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2015, vol. 44, iss. 2, pp. 94-103
Eugene F. Fama: Nobel prize for 2013: Capital market efficiency
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) Eugene F. Fama: Facts. Nobel Media AB, Web. 12 Jun 2015.
Fama, J.F. (1990) Prinosi na akcije, očekivani prinosi i realna aktivnost. Časopis za finansije, 45(4), str. 1089-108
Fama, J.F. (2006) Ponašanje kamatnih stopa. Pregled finansijskih studija, 19(2), str. 359-79
Fama, J.F. (1968) Rizik, prinos i ravnoteža - komentari i pojašnjenja. Časopis za finansije, 23(1), str. 29-40
Fama, J.F. (1970) Efikasna tržišta kapitala - pregled teorije i empirijskog rada. Časopis za finansije, 25(2), str. 383-417
Fama, J.F. (1972) Savršena konkurencija i optimalne odluke o proizvodnji u neizvesnim okolnostima. Belov časopis za ekonomiju i nauku o menadžmentu, 3(2), str. 509-30
Fama, J.F. (1974) Empirijski odnos dividendi i investicionih odluka firmi. Američki ekonomski pregled, 64(3), str. 304-18
Fama, J.F. (1980) Bankarstvo u teoriji finansija. Časopis za monetarnu ekonomiju, 6(1), str. 39-57
Gorman, R. Three Americans win economics Nobel for analysis of asset prices leading to innovations across bonds, equities and even the housing market. and associated press reporter,, 14.10.2013
Ivanković, Ž. Eugene Fama, još jedan nobelovac - samoupravljač. www., 14.11.2013
Šubić, A. (2013) Nobelova nagrada za ekonomiju Fami, Hansenu i Shilleru. 14.10.2013.


article language: Serbian
document type: Review Paper
DOI: 10.5937/bankarstvo1502094P
published in SCIndeks: 24/09/2015

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