Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Quiroga                        
Author-Workplace-Name: Facultad de Ciencias Economicas. Universidad Nacional de La Plata. Argentina.
Title: Eficiencia en los mercados financieros y predicción de precios de los activos
Abstract: The present work aims to analyze the efficiency in financial markets, by analyzing the positions of  the  2013  Nobel  Economy  prize  winners,  who  obtained  this  recognition  because  of  their empirical contributions concerning the prediction of the behavior of financial asset prices, based on different theoretical foundations.The  Efficient  Markets  Theory  of  Eugene  Fama  is  analyzed,  as  well  as,  irrational  behaviors  of investors and the generation of speculative bubbles from the perspective of Robert Shiller, and finally Lars Peter ́s contributions with the Generalized Model of Moments.It  concludes  that  markets  become  more  efficient,  when  analysts  believes  that  there  are  more inefficient  and  competes  in  the  search  of  information  in  order  to  take  advantage  of  that inefficiency.Normally analysts act on the basis of imperfect markets, using technical analysis, carrying out fundamental reviews and accepting that privilege information exists; this reality make markets more efficient.Market efficiency is half-truth; financial asset prices seem to frequently reflect its intrinsic value to a certain extent and in specific situations, widespread irrational behaviors generates bubbles.   
Classification-JEL: F36, G14, O16.
Keywords: Financial Markets, Market efficiency, Behavioral finances, Speculative Bubbles.
Journal: Ciencias Administrativas
Pages: 47-54
Issue: 10
Number: 6
Year: 2017
Month: July-December
DOI: 10.24215/23143738e011
File-URL: https://revistas.unlp.edu.ar/CADM/article/view/2736
File-Format: Application/pdf
Handle: RePEc:lap:recadm:71