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By Bernard Lalière, Head of High Yield Bonds, Degroof Petercam
The summer of 2015 was quite eventful for major high-risk financial assets, and days of significant gains were followed by days of heavy losses. This nervousness on financial markets did not only stem from disappointing macro-economic figures in China and the United States and profit warnings by some companies, but also from investors worrying about future monetary policy in the United States. In the absence of clear indications about recessions and hence wealth destruction, there is one fundamental question which is worth asking: are markets still efficient?
Market efficiency
The concept of market efficiency has been a subject of discussion for many years among academics...
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