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The Analysis of the Capital Market Efficiency

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  • Gabriela-Victoria ANGHELACHE

    (Academy of Economic Studies, Bucharest)

  • Andreea NEGRU (CIOBANU)

    (Academy of Economic Studies, Bucharest)

  • Catalina Claudia SAVA

    (Academy of Economic Studies, Bucharest)

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    Abstract

    The efficiency of the capital market aims the relation existing between the mechanism of the market prices forming and the existing information on the market at the respective moment. According to the theory of the years '60, a market may be considered as efficient if the prices of the transacted financial assets on the market incorporate entirely the available information, either public or private. The efficiency of the capital market is a sine qua non condition for the efficient allocation of the capitals within the economy and represents a fundamental hypothesis of the classical methods of the evaluation of the financial assets (Markowitz, CAPM etc).

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    Bibliographic Info

    Article provided by Romanian Statistical Review in its journal Romanian Statistical Review Supplement.

    Volume (Year): 60 (2012)
    Issue (Month): 4 (November)
    Pages: 60-63

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    Handle: RePEc:rsr:supplm:v:60:y:2012:i:4:p:60-63

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    Related research

    Keywords: capital market; efficiency; portofolio; Treynor-Black model; placement;

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    1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
    2. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, 09.
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