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| Author: | Vickrey, D. |
| Title: | An internationally relevant, alternative price-oriented concept of market efficiency |
| Journal: | International Journal of Accounting Education and Research
1994 : VOL. 29:3, p. 206-219 |
| Index terms: | INTERNATIONAL MARKET EFFICIENCY INFORMATION |
| Language: | eng |
| Abstract: | Beaver (1981a) introduced price-oriented concepts of market information efficiency which are meant to facilitate the construction of a theory of market efficiency. Concepts have their origin in a hypothesized diversification effect , which, is present, may produce an equivocal level of aggregate-market sophistication. This article identifies several problems with Beaver's concepts related to their failure to ensure aggregate-market sophistication, develops a price-oriented concept of aggregate-market sophistication, and integrates this concept and Beaver's concept of y-efficiency. |
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