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FINANCIAL MARKET COURSES

Market Efficiency – The Concept

One of the key factors when building a theoretical framework required for making rational financial decisions and policies is an understanding of the concept of market efficiency. This concept is one of the most widely studied and contentious areas in the financial world today. This course explains in detail the characteristics of an efficient market, describing the random walk theory and examining the different forms of the efficient market hypothesis and their various implications for analysts, management and investors. It also justifies the concept of market efficiency despite the fact that there are certain investors who appear capable of generating substantial profits.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Define the concept of efficient markets

    Describe the Random Walk Theory

    Distinguish between the different forms of the EMH

    Explain the various implications of the EMH

    Use the performance of different investors to identify the degree of market efficiency

  • COURSE OUTLINE

    Topic 1: The Concepts of Efficient Markets

    What is an Efficient Market?

    Mis-priced Securities

    Topic 2: The Random Walk Theory

    Efficient Markets

    Inefficient Markets

    Topic 3: Form of the Efficient Market Hypothesis

    Weak Form Efficiency

    Semi-strong Form Efficiency

    Strong Form Efficiency

    Topic 4: The Implications of the Efficient Market Hypothesis

    Implications for Analysis

    Implications for Management

    Implications for Investors

    Topic 5: Performance of Professional Investors

    Investment Performance

    Market Inefficiencies

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    95 Minutes

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