Efficient Market Theory - The Stock Market Versus the Electronic Market. Romania Case Study

In a technological era, the volume of the transactions done through the Internet is growing continuously determining scientists to develop different studies to analyze the efficiency of electronic auction markets. Starting from this idea, we have analyzed in this paper the theoretical aspects related with the efficiency of online auction markets in Romania, as well as the informational efficiency of the national Capital Market. Using econometrical methods we have studied the weak form of the Romanian Capital Market efficiency and we have discovered that on this market available information fully reflect into prices, the possibility to speculate being out of the question. On the other hand, the online auction market passes through a process of development in Romania, this development being slowed down by factors of psychological, legislative and technological nature. So, we have concluded that at this point our national Capital Market is more efficient than the one of electronic auctions.