Hatékony piacok elmélete

A hatékony piacok elmélete szerint (Efficient-market hypothesis) az értékpapírok ára teljes mértékben tükrözi az elérhető információkat. Hatékony piacon értékpapírt vásárló befektető egyensúlyi hozamot várhat el.

Az elméletnek három „fokozata” van.

  • A hatékony piacok elméletének gyenge formája: Azt hangsúlyozza, hogy a részvényárfolyamok a régebbi árfolyamokban lévő összes információt tartalmazzák.
  • A hatékony piacok elméletének közepes formája: A részvényárfolyamok az összes nyilvánosan elérhető információt tükrözik
  • A hatékony piacok elméletének erős formája: A részvényárfolyamok az összes releváns információt tükrözik, beleértve a bennfentes információkat.

Források

  • Bodie, Kane, Marcus: Befektetések. Aula kiadó. 2005.
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