Efficient Capital Markets Pdf Download

Founded in 2006, the Committee undertook its first major report on the U.S. capital markets at the request of U.S. Secretary of the Treasury, Henry M. Paulson. Over fifteen years later, the Committee continues to develop and promote policy reforms that would enhance opportunities for U.S. investors and promote economic growth.

Efficient Capital Markets Pdf Download

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Efficient market theory hypothesis proposes that financial markets incorporate and reflect all known relevant information. The validity of efficient market hypothesis is debated; however, whether or not efficient market hypothesis is valid, it is useful as a theoretical concept with which to study financial market phenomena.

At the outset I want to congratulate those of you who have chosen accounting and auditing as your field of study. Accounting and auditing professionals serve an absolutely vital role in our capital markets. Transparent, informative and accurate financial reporting are the lifeblood of the capital markets and are essential for investors to make informed decisions as to how to allocate their capital.

Under our federal securities laws, auditors enjoy a unique franchise because every public company that raises money through our capital markets or has a security listed on an exchange must hire an independent public accountant to audit its financial statements. The Supreme Court, in United States v. Arthur Young, described the audit as a "public watchdog" function that "demands that the accountant maintain total independence from the client at all times and requires complete fidelity to the public trust."[1]

In conclusion, I want to again commend those of you who plan to enter the accounting and auditing profession for choosing such an intellectually rigorous and dynamic field. Your future profession is vital to the integrity of our capital markets and to the infrastructure of our entire financial system that so effectively promotes competition and remains the envy of the world.

Euroclear Information Solutions (EIS) is our business line focused on leveraging data used in our core custody and settlement business to deliver new services to support our clients. As a trusted Financial Market Infrastructure (FMI), we manage vast amounts of data which we can put to work to bring greater efficiency in the functioning of capital markets.

Political stability, transparent regulations, efficient capital markets, an advantageous geographical location, and well-maintained transportation enhance business freedom. Labor laws are not restrictive by European standards, and the workforce is highly skilled. Swiss agriculture is highly subsidized and regulated with price controls and a variety of import restrictions supporting domestic production. 2ff7e9595c