This is a clarification question (probably for people that have studied or read about the EMH in depth). Wikipedia's definition is: "The efficient-market hypot

This is a clarification question (probably for people that have studied or read about the EMH in depth). Wikipedia's definition is: "The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information." The sentence above doesn't say how quickly the prices incorporate the information. The rest of the Wikipedia article didn't really clarify my core question (next). Could someone give a summary of how the EMH is or is not framed in terms of steady-state assumptions? In other words, does the core EMH theory concern itself with dynamics? (Random walk theory does discuss dynamics.) If there is a variation of theories that are all called "EMH", would you please summarize some grouping you find useful?