CN Miller, R Roll, W Taylor - The journal of Finance, 1970 - gesd.free.fr
This paper reviews the theoretical and empirical literature on the efficient markets model. After a discussion of the theory, empirical work concerned with the adjustment of security …
EF Fama - Journal of finance, 1970 - degruyter.com
The primary role of the capital market is allocation of ownership of the economy's capital stock. In general terms, the ideal is a market in which prices provide accurate signals for …
E Dimson, M Mussavian - The current state of business disciplines, 2000 - emh.org
The concept of efficiency is central to finance. Primarily, the term efficiency is used to describe a market in which relevant information is impounded into the price of financial …
E Dimson, M Mussavian - European financial management, 1998 - Wiley Online Library
Every finance professional employs the concept of market efficiency. The theory, evidence and counter‐evidence focus on a couple of dozen highly influential articles published during …
AG Ţiţan - Procedia Economics and Finance, 2015 - Elsevier
The concept of efficiency is central to finance. For many years, academics and economics have studied the concept of efficiency applied to capital markets, efficient market hypothesis …
A Ang, WN Goetzmann… - Foundations and Trends …, 2011 - nowpublishers.com
Abstract The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the …
We construct a simple measure to quantify the level of market efficiency. We apply this measure to investigate the level of market efficiency and analyze its variation over time. The …
MC Jensen - Journal of financial economics, 1978 - papers.ssrn.com
The efficient market hypothesis has been widely tested and, with few exceptions, found consistent with the data in a wide variety of markets: the New York and American Stock …
Thus in an efficient market the true expected return on any security is equal to its equilibrium expected value, which is, of course, also the market's assessment of its expected value. In …