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2015, vol. 44, iss. 4, pp. 108-115
Capital market efficiency III
Udruženje banaka Srbije
In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (ir)regularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.
*** (2014) Lars Peter Hansen: Facts. Nobel Media AB, 24 Nov 2015,
Matthews, C. (2013) Economics: Nobel-prize winner Lars Peter Hansen on how economics has helped you. Time, 23.10.2013
Mitrović, M. (2013) Nobelova ravnoteža. Biznis i Finansije, 10; 17
Nobelovci (2014) Prespor oporavak SAD. Biznis i finansije, 08; 21
Pantelić, S. (2015) Judžin F. Fama - Nobelova nagrada za 2013 - Efikasnost tržišta kapitala. Bankarstvo, vol. 44, br. 2, str. 94-103
Pantelić, S. (2015) Robert J. Šiler - Nobelova nagrada za 2013 - efikasnost tržišta kapitala. Bankarstvo, vol. 44, br. 3, str. 102-111
Šubić, A. (2013) Nobelova nagrada za ekonomiju 2013. Fami, Hansenu i Shilleru. 14.10.2013.,


article language: Serbian, English
document type: Review Paper
DOI: 10.5937/bankarstvo1504108P
published in SCIndeks: 11/02/2016

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