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CAS Exam 9 Study Notes: Efficient Market Hypothesis
2019-03-30
My notes on the Efficient Market Hypothesis are now available. These notes correspond to Chapter 11 of the textbook Investments by Bodie, Kane, and Marcus. Market efficiency is the idea that information about a security is reflected in its price: three types of efficiency are described, depending on what type of information is reflected. Empirical studies providing evidence of inefficiencies in the market are also summarized. These notes correspond to objective A9 on the syllabus.
Keywords: Actuarial Science, Study Note, Exam 9