The Market information course deals with the raw material of financial markets: information. In particular, this course presents a key concept of financial markets: efficiency. Market efficiency is a subject that has already caused rivers of ink to flow and fueled eternal debates both among academics and practitioners. Everyone is free to think that markets are efficient or inefficient. After this course and the associated simulation you should have your own opinion. Why should we be interested in the efficiency of financial markets? Are markets efficient? What trading strategies to use to take advantage of market inefficiencies?

Teaching objectives

The Market information course will be the opportunity to present the key concept of market efficiency. Efficiency must be understood in a dynamic sense.

Learning goals

The Market information course will allow you to learn in practice the following points of finance:

• Identify the different levels of market efficiency and associated pricing behavior


• Understand the dynamics of efficiency with the roles of different market participants


• Understanding the determinants of market efficiency.

After or during this course, you can practice what you learned by launching the simulations associated to this course.

Your grade for this course takes into account the following elements:

• Reading the pages of the course: 5 points for each page


• Your results for the MCQ tests: 50 points for each MCQ test


• Your results for the comprehensive MCQ test: 100 points for the comprehensive MCQ test

Professor François Longin
ESSEC Business School