@prefix dbo: .
@prefix dbr: .
dbr:Justin_Fox dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:January_effect dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Stock_market_bubble dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Chicago_school_of_economics dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Behavioral_economics dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Computational_finance dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Buy_and_hold dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
@prefix foaf: .
@prefix wikipedia-en: .
wikipedia-en:Efficient-market_hypothesis foaf:primaryTopic dbr:Efficient-market_hypothesis .
dbr:Discounting dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:The_Return_of_Depression_Economics_and_the_Crisis_of_2008 dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Ammonia_production dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Maurice_Kendall dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Debunking_Economics dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Forecasting dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Charles_Goodhart dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Louis_Bachelier dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Economics_of_bitcoin dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Adaptive_Investment_Approach dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:EMH dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis ;
dbo:wikiPageDisambiguates dbr:Efficient-market_hypothesis .
dbr:Finance dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Collective_intelligence dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Tulip_mania dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Corporate_governance dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Treasury_stock dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:The_Reformation_in_Economics dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Sell_in_May dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Interest_rate_parity dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Prediction_market dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Dow_theory dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Fair_value dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Asset_allocation dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Information_good dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
@prefix rdfs: .
dbr:Financial_economics rdfs:seeAlso dbr:Efficient-market_hypothesis ;
dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Stock_trader dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Stock dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Economic_efficiency dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Perfect_competition dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
dbr:Real_economy dbo:wikiPageWikiLink dbr:Efficient-market_hypothesis .
@prefix rdf: .
@prefix yago: .
dbr:Efficient-market_hypothesis rdf:type yago:WikicatRetailMarkets ,
yago:Cognition100023271 ,
yago:Process105701363 ,
yago:Thinking105770926 ,
yago:HigherCognitiveProcess105770664 ,
yago:Market101097292 ,
yago:Explanation105793000 ,
yago:Theory105989479 .
@prefix owl: .
dbr:Efficient-market_hypothesis rdf:type owl:Thing ,
yago:WikicatFinancialMarkets ,
yago:Event100029378 ,
yago:Abstraction100002137 ,
yago:PsychologicalFeature100023100 ,
yago:Activity100407535 ,
yago:YagoPermanentlyLocatedEntity ,
yago:Act100030358 ,
yago:WikicatEconomicTheories ,
yago:WikicatFinanceTheories ,
yago:EconomicTheory105994935 ;
rdfs:label "Effici\u00EBnte-markthypothese"@nl ,
"\uD6A8\uC728\uC801 \uC2DC\uC7A5 \uAC00\uC124"@ko ,
"Merkatu efizientearen hipotesi"@eu ,
"Hypotesen om effektiva marknader"@sv ,
"Teorie efektivn\u00EDch trh\u016F"@cs ,
"Hip\u00F2tesi dels mercats eficients"@ca ,
"Hip\u00F3tese do mercado eficiente"@pt ,
"Hypoth\u00E8se des march\u00E9s financiers efficients"@fr ,
"\u0413\u0456\u043F\u043E\u0442\u0435\u0437\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u0438\u043D\u043A\u0443"@uk ,
"Efficient-market hypothesis"@en ,
"Hip\u00F3tesis del mercado eficiente"@es ,
"\u0641\u0631\u0636\u064A\u0629 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0633\u0648\u0642"@ar ,
"Markteffizienzhypothese"@de ,
"\u6548\u7387\u5E02\u5834\u5047\u8AAA"@zh ,
"\u52B9\u7387\u7684\u5E02\u5834\u4EEE\u8AAC"@ja ,
"Hipoteza rynku efektywnego"@pl ,
"\u0413\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430"@ru ;
rdfs:comment "Teorie efektivn\u00EDch trh\u016F (anglicky efficient market theory) je jedna z teori\u00ED, kter\u00E9 se pokou\u0161ej\u00ED popsat chov\u00E1n\u00ED kurz\u016F cenn\u00FDch pap\u00EDr\u016F se zam\u011B\u0159en\u00EDm na akcie. Tato teorie p\u0159edpokl\u00E1d\u00E1, \u017Ee kurzy cenn\u00FDch pap\u00EDr\u016F jsou ovliv\u0148ov\u00E1ny pouze objektivn\u00EDmi informacemi o\u010Dek\u00E1van\u00FDmi zisky, dividendami, rizikem a dal\u0161\u00EDmi kurzotvorn\u00FDmi informacemi. Tr\u017En\u00ED cena akci\u00ED na trhu pak p\u0159edstavuje objektivn\u00ED hodnotu, akcie jsou v ka\u017Ed\u00E9m okam\u017Eiku spr\u00E1vn\u011B ocen\u011Bny a na trhu nelze naj\u00EDt podhodnocen\u00E9 nebo nadhodnocen\u00E9 tituly. Z toho vypl\u00FDv\u00E1, \u017Ee \u00FAsp\u011B\u0161nost obchodov\u00E1n\u00ED nen\u00ED mo\u017Eno zv\u00FD\u0161it fundament\u00E1ln\u00ED \u010Di technickou anal\u00FDzou ani studiem historick\u00FDch \u00FAdaj\u016F, trh reaguje jen nov\u00E9 informace a je tak zcela nep\u0159edv\u00EDdateln\u00FD."@cs ,
"De effici\u00EBnte-markthypothese (EMH) is de theorie in de financi\u00EBle wetenschap dat in de prijs van effecten zoals aandelen alle publieke informatie en toekomstverwachtingen verwerkt zitten. Professor Eugene Fama ontwikkelde deze theorie eind jaren 1960 en publiceerde het in mei 1970 in de Journal of Finance onder de titel Efficient Capital Markets: A Review of Theory and Empirical Work."@nl ,
"En finanzas, la hip\u00F3tesis del mercado eficiente (en ingl\u00E9s: Efficient Markets Hypothesis, EMH) afirma que un mercado de valores es \"informacionalmente eficiente\" cuando la competencia entre los distintos participantes que intervienen en el mismo, conduce a una situaci\u00F3n de equilibrio en la que el precio de mercado de un t\u00EDtulo constituye una buena estimaci\u00F3n de su precio te\u00F3rico o intr\u00EDnseco. Expresado de otra forma, los precios de los t\u00EDtulos de cr\u00E9dito (como las acciones) que se negocian en un mercado financiero eficiente reflejan toda la informaci\u00F3n existente y se ajustan total y r\u00E1pidamente a los nuevos datos que puedan surgir. [cita requerida]"@es ,
