Reading 46 Market Efficiency (Layout)
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The remainder of this reading is organized as follows:
Section 2 provides specifics on how the efficiency of an asset market is described and discusses the factors affecting (i.e., contributing to and impeding) market efficiency.
Section 3 presents an influential three-way classification of the efficiency of security markets and discusses its implications for fundamental analysis, technical analysis, and portfolio management.
Section 4 presents several market anomalies (apparent market inefficiencies that have received enough attention to be individually identified and named) and describes how these anomalies relate to investment strategies.
Section 5 introduces behavioral finance and how that field of study relates to market efficiency.