SHOULD I USE THE SAME REFERENCE FOR THESE 2 SLIDE RAMA, 1970 - Slide 4: Capital Market Efficiency and Accounting Information Definition: Market prices reflect all available information, including accounting data like earnings reports, ensuring accurate security pricing. Speaker's Note: Capital market efficiency is a concept in financial economics that describes how well market prices reflect all available, relevant information. In an efficient market, securities are priced accurately, meaning that they reflect all known information and adjust quickly to new information. This includes accounting information such as earnings reports, which are crucial for investors making decisions about buying or selling stocks. Slide 5: Empirical Evidence on Market Efficiency Key Studies: Summarize key studies on market efficiency related to accounting earnings, examining stock price reactions to new accounting information and highlighting market efficiency levels. Speaker's Note: Empirical evidence on market efficiency often examines how stock prices react to new accounting information, such as earnings announcements. Research shows that in semi-strong efficient markets, stock prices quickly incorporate public information. However, some studies reveal inefficiencies, such as delayed reactions or overreactions to earnings news, suggesting that not all information is immediately reflected in stock prices