Stock Market Efficiency and Economic Efficiency: Is There a Connection?
نویسندگان
چکیده
منابع مشابه
Stock Market Efficiency and Economic Efficiency: Is There a Connection?
In a capitalist economy, prices serve to equilibrate supply and demand for goods and services, continually changing to reallocate resources to their most efficient uses. However, secondary stock market prices, often viewed as the most "informationally efficient" prices in the economy, have no direct role in the allocation of equity capital since managers have discretion in determining the level...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 1997
ISSN: 0022-1082
DOI: 10.1111/j.1540-6261.1997.tb02726.x