This paper investigates information efficiency, allocation optimality and second optimality of capital market from the two angles of available information set and complete information set.

• 摘要本文运用信息不对称理论和随机鞅理论分别从基于可得信息集和完全信息集这两个角度深入地探讨了资本市场的信息有效性与资源配置最优性和次优性。