The Impact of Information and Regulation on Market Efficiency

Edward E. Williams and John A. Dobelman

Chapter 5 in A Random Walk to Nowhere:How the Professors Caused a Real “Fraud-on-the-Market”, 2020, pp 73-94 from World Scientific Publishing Co. Pte. Ltd.

Abstract: As we have acknowledged in earlier chapters, information is more widely available today than it was at the turn of the 20th century or when Keynes made his observations in the 1930s. Whether this makes markets completely efficient is another matter. We would argue that perhaps there are degrees of efficiency, and that present (21st century) markets may be more efficient than the rigged game that was played a hundred years ago. The advent of the computer has made it less difficult to engage in the task of interpreting large quantities of data. Although it is certainly not clear that we have entered the world of perfectly efficient capital markets, it is likely the very chaotic world that Keynes described has passed…

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
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