Efficience informationnelle du marché boursier : définitions, tests empiriques et interprétation cohérente des résultats

This article provides a critical analysis of the empirical literature about the informational efficiency of stock markets. It has two major objectives. The first is to present an operational definition of this concept and summarize the main tests initially developed for the American stock exchanges. The second is to emphasize that the obtained results must be interpreted with care in part because they are based on various market places whose characteristics vary and also because these market places themselves evolve over time.