This means that more efficient banks will inevitably get a bigger share of the cake in concentrated markets, such as Britain, and buy weaker, less efficient competitors in fragmented markets such as America.
Our customers say they come back to us because we provide the most liquid and cost-efficient markets in the world.
Malkiel was in essence embracing the efficient markets theory that says fund managers as a group cannot outperform the market, so investors who pay big commissions and other management expenses are cheating themselves.
Earlier this week, Cutler finalized a multiyear investigation into trading practices by specialists on the New York Stock Exchange, bringing civil charges against 20 individuals and scolding the NYSE for failing to police those traders, who are supposed to make efficient markets in listed stocks.
But there is little doubt that the reforms have speeded the development of deeper and more efficient financial markets in the countries concerned.
Specifically, Paulson wants to see stronger and more efficient capital markets in China, increased domestic consumption and more exports from the U.S. to China.
In Hong Kong's efficient markets, prices then adjust with astonishing speed.
He does not see markets as efficient in Mr Fama's sense, but thinks they are fiercely competitive.
The Efficient Markets Hypothesis (EMH) says that markets are efficient at processing information about what prices should be in a market.
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Law-and-economics thinkers tend to assume that competitive forces in free markets will lead to efficient outcomes and that regulation often harms rather than helps consumers.
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Since opening its franchise business in 2012 the pool care franchise has made acquisitions in four states and has found acquisition to be a highly efficient and beneficial route to garnering clients in unexplored markets.
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It also does not say that markets are necessarily efficient in the distribution of all goods.
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For capital markets to be efficient in putting money to best use, companies need flexibility in returning capital as well as in raising it.
Insider trading aside, this suggests that some people may indeed be more plugged in than others in other words that markets are not perfectly efficient.
In this environment, can markets truly be efficient?
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For smaller and more obscure companies, on the other hand, markets in their shares may be less efficient.
From a national policy perspective, speculation provides the grease that encourages markets to be efficient and aids in price discovery by often providing the other side of the trade.
Because they are all inter-related, and innovation and job creation are only possible with capital formation, which in turn is a function of fair and efficient capital markets.
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In this classic role, the market maker promotes efficient markets.
It's what we're seeing in the dissolution of archaic markets and business models, and in the creation of new ones - a highly efficient, individual-driven community shift towards solutions that work, and that carry more than just precedent.
ABMs, in contrast, make no assumptions about the existence of efficient markets or general equilibrium.
People, rightly or wrongly, have come to trust U.S. markets as the most efficient and fair in the world.
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Indeed, there are theories out there like the efficient markets hypothesis which say that we cannot in fact predict them.
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In reality, some countries take many generations to acquire efficient markets.
The reasoning behind this strategy stems from the belief that parts of the financial markets are efficient and should be invested in with index funds while other parts are inefficient and this where active management is fruitful.
These theories have recently become suspect, with the correlated market declines that wreaked havoc on efficient markets, causing broad-based distortions in prices across most asset classes: the sovereign debt of Greece, Italy, Portugal, Spain and Ireland, the equities of European and domestic banks, high-yield and corporate bonds and emerging-market and domestic equities.
In contrast, Mr Cooper argues that markets are far from efficient, as they often get locked into feedback mechanisms that lead to booms and busts.
Securities markets, even in emerging economies, are generally efficient.
While some experts are predicting that the removal of the general solicitation ban will help spawn the next Facebook or Google, tech companies will actually be the companies least affected by the change in law because the private capital markets for tech are already extremely efficient.
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In perfectly competitive markets, bundling should happen only if it is more efficient than selling the products separately.
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