"La Hip\u00F2tesi dels Mercats Eficients o Teoria d'Efici\u00E8ncia del Mercat (en angl\u00E8s: Efficient-market hypothesis) sost\u00E9 que en qualsevol moment determinat tota la informaci\u00F3 coneguda pels membres del mercat i totes les creences dels inversors sobre el futur estan reflectides en el preu dels valors financers negociats en els mercats financers. La teoria fou desenvolupada als anys seixanta del segle xx a la Universitat de Chicago (Escola d'Economia de Chicago) pel professor Eugene Fama. Existeixen tres versions de la teoria:"@ca ,
"\u0413\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430 (\u0430\u043D\u0433\u043B. efficient market hypothesis, EMH) \u2014 \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u0430, \u0441\u043E\u0433\u043B\u0430\u0441\u043D\u043E \u043A\u043E\u0442\u043E\u0440\u043E\u0439 \u0432\u0441\u044F \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043D\u043D\u0430\u044F \u0438\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0438\u044F \u043D\u0435\u043C\u0435\u0434\u043B\u0435\u043D\u043D\u043E \u0438 \u0432 \u043F\u043E\u043B\u043D\u043E\u0439 \u043C\u0435\u0440\u0435 \u043E\u0442\u0440\u0430\u0436\u0430\u0435\u0442\u0441\u044F \u043D\u0430 \u0440\u044B\u043D\u043E\u0447\u043D\u043E\u0439 \u043A\u0443\u0440\u0441\u043E\u0432\u043E\u0439 \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u0438 \u0446\u0435\u043D\u043D\u044B\u0445 \u0431\u0443\u043C\u0430\u0433. \u0420\u0430\u0437\u043B\u0438\u0447\u0430\u044E\u0442 \u0441\u043B\u0430\u0431\u0443\u044E, \u0441\u0440\u0435\u0434\u043D\u044E\u044E \u0438 \u0441\u0438\u043B\u044C\u043D\u0443\u044E \u0444\u043E\u0440\u043C\u044B \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u044B \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430. \u042D\u0442\u0430 \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u0431\u044B\u043B\u0430 \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u0438\u0440\u043E\u0432\u0430\u043D\u0430 \u0430\u043C\u0435\u0440\u0438\u043A\u0430\u043D\u0441\u043A\u0438\u043C \u044D\u043A\u043E\u043D\u043E\u043C\u0438\u0441\u0442\u043E\u043C \u042E\u0434\u0436\u0438\u043D\u043E\u043C \u0424\u0430\u043C\u0430. \u0413\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430 \u043C\u043E\u0436\u0435\u0442 \u0431\u044B\u0442\u044C \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u0438\u0440\u043E\u0432\u0430\u043D\u0430 \u0441\u043B\u0435\u0434\u0443\u044E\u0449\u0438\u043C \u043E\u0431\u0440\u0430\u0437\u043E\u043C: \u0440\u044B\u043D\u043E\u043A \u044F\u0432\u043B\u044F\u0435\u0442\u0441\u044F \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u044B\u043C \u0432 \u043E\u0442\u043D\u043E\u0448\u0435\u043D\u0438\u0438 \u043A\u0430\u043A\u043E\u0439-\u043B\u0438\u0431\u043E \u0438\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0438\u0438, \u0435\u0441\u043B\u0438 \u043E\u043D\u0430 \u0441\u0440\u0430\u0437\u0443 \u0438 \u043F\u043E\u043B\u043D\u043E\u0441\u0442\u044C\u044E \u043E\u0442\u0440\u0430\u0436\u0430\u0435\u0442\u0441\u044F \u0432 \u0446\u0435\u043D\u0435 \u0430\u043A\u0442\u0438\u0432\u0430."@ru ,
"\uD6A8\uC728\uC801 \uC2DC\uC7A5 \uAC00\uC124(\u6548\u7387\u7684\u5E02\u5834\u5047\u8AAA, Efficient Market Hypothesis)\uC774\uB780 \uAE08\uC735\uACBD\uC81C\uD559\uC5D0\uC11C \uBAA8\uB4E0 \uC2DC\uC7A5\uCC38\uC5EC\uC790\uAC00 \uC644\uBCBD\uD55C \uC815\uBCF4\uB97C \uAC00\uC9C0\uACE0 \uC788\uC744 \uB54C \uC790\uC0B0\uAC00\uACA9\uC774 \uADE0\uD615\uC5D0 \uB3C4\uB2EC\uD55C\uB2E4\uB294 \uAC00\uC124\uC774\uB2E4. \uC774 \uAC00\uC124\uC5D0\uC11C \uC815\uBCF4\uC640 \uAD00\uB828\uD558\uC5EC \uC2DC\uC810\uC774 \uC21C\uC11C\uB300\uB85C \uC138 \uAC1C\uAC00 \uC81C\uC2DC\uB41C\uB2E4. 1. \n* \uBC1C\uC0DD\uD558\uB294 \uB54C 2. \n* \uACF5\uAC1C\uB418\uB294 \uB54C 3. \n* \uBAA8\uB4E0 \uC2DC\uC7A5\uCC38\uC5EC\uC790\uAC00 \uD574\uB2F9 \uC815\uBCF4\uB97C \uD68D\uB4DD\uD558\uB294 \uB54C \uB9C8\uC9C0\uB9C9 \uC2DC\uC810\uC5D0\uC11C \uC815\uBCF4\uB294 \uAC00\uACA9\uC5D0 \uBC18\uC601\uB418\uBA70, \uC704 \uC138 \uC2DC\uC810 \uC0AC\uC774\uC758 \uAD00\uACC4\uC5D0 \uB530\uB77C \uC2DC\uC7A5\uC758 \uD6A8\uC728\uC131\uC774 \uB2EC\uB77C\uC9C4\uB2E4."@ko ,
"\u062A\u0646\u0635 \u0641\u0631\u0636\u064A\u0629 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0633\u0648\u0642 (\u0628\u0627\u0644\u0625\u0646\u062C\u0644\u064A\u0632\u064A\u0629: Efficient Market Hypothesis)\u200F\u060C \u0648\u0627\u0644\u062A\u064A \u0637\u0648\u0631\u0647\u0627 \u064A\u0648\u062C\u064A\u0646 \u0641\u0627\u0645\u0627\u060C \u0639\u0644\u0649 \u0623\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0641\u064A \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064A\u0629 \u0627\u0644\u0643\u0641\u0621 \u062A\u0639\u0643\u0633 \u062C\u0645\u064A\u0639 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062A \u0627\u0644\u0645\u062A\u0648\u0641\u0631\u0629 \u0648\u0627\u0644\u0645\u062A\u0639\u0644\u0642\u0629 \u0628\u0627\u0644\u0633\u0648\u0642 \u0648\u0628\u0627\u0644\u062A\u0627\u0644\u064A \u0641\u0647\u064A \u0645\u062D\u0635\u0644\u0629 \u0623\u0631\u0627\u0621 \u062C\u0645\u064A\u0639 \u0627\u0644\u0645\u0633\u062A\u062B\u0645\u0631\u064A\u0646. \u0625\u0630\u0646 \u062A\u0633\u062A\u0646\u062A\u062C \u0627\u0644\u0641\u0631\u0636\u064A\u0629 \u0623\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u062F\u0627\u0626\u0645\u0627 \u0639\u0627\u062F\u0644\u0629 \u0648\u0628\u0627\u0644\u062A\u0627\u0644\u064A \u0645\u0646 \u0627\u0644\u0645\u0633\u062A\u062D\u064A\u0644 \u0627\u0644\u062A\u063A\u0644\u0628 \u0639\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0628\u0634\u0643\u0644 \u0645\u0633\u062A\u0645\u0631 \u063A\u064A\u0631 \u0639\u0634\u0648\u0627\u0626\u064A. \u0648\u064A\u062A\u0645 \u0627\u0644\u062A\u0641\u0631\u064A\u0642 \u0628\u064A\u0646 \u062B\u0644\u0627\u062B\u0629 \u0623\u0646\u0648\u0627\u0639 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u0631\u0636\u064A\u0629 \u0628\u0646\u0627\u0621 \u0639\u0644\u0649 \u062A\u0639\u0631\u064A\u0641\u0647\u0627 \u0644\u0645\u0641\u0647\u0648\u0645 \u00AB\u062C\u0645\u064A\u0639 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062A \u0627\u0644\u0645\u062A\u0648\u0641\u0631\u0629\u00BB. \u0647\u0630\u0647 \u0627\u0644\u0623\u0646\u0648\u0627\u0639 \u0647\u064A:"@ar ,
