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Eficiencia en los mercados financieros y predicción de precios de los activos

Author

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  • Eduardo Quiroga

    (Facultad de Ciencias Economicas. Universidad Nacional de La Plata. Argentina.)

Abstract

The present work aims to analyze the efficiency in financial markets, by analyzing the positions of the 2013 Nobel Economy prize winners, who obtained this recognition because of their empirical contributions concerning the prediction of the behavior of financial asset prices, based on different theoretical foundations.The Efficient Markets Theory of Eugene Fama is analyzed, as well as, irrational behaviors of investors and the generation of speculative bubbles from the perspective of Robert Shiller, and finally Lars Peter ́s contributions with the Generalized Model of Moments.It concludes that markets become more efficient, when analysts believes that there are more inefficient and competes in the search of information in order to take advantage of that inefficiency.Normally analysts act on the basis of imperfect markets, using technical analysis, carrying out fundamental reviews and accepting that privilege information exists; this reality make markets more efficient.Market efficiency is half-truth; financial asset prices seem to frequently reflect its intrinsic value to a certain extent and in specific situations, widespread irrational behaviors generates bubbles.

Suggested Citation

  • Eduardo Quiroga, 2017. "Eficiencia en los mercados financieros y predicción de precios de los activos," Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata, Instituto de Investigaciones Administrativas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, issue 10, pages 47-54, July-Dece.
    • Handle: RePEc:lap:recadm:71
    DOI: 10.24215/23143738e011
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    More about this item

    Keywords

    Financial Markets; Market efficiency; Behavioral finances; Speculative Bubbles.;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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