Читать книгу Equity Markets, Valuation, and Analysis - H. Kent Baker - Страница 44

One characteristic of a good market is market efficiency, which is an important component of a capitalist system. For efficient capital markets to function smoothly in allocating financial resources, the prices of company stocks must be reasonable, if not perfect, indicators of firm value.

The root market efficiency question hinges on both the type and amount of information available. Specifically, the type of information defines the three forms of the hypothesis: weak, semi-strong, and strong. Studies identify various anomalies in efficient markets.