The efficient market hypothesis stated that investors cannot outperform the market by making use of any information that the market already knows, unless due to luck. Information or news in a market efficiency is defined as any information that could affect the stock price, that this information does not know in the present and just appear randomly in the future. The random information that will make the future stock price volatility. According to this theory, the market appeared in which insider trading (insider trading) could not be considered market efficiency.
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