"Em Finan\u00E7as, a hip\u00F3tese do mercado eficiente afirma que mercados financeiros s\u00E3o \"eficientes em rela\u00E7\u00E3o \u00E0 informa\u00E7\u00E3o\". Ou seja, um agente n\u00E3o consegue alcan\u00E7ar consistentemente retornos superiores \u00E0 m\u00E9dia do mercado (com um determinado n\u00EDvel de risco), considerando as informa\u00E7\u00F5es publicamente dispon\u00EDveis no momento em que o investimento \u00E9 feito. Existem tr\u00EAs vers\u00F5es principais da hip\u00F3tese: \"fraca\", \"semiforte\" e \"forte\"."@pt ,
"The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to \"beat the market\" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk."@en ,
"L\u2019hypoth\u00E8se des march\u00E9s financiers efficients est une selon laquelle les march\u00E9s financiers sont efficients, c'est-\u00E0-dire que les prix des actifs refl\u00E8tent toute l'information disponible au sujet du prix. Si les march\u00E9s sont efficients, alors il est impossible de faire mieux que le march\u00E9."@fr ,
"Hipoteza rynku efektywnego (ang. efficient market hypothesis) \u2013 teza rozwa\u017Cana w finansach, zgodnie z kt\u00F3r\u0105 w ka\u017Cdej chwili ceny papier\u00F3w warto\u015Bciowych w pe\u0142ni odzwierciedlaj\u0105 wszystkie informacje dost\u0119pne na ich temat. Po raz pierwszy hipotez\u0119 rynku efektywnego rozwa\u017Ca\u0142 w 1900 roku w swojej pracy doktorskiej zatytu\u0142owanej Th\u00E9orie de la Sp\u00E9culation francuski matematyk, Louis Bachelier. Jego praca pozosta\u0142a jednak w du\u017Cej mierze zignorowana przez wsp\u00F3\u0142czesne mu \u015Brodowiska naukowe. Rozw\u00F3j wsp\u00F3\u0142czesnej hipotezy rynku efektywnego mia\u0142 miejsce pocz\u0105wszy od lat 60. XX wieku."@pl ,
"Hypotesen om effektiva marknader (EMH) antar att finansiella marknader \u00E4r effektiva, vilket inneb\u00E4r att priset p\u00E5 en tillg\u00E5ng \u00E5terspeglar all tillg\u00E4nglig information och att priset d\u00E4rmed \u00E4r riktigt i den meningen att det \u00E5terspeglar den kollektiva analysen hos alla investerare. Hypotesen s\u00E4ger d\u00E4rmed att det inte \u00E4r m\u00F6jligt att konsekvent vinna \u00F6ver marknaden genom att anv\u00E4nda n\u00E5gon information som marknaden redan k\u00E4nner till, f\u00F6rutom m\u00F6jligen genom insiderinformation. Operationellt delas EMH i tre grader; svag, halvstark och stark."@sv ,
"\u52B9\u7387\u7684\u5E02\u5834\u4EEE\u8AAC\uFF08\u3053\u3046\u308A\u3064\u3066\u304D\u3057\u3058\u3087\u3046\u304B\u305B\u3064\u3001\u82F1: efficient-market hypothesis\u3001EMH\uFF09\u3068\u306F\u3001\u91D1\u878D\u7D4C\u6E08\u5B66\u306B\u304A\u3044\u3066\u5E02\u5834\u306F\u5E38\u306B\u5B8C\u5168\u306B\u60C5\u5831\u7684\u306B\u52B9\u7387\u7684\u3067\u3042\u308B\u3068\u3059\u308B\u4EEE\u8AAC\u3002\u3053\u3053\u3067\u8A00\u3046\u60C5\u5831\u7684\u306B\u52B9\u7387\u7684\u3067\u3042\u308B\u3068\u306F\u3001\u91D1\u878D\u5E02\u5834\u306B\u304A\u3051\u308B\u91D1\u878D\u5546\u54C1\u306E\u4FA1\u683C\u304C\u305D\u306E\u5546\u54C1\u306E\u4FA1\u5024\u3092\u6C7A\u5B9A\u3065\u3051\u308B\u60C5\u5831\u3092\u53CD\u6620\u3057\u3066\u3044\u308B\u3068\u3044\u3046\u610F\u5473\u3067\u3042\u308B\u3002\u52B9\u7387\u7684\u5E02\u5834\u4EEE\u8AAC\u306B\u5F93\u3048\u3070\u3001\u682A\u5F0F\u53D6\u5F15\u306F\u682A\u5F0F\u3092\u5E38\u306B\u516C\u6B63\u306A\u4FA1\u683C\u3067\u53D6\u308A\u5F15\u304D\u3057\u3066\u3044\u3066\u3001\u6295\u8CC7\u5BB6\u304C\u682A\u5F0F\u3092\u5B89\u304F\u8CB7\u3046\u3053\u3068\u3082\u9AD8\u304F\u58F2\u308B\u3053\u3068\u3082\u3067\u304D\u306A\u3044\u3068\u3044\u3046\u3053\u3068\u306B\u306A\u308B\u3002\u3059\u308B\u3068\u3001\u9298\u67C4\u306E\u9078\u5B9A\u3084\u5E02\u5834\u306E\u30BF\u30A4\u30DF\u30F3\u30B0\u304B\u3089\u5E02\u5834\u306E\u5E73\u5747\u4EE5\u4E0A\u306E\u5B9F\u7E3E\u3092\u5F97\u308B\u306E\u306F\u4E0D\u53EF\u80FD\u3067\u3042\u308B\u3002"@ja ,
"\u0413\u0456\u043F\u043E\u0442\u0435\u0437\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u0438\u043D\u043A\u0443 (\u0430\u043D\u0433\u043B. efficient market hypothesis, EMH) \u2014 \u0433\u0456\u043F\u043E\u0442\u0435\u0437\u0430, \u0437\u0433\u0456\u0434\u043D\u043E \u0437 \u044F\u043A\u043E\u044E \u0432\u0441\u044F \u0441\u0443\u0442\u0442\u0454\u0432\u0430 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044F \u043D\u0435\u0433\u0430\u0439\u043D\u043E \u0456 \u043F\u043E\u0432\u043D\u043E\u044E \u043C\u0456\u0440\u043E\u044E \u0432\u0456\u0434\u0431\u0438\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u043D\u0430 \u0440\u0438\u043D\u043A\u043E\u0432\u0456\u0439 \u043A\u0443\u0440\u0441\u043E\u0432\u0456\u0439 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0446\u0456\u043D\u043D\u0438\u0445 \u043F\u0430\u043F\u0435\u0440\u0456\u0432: \u0440\u0438\u043D\u043E\u043A \u0454 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u0438\u043C \u0449\u043E\u0434\u043E \u0434\u0435\u044F\u043A\u043E\u0457 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u0457, \u044F\u043A\u0449\u043E \u0432\u043E\u043D\u0430 \u0432\u0456\u0434\u0440\u0430\u0437\u0443 \u0456 \u043F\u043E\u0432\u043D\u0456\u0441\u0442\u044E \u0432\u0456\u0434\u0431\u0438\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u0432 \u0446\u0456\u043D\u0456 \u0430\u043A\u0442\u0438\u0432\u0443, \u0449\u043E \u0440\u043E\u0431\u0438\u0442\u044C \u0446\u044E \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044E \u043D\u0435\u043F\u043E\u0442\u0440\u0456\u0431\u043D\u043E\u044E \u0434\u043B\u044F \u043E\u0442\u0440\u0438\u043C\u0430\u043D\u043D\u044F \u043D\u0430\u0434\u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0456\u0432. \u0413\u0456\u043F\u043E\u0442\u0435\u0437\u0430 \u0431\u0443\u043B\u0430 \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u044C\u043E\u0432\u0430\u043D\u0430 \u0430\u043C\u0435\u0440\u0438\u043A\u0430\u043D\u0441\u044C\u043A\u0438\u043C \u0435\u043A\u043E\u043D\u043E\u043C\u0456\u0441\u0442\u043E\u043C \u042E\u0434\u0436\u0438\u043D\u043E\u043C \u0424\u0430\u043C\u0430. \u0420\u043E\u0437\u0440\u0456\u0437\u043D\u044F\u044E\u0442\u044C \u0441\u043B\u0430\u0431\u043A\u0443, \u0441\u0435\u0440\u0435\u0434\u043D\u044E \u0456 \u0441\u0438\u043B\u044C\u043D\u0443 \u0444\u043E\u0440\u043C\u0438 \u0433\u0456\u043F\u043E\u0442\u0435\u0437\u0438 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u0438\u043D\u043A\u0443:"@uk ,
