Year VII, No.8/2008 117 STOCK MARKETS AND THEIR INFORMATIONAL INEFFICIENCIES – THE BSE CASE

Starting with the sixties, the concept of efficient market represents the cornerstone of the modern financial theory, the specialized literature dealing usually with three concepts: informational efficiency, the rational behavior of market participants and the functional or organizational efficiency. These three dimensions are considered to be independent but it is often said that the existence of the informational efficiency represents one of the most important premises in order that a certain market fulfills its functions leading to an optimal allocation of the financial resources