Assumptions that all available information on the market is already included in the prices of financial assets and all actions forecasting future variations are useless, form informational efficiency of a capital market and are the basis of the Efficient Markets Hypothesis (EMH). But according to behavioral finance this type of efficient market can not explain the observed anomalies that represent a kind of indicator of inefficient markets. But it is still questionable whether these anomalies indicate a market inefficiency or related to incorrect understanding of risk premiums


Key words

Efficient Market Hypothesis, market anomalies



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