2012年ACCA考试《F9财务报告》讲义辅导25

2012年ACCA考试《F9财务报告》讲义辅导25
Types of efficiency
　　It is usual to identify four types of capital market efficiency1:
　　1. Operational efficiency requires that transaction costs are low and do not hinder investors in the sale or purchase of securities.
　　2. Informational efficiency means that relevant information is widely available to all investors at low cost.
　　3. Pricing efficiency refers to the ability of capital markets to process information quickly and accurately, and arises as a consequence of operational efficiency and informational efficiency.
　　4. Allocational efficiency means that capital markets are able to allocate available funds to their most productive use and arises as a result of pricing efficiency.
　　Most of the research into market efficiency has been into pricing efficiency.