Efficient Market Hypothesis
효율적 시장 가설 (EMH)
A cornerstone financial economics theory asserting that financial asset prices fully reflect all available information, making it impossible to consistently achieve returns exceeding average market returns on a risk-adjusted basis.
| Field | Economics · Management |
|---|---|
| Level of analysis | Macro · Structures & Institutions |
| Paradigm | Rational Choice |
| Key figures | 👤 Eugene Fama (유진 파마) |
| Year | 1970 |
Key Claims
Eugene Fama categorized market efficiency into weak, semi-strong, and strong forms based on the incorporation of historical, public, and private information. Because prices adjust instantaneously to new random information, stock prices follow a random walk, precluding systematic alpha.
Further Reading
- Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383–417.
Related theories 2개
A foundational theoretical framework in economics addressing Behavioral Economics at the micro level of analysis.
A foundational theoretical framework in economics addressing Rational Choice Theory at the micro level of analysis.