融資與資本結構理論(英文版)(ppt 29頁)

一. Financing Instruments
二. Capital Structure Theories

Financial Market Efficiency:
Definition: A financial market is efficient when market price reflect all available information.
“All available information ”includes:
1. Past price
2. All public information
3. All information including non-public (inside) information

Financial Market Efficiency:
“ Prices reflect all available information ” means that financial transactions at market price,using the available information are zero NPV activities
Weak form: Past price do not predict future price changes
Semi-strong form: All public information does not predict future price changes
Strong form: All information, public and private,does not predict future price changes

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