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1.Introduction
As it is known, the financial crisis has had a worse influence on the world’s economy. Along with more and more countries’ economic are declining, the stock markets of many more countries are facing close down. And a large number of investors lost a lot of money in the stock market. These things make some people remember Norman Ralph Augustine’s word: “If https://www.51lunwen.org/uk/stock market experts were so expert, they would be buying stock, not selling advice.”(Norman Ralph Augustine.1971). Even though the stock market experts don’t buy the stock, why there are still many general people buy it? Is the stock market can be analyzed and forecasted? In other words, is the stock market validity? This essay will make a research on the validity of stock market based on the Efficient Markets’ debate. At the first part, some background knowledge of efficient markets and stock markets will be showed. The theory of efficient markets, the character and development of stock markets will be included in this part. In the following, this essay will use more critical words to describe the validity of stock market. This part includes four paragraphs. The first paragraph will describe the present situation of stock market. Then the second paragraph will discuss about the predication of some stock market experts. As the following, the factors that impact on the stock bargaining will be analyzed. The content of the fourth paragraph is what attentions should be paid when buying stock. At the last part, this essay will analyze the stock market base on efficient market theory.

2. Brief introduction of efficient market and stock market
2.1 The theory of Efficient Markets
As the information becomes more and more importance, it can be said that if someone hold the useful information in hand, that he can control the destiny. The definition of efficient markets is exactly related to the catching of information. The goal of efficient market theory is the researching 代写留学生论文on how the information impact on the price of negotiable securities. The way of impaction includes the size and speed of information translation. As to the capital market, if the price of capital can reflect all the information which can be achieved, thus the market is efficient (Sharpe, William F. 1964). On the other hand, if the information spreads very slowly and the investors need so much time to analyze it, it can be said that the market isn’t efficient. In short, whether the information can bring profit to the investors decides that if the market is efficient.

2.2 The background and development of stock market
When the bank can’t lend money to the companies whose credit and previous operating conditions is not very well, but they need money, and at the same time, some general people intend to use their surplus money to make money, the stock market was appeared (Coutts, J A and Cheung K -C .2000). In fact, the emergence time of the stock market is different in different countries. England’s stock market appeared earlier than most of other’s. As a result, the stock markets of England are relatively perfect. Some developing countries have their own stock market very late. But they made it develop very fast. For example in China, the stock market didn’t appear until 1992. But now the Chinese stock market is really a big and developed market in the world.

Reference

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