discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …

efficiency tests. Reflections on the measurement of intrinsic value provide insight into the interpretation of existing evidence … and suggestions for generating new evidence on market efficiency. This review essay on the state of knowledge about market … efficiency focuses on "A Reappraisal of the Efficiency of Financial Markets", analyzing the research areas from this perspective …