SEQUELS ARE RARELY AS good as the originals, so I approach this review of the market
efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work …

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 …

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 …

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 …

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 …

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 …

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 …

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 …