The Market Efficiency - 35