Original scientific paper

Market Effi ciency and Information: A Literature Review

Christophe Boya ; Université Montpellier 1, Faculté d’économie, Montpellier, France

Abstract

This article tries to examine the effi ciency market hypothesis. Therefore, the effi ciency is
studied through endogenous and exogenous information. The goal of this paper is to describe
the literature review the most exhaustive of effi ciency studies. We show that distinct
conclusions can be emphasized following the type of analyzed information. Consequently,
the endogenous information is not of quality to question the effi ciency, rather than the
exogenous one shows signifi cant results. The exogenous information allows forecasting
future stock returns, and earning profi t. It is getting a decision making tool.

Keywords

efficiency market; endogenous information; exogenous information

Hrčak ID:

110096

URI

https://hrcak.srce.hr/110096

Publication date:

1.11.2013.

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