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The Analysis of the Capital Market Efficiency

Author

Listed:
  • Gabriela-Victoria ANGHELACHE

    (Academy of Economic Studies, Bucharest)

  • Andreea NEGRU (CIOBANU)

    (Academy of Economic Studies, Bucharest)

  • Catalina Claudia SAVA

    (Academy of Economic Studies, Bucharest)

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).

Suggested Citation

  • Gabriela-Victoria ANGHELACHE & Andreea NEGRU (CIOBANU) & Catalina Claudia SAVA, 2012. "The Analysis of the Capital Market Efficiency," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 60(4), pages 60-63, November.
  • Handle: RePEc:rsr:supplm:v:60:y:2012:i:4:p:60-63
    as

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    File URL: http://www.revistadestatistica.ro/suplimente/2012/4/srrs4_2012a07.pdf
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    References listed on IDEAS

    as
    1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
    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, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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