     109

        
     .     -
?    2:

            

 {weak}                       
 {semistrong)             
 {strong)                   
 

      
:

       , ,
  ,        -
 ,      ,  -
 (abnormal profit).

 ,        
        . -
,       (weak-form efficiency),  -
      (),  -
            
.        .
           
  (semistrong-fonn efficiency)  (   -
        
  ).       , 
       (strong-form efficiency).

         
 .        
(,    ,      
).      ,    , 
,         ,  
.   ,       ,
    (    
),           -
.          -
3.

   ,      
  .        -
.        . 
  ,  ,      -
  .

  ,       
    .     -
         ,
      
.         
  .       -
    .    . -