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La teoría de los mercados de capitales eficientes. Un examen crítico

Author

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  • Pauline Hyme

Abstract

En 1970, E. Fama publicó un artículo sobre la teoría de los mercadosde capitales eficientes" que tuvo -y aún tiene- un impacto muy fuerteen finanzas. El artículo muestra que la teoría presentada por Fama notiene nada que ver con la eficiencia tal como la entienden los economistas.En realidad, lo único que hace Fama es darle un nuevo nombrea una teoría que tiene más de un siglo, según la cual la Bolsa es un"juego equitativo", o una martingala, como lo mostró Samuelson, acondición de suponer la homogeneidad de las expectativas. El hecho deque Fama hable de eficiencia sólo se puede explicar por razonesideológicas, ya que se sitúa dentro la ofensiva antikeynesiana de los"nuevos clásicos" en los anos setenta."

Suggested Citation

  • Pauline Hyme, 2003. "La teoría de los mercados de capitales eficientes. Un examen crítico," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, December.
    • Handle: RePEc:col:000093:006763
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    More about this item

    Keywords

    mercados eficientes; expectativas; especulación; metodología económica;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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