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Neumann, M., Klein, M. Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung. Credit and Capital Markets – Kredit und Kapital, 15(2), 165-187. https://doi.org/10.3790/ccm.15.2.165
Neumann, Manfred J. M. and Klein, Martin "Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung" Credit and Capital Markets – Kredit und Kapital 15.2, 1982, 165-187. https://doi.org/10.3790/ccm.15.2.165
Neumann, Manfred J. M./Klein, Martin (1982): Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung, in: Credit and Capital Markets – Kredit und Kapital, vol. 15, iss. 2, 165-187, [online] https://doi.org/10.3790/ccm.15.2.165
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Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung

Neumann, Manfred J. M. | Klein, Martin

Credit and Capital Markets – Kredit und Kapital, Vol. 15 (1982), Iss. 2 : pp. 165–187

1 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.15.2.165
Language
Multiple languages
Pages
23

Neumann, Manfred J. M.

Klein, Martin

Cited By

  1. Recent Developments in the Theory of Efficient Capital Markets

    Andersen, Torben M.

    Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 3 P.347

    https://doi.org/10.3790/ccm.18.3.347 [Citations: 4]

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Abstract

Problems of the Theory of Efficient Markets and the Empirical Testing of it

This article ventilates various, theoretical and empirical problems of efficient markets. Following a brief introduction to Fama’s theoretical groundwork, an attempt is made to reformulate the concept of the information efficiency of markets, using the marginal costs of information procurement to distinguish among centrally published, decentrally published and temporarily monopolized information. The new approach enables an economically substantiated distinction to be drawn between high and low information efficiency and, in addition, to reject the famous information paradox as a spurious problem. The critical discussion of hypothesis tests in the second part of the article culminates in the conclusion that all tests of the hypothesis of high information efficiency are invariably only weak, that is, not very restrictive tests.

Table of Contents

Section Title Page Action Price
Manfred J . M. Neumann/Martin Klein: Probleme der Theorie effizienter Märkte\rund ihrer empirischen Überprüfung 165
I. Einführung 165
II. Famas theoretische Grundlegung 166
III. Markteffizienz bei unterschiedlichen Informationsständen 168
IV. Testprobleme 175
Literatur 184
Zusammenfassung: Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung 186
Summary: Problems of the Theory of Efficient Markets and the Empirical Testing of it 186
Résumé: Problèmes de la théorie de marchés plus efficients et de leur vérification empirique 186

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