How Well Do You Know the Efficient Market Hypothesis and Behavioral Finance?

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Questions and Answers

¿Quién propuso la Hipótesis del Mercado Eficiente (HME)?

  • Robert J. Shiller
  • Eugene Fama (correct)
  • Un analista del mercado
  • Ninguna de las anteriores

¿Qué sugiere la HME?

  • Que las proyecciones más precisas se hacen con información parcial
  • Que las proyecciones más precisas se hacen con información limitada
  • Que las proyecciones más precisas se hacen con toda la información disponible (correct)
  • Que las proyecciones más precisas se hacen con información subjetiva

¿Qué versión de la HME sugiere que los precios siempre son correctos y reflejan todos los factores fundamentales del mercado?

  • Fuerte (correct)
  • Semi-fuerte
  • Ninguna de las anteriores
  • Débil

¿Qué evidencia apoya la HME?

<p>Los precios de las acciones no siguen un patrón aleatorio (C)</p> Signup and view all the answers

¿Qué propuso Robert J. Shiller?

<p>El concepto de &quot;exuberancia irracional&quot; en los mercados (C)</p> Signup and view all the answers

¿Qué aplica la finanza conductual?

<p>La psicología y la sociología a las finanzas (B)</p> Signup and view all the answers

¿Qué evidencia va en contra de la HME?

<p>El efecto de enero (B)</p> Signup and view all the answers

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Study Notes

  • Eugene Fama is a professor at the University of Chicago and Nobel Prize winner in Economics in 2013.
  • He proposed the Efficient Market Hypothesis (EMH) which has three versions: weak, semi-strong, and strong.
  • The EMH suggests that the best projections that can be made from all available information are the ones that form our expectations of the rate of return.
  • The price of an asset in the financial market reflects all available information at any given moment.
  • Inefficient assets with high returns attract investors, causing the price to rise and the exceptional return to disappear.
  • The strong version of the EMH suggests that prices are always correct and reflect all the fundamental factors of the market.
  • Evidence supports the EMH, such as analysts not outperforming the market and the random walk of stock prices.
  • Evidence against the EMH includes the January effect and the overreaction of markets.
  • Robert J. Shiller, a professor at Yale and Nobel Prize winner in Economics in 2013, proposed the concept of "exuberance irrational" in markets.
  • Behavioral finance applies psychology and sociology to finance, including the impact of overconfidence and loss aversion.

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