Secret

In: Business and Management

Submitted By anishahju
Words 1550
Pages 7
11/2/2011

Corporate Finance

Efficient Market Hypothesis
Reading: Chapter13, BMAM

IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM

1

Relationship among Three Different Information Sets
All information relevant to a stock Information set of publicly available information Information set of past prices

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11/2/2011

The Different Types of Market Efficiency
• Weak Form
– Security prices reflect all information found in past prices and volume.

• Semi-Strong Form
– Security prices information. reflect all publicly available

• Strong Form
– Security prices reflect all information—public and private.
13-3 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM

Relationship among Three Different Information Sets
Strong Form Efficiency Semi strong form efficiency

Weak Form Efficiency

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Weak Form Market Efficiency
• Security prices reflect all information found in past prices and volume. • If the weak form of market efficiency holds, then technical analysis is of no value.

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Why Technical Analysis Fails
Stock Price Investor behavior tends to eliminate any profit opportunity associated with stock price patterns. Sell Sell Buy Buy If it were possible to make big money simply by finding “the pattern” in the stock price movements, everyone would do it and the profits would be competed away.

Time
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Semi-Strong Form Market Efficiency
• Security Prices reflect all publicly available information. • Publicly available information includes:
– Historical price and volume information – Published accounting statements. – Information found in annual reports.

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