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The Efficient-Market Hypothesis
2022Prior to the financial crisis most economists, though happily not all, believed in a version of the Efficient Market Hypothesis (“EMH”) which held that financial markets were efficiently and thus always correctly priced. The financial crisis resulted in the EMH being discredited as, despite many warnings, it led central bankers to ignore the threat ...
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2017
The efficient market hypothesis (in its varying forms) has allowed for the creation of financial models based on share price movements ever since its inception. This chapter explores the impact of artificial intelligence (AI) on the efficient market hypothesis.
Tshilidzi Marwala, Evan Hurwitz
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The efficient market hypothesis (in its varying forms) has allowed for the creation of financial models based on share price movements ever since its inception. This chapter explores the impact of artificial intelligence (AI) on the efficient market hypothesis.
Tshilidzi Marwala, Evan Hurwitz
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1987
A capital market is said to be efficient if it fully and correctly reflects all relevant information in determining security prices. Formally, the market is said to be efficient with respect to some information set, ϕ, if security prices would be unaffected by revealing that information to all participants.
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A capital market is said to be efficient if it fully and correctly reflects all relevant information in determining security prices. Formally, the market is said to be efficient with respect to some information set, ϕ, if security prices would be unaffected by revealing that information to all participants.
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The Efficient Market Hypothesis and Electricity Market Efficiency Test
2005 IEEE/PES Transmission & Distribution Conference & Exposition: Asia and Pacific, 2005Market efficiency is one of the primary design objectives of an electricity market as well as for other commodity markets. The efficient market hypothesis (EMH) has been applied to many other markets. However, there are very little research has been done on electricity market efficiency testing.
null Zhe Lu +2 more
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Segmented Market Efficiency Hypothesis
SSRN Electronic Journal, 2006The present study puts as a problem the question why inefficiency is observed on the developing markets in the early periods of their existence. A possible hypothesis which might shed light on this problem is that these markets are segmentally (limitedly) efficient.
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The Efficient Markets Hypothesis
1985The importance of expectations in economic theory has been emphasised in chapters 1 and 2, and this importance is reflected in the empirical literature in economics involving expectations variables. In this chapter and the next we consider single-equation studies while macroeconomic models as a whole are examined in chapter 6.
K. Holden, D. A. Peel, J. L. Thompson
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Efficient Market Hypothesis and Polish Electricity Market
2018 15th International Conference on the European Energy Market (EEM), 2018Since the Electricity Act from 1997, Polish energy sector has been liberalized. The introduction of an efficient electricity market was supposed to increase energy security and decrease the electricity price for final consumers. The article tests the Efficient Market Hypothesis developed by Eugene Fama to verify the development of the Polish ...
Izabela Filipiak, Piotr Filipiak
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The Efficient Markets Hypothesis
2007Abstract The efficient markets hypothesis is ”the simple statement that security prices fully reflect all available information”1. Empirical tests of this hypothesis require a precise definition of the term fully reflect. A security is a saleable right to receive a sequence of payments.
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Rethinking the Efficient Markets Hypothesis
SSRN Electronic Journal, 2012We develop an adaptive learning game to rethink the efficient markets hypothesis using the stochastically stable state of this game to characterize a richer set of market states than those suggested by the hypothesis. In particular, the model predicts that the economy may follow a path leading to bubbles.
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Infrastructure: The Efficient Market Hypothesis
2014During the past several decades, the efficient market hypothesis (EMH) has been recognized as one of the basic building blocks of modern financial economics. Due to the profound effect of EMH on financial thought, researchers and practitioners nowadays perceive the rationale behind it as intuitive.
Doron Kliger, Gregory Gurevich
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