摘要：The Efficient Market Hypothesis is still a ‘hot’ topic in financial economics. This
paper provides a review of the empirical results obtained in the investigation of the Romanian
stock market’s informational efficiency. Tests on the predictability of returns suggest that
the Romanian stock market has a low level of efficiency. Furthermore, the impact of new
information is more intense before and after its release. Moreover, some papers put into
question the coincidence between asset prices and their intrinsic values.
