[ كفـاءة أسـواق رأس المـال والحركــة العشوائيــة للأسعــار ]
Volume 7, Issue 1, August 2014, Pages 38–49
Rami HARID1, Khayreddine BELAAZE2, and Rabah KHOUNI3
1 Laboratory of finance, banking and management, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
2 Laboratory of finance, banking and management, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
3 Department of commercial sciences, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
Original language: Arabic
Copyright © 2014 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This sheet discusses a subject very important it's the relationship between the efficiency of capital markets and the random walk of prices, where they appear this relationship through stock prices, which is expected be responsive to all information reach to investors , and movements of prices become random so long as the information contained independent of one another, which increases the efficiency of capital markets, However, some investors access to private information will leading to a non-random changes in prices as a result of information asymmetry and therefore weaken the efficiency of capital markets, Accordingly came the signal theory to help least partially in the provision and correct the information available to investors and raise the efficiency of capital markets.
Author Keywords: efficiency of financial markets, Random walk of prices, signal theory, information asymmetry.
Volume 7, Issue 1, August 2014, Pages 38–49
Rami HARID1, Khayreddine BELAAZE2, and Rabah KHOUNI3
1 Laboratory of finance, banking and management, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
2 Laboratory of finance, banking and management, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
3 Department of commercial sciences, University of Mohammed khider, BP 145 RP, 07000, Biskra, Algeria
Original language: Arabic
Copyright © 2014 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This sheet discusses a subject very important it's the relationship between the efficiency of capital markets and the random walk of prices, where they appear this relationship through stock prices, which is expected be responsive to all information reach to investors , and movements of prices become random so long as the information contained independent of one another, which increases the efficiency of capital markets, However, some investors access to private information will leading to a non-random changes in prices as a result of information asymmetry and therefore weaken the efficiency of capital markets, Accordingly came the signal theory to help least partially in the provision and correct the information available to investors and raise the efficiency of capital markets.
Author Keywords: efficiency of financial markets, Random walk of prices, signal theory, information asymmetry.
Abstract: (arabic)
تتناول هذه الورقة موضوعا على درجة كبيرة من الأهمية وهو العلاقة بين كفاءة أسواق رأس المال والحركة العشوائية للأسعار، حيث تظهر هذه العلاقة من خلال أسعار الأسهم التي يتوقع أن تستجيب لكل معلومة تصل الى المستثمرين، وبذلك تصبح حركة الأسعار عشوائية طالما أن المعلومات الواردة مستقلة عن بعضها البعض مما يزيد من كفاءة أسواق رأس المال، غير أن حصول بعض المستثمرين على معلومات خاصة سوف يؤدي الى تغيرات غير عشوائية في الأسعار نتيجة عدم تماثل المعلومات وبالتالي إضعاف كفاءة أسواق رأس المال، وعليه فقد جاءت نظرية الاشارة للمساهمة ولو بشكل جزئي في توفير وتصحيح المعلومات المتوفرة لدى المستثمرين ورفع كفاءة أسواق رأس المال.
Author Keywords: أسواق رأس المال، الحركة العشوائية للأسعار، عدم تماثل المعلومات، نظرية الإشارة.
How to Cite this Article
Rami HARID, Khayreddine BELAAZE, and Rabah KHOUNI, “The financial markets efficiency and Random walk of prices,” International Journal of Innovation and Scientific Research, vol. 7, no. 1, pp. 38–49, August 2014.
