1 论文标题  Efficient Capital Markets: A Review of Theory and Empirical Work

2 作者信息  Eugene F. Fama

3 摘要  THE PRIMARY ROLE of the capital market is allocation of ownership of the economy's capital stock. In general terms, the ideal is a market in which prices provide accurate signals for resource allocation: that is, a market in which firms can make production-investment decisions, and investors can choose among the securities that represent ownership of firms' activities under the assumption that security prices at any time "fully reflect" all available in- formation. A market in which prices always "fully reflect" available informa- tion is called "efficient."