Can You Make A Killing In The Securities Market In 2007?
Imagine a world a world in which either all investors have costless access to currently available access about the future , all investors are good analysts , all investors pay close attention to market prices and adjust their holdings appropriately and that all investors pay close attention to market prices and adjust their holdings appropriately.
Do you believe in the Tooth Fairy?
In such a market a securitys price would be a good estimate of its investment value, where investment value would be a good estimate of its investment value, where investment value is the present value is the present value of the securitys future estimated by well informed and capable expert analysts.
An efficient market could be defined as a (perfectly) efficient market would be one in which every securitys price equals its investment value at all times.
In an efficient market, a set of information if fully and immediately reflected in market information. But what information?
For example, a market would be described as having weak-form efficiency if it were impossible to make abnormal profits by using...
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