A Random Walk to Nowhere:How the Professors Caused a Real “Fraud-on-the-Market”

Edward E Williams and John A Dobelman
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Edward E Williams: Rice University, USA
John A Dobelman: Rice University, USA

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book is about an intellectual fraud, one that has become part of legal doctrine that has greatly influenced decisions all the way up to the United States Supreme Court. The "efficient market hypothesis" (EMH), born from the Random Walk theory, started out as an honest attempt to improve insights into how financial markets work, but eventually became almost a religion that every financial economist had to buy into, or risk professional crucifixion. The EMH began over a half century ago. It posits that share prices reflect all available market information, and that it is impossible to consistently outperform the market. This theory dominated research in the academic financial community from the outset, and has continued to do so for decades. Meanwhile, the evidence for above-average profit-making opportunities in the markets has been unfairly suppressed.

Keywords: Efficient Market Hypothesis; Market Inefficiency; Mathematical Economics; Academic Finance; Real-World Markets; Fraud; Random Walk (search for similar items in EconPapers)
JEL-codes: B26 O16 (search for similar items in EconPapers)
Date: 2020
ISBN: 9789811207785
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Chapters in this book:

Ch 1 Fraud, Lies, and Statistics , pp 1-16

Edward E. Williams and John A. Dobelman

Ch 2 The Early History of Modern Financial Economics , pp 17-38

Edward E. Williams and John A. Dobelman

Ch 3 The Birth of the Efficient Market Hypothesis , pp 39-52

Edward E. Williams and John A. Dobelman

Ch 4 Earlier Views of Market Efficiency , pp 53-72

Edward E. Williams and John A. Dobelman

Ch 5 The Impact of Information and Regulation on Market Efficiency , pp 73-94

Edward E. Williams and John A. Dobelman

Ch 6 Tests of the EMH , pp 95-114

Edward E. Williams and John A. Dobelman

Ch 7 Anomalies , pp 115-130

Edward E. Williams and John A. Dobelman

Ch 8 The Capital Asset Pricing Model , pp 131-136

Edward E. Williams and John A. Dobelman

Ch 9 Beyond the CAPM , pp 137-160

Edward E. Williams and John A. Dobelman

Ch 10 Conclusions , pp 161-164

Edward E. Williams and John A. Dobelman

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