"\u6548\u7387\u5E02\u5834\u5047\u8AAA\uFF08\u82F1\u8A9E\uFF1AEfficient-market hypothesis\uFF0C\u7E2E\u5BEB\u70BAEMH\uFF09\uFF0C\u53C8\u8B6F\u70BA\u6709\u6548\u5E02\u573A\u5047\u8BF4\uFF0C\u4E00\u500B\u7D93\u6FDF\u5B78\u5B78\u8AAA\uFF0C\u7531\u5C24\u91D1\u00B7\u6CD5\u9A6C\uFF08Eugene Fama\uFF09\u4E8E1970\u5E74\u6DF1\u5316\u5E76\u63D0\u51FA\u7684\uFF0C\u662F\u6295\u8CC7\u5B66\u4E2D\u6700\u91CD\u8981\u7684\u4E03\u4E2A\u7406\u5FF5\u4E4B\u4E00\uFF0C\u5176\u5BF9\u6709\u6548\u5E02\u573A\u7684\u5B9A\u4E49\u662F\uFF1A\u5982\u679C\u5728\u4E00\u4E2A\u8BC1\u5238\u5E02\u573A\u4E2D\uFF0C\u4EF7\u683C\u5B8C\u5168\u53CD\u6620\u4E86\u6240\u6709\u53EF\u4EE5\u83B7\u5F97\u7684\u8A0A\u606F\uFF0C\u90A3\u4E48\u5C31\u79F0\u8FD9\u6837\u7684\u5E02\u573A\u4E3A\u6709\u6548\u5E02\u573A\u3002 \u8861\u91CF\u8BC1\u5238\u5E02\u573A\u662F\u5426\u5177\u6709\u5916\u5728\u6548\u7387\u6709\u4E24\u4E2A\u6307\u6A19\uFF1A\u4E00\u662F\u4EF7\u683C\u662F\u5426\u80FD\u81EA\u7531\u5730\u6839\u636E\u6709\u5173\u4FE1\u606F\u800C\u53D8\u52A8\uFF1B\u4E8C\u662F\u8BC1\u5238\u7684\u6709\u5173\u4FE1\u606F\u80FD\u5426\u5145\u5206\u5730\u62AB\u9732\u548C\u5747\u5300\u5730\u5206\u5E03\uFF0C\u4F7F\u6BCF\u4E2A\u6295\u8D44\u8005\u5728\u540C\u4E00\u65F6\u95F4\u5185\u5F97\u5230\u7B49\u91CF\u7B49\u8D28\u7684\u4FE1\u606F\u3002\u6839\u636E\u8FD9\u4E00\u5047\u8BBE\uFF0C\u6295\u8D44\u8005\u5728\u4E70\u5356\u80A1\u7968\u65F6\u4F1A\u8FC5\u901F\u6709\u6548\u5730\u5229\u7528\u53EF\u80FD\u7684\u4FE1\u606F\u3002\u6240\u6709\u5DF2\u77E5\u7684\u5F71\u54CD\u4E00\u79CD\u80A1\u7968\u4EF7\u683C\u7684\u56E0\u7D20\u90FD\u5DF2\u7ECF\u53CD\u6620\u5728\u80A1\u7968\u7684\u4EF7\u683C\u4E2D\uFF0C\u56E0\u6B64\u6839\u636E\u8FD9\u4E00\u7406\u8BBA\uFF0C\u80A1\u7968\u7684\u6280\u672F\u5206\u6790\u662F\u65E0\u6548\u7684\u3002 \u4EA6\u53EF\u4EE5\u7406\u89E3\u4E3A\u4E00\u4E2A\u5176\u62E5\u6709\u826F\u597D\u7684\u76D1\u7BA1\u4F53\u7CFB\uFF0C\u505A\u5E02\u5546\u4EE5\u53CA\u6210\u719F\u7684\u5E02\u573A\u673A\u5236\u7684\u8D44\u672C\u5E02\u573A\u3002\u5E02\u573A\u5177\u6709\u5F88\u597D\u7684\u6DF1\u5EA6\u4E0E\u6D41\u52A8\u6027\uFF0C\u5728\u6B64\u5E02\u573A\u4E2D\u89C2\u5BDF\u5230\u7684\u4EF7\u683C\u662F\u771F\u5B9E\u4EF7\u503C\u7684\u5B8C\u7F8E\u6307\u6807\uFF0C\u5E02\u573A\u4EF7\u683C\u51C6\u786E\u7684\u53CD\u6620\u4E86\u5E02\u573A\u4E0A\u53EF\u5F97\u5230\u7684\u4FE1\u606F\uFF0C\u5E76\u968F\u7740\u65B0\u4FE1\u606F\u7684\u62AB\u9732\u800C\u505A\u51FA\u76F8\u5E94\u7684\u53CD\u6620\u3002 \u6839\u636E\u8FD9\u4E00\u5047\u8BBE\uFF0C\u80A1\u7968\u5E02\u573A\u7684\u4EF7\u683C\u662F\u4E0D\u53EF\u9884\u6D4B\u7684\uFF0C\u65E0\u8BBA\u662F\u78B0\u8FD0\u6C14\u6216\u662F\u6839\u636E\u5185\u7DDA\u6D88\u606F\uFF0C\u5728\u5BF9\u80A1\u7968\u4EF7\u683C\u8FDB\u884C\u9884\u6D4B\u4E2D\u4ED8\u51FA\u7684\u65F6\u95F4\u3001\u91D1\u94B1\u3001\u548C\u52AA\u529B\u90FD\u662F\u5F92\u52B3\u7684\uFF0C\u4EFB\u4F55\u5BF9\u80A1\u7968\u7684\u6280\u672F\u5206\u6790\u90FD\u662F\u65E0\u6548\u7684\u3002 \u6709\u6548\u5E02\u573A\u5047\u8BF4\u662F\u6709\u6548\u5E02\u573A\u7406\u8BBA\u7684\u6700\u91CD\u8981\u7684\u7EC4\u6210\u90E8\u5206\u3002"@zh ,
"Merkatu efizientearen hipotesiak burtsako eragile guztiek duten informazioa eta etorkizunari buruz dituzten itxaropenak merkatuko prezioetan islaturik daudela baieztatzen du; horrela, inbertitzaileek ezingo lukete besteek baino errentagarritasun handiagoa eskuratu, akzio eta titulu guztiak dagokien prezioan, hau da, eskura daitekeen informazio guztiarekin, baloratuta daudelako."@eu ,
"Die Markteffizienzhypothese (englisch efficient market hypothesis; kurz EMH) ist eine mathematisch-statistische Theorie der Finanz\u00F6konomik, die besagt, dass Marktpreise alle verf\u00FCgbaren Informationen widerspiegeln. Eine direkte Konsequenz ist, dass kein Marktteilnehmer dem Markt langfristig \u00FCberlegen sein kann, au\u00DFer durch Gl\u00FCck oder Nutzung nicht-\u00F6ffentlicher Informationen."@de ;
foaf:depiction ,
,
,
,
.
@prefix dcterms: .
@prefix dbc: .
dbr:Efficient-market_hypothesis dcterms:subject dbc:Efficient-market_hypothesis ,
dbc:Behavioral_finance ,
;
dbo:abstract "Die Markteffizienzhypothese (englisch efficient market hypothesis; kurz EMH) ist eine mathematisch-statistische Theorie der Finanz\u00F6konomik, die besagt, dass Marktpreise alle verf\u00FCgbaren Informationen widerspiegeln. Eine direkte Konsequenz ist, dass kein Marktteilnehmer dem Markt langfristig \u00FCberlegen sein kann, au\u00DFer durch Gl\u00FCck oder Nutzung nicht-\u00F6ffentlicher Informationen."@de ,
"En finanzas, la hip\u00F3tesis del mercado eficiente (en ingl\u00E9s: Efficient Markets Hypothesis, EMH) afirma que un mercado de valores es \"informacionalmente eficiente\" cuando la competencia entre los distintos participantes que intervienen en el mismo, conduce a una situaci\u00F3n de equilibrio en la que el precio de mercado de un t\u00EDtulo constituye una buena estimaci\u00F3n de su precio te\u00F3rico o intr\u00EDnseco. Expresado de otra forma, los precios de los t\u00EDtulos de cr\u00E9dito (como las acciones) que se negocian en un mercado financiero eficiente reflejan toda la informaci\u00F3n existente y se ajustan total y r\u00E1pidamente a los nuevos datos que puedan surgir. [cita requerida] Si todos los t\u00EDtulos est\u00E1n perfectamente valorados, los inversores obtendr\u00E1n un rendimiento sobre su inversi\u00F3n que ser\u00E1 el apropiado para el nivel de riesgo asumido, sin importar cu\u00E1les sean los t\u00EDtulos adquiridos. Es decir, en un mercado eficiente todos los t\u00EDtulos estar\u00E1n perfectamente valorados, por lo que no existir\u00E1n t\u00EDtulos sobre o infravalorados. El precio de los activos negociados en los mercados financieros refleja, en esa situaci\u00F3n, toda la informaci\u00F3n conocida por los miembros del mercado y todas las creencias de los inversores sobre el futuro. [cita requerida] Esta hip\u00F3tesis implica que no es posible superar de forma consistente los resultados del mercado excepto a trav\u00E9s de la suerte o de la informaci\u00F3n privilegiada y que el tiempo, el dinero y el esfuerzo gastados en el an\u00E1lisis del valor intr\u00EDnseco de los t\u00EDtulos ser\u00E1 in\u00FAtil. Sugiere tambi\u00E9n que el flujo futuro de noticias que determinar\u00E1 el precio de las acciones es aleatorio y que no es posible conocerlo por adelantado. La hip\u00F3tesis de eficiencia de los mercados es una pieza central de la teor\u00EDa de los mercados eficientes.