Overview of the theoretical concept of pricing for financial assets
Importance The article overviews principal theories of pricing for financial assets and relevant processes. I point out the role of the efficient market hypothesis in contemporary scientific concepts and review principle assumption and possibilities for putting those concepts in practice. Objectives The research analyzes principal concepts of pricing for financial assets and points out specific assumptions per each theory. I also identify aspects which unite the theories or allow them to supplement one another. The article shows further areas for developing theoretical concepts. Methods I applied a comparative analysis of pricing concepts in relation to financial assets. Conclusions and Relevance As the research shows, the efficient market hypothesis plays a prevailing role to analyze pricing for financial assets. The respective theories can be divided into two groups, i.e. those that directly study the system and its characteristics for securities circulation purposes, processes of pricing on the basis of interaction between various parties to sale and purchase of financial assets. The second group of theories seems to be more promising in terms of further development of pricing concepts in the financial market.