast the information of stocks value from the stock prices was first introduced.