By Fred R. Kaen

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68). There are several forms of market efficiency: weak, semi-strong and strong. If markets are efficient, they can process the information available and the information is thus incorporated into the price of the security. Thus, systems for playing the market cannot succeed; abnormal returns cannot be expected. The definition of the types of market depends on the information the market uses to determine prices: 36 Property Finance Weak form - incorporates the past history of prices and is efficient with respect to these prices.

8%. The returns on index-linked Government stock are shown in financial newspapers, as is the rate for undated stock; the latter is listed as consols, being an abbreviation of consolidated loan stock (the Government national debt). Risk premium Much work has been done in the property and other investment sectors on this question of risk premium. This is the addition to the risk-free interest rate to take into account the risk of the investment. This risk may relate to the inability to predict the level of return and perhaps the likelihood of payment.

233-4) The term in brackets is positive, so the equation relates the expected return on a security as a positive function of its beta. This equation is the basis of the capital asset pricing model (CAPM). Arbitrage pricing theory (APT) also derives a relationship between risk and return but not in this form. The APT draws basically the same conclusions but makes assumptions that the returns on securities are driven by a number of market factors. Capital asset pricing model 34 Property Finance where ~ is the expected return on the market, Ris the expected return on the security, RF is the risk-free rate and ~ is the measure of risk.

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