Title: Information Efficiency in the Capital Market: Review, Frontier,and Prospect
Abstract: As one of the most important topics in the research of the capital market,information efficiency has attracted much academic attention for decades. For example,Fama( market efficiency) and Shiller( market non-efficiency),two Noble Laureates in 2013 hold opposite views on this issue. Given that information efficiency inherently requires the existence of arbitrageurs,this paper starts with the analysis from the view of institutional investors and further reviews market efficiency,i. e.,the fundamental question in financial study. We hope this paper can help researchers to have a better and clearer understanding of the development, the framework,and the frontiers of the topics on information( or information efficiency) in financial research. At last,we summarize some potential directions for future research.
Publication Year: 2014
Publication Date: 2014-01-01
Language: en
Type: article
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