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The document discusses the assumption of market efficiency that is used in capital markets research. It defines market efficiency as stock prices quickly reflecting all available information. The efficient market hypothesis proposed by Eugene Fama states that stock prices already incorporate all available information, making it impossible for investors to outperform the market. However, the document argues that how prices are actually determined is more complex than assumed, and accounting researchers should not take the price discovery process for granted or assume prices always accurately reflect a stock's fundamental value. A deeper understanding of market efficiency and how prices change is needed.
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Understanding the Assumption of Market Efficiency Used in Capital Markets Research
The document discusses the assumption of market efficiency that is used in capital markets research. It defines market efficiency as stock prices quickly reflecting all available information…