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| Finance Essay

The effective market is, in particular, a result of the reasonable legislation and state policy. The success of market reforms to a great extent depends on public administration.

There are two main characteristics of the effective market.

1. The investor has no logical arguments to expect higher than average income on the invested capital at the set degree of risk. It does not mean that the investor cannot receive or will not receive a higher income; the main thing is that such an outcome cannot be expected. Such an outcome has a low probability.

2. The income level on the invested capital is a function of a risk degree. The exact dependence, of course, is unknown, the nature of the communication is clear: “the higher risk is, the more profitability should be”. The longer term you invest capital for, the more probable the risk can be. The requirement of a higher profitability, certainly, is reflected on the market price of shares.

Nevertheless, it is considered that “the hypothesis of the market efficiency in practice can be realized in one of three forms”, that is, three forms of efficiency of the market can be allocated: weak, moderate, strong.

In the conditions of a weak form of the market efficiency more or less reasonable forecast of an increase or a fall of the rates on the basis of the statistical data of the price dynamics is impossible.

In the conditions of a moderate form of the market efficiency the current prices reflect not only the changes of the prices, which were available in the past, but also all the information, equally accessible to the participants.

The strong form of efficiency means that the current prices reflect not only public information, but also the data, the access to which is limited.

Certainly, the creation of the effective market, which is possible on principle, is unrealizable in practice. Any of the existing securities markets is not admitted by the analysts as an effective one, though the existence of a weak form of efficiency of some markets proves to be true, according to the empirical researches.

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