CorporateFinancingDecisionsandEfficientCapitalMarkets幻灯片.pptVIP

Why Doesn’t Everybody Believe the EMH? There are optical illusions, mirages, and apparent patterns in charts of stock market returns. The truth is less interesting. There is some evidence against market efficiency: Seasonality Small versus Large stocks Value versus growth stocks The tests of market efficiency are weak. 13.6 Summary and Conclusions An efficient market incorporates information in security prices. There are three forms of the EMH: Weak-Form EMH Security prices reflect past price data. Semistrong-Form EMH Security prices reflect publicly available information. Strong-Form EMH Secu