\u200B Esta teor\u00EDa es incompatible con una conducta irracional del mercado. Ya que en Crashes o Burbujas de un precio han existido especialistas capaces de predecir la sobrevaloraci\u00F3n o infravaloraci\u00F3n de esos activos que les daba un beneficio que superaba al mercado, lo cual es imposible con el modelo de mercado eficiente. Seg\u00FAn esta teor\u00EDa, en cualquier momento hay miles, incluso millones de personas en b\u00FAsqueda de una peque\u00F1a informaci\u00F3n que les permita pronosticar con precisi\u00F3n los futuros precios de las acciones. Respondiendo a cualquier informaci\u00F3n que parezca \u00FAtil, intentan comprar a precios bajos y vender a precios m\u00E1s altos. El resultado es que toda informaci\u00F3n disponible p\u00FAblicamente, utilizable para pronosticar los precios de las acciones, ser\u00E1 tomada en cuenta por aquellos que tienen acceso a la informaci\u00F3n, conocimiento y capacidad de procesarla sin perder oportunidad de rentabilidad previsible. Debido a que son miles los individuos involucrados, este proceso ocurre con mucha rapidez; de hecho, existe la evidencia que toda la informaci\u00F3n que llega al mercado es incorporada completamente en los precios de las acciones en menos de un minuto desde su llegada. [cita requerida] Es por esta raz\u00F3n, que los precios de las acciones siguen una trayectoria incierta, es decir, el mejor pron\u00F3stico que existe para el precio de ma\u00F1ana es el precio de hoy. Esto es lo que se denomina \"Teor\u00EDa del paseo aleatorio\". Lo \u00FAnico que puede predecirse acerca de la magnitud de eventuales cambios en los precios de las acciones, es que los grandes cambios no predecibles son menos frecuentes que los peque\u00F1os. Seg\u00FAn la teor\u00EDa del paseo aleatorio, no existen tendencias predecibles en los precios de las acciones o t\u00EDtulos valores que puedan utilizarse para \"enriquecerse r\u00E1pidamente\"."@es ,
"\uD6A8\uC728\uC801 \uC2DC\uC7A5 \uAC00\uC124(\u6548\u7387\u7684\u5E02\u5834\u5047\u8AAA, Efficient Market Hypothesis)\uC774\uB780 \uAE08\uC735\uACBD\uC81C\uD559\uC5D0\uC11C \uBAA8\uB4E0 \uC2DC\uC7A5\uCC38\uC5EC\uC790\uAC00 \uC644\uBCBD\uD55C \uC815\uBCF4\uB97C \uAC00\uC9C0\uACE0 \uC788\uC744 \uB54C \uC790\uC0B0\uAC00\uACA9\uC774 \uADE0\uD615\uC5D0 \uB3C4\uB2EC\uD55C\uB2E4\uB294 \uAC00\uC124\uC774\uB2E4. \uC774 \uAC00\uC124\uC5D0\uC11C \uC815\uBCF4\uC640 \uAD00\uB828\uD558\uC5EC \uC2DC\uC810\uC774 \uC21C\uC11C\uB300\uB85C \uC138 \uAC1C\uAC00 \uC81C\uC2DC\uB41C\uB2E4. 1. \n* \uBC1C\uC0DD\uD558\uB294 \uB54C 2. \n* \uACF5\uAC1C\uB418\uB294 \uB54C 3. \n* \uBAA8\uB4E0 \uC2DC\uC7A5\uCC38\uC5EC\uC790\uAC00 \uD574\uB2F9 \uC815\uBCF4\uB97C \uD68D\uB4DD\uD558\uB294 \uB54C \uB9C8\uC9C0\uB9C9 \uC2DC\uC810\uC5D0\uC11C \uC815\uBCF4\uB294 \uAC00\uACA9\uC5D0 \uBC18\uC601\uB418\uBA70, \uC704 \uC138 \uC2DC\uC810 \uC0AC\uC774\uC758 \uAD00\uACC4\uC5D0 \uB530\uB77C \uC2DC\uC7A5\uC758 \uD6A8\uC728\uC131\uC774 \uB2EC\uB77C\uC9C4\uB2E4."@ko ,
"Hipoteza rynku efektywnego (ang. efficient market hypothesis) \u2013 teza rozwa\u017Cana w finansach, zgodnie z kt\u00F3r\u0105 w ka\u017Cdej chwili ceny papier\u00F3w warto\u015Bciowych w pe\u0142ni odzwierciedlaj\u0105 wszystkie informacje dost\u0119pne na ich temat. Po raz pierwszy hipotez\u0119 rynku efektywnego rozwa\u017Ca\u0142 w 1900 roku w swojej pracy doktorskiej zatytu\u0142owanej Th\u00E9orie de la Sp\u00E9culation francuski matematyk, Louis Bachelier. Jego praca pozosta\u0142a jednak w du\u017Cej mierze zignorowana przez wsp\u00F3\u0142czesne mu \u015Brodowiska naukowe. Rozw\u00F3j wsp\u00F3\u0142czesnej hipotezy rynku efektywnego mia\u0142 miejsce pocz\u0105wszy od lat 60. XX wieku."@pl ,
"La Hip\u00F2tesi dels Mercats Eficients o Teoria d'Efici\u00E8ncia del Mercat (en angl\u00E8s: Efficient-market hypothesis) sost\u00E9 que en qualsevol moment determinat tota la informaci\u00F3 coneguda pels membres del mercat i totes les creences dels inversors sobre el futur estan reflectides en el preu dels valors financers negociats en els mercats financers. La teoria fou desenvolupada als anys seixanta del segle xx a la Universitat de Chicago (Escola d'Economia de Chicago) pel professor Eugene Fama. Existeixen tres versions de la teoria: \n* la versi\u00F3 forta sost\u00E9 que absolutament tota la informaci\u00F3 (inclosa la informaci\u00F3 dels insiders) est\u00E0 incorporada al preu d'un valor financer. \n* la versi\u00F3 semi-forta sost\u00E9 que nom\u00E9s la informaci\u00F3 p\u00FAblica est\u00E0 reflectida en el preu. \n* la versi\u00F3 d\u00E8bil sost\u00E9 que \u00FAnicament hi ha reflectida en el preu actual la informaci\u00F3 passada. La Hip\u00F2tesi dels Mercats Eficients implica que cap inversor pot superar consistentment el mercat en tant que tot valor financer est\u00E0 correctament valorat tenint en compte tota la informaci\u00F3 disponible, i que la funci\u00F3 d'un assessor financer es redueix a fer una cartera a mida de l'aversi\u00F3 al risc que t\u00E9 un inversor, per\u00F2 no ha de buscar superar al mercat. La teoria ha estat contestada per aquells que han evidenciat anomalies en els mercats que revelen inconsist\u00E8ncia amb la teoria dels mercats eficients."@ca ,
