Varing degree of efficiency_ACCA考試FM知識點

Varing degree of efficiency_ACCA考試FM知識點來啦！2021年ACCA考試時間越來越近，小編為大家整理了Varing degree of efficiency_ACCA考試FM知識點，希望能夠幫助到大家。

【科目】

ACCA-FM

【知識點】

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unpublished facts）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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注：以上內(nèi)容來自Tracy老師基礎班班

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