Efficient markets and behavior of economic agents
Keywords:
Hipótesis de los Mercados Eficientes, Finanzas del Comportamiento, Información, Expectativas, Sobrerreacción, Event Studies.Abstract
Based on the dual character of the agents (optimization and coordination) we work two statistical models called Overreaction (Contingency Tables) and Underreaction (Event Studies) and we find that the results obtained would overcome the markets gains if we had followed a port folio composed by stocks of the representative index. Therefore we may affirm that market prices could not reflect the fundamental assets value, since it is possible to improve the benchmark.References
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