The relationship of the financial market information space and information efficiency

Analysis of the works of a number of domestic and foreign authors devoted to the research of the information space of the financial market showed insufficient elaboration of certain provisions of the effective market hypothesis as applied to the Russian Federation. The purpose of the work is to verify the provisions of the effective market hypothesis when economic actors implement certain behavioral strategies and the possible identification of empirical violations of the effective market hypothesis. The subject of research is a methodological toolkit for analyzing the dependence of managerial decision-making on information efficiency and the types of behavior of business entities. The methodology is based on general methods of scientific knowledge: an empirical and statistical study using the methods of correlation analysis, analysis of risk dynamics and profitability. The study built typological groups of participants in market relations in accordance with the used mechanisms for making investment decisions, and also compared groups of companies in the risk-return space. The hypothesis of information efficiency was tested from the point of view of assessing the accuracy and reliability of the information received from economic entities. Anomalies in the formed groups are revealed, and non-compliance between risk and profitability is established. This indicates a gradual adaptation of the market to information, which should not be in efficient markets. Main results and conclusions: - the hypothesis of an effective market (EMH) has been put forward when economic actors are implementing certain (selected) behavioral strategies and the possible identification of empirical violations of EMH. - a typological grouping of the information space of the financial market was built, for which shares of issuers traded on the Russian stock market were selected as objects of observation. - the determination of the affiliation of shares to different groups was carried out, depending on the type of behavior on the market, the risk level and return were calculated, the coefficients of variation and the share of companies belonging to each group were determined. - revealed anomalies in the information space of the financial market that are associated with the profitability and volatility of financial assets of companies