Varing degree of efficiency_ACCA考试FM知识点

Varing degree of efficiency_ACCA考试FM知识点来啦！2021年ACCA考试时间越来越近，小编为大家整理了Varing degree of efficiency_ACCA考试FM知识点，希望能够帮助到大家。

【科目】

ACCA-FM

【知识点】

Varing degree of efficiency

Varing degree of efficiency

Varing degree of efficiency

The efficient markets hypothesis is concerned with information efficiency of stock markets.

The efficient market hypothesis （EMH） comes in three degrees:

（1） The weak form

·This states that prices efficiently reflect all the information about past changes in the share price.

·Since new information arrives unexpectedly, share price change are therefore random.

·It is impossible for investors to earn excess returns simply by studying past share price movements.

（2） The semi-strong form

·The prices reflect all publicly available information.

·Share prices respond quickly to new information as it becomes available.

·That means it is impossible to ‘beat the market’ just by reading newspapers, looking at annual accounts.

（3） The strong form

·The share prices effectively reflect all available information, whether public or not:

- From past price changes

- From public knowledge or anticipation

- From specialists’ or experts’ insider knowledge （eg.unpublished facts）

·The stock exchange encourages quick release of new information to prevent insider trading opportunity.

·Hence, no fund manager can ever outperform the market.

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