投资学英文课件.pptxVIP

11-1 Maurice Kendall (1953) found no predictable pattern in stock prices. Prices are as likely to go up as to go down on any particular day. How do we explain random stock price changes? Efficient Market Hypothesis (EMH) 11-2 Efficient Market Hypothesis (EMH) EMH says stock prices already reflect all available information A forecast about favorable future performance leads to favorable current performance, as market participants rush to trade on new information. Result: Prices change until expected returns are exactly commensurate with risk. 11-3 Efficient Market Hypothesis (EMH) New informati