:

.1

.2

.3

.4

.

.
.1

Equilibrium

.

.

) (

Abnormal Returns

.



.

Good News

Bad News ] ) .[(1999

:
.Mispricing

Intrinsic

.Value
. .Fair Value

.Insiders


.
.2

Fama

.
] ) [(2003

Perfectly Efficient Market

.

.

Perfect Market:

.1

.2

.
.
.3

.4

/55/

2005

/10/ :
.1

.2

.%2

.3

.

.

.
:


.

.3

.
.
:
.1
.2

Price Efficiency

External Efficiency .

.

.
.Fair- Game Market

) .(2003

.

) (.

Operational Efficiency

Internal Efficiency :

Bid-Asked Spread

] .([2003


.

:
.1
.2

.
.

.

) (.
.4

)Fama (1970

Forms

:
.1

.2

.3

The Weak Form of Efficiency

.

.

The Semi-Strong Form of Efficiency

Splits

.Stock

.

.

): Bodie et al (2003
.1

.2

.3

.4

.5

The Strong Form of Efficiency

Insiders

.

.



).Fabozzi and Peterson (2003

SEC

).Bodie et al (2003

/6/ /3946/:
" ".

.