Sharemarket Efficiency and the Experts: Some Australian Findings

Philip Brown and Terry Walter ()

Australian Journal of Management, 1982, vol. 7, issue 1, 19-31

Abstract: This paper analyses the investment performance of 625 investment recommendations made by practitioners attending five Australian courses on portfolio management held between 1973 and 1979. It was found that course participants consistently out-performed the market, on a risk-adjusted basis. Their success was not due to picking winners to buy, but to nominating losers to sell.

Keywords: EFFICIENT MARKET HYPOTHESIS; INVESTMENT PERFORMANCE; SHARE GAME; STRONG FORM EFFICIENCY (search for similar items in EconPapers)
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:7:y:1982:i:1:p:19-31

DOI: 10.1177/031289628200700103

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