Have been informationally efficient stock markets?

In this paper we study the testing of the stock market efficiency in the last fifteen years, for that we review the papers of ScienceDirect database to characterize the results in percent. We find that 60 % of papers rejects stock market efficiency, 35 % presents evidence of efficiency, and the rema...

Full description

Bibliographic Details
Main Authors:	Duarte, Juan Benjamín Duarte, Pérez-Iñigo, Juan Manuel Mascareñas
Format:	Online
Language:	spa
Published:	Universidad Pedagógica y Tecnológica de Colombia 2014
Subjects:	efficient market hypothesis financial markets. Hipótesis del mercado eficiente mercados financieros. (Efficient market hypothesis financial markets)
Online Access:	https://revistas.uptc.edu.co/index.php/cenes/article/view/2906

Description
Summary:	In this paper we study the testing of the stock market efficiency in the last fifteen years, for that we review the papers of ScienceDirect database to characterize the results in percent. We find that 60 % of papers rejects stock market efficiency, 35 % presents evidence of efficiency, and the remaining 5 % verifies a progressive improvement in efficiency due to economic reforms, faster information flow and the launch of new financial products