id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fueconorg-12000	Gajić, Nenad; Grozdić, Vanja; Demko-Rihter, Jelena; Duháček Šebestová, Jarmila	TESTING MARKET EFFICIENCY: THE ROAD TO INTRINSIC VALUATION	2023	19	.pdf	application/pdf	8128	378	53	It is important to note that “intrinsic value” of the company may be different if we use different techniques to calculate it (as this is yet to be standardized, because not all companies have the same fundamentals, and not all people may agree on these), and it will always be further modified (sometimes quite substantively) into market price in accordance to the patterns in investors’ minds – these patterns are the result of their education, past experiences, current mood and the way they forecast the future (similar to the concept of “behavioral adjusted present value” in Shefrin, 2008), and are also influenced from the outside (e.g. with word-of-mouth or newspaper stories that something is “hot or not” – according to Shiller (2003) feedbacks may even “be an essential source of much of the apparently inexplicable ‘randomness’ that we see in financial market prices”). Now, let's compare this fact with the words from the godfather of efficient markets, as this is how the famous Fama talks about financial prices before he became famous: “Competition among the many intelligent participants leads to a situation where, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that had already occurred and on events which, as of now, the market expects to take place in the future.	cache/fueconorg-12000.pdf	txt/fueconorg-12000.txt