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Considerations about the Informational Efficiency of Financial Markets

Author

Listed:
  • Oprean Camelia

    („Lucian Blaga” University of Sibiu, Faculty of Economics,)

  • Bratu Renate

    („Lucian Blaga” University of Sibiu, Faculty of Economics,)

Abstract

The paper proposes a critical analysis, based on consistency criteria, regarding the controversed current state of the informational efficiency theory of the capital market (Efficient Market Hypothesis). Nowadays, after several decades of research and thousands of studies, economists have not yet reached a consensus about the existence of efficient financial markets in terms of information. In the problematized approaches regarding the treated subject, one can find the inquiries on the validity of assumptions underlying the concept of informational efficient market and the informational efficiency theory of the financial market. In this sense, the critical approach is one that highlights the weaknesses, the vulnerable aspects that characterize the classical form of EMH theory, in order to exclude a cumulative process, achieved by extending or articulating the methodological and instrumental existing premises (based on optimality criteria - the current paradigm of economics), aiming their reconsideration and reconstruction.

Suggested Citation

  • Oprean Camelia & Bratu Renate, 2012. "Considerations about the Informational Efficiency of Financial Markets," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1570-1575, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:1570-1575
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    More about this item

    Keywords

    efficient market hypothesis; information; rationality; price;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G00 - Financial Economics - - General - - - General

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