The Efficient Market Hypothesis and Its Critics

Journal of Economic Perspectives - Tập 17 Số 1 - Trang 59-82 - 2003
Burton G. Malkiel1
1Princeton University, Princeton, New Jersey

Tóm tắt

Revolutions often spawn counterrevolutions and the efficient market hypothesis in finance is no exception. The intellectual dominance of the efficient-market revolution has more been challenged by economists who stress psychological and behavorial elements of stock-price determination and by econometricians who argue that stock returns are, to a considerable extent, predictable. This survey examines the attacks on the efficient market hypothesis and the relationship between predictability and efficiency. I conclude that our stock markets are more efficient and less predictable than many recent academic papers would have us believe.

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Tài liệu tham khảo

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Thông tin xuất bản

Journal of Economic Perspectives

Tập 17 Số 1

59-82

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