What is the Efficient Capital Markets Hypothesis?

It can be divided into:

Weak efficient market, strong efficient market, moderately efficient market.

The three forms of the efficient capital market hypothesis are the weak efficient market hypothesis, the semi-strong efficient market hypothesis, and the strong efficient market hypothesis. The details are as follows:

1. The weak efficient market hypothesis.

The hypothesis believes that in the case of weak efficiency, the market only fully reflects all the historical information, including the transaction price, trading volume, short selling amount, financing and finance.

2. The semi-strong efficient market hypothesis.

The hypothesis holds that ** fully reflects all publicly available information about the company's operating prospects. This information includes transaction price, trading volume, profit information, profit value, company management status and other publicly disclosed financial information. If investors have access to this information quickly, stock prices should react quickly.

3. The strong efficient market hypothesis.

The Strong Efficient Market Hypothesis holds that all information about a firm's operations, including publicly available or internally undisclosed information, is adequately reflected. In a strong efficient market, there is no way to help investors make excess profits, even if they are insiders.

1. The weak efficient market hypothesis. The hypothesis holds that in the case of weak efficiency, the market has fully reflected all the information of the past history, including the transaction price, trading volume, short selling amount, financing finance, etc.

Corollary 1: If the weak efficient market hypothesis is true, the technical analysis of **** will be ineffective, and the fundamental analysis may also help investors obtain excess profits.

2. The semi-strong efficient market hypothesis (semi-strong

formmarket

efficiency).

The hypothesis holds that ** fully reflects all publicly available information about the company's operating prospects. These letters.

The interest includes transaction price, trading volume, profit information, profit value, company management status and other publicly disclosed financial information. If investors have access to this information quickly, stock prices should react quickly.

Corollary 2: If the semi-strong validity hypothesis is true, both technical and fundamental analysis in the market will be useless, and inside information may make excess profits.

3. The strong-form hypothesis

market

efficiency)

The Strong Efficient Market Hypothesis holds that all information about a firm's operations, including publicly available or internally undisclosed information, is adequately reflected.

Corollary 3: In a strong efficient market, there is no way to help investors make excess profits, even if they are insiders.

The test of the three valid hypotheses is based on three inferences. )

Answer]: a, b

The value determines the company's **, and the statement that option c is incorrect; In an efficient capital market, it is difficult to increase shareholder wealth by simply imitating the return commensurate with the investment risk, that is, the same remuneration as the cost of capital. Maximizing shareholder wealth is not premised on the efficiency of the capital market, so option D is incorrect.

Answer]: a, b

In a fully efficient capital market, the market for frequently traded financial assets reflects all available information and is fully responsive to new information, so that the market value of the financial instrument is equal to the intrinsic value of the instrument and the net present value of the purchase or transaction of the financial instrument is zero. Options A and B are correct. Since in a completely efficient capital market, the **** can make adjustments to the Xinxin early interest rate very quickly, and the book profit is a historical value in the past, so the statement of option C is incorrect.

Option D is not based on the principle of capital market efficiency, financial management objectives depend on the objectives of the enterprise, and the financial management objectives are determined by the objectives of the enterprise to maximize shareholder wealth.

Answer: The effective capital market hypothesis evaluates the efficiency of market positioning. The theory of the efficient capital market hypothesis believes that if the financial market can quickly transmit a large amount of accurate information, investors can accurately make judgments and take actions, so that the best can quickly return to the right position.

If the financial market transmits market information slowly and the information is not accurate enough, it will be difficult for investors to make correct judgments, and they will be in an inappropriate position for a long time. The so-called effectiveness of the capital market refers to the ability of the market to quickly adjust according to new information. According to the effectiveness of the capital market, the efficient capital market hypothesis divides the capital market into strong efficient market, semi-strong efficient market and weak efficient market.

According to the theory of effective capital market, to improve the effectiveness of the market, the fundamental problem is to solve the problems in the process of information disclosure, information transmission, information interpretation and detailed feedback, one of the most critical problems is to establish a mandatory information disclosure system for listed companies. Readers can combine the cases of Yinguangxia and Lantian shares to improve the effectiveness of China's capital market from the perspective of whether the public information disclosure system of China's capital market is perfect.

Answer]: b The premise assumptions of the capital market theory and the capital asset pricing model include:

1) All investors are risk-averse (2) Investors can borrow or lend money at any risk-free rate.

3) The expectations of all pre-investment travelers are the same.

4) The investment horizon is the same for all investors, and the portfolio is not dynamically adjusted during the investment period.

5) All investments can be divided indefinitely, and the number of investments is arbitrary.

6) Frictionless market. Mainly refers to the absence of taxes and transaction fees. In reality, financial transactions involve trading commissions and tax burdens.

Different traders may have different tax burdens. Trading commissions may also vary between different investors. These factors will directly affect investors' choice of investment assets.

7) Investors are the recipients of **, their buying and selling behavior will not change, and each investor cannot have a significant impact on market pricing.

According to the efficient market slag field hypothesis in the pricing theory of capital tremor, the types of efficient markets include ().

Weak efficient market.

Semi-weak efficient market.

Semi-strong efficient market.

Strong and efficient markets.

a.ⅰ、b.ⅰ、

c.ⅰ、d.ⅰ、

Check the answer analysis [Correct answer guess old] c

Answer Analysis].