| 单词 | efficient markets hypothesis |
| 释义 | efficient markets hypothesis The theory that where assets are traded in organized markets, prices take account of all available information, so that it is impossible to predict whether some assets will give better risk-adjusted returns than others. This cannot be predicted because it depends on news, that is information which is not yet available, and cannot be deduced from information which is available. The efficient markets hypothesis is very attractive to economists, who are notoriously bad at predicting anything, and welcome a scientific explanation that this is inevitable. Evidence does not fully confirm the hypothesis, which is clearly not believed by market analysts and their employers, who spend billions annually on trying to predict which shares will give the best returns. The market analysts argue that their work contributes to the flow of new information which market prices then take into account. |
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