Öz
In this study, an overall assessment was made by examining the Efficient Market Hypothesis theoretical basis. Composed of random and random dispersion of price movements in stock markets, in which the idea can not be predicted in advance are referred to as the Efficient Market Hypothesis. According to this hypothesis there is a relationship between knowledge of securities and securities prices and the prices are always based on new information consists described. Therefore, to reflect market prices are classified according to the information.
Anahtar Kelimeler
Market Efficiency Efficient Market Hypothesis Weak-Semi-Strong Form
Kaynakça
- BAAL, Ray. (2009). The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned?, Journal of Applied Corporate Finance, Forthcoming, (pp.1-27) http://papers.ssrn.com/_id=1502815.pdf
- BARONE, Raffaella. (2003). From Efficient Markets to Behavioral Finance, University of Lecce Economics Working Paper No. 46/24, December, (pp.1-27) http://papers.ssrn.com/_id=493545, 17.01.2011.
- BAYRAKTAR, Ahmet. (2009). Endekse Dahil Olma ve Endeskten Çıkarılmanın Hisse Senedi Performansına Etkisi: İMKB Uygulaması, Ankara Üniversitesi SBE, Yayınlanmamış Doktora Tezi.
- BESTER, Helmut ve Klaus RITZBERGER. (2001). Strategic Pricing, Signalling, and Costly Information Acquisition, International Journal of Industrial Organization, Elsevier, Vol. 19 No. 9, (pp. 1347-1361).
- CHAMPELL, Y. John, Andrew W. LO ve Craig MacKINLAY. (1996). The Econometrics of Financial Markets, Princeton University Press.
- DECKMAN, R.Thomas ve Morse DALE. (1986). Efficient Capital Markets and Accounting: A Critical Analysis, Second Edition, Prentice-Hall.
- ERCAN, Metin Kamil ve Ünsal BAN. (2005). Değere Dayalı İşletme Finansı, Gazi Kitabevi, Ankara.
- FAMA, Eugene F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work, The Journal of Finance, Vol. 25, No. 2, (pp.383-417).
- FAMA, F. Eugene. (1976). Efficient Capital Markets: Reply, The Journal of Finance, Vol. 31, No. 1, Mar., (pp.143-145).
- GROSSMANN, Sanford ve Joseph STIGLITZ. (1980). On the Impossibility of Informationally Efficient Markets, The American Economic Review, Vol.70, June, (pp.393-408).
- http://financial-dictionary.thefreedictionary.com/strong+form, 17.03.2011.
- KARAN, Baha. (2001). Yatırım Analizi ve Portföy Yönetimi, Gazi Kitabevi, Ankara.
- LAFFONT, Jean-Jacques ve Eric S. MASKIN. (1990). The Efficient Market Hypothesis and Insider Trading on the Stock Market, The Journal of Political Economy, Vol.98, Issue 1, Feb., (pp.70-93).
- LO, Andrew W. (2004). The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective, Journal of Portfolio Management, Forthcoming, 17.03.2011.
- http://papers.ssrn.com_id=602222.pdf,
- LO, Andrew W. (2007). Efficient Markets Hypothesis, The New Palgrave: A Dictionary of Economics, L. Blume, S. Durlauf, eds., 2nd Edition, Palgrave Macmillan Ltd., (pp.1-28)
- http://papers.ssrn.com/_id=991509.pdf
- MADURA, Jeff. (1989). Financial Markets and Institutions, West Publishing Co., Saint Paul.
- MAYMIN, Philip Z. (2011). Markets are Efficient if and Only if P = NP, Algorithmic Finance, Vol. 1, No. 1, NYU Poly Research Paper, (pp.1-12).
- ÖNCÜ, Semra, H. AKTAŞ, S. KARGIN, R. AKTAŞ, N. KAYALI. (2006). Yatırımcıların Anormal Fiyat Değişimlerine Tepkisi: Gün İçi Verilerle İMKB Üzerine Bir İnceleme. X. Ulusal Finans Sempozyumu, Kuşadası- Aydın, 01-04 Kasım, (ss. 1-17). http://www.finansbilim.com, 09.11.2008.
- REILLY, K. Frank ve Keith C. BROWN. (1997). Investment Analysis and Portfolio Management, 5. Ed., Dreyden Press.
- SEARS, R. Stephen ve Gary L. TRENNEPOHL. (1993). Investment Management, The Dryden Press.
- SHILLER, Robert J. (2002). From Efficient Market Theory to Behavioral Finance, http://papers.ssrn.com/_id=349660.pdf, 17.03.2011. Foundation Discussion Paper, No. 1385
- THALER, Richard ve Sendhil MULLAINATHAN. (2000). Behavioral Economics, Massachusetts Institute of Technology Department of Economics Working Paper Series, Working Paper: 00-27, September.
