Varing degree of efficiency_ACCA考試(shi)(shi)FM知識點來(lai)啦！2021年ACCA考試(shi)(shi)時間越來(lai)越近，小編為大(da)家(jia)整理了Varing degree of efficiency_ACCA考試(shi)(shi)FM知識點，希望能夠幫助到大(da)家(jia)。

【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unpublished facts）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.

以上就是小編為大家整理的Varing degree of efficiencyACCA考試FM知識點(dian)了，希望大家能夠認真學習，倒計時，預祝到家順利通過ACCA考試。

注：以上內容來(lai)自Tracy老師(shi)基礎班(ban)班(ban)

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