Efficient Capital Markets

Efficient Capital Markets: What does ECM mean? What are the implications of Market Efficiency for the behavior of security prices? Do you think Global Capital Markets are Efficient? Explain the historical record of Efficiency on these markets:

First market;
Second Market;

Between one and two pages. Quality, rather than quantity will be rewarded.(Times New Roman 11 font size; 1.5 spacing)Please be very precise, specific and direct in your answers.Wherever required use equations/formula, and graphs/diagrams; be sure to identify the different variables. In calculations, approximate to two decimal places.

Sample Solution