DEVELOPMENT TRENDS AND REGULARITIES OF CAPITAL MARKET THEORY

Abstract

This article examines the historical evolution of capital market theory, its modern development trends, and the fundamental regularities of market mechanisms within the global financial system. The study explores theoretical and practical aspects of diversification, risk–return relationships, price formation mechanisms, information transparency, liquidity, and investor behavior. Differences between developed and emerging markets, the growing impact of digital technologies and artificial intelligence on capital market models, and the specific features of Uzbekistan’s capital market are also analyzed. The findings demonstrate that although capital market theory has universal principles, it must be adapted to the institutional environment of each country