EFEKTYWNOŚĆ RYNKÓW WEDŁUG FAMY – PRZEGLĄD EMPIRYCZNY NA GIEŁDACH ŚWIATOWYCH ZE SZCZEGÓLNYM UWZGLĘDNIENIEM GIEŁDY POLSKIEJ
THE EFFICIENCY OF FINANCIAL MARKETS ACCORDING TO FAMA – EMPRIAL REVIEW ON POLISH AND GLOBAL STOCK MARKET

Summary/Abstract: The aim of the articles to review literature, research and the attempt to confirm the hypothesis of the market's efficiency according to the Fama. Fama distinguished three forms of efficiency: weak, semi-strong and strong. The article will discuss research on global exchanges, and in particular on the Polish market. Over the course of several decades, research have been carried out to test whether this hypothesis is true. The results of these observations are often contradictory. Some of them support these forms of efficiency, and some of them negate them. This applies to both the Polish and foreign market. The research discussed in the article was carried out in various situations prevailing in the markets. However, based on the available literature, it can be concluded that the greatest support of researchers has a weak form of information efficiency, although there are voices against this form. Next form – semi-strong, has more opponents. The strong form is usually rejected, but there is a few research supporting this form.

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