The exterior efficiency is just the information efficiency studied by Efficient Market Theory.

而外在效率就是有效市场理论所研究的信息效率。

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Since its naissance, Efficient Market Theory has been one of Theory the most disputed and most important subjects in financial theories.

有效市场理论自从诞生以来，就一直是金融理论中最具争议和最重要的研究课题之一。

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THE basic idea behind efficient market theory is that it seems implausible that there are $20 notes lying on pavements waiting to be picked up.

有效市场理论（efficient market theory）的一个基本思想是：你不可能在大街上发现20美元钞票等着你去捡。

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Research Chairman Eisenstadt takes great satisfaction in having proved to adherents of the efficient market theory that the market can, in fact, be beaten.

FORBES: Magazine Article

At first glance, it may be easy to see a number of deficiencies in the efficient market theory, created in the 1970s by Eugene Fama.

FORBES: by Jason Van Bergen

Perhaps this is because investors are not the perfectly informed paragons found in efficient-market theory.

ECONOMIST: A must-read on the origins of the crisis