Öz
Bu çalışmada Etkin Piyasalar Hipotezi teorik bazda incelenerek genel bir değerlendirme yapılmıştır. Borsalarda fiyat hareketlerinin rastgele oluştuğu ve tesadüfi dağılım gösterdiği için önceden tahmin edilemeyeceği düşüncesi Etkin Piyasalar Hipotezi olarak nitelendirilmektedir. Hipoteze göre menkul kıymet fiyatları ile bilgi arasında bir ilişki bulunmakta ve menkul kıymet fiyatları her zaman açıklanan yeni bilgilere göre oluşmaktadır. Dolayısıyla piyasalar fiyatların yansıttığı bilgiye göre sınıflandırılmaktadır.
Anahtar Kelimeler
Piyasa Etkinliği Etkin Piyasalar Hipotezi Zayıf-Yarı-Güçlü Form
Kaynakça
- BAAL, Ray. (2009). The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned?, Journal of Applied Corporate Finance, Forthcoming, (pp.1-27) http://papers.ssrn.com/_id=1502815.pdf
- BARONE, Raffaella. (2003). From Efficient Markets to Behavioral Finance, University of Lecce Economics Working Paper No. 46/24, December, (pp.1-27) http://papers.ssrn.com/_id=493545, 17.01.2011.
- BAYRAKTAR, Ahmet. (2009). Endekse Dahil Olma ve Endeskten Çıkarılmanın Hisse Senedi Performansına Etkisi: İMKB Uygulaması, Ankara Üniversitesi SBE, Yayınlanmamış Doktora Tezi.
- BESTER, Helmut ve Klaus RITZBERGER. (2001). Strategic Pricing, Signalling, and Costly Information Acquisition, International Journal of Industrial Organization, Elsevier, Vol. 19 No. 9, (pp. 1347-1361).
- CHAMPELL, Y. John, Andrew W. LO ve Craig MacKINLAY. (1996). The Econometrics of Financial Markets, Princeton University Press.
- DECKMAN, R.Thomas ve Morse DALE. (1986). Efficient Capital Markets and Accounting: A Critical Analysis, Second Edition, Prentice-Hall.
- ERCAN, Metin Kamil ve Ünsal BAN. (2005). Değere Dayalı İşletme Finansı, Gazi Kitabevi, Ankara.
- FAMA, Eugene F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work, The Journal of Finance, Vol. 25, No. 2, (pp.383-417).
- FAMA, F. Eugene. (1976). Efficient Capital Markets: Reply, The Journal of Finance, Vol. 31, No. 1, Mar., (pp.143-145).
- GROSSMANN, Sanford ve Joseph STIGLITZ. (1980). On the Impossibility of Informationally Efficient Markets, The American Economic Review, Vol.70, June, (pp.393-408).
- http://financial-dictionary.thefreedictionary.com/strong+form, 17.03.2011.
- KARAN, Baha. (2001). Yatırım Analizi ve Portföy Yönetimi, Gazi Kitabevi, Ankara.
- LAFFONT, Jean-Jacques ve Eric S. MASKIN. (1990). The Efficient Market Hypothesis and Insider Trading on the Stock Market, The Journal of Political Economy, Vol.98, Issue 1, Feb., (pp.70-93).
- LO, Andrew W. (2004). The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective, Journal of Portfolio Management, Forthcoming, 17.03.2011.
- http://papers.ssrn.com_id=602222.pdf,
- LO, Andrew W. (2007). Efficient Markets Hypothesis, The New Palgrave: A Dictionary of Economics, L. Blume, S. Durlauf, eds., 2nd Edition, Palgrave Macmillan Ltd., (pp.1-28)
- http://papers.ssrn.com/_id=991509.pdf
- MADURA, Jeff. (1989). Financial Markets and Institutions, West Publishing Co., Saint Paul.
- MAYMIN, Philip Z. (2011). Markets are Efficient if and Only if P = NP, Algorithmic Finance, Vol. 1, No. 1, NYU Poly Research Paper, (pp.1-12).
- ÖNCÜ, Semra, H. AKTAŞ, S. KARGIN, R. AKTAŞ, N. KAYALI. (2006). Yatırımcıların Anormal Fiyat Değişimlerine Tepkisi: Gün İçi Verilerle İMKB Üzerine Bir İnceleme. X. Ulusal Finans Sempozyumu, Kuşadası- Aydın, 01-04 Kasım, (ss. 1-17). http://www.finansbilim.com, 09.11.2008.
- REILLY, K. Frank ve Keith C. BROWN. (1997). Investment Analysis and Portfolio Management, 5. Ed., Dreyden Press.
- SEARS, R. Stephen ve Gary L. TRENNEPOHL. (1993). Investment Management, The Dryden Press.
- SHILLER, Robert J. (2002). From Efficient Market Theory to Behavioral Finance, http://papers.ssrn.com/_id=349660.pdf, 17.03.2011. Foundation Discussion Paper, No. 1385
- THALER, Richard ve Sendhil MULLAINATHAN. (2000). Behavioral Economics, Massachusetts Institute of Technology Department of Economics Working Paper Series, Working Paper: 00-27, September.
Ayrıntılar
| Diğer ID | JA43ZZ92TJ |
|---|---|
| Bölüm | Derleme Makale |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Ocak 2012 |
| Yayımlandığı Sayı | Yıl 2012Cilt: 4 Sayı: 1 |
