Some Practical Applications of the Efficient-Market Concept

Some Practical Applications of the Efficient-Market Concept

An efficient market is one in which all prices and quantities fully reflect the sum total of known information. This paper investigates the usefulness of the efficient-market concept for forecasting interest and inflation rates, exchange rates, and corporate profits, as well as some of its limitatio...

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Veröffentlicht in:Financial management 1978-07, Vol.7 (2), p.63-75
Hauptverfasser: Laffer, Arthur B., Ranson, R. David
Format: Artikel
Sprache:eng
Schlagworte:
Applications
Balance of trade
Corporate profits
Currency
Economic forecasting
Economic profit
Efficiency
Efficient markets
Forecasting
Forecasting techniques
Foreign exchange rates
Futures
GNP
Government obligations
Gross National Product
Hypotheses
Inflation rates
Information
Interest rates
Investment policy
Loans
Market prices
Markets
Money supply
Prices
Profit forecasting
Profits
Securities markets
Studies
Treasury bills
Yield
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Beschreibung
Zusammenfassung:An efficient market is one in which all prices and quantities fully reflect the sum total of known information. This paper investigates the usefulness of the efficient-market concept for forecasting interest and inflation rates, exchange rates, and corporate profits, as well as some of its limitations in other forecasting problems.
ISSN:0046-3892
1755-053X
DOI:10.2307/3665245