Seminar paper from the year 2018 in the subject Business economics - Business Management, Corporate Governance, grade: 85%, University of London (CeFiMS), language: English, abstract: In this paper it will be examined if markets are macro-inefficient and micro-efficient at the same time. In order to give a thorough understanding about efficient markets, there will be an overview in the following chapter. After that, the research question is discussed and managerial implication are given.