"\u0413\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430 (\u0430\u043D\u0433\u043B. efficient market hypothesis, EMH) \u2014 \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u0430, \u0441\u043E\u0433\u043B\u0430\u0441\u043D\u043E \u043A\u043E\u0442\u043E\u0440\u043E\u0439 \u0432\u0441\u044F \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043D\u043D\u0430\u044F \u0438\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0438\u044F \u043D\u0435\u043C\u0435\u0434\u043B\u0435\u043D\u043D\u043E \u0438 \u0432 \u043F\u043E\u043B\u043D\u043E\u0439 \u043C\u0435\u0440\u0435 \u043E\u0442\u0440\u0430\u0436\u0430\u0435\u0442\u0441\u044F \u043D\u0430 \u0440\u044B\u043D\u043E\u0447\u043D\u043E\u0439 \u043A\u0443\u0440\u0441\u043E\u0432\u043E\u0439 \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u0438 \u0446\u0435\u043D\u043D\u044B\u0445 \u0431\u0443\u043C\u0430\u0433. \u0420\u0430\u0437\u043B\u0438\u0447\u0430\u044E\u0442 \u0441\u043B\u0430\u0431\u0443\u044E, \u0441\u0440\u0435\u0434\u043D\u044E\u044E \u0438 \u0441\u0438\u043B\u044C\u043D\u0443\u044E \u0444\u043E\u0440\u043C\u044B \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u044B \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430. \u042D\u0442\u0430 \u0433\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u0431\u044B\u043B\u0430 \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u0438\u0440\u043E\u0432\u0430\u043D\u0430 \u0430\u043C\u0435\u0440\u0438\u043A\u0430\u043D\u0441\u043A\u0438\u043C \u044D\u043A\u043E\u043D\u043E\u043C\u0438\u0441\u0442\u043E\u043C \u042E\u0434\u0436\u0438\u043D\u043E\u043C \u0424\u0430\u043C\u0430. \u0413\u0438\u043F\u043E\u0442\u0435\u0437\u0430 \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u044B\u043D\u043A\u0430 \u043C\u043E\u0436\u0435\u0442 \u0431\u044B\u0442\u044C \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u0438\u0440\u043E\u0432\u0430\u043D\u0430 \u0441\u043B\u0435\u0434\u0443\u044E\u0449\u0438\u043C \u043E\u0431\u0440\u0430\u0437\u043E\u043C: \u0440\u044B\u043D\u043E\u043A \u044F\u0432\u043B\u044F\u0435\u0442\u0441\u044F \u044D\u0444\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u044B\u043C \u0432 \u043E\u0442\u043D\u043E\u0448\u0435\u043D\u0438\u0438 \u043A\u0430\u043A\u043E\u0439-\u043B\u0438\u0431\u043E \u0438\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0438\u0438, \u0435\u0441\u043B\u0438 \u043E\u043D\u0430 \u0441\u0440\u0430\u0437\u0443 \u0438 \u043F\u043E\u043B\u043D\u043E\u0441\u0442\u044C\u044E \u043E\u0442\u0440\u0430\u0436\u0430\u0435\u0442\u0441\u044F \u0432 \u0446\u0435\u043D\u0435 \u0430\u043A\u0442\u0438\u0432\u0430."@ru ,
"De effici\u00EBnte-markthypothese (EMH) is de theorie in de financi\u00EBle wetenschap dat in de prijs van effecten zoals aandelen alle publieke informatie en toekomstverwachtingen verwerkt zitten. Professor Eugene Fama ontwikkelde deze theorie eind jaren 1960 en publiceerde het in mei 1970 in de Journal of Finance onder de titel Efficient Capital Markets: A Review of Theory and Empirical Work. Een van de belangrijkste conclusies van de theorie is dat het onmogelijk is om structureel betere beleggingsresultaten te behalen dan gemiddeld behalve door geluk. Alle bekende informatie in de markt zou al in de prijzen verwerkt zijn en toekomstige ontwikkelingen zijn onvoorspelbaar. Als er nieuws bekendgemaakt wordt, zullen alle actoren in de markt hun verwachtingen aanpassen. Sommigen zullen te optimistisch zijn en anderen te pessimistisch, maar de markt als geheel zal volgens de hypothese altijd gelijk hebben. De effici\u00EBnte-markthypothese is als theorie onomstreden in de zin dat de meeste wetenschappers en professionele beleggers het erover eens zijn dat het op zijn minst voor een deel correct is. Over de mate waarin de hypothese van toepassing is, bestaat wel veel discussie. Drie varianten van de effici\u00EBnte-markthypothese worden onderscheiden:"@nl ,
"\u6548\u7387\u5E02\u5834\u5047\u8AAA\uFF08\u82F1\u8A9E\uFF1AEfficient-market hypothesis\uFF0C\u7E2E\u5BEB\u70BAEMH\uFF09\uFF0C\u53C8\u8B6F\u70BA\u6709\u6548\u5E02\u573A\u5047\u8BF4\uFF0C\u4E00\u500B\u7D93\u6FDF\u5B78\u5B78\u8AAA\uFF0C\u7531\u5C24\u91D1\u00B7\u6CD5\u9A6C\uFF08Eugene Fama\uFF09\u4E8E1970\u5E74\u6DF1\u5316\u5E76\u63D0\u51FA\u7684\uFF0C\u662F\u6295\u8CC7\u5B66\u4E2D\u6700\u91CD\u8981\u7684\u4E03\u4E2A\u7406\u5FF5\u4E4B\u4E00\uFF0C\u5176\u5BF9\u6709\u6548\u5E02\u573A\u7684\u5B9A\u4E49\u662F\uFF1A\u5982\u679C\u5728\u4E00\u4E2A\u8BC1\u5238\u5E02\u573A\u4E2D\uFF0C\u4EF7\u683C\u5B8C\u5168\u53CD\u6620\u4E86\u6240\u6709\u53EF\u4EE5\u83B7\u5F97\u7684\u8A0A\u606F\uFF0C\u90A3\u4E48\u5C31\u79F0\u8FD9\u6837\u7684\u5E02\u573A\u4E3A\u6709\u6548\u5E02\u573A\u3002 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\u80A1\u7968\u4EF7\u683C\u7684\u8D70\u52BF\u5C06\u6CBF\u7740\u4E00\u6761\u4E0D\u660E\u786E\u7684\u8F68\u8FF9\u884C\u8FDB\uFF0C\u4E5F\u5C31\u662F\u8BF4\uFF0C\u73B0\u4EF7\u662F\u5BF9\u672A\u6765\u4EF7\u683C\u6700\u597D\u7684\u9884\u6D4B\u3002\u8FD9\u4E00\u8BF4\u6CD5\u88AB\u547D\u540D\u4E3A\u96A8\u6A5F\u6F2B\u6B65\u5047\u8AAA\uFF0C\u5728\u4E0D\u53EF\u9884\u6D4B\u7684\u5E02\u573A\u91CC\uFF0C\u672A\u6765\u80A1\u7968\u4EF7\u683C\u5C06\u5728\u4E0D\u56FA\u5B9A\u7684\u8303\u56F4\u5185\u53D8\u5316\uFF0C\u800C\u73B0\u4EF7\u662F\u7684\u552F\u4E00\u6700\u63A5\u8FD1\u672A\u6765\u968F\u673A\u53D8\u52A8\u4EF7\u683C\u7684\u503C\uFF0C\u56E0\u4E3A\u90A3\u4E9B\u4E0D\u53EF\u9884\u6D4B\u7684\u5DE8\u5927\u53D8\u5316\u5E38\u5E38\u662F\u56E0\u4E3A\u4E00\u4E9B\u6700\u4E0D\u5E38\u53D1\u751F\u7684\u7EC6\u8282\u6240\u5F15\u8D77\u7684\u3002\u56E0\u6B64\u8FD9\u4E9B\u968F\u673A\u6E38\u8D70\u7684\u5E02\u573A\u4EF7\u683C\u4E0D\u4F1A\u6709\u300C\u4E00\u591C\u81F4\u5BCC\u300D\u53EF\u80FD\u6027\u3002"@zh ,
"The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to \"beat the market\" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and can be thought of as the combination of a model of risk with the EMH. Many decades of empirical research on return predictability has found mixed evidence. Research in the 1950s and 1960s often found a lack of predictability (e.g. Ball and Brown 1968; Fama, Fisher, Jensen, and Roll 1969), yet the 1980s-2000s saw an explosion of discovered return predictors (e.g. Rosenberg, Reid, and Lanstein 1985; Campbell and Shiller 1988; Jegadeesh and Titman 1993). Since the 2010s, studies have often found that return predictability has become more elusive, as predictability fails to work out-of-sample (Goyal and Welch 2008), or has been weakened by advances in trading technology and investor learning (Chordia, Subrahmanyam, and Tong 2014; McLean and Pontiff 2016; Martineau 2021)."@en ,
