2012年ACCA考试《F9财务报告》讲义辅导24

2012年ACCA考试《F9财务报告》讲义辅导24
by Anthony Head
　　28 Oct 2003
　　y examiner's report on Paper 2.4 at the June 2003 session noted the need for students to improve their understanding of market efficiency. This article addresses this issue and also discusses other market matters contained in Section 2 of the Paper 2.4 syllabus, 'the financial management environment'
　　Capital markets, efficiency and fair prices
　　Investors in capital markets want to be sure that the prices they pay for securities, such as ordinary shares and bonds, are fair prices. In order for security prices to be fair, the capital markets must be able to process relevant information quickly and accurately. Relevant information is anything that could affect security prices e.g. previous movements in security prices, newly-released company financial statements, changes in interest rates or details of sales of their own company’s shares by company directors. We say that a capital market is efficient when we are confident that security prices are fair. A capital market can be efficient when share prices in general are falling (a bear market) or rising (a bull market).