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Essay - Market Efficiency

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The level of efficiency within financial markets remains a disputed topic, as various proponents exist to debate the different drivers affecting efficiency.

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6 Pages Essays / Projects > 2 Years old
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Essay - Market Efficiency
Topics this document covers:
Financial markets Mathematical finance Efficient-market hypothesis Hedge fund Algorithmic trading High-frequency trading Speculation Stock market Market liquidity Arbitrage Futures contract Bid–ask spread Flash Crash
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Topics this document covers:
Financial markets Mathematical finance Efficient-market hypothesis Hedge fund Algorithmic trading High-frequency trading Speculation Stock market Market liquidity Arbitrage Futures contract Bid–ask spread Flash Crash
Sample Text:
This essay discusses how different investors facilitate or inhibit efficient markets, taking into consideration these effects in positive and negative market conditions, as well as over time. We base the definition of market efficiency around two factors being informational efficiency, where efficient prices ‘fully reflect’ available information, and rational efficiency, where investors exhibit economically rational aims such as maximising return and minimising risk (Fama 1970, Walter 2000). High Frequency Trading High frequency traders (HFTs) influence market efficiency due to their ability to leverage complex algorithms that interpret market news and turn over security positions within milliseconds (McGowan 2010). While the speed and volume of trading facilitates price discovery and liquidi...
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