Mahya Karimzadeh Khosroshahi - MA. Student in financial management, Tehran,Iran.
Arman Malek - MA. Student in financial management, Tehran,Iran.

The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. The stock market efficiency is the idea that equity prices of listed companies reveal all the data regarding the company value (Fama, ۱۹۶۵). In this way, there isn’t possible to make additional returns. Due to many abnormal phenomena and conflicting evidence, known as anomalies against EMH, that many theories have been developed to explain some anomalies. We give a brief review on market efficiency and clearly define different market anomalies, different theories of Behavioral Finance and types of investor biases that could be used to explain such market anomalies. In addition to providing ideas for market researchers, this study can be used by investors to apply correct investment policies.

Inefficient Market; Anomalies; Investor Behavior