「株價와 効率的 市場假說(EMH) 에 관한 硏究」

A Study on Stock price and EMH - based on inform ational efficiency -

The main study of this paper aims at analyzing the interrelations between stock price and efficient market hypothesis(EMH)based on informational efficiency. As mentioned above, Information is a standard for rational decision making. The major function and purpose of information is to provide a measure for expectation about future events under risk and uncertainty. By reducing the risk and uncertainty in the future, the quality of decion can be improved, furthermore, without the speedy and precise information processing system, the results of preditermined goal cannot be accomplished. Today, the interrelations of information and stock price in the securities theory have been summarized as EMH. In many respects, empirical tests for price mechanism of capital markets have been carried out by using the EMH. Especially, EMH and CAPM have formed the sophiseated theory representing the most important and fundamental theory of finance. In addition, further studies of obstacles factors and broad empirical tests on capital market efficiency will be more required.