Market efficiency means the market price of a security reflects the market's consensus estimate of the value of said security. More formally, market efficiency means the unanticipated portion of the return on a security is unpredictable, and over a sufficient number of observations, does not differ systematically from zero. The unanticipated portion is the actual return less what was expected based on some fundamental analysis.CHAPTER V Conclusion The purpose of this study was to assess the risk in investing in emerging foreign markets such as Brazil, ... Stock market indices are frequently used as local proxies for the market and by definition have a beta of one.
|Title||:||Effect of Macroeconomic Variables on Stock Market Returns for Four Emerging Economies: A Vector Regression Model for Brazil, Russia, India, and China|
|Author||:||Robert D. Gay (Jr)|
|Publisher||:||ProQuest - 2008|