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"\u52B9\u7387\u7684\u5E02\u5834\u4EEE\u8AAC\uFF08\u3053\u3046\u308A\u3064\u3066\u304D\u3057\u3058\u3087\u3046\u304B\u305B\u3064\u3001\u82F1: efficient-market hypothesis\u3001EMH\uFF09\u3068\u306F\u3001\u91D1\u878D\u7D4C\u6E08\u5B66\u306B\u304A\u3044\u3066\u5E02\u5834\u306F\u5E38\u306B\u5B8C\u5168\u306B\u60C5\u5831\u7684\u306B\u52B9\u7387\u7684\u3067\u3042\u308B\u3068\u3059\u308B\u4EEE\u8AAC\u3002\u3053\u3053\u3067\u8A00\u3046\u60C5\u5831\u7684\u306B\u52B9\u7387\u7684\u3067\u3042\u308B\u3068\u306F\u3001\u91D1\u878D\u5E02\u5834\u306B\u304A\u3051\u308B\u91D1\u878D\u5546\u54C1\u306E\u4FA1\u683C\u304C\u305D\u306E\u5546\u54C1\u306E\u4FA1\u5024\u3092\u6C7A\u5B9A\u3065\u3051\u308B\u60C5\u5831\u3092\u53CD\u6620\u3057\u3066\u3044\u308B\u3068\u3044\u3046\u610F\u5473\u3067\u3042\u308B\u3002\u52B9\u7387\u7684\u5E02\u5834\u4EEE\u8AAC\u306B\u5F93\u3048\u3070\u3001\u682A\u5F0F\u53D6\u5F15\u306F\u682A\u5F0F\u3092\u5E38\u306B\u516C\u6B63\u306A\u4FA1\u683C\u3067\u53D6\u308A\u5F15\u304D\u3057\u3066\u3044\u3066\u3001\u6295\u8CC7\u5BB6\u304C\u682A\u5F0F\u3092\u5B89\u304F\u8CB7\u3046\u3053\u3068\u3082\u9AD8\u304F\u58F2\u308B\u3053\u3068\u3082\u3067\u304D\u306A\u3044\u3068\u3044\u3046\u3053\u3068\u306B\u306A\u308B\u3002\u3059\u308B\u3068\u3001\u9298\u67C4\u306E\u9078\u5B9A\u3084\u5E02\u5834\u306E\u30BF\u30A4\u30DF\u30F3\u30B0\u304B\u3089\u5E02\u5834\u306E\u5E73\u5747\u4EE5\u4E0A\u306E\u5B9F\u7E3E\u3092\u5F97\u308B\u306E\u306F\u4E0D\u53EF\u80FD\u3067\u3042\u308B\u3002"@ja ,
"Teorie efektivn\u00EDch trh\u016F (anglicky efficient market theory) je jedna z teori\u00ED, kter\u00E9 se pokou\u0161ej\u00ED popsat chov\u00E1n\u00ED kurz\u016F cenn\u00FDch pap\u00EDr\u016F se zam\u011B\u0159en\u00EDm na akcie. Tato teorie p\u0159edpokl\u00E1d\u00E1, \u017Ee kurzy cenn\u00FDch pap\u00EDr\u016F jsou ovliv\u0148ov\u00E1ny pouze objektivn\u00EDmi informacemi o\u010Dek\u00E1van\u00FDmi zisky, dividendami, rizikem a dal\u0161\u00EDmi kurzotvorn\u00FDmi informacemi. Tr\u017En\u00ED cena akci\u00ED na trhu pak p\u0159edstavuje objektivn\u00ED hodnotu, akcie jsou v ka\u017Ed\u00E9m okam\u017Eiku spr\u00E1vn\u011B ocen\u011Bny a na trhu nelze naj\u00EDt podhodnocen\u00E9 nebo nadhodnocen\u00E9 tituly. Z toho vypl\u00FDv\u00E1, \u017Ee \u00FAsp\u011B\u0161nost obchodov\u00E1n\u00ED nen\u00ED mo\u017Eno zv\u00FD\u0161it fundament\u00E1ln\u00ED \u010Di technickou anal\u00FDzou ani studiem historick\u00FDch \u00FAdaj\u016F, trh reaguje jen nov\u00E9 informace a je tak zcela nep\u0159edv\u00EDdateln\u00FD."@cs ,
"L\u2019hypoth\u00E8se des march\u00E9s financiers efficients est une selon laquelle les march\u00E9s financiers sont efficients, c'est-\u00E0-dire que les prix des actifs refl\u00E8tent toute l'information disponible au sujet du prix. Si les march\u00E9s sont efficients, alors il est impossible de faire mieux que le march\u00E9."@fr ,
"\u0413\u0456\u043F\u043E\u0442\u0435\u0437\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u0438\u043D\u043A\u0443 (\u0430\u043D\u0433\u043B. efficient market hypothesis, EMH) \u2014 \u0433\u0456\u043F\u043E\u0442\u0435\u0437\u0430, \u0437\u0433\u0456\u0434\u043D\u043E \u0437 \u044F\u043A\u043E\u044E \u0432\u0441\u044F \u0441\u0443\u0442\u0442\u0454\u0432\u0430 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044F \u043D\u0435\u0433\u0430\u0439\u043D\u043E \u0456 \u043F\u043E\u0432\u043D\u043E\u044E \u043C\u0456\u0440\u043E\u044E \u0432\u0456\u0434\u0431\u0438\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u043D\u0430 \u0440\u0438\u043D\u043A\u043E\u0432\u0456\u0439 \u043A\u0443\u0440\u0441\u043E\u0432\u0456\u0439 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0446\u0456\u043D\u043D\u0438\u0445 \u043F\u0430\u043F\u0435\u0440\u0456\u0432: \u0440\u0438\u043D\u043E\u043A \u0454 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u0438\u043C \u0449\u043E\u0434\u043E \u0434\u0435\u044F\u043A\u043E\u0457 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u0457, \u044F\u043A\u0449\u043E \u0432\u043E\u043D\u0430 \u0432\u0456\u0434\u0440\u0430\u0437\u0443 \u0456 \u043F\u043E\u0432\u043D\u0456\u0441\u0442\u044E \u0432\u0456\u0434\u0431\u0438\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u0432 \u0446\u0456\u043D\u0456 \u0430\u043A\u0442\u0438\u0432\u0443, \u0449\u043E \u0440\u043E\u0431\u0438\u0442\u044C \u0446\u044E \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044E \u043D\u0435\u043F\u043E\u0442\u0440\u0456\u0431\u043D\u043E\u044E \u0434\u043B\u044F \u043E\u0442\u0440\u0438\u043C\u0430\u043D\u043D\u044F \u043D\u0430\u0434\u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0456\u0432. \u0413\u0456\u043F\u043E\u0442\u0435\u0437\u0430 \u0431\u0443\u043B\u0430 \u0441\u0444\u043E\u0440\u043C\u0443\u043B\u044C\u043E\u0432\u0430\u043D\u0430 \u0430\u043C\u0435\u0440\u0438\u043A\u0430\u043D\u0441\u044C\u043A\u0438\u043C \u0435\u043A\u043E\u043D\u043E\u043C\u0456\u0441\u0442\u043E\u043C \u042E\u0434\u0436\u0438\u043D\u043E\u043C \u0424\u0430\u043C\u0430. \u0420\u043E\u0437\u0440\u0456\u0437\u043D\u044F\u044E\u0442\u044C \u0441\u043B\u0430\u0431\u043A\u0443, \u0441\u0435\u0440\u0435\u0434\u043D\u044E \u0456 \u0441\u0438\u043B\u044C\u043D\u0443 \u0444\u043E\u0440\u043C\u0438 \u0433\u0456\u043F\u043E\u0442\u0435\u0437\u0438 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0433\u043E \u0440\u0438\u043D\u043A\u0443: \n* \u0421\u043B\u0430\u0431\u043A\u0430 \u0444\u043E\u0440\u043C\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0441\u0442\u0456, \u043F\u0440\u0438 \u044F\u043A\u0456\u0439 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u0440\u0438\u043D\u043A\u043E\u0432\u043E\u0433\u043E \u0430\u043A\u0442\u0438\u0432\u0443 \u043F\u043E\u0432\u043D\u0456\u0441\u0442\u044E \u0432\u0456\u0434\u043E\u0431\u0440\u0430\u0436\u0430\u0454 \u043C\u0438\u043D\u0443\u043B\u0443 \u0437\u0430\u0433\u0430\u043B\u044C\u043D\u043E\u0434\u043E\u0441\u0442\u0443\u043F\u043D\u0443 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044E, \u0449\u043E \u0441\u0442\u043E\u0441\u0443\u0454\u0442\u044C\u0441\u044F \u0434\u0430\u043D\u043E\u0433\u043E \u0430\u043A\u0442\u0438\u0432\u0443 (\u043F\u0435\u0440\u0448 \u0437\u0430 \u0432\u0441\u0435 \u043F\u043E \u0434\u0438\u043D\u0430\u043C\u0456\u0446\u0456 \u043A\u0443\u0440\u0441\u043E\u0432\u043E\u0457 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0442\u0430 \u043E\u0431\u0441\u044F\u0433\u0430\u0445 \u0442\u043E\u0440\u0433\u0456\u0432\u043B\u0456 \u0444\u0456\u043D\u0430\u043D\u0441\u043E\u0432\u0438\u043C \u0430\u043A\u0442\u0438\u0432\u043E\u043C); \n* \u0421\u0435\u0440\u0435\u0434\u043D\u044F \u0444\u043E\u0440\u043C\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0441\u0442\u0456, \u043F\u0440\u0438 \u044F\u043A\u0456\u0439 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u0440\u0438\u043D\u043A\u043E\u0432\u043E\u0433\u043E \u0430\u043A\u0442\u0438\u0432\u0443 \u043F\u043E\u0432\u043D\u0456\u0441\u0442\u044E \u0432\u0456\u0434\u043E\u0431\u0440\u0430\u0436\u0430\u0454 \u043D\u0435 \u0442\u0456\u043B\u044C\u043A\u0438 \u043C\u0438\u043D\u0443\u043B\u0443, \u0430\u043B\u0435 \u0439 \u043F\u043E\u0442\u043E\u0447\u043D\u0443 \u043F\u0443\u0431\u043B\u0456\u0447\u043D\u0443 \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044E (\u0437\u0432\u0456\u0442\u0438 \u043A\u043E\u043C\u043F\u0430\u043D\u0456\u0439, \u0432\u0438\u0441\u0442\u0443\u043F\u0438 \u0434\u0435\u0440\u0436\u0430\u0432\u043D\u0438\u0445 \u0441\u043B\u0443\u0436\u0431\u043E\u0432\u0446\u0456\u0432, \u0430\u043D\u0430\u043B\u0456\u0442\u0438\u0447\u043D\u0456 \u043F\u0440\u043E\u0433\u043D\u043E\u0437\u0438 \u0442\u043E\u0449\u043E); \n* \u0421\u0438\u043B\u044C\u043D\u0430 \u0444\u043E\u0440\u043C\u0430 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0441\u0442\u0456, \u043F\u0440\u0438 \u044F\u043A\u0456\u0439 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u0440\u0438\u043D\u043A\u043E\u0432\u043E\u0433\u043E \u0430\u043A\u0442\u0438\u0432\u0443 \u043F\u043E\u0432\u043D\u0456\u0441\u0442\u044E \u0432\u0456\u0434\u043E\u0431\u0440\u0430\u0436\u0430\u0454 \u0432\u0441\u044E \u0456\u043D\u0444\u043E\u0440\u043C\u0430\u0446\u0456\u044E \u2014 \u043C\u0438\u043D\u0443\u043B\u0443, \u043F\u0443\u0431\u043B\u0456\u0447\u043D\u0443 \u0456 \u0432\u043D\u0443\u0442\u0440\u0456\u0448\u043D\u044E (\u0456\u043D\u0441\u0430\u0439\u0434\u0435\u0440\u0441\u044C\u043A\u0443, \u044F\u043A\u0430 \u0432\u0456\u0434\u043E\u043C\u0430 \u0432\u0443\u0437\u044C\u043A\u043E\u043C\u0443 \u043A\u043E\u043B\u0443 \u043E\u0441\u0456\u0431 \u0443 \u0441\u0438\u043B\u0443 \u0441\u043B\u0443\u0436\u0431\u043E\u0432\u043E\u0433\u043E \u0441\u0442\u0430\u043D\u043E\u0432\u0438\u0449\u0430, \u0430\u0431\u043E \u0456\u043D\u0448\u0438\u0445 \u043E\u0431\u0441\u0442\u0430\u0432\u0438\u043D)."@uk ,
"Hypotesen om effektiva marknader (EMH) antar att finansiella marknader \u00E4r effektiva, vilket inneb\u00E4r att priset p\u00E5 en tillg\u00E5ng \u00E5terspeglar all tillg\u00E4nglig information och att priset d\u00E4rmed \u00E4r riktigt i den meningen att det \u00E5terspeglar den kollektiva analysen hos alla investerare. Hypotesen s\u00E4ger d\u00E4rmed att det inte \u00E4r m\u00F6jligt att konsekvent vinna \u00F6ver marknaden genom att anv\u00E4nda n\u00E5gon information som marknaden redan k\u00E4nner till, f\u00F6rutom m\u00F6jligen genom insiderinformation. Operationellt delas EMH i tre grader; svag, halvstark och stark. Om marknaden \u00E4r svagt effektiv \u00E4r det inte m\u00F6jligt att generera riskjusterad avkastning genom att anv\u00E4nda historisk information, t.ex. genom teknisk analys. Om marknaden \u00E4r halvstarkt effektiv \u00E4r det inte m\u00F6jligt att generera riskjusterad avkastning genom tillg\u00E5ng till offentlig information som del\u00E5rsrapporter eller \u00E5rsredovisningar. I s\u00E5 fall \u00E4r marginalnyttan av fundamental analys noll. \u00C4r marknaden starkt informationseffektiv g\u00E5r det inte att generera riskjusterad \u00F6veravkastning ens med insiderinformation. En m\u00E4ngd ekonomiska modeller antar att marknaden \u00E4r effektiv, allts\u00E5 att hypotesen om effektiva marknader \u00E4r sann. Det finns flera studier som visar att marknaden inte \u00E4r informationseffektiv. Avvikelser fr\u00E5n informationseffektivitet ben\u00E4mns anomalier."@sv ,
"Merkatu efizientearen hipotesiak burtsako eragile guztiek duten informazioa eta etorkizunari buruz dituzten itxaropenak merkatuko prezioetan islaturik daudela baieztatzen du; horrela, inbertitzaileek ezingo lukete besteek baino errentagarritasun handiagoa eskuratu, akzio eta titulu guztiak dagokien prezioan, hau da, eskura daitekeen informazio guztiarekin, baloratuta daudelako. Eugene Fama ekonomilariak 1970eko hamarkadan garatu zuen ideia hau. Fama finantza merkatuen efizientzia ari zen aztertzen eta, garatu zuen hipotesi honen arabera, finantza aktiboen prezioek finantza merkatuetako informazio eskuragarri guztia islatzen dute. Hots, finantza merkatuak ez dira inoiz erratzen, bertako saltzaileek zein erosleek batzuetan jokabide okerrak hautatu arren. Famaren unibertso teorikoan ez dago burbuilentzako edota espekulatzaileentzako tokirik. Merkatu efizienteen hipotesia Igurikapen edo espektatiba arrazionalen teoriatik oso gertu dago, baita finantza aktibo eratorrien prezioak ezartzeko ereduetatik ere. Teoria hauek guztiek 1990eko hamarkadatik aurrera garatutako finantza merkatuen garapenerako oinarri teorikoa eskaini dute, eta batzuen ustez, 2008ko Atzeraldi Handiaren iturburua horixe izan da, teoria hauetan oinarritutako garapen ero eta kontrolik gabekoa."@eu ,
"Em Finan\u00E7as, a hip\u00F3tese do mercado eficiente afirma que mercados financeiros s\u00E3o \"eficientes em rela\u00E7\u00E3o \u00E0 informa\u00E7\u00E3o\". Ou seja, um agente n\u00E3o consegue alcan\u00E7ar consistentemente retornos superiores \u00E0 m\u00E9dia do mercado (com um determinado n\u00EDvel de risco), considerando as informa\u00E7\u00F5es publicamente dispon\u00EDveis no momento em que o investimento \u00E9 feito. Existem tr\u00EAs vers\u00F5es principais da hip\u00F3tese: \"fraca\", \"semiforte\" e \"forte\". \n* A hip\u00F3tese \"fraca\" considera que os pre\u00E7os negociados para os bens (por exemplo, a\u00E7\u00F5es, obriga\u00E7\u00F5es ou propriedade) refletem toda a informa\u00E7\u00E3o hist\u00F3rica dispon\u00EDvel publicamente. \n* A hip\u00F3tese \"semi forte\" afirma que os pre\u00E7os refletem todas as informa\u00E7\u00F5es publicamente dispon\u00EDveis, e tamb\u00E9m que os pre\u00E7os mudam instantaneamente para refletir as novas informa\u00E7\u00F5es p\u00FAblicas. \n* A hip\u00F3tese \"forte\" afirma que os pre\u00E7os refletem instantaneamente at\u00E9 mesmo informa\u00E7\u00F5es ocultas ou \"privilegiadas\". H\u00E1 evid\u00EAncias a favor e contra as hip\u00F3teses \"fraca\" e \"semi forte\", ao passo que h\u00E1 evid\u00EAncias fortes contra a hip\u00F3tese \"forte\". A validade da hip\u00F3tese tem sido questionada por cr\u00EDticos que culpam a cren\u00E7a nos mercados racionais por muito da crise econ\u00F4mica de 2008-2009. Defensores da hip\u00F3tese alertam que a hip\u00F3tese n\u00E3o consegue garantir a estabilidade de um mercado; se a informa\u00E7\u00E3o publicamente dispon\u00EDvel for inst\u00E1vel, o mercado pode tamb\u00E9m ficar inst\u00E1vel."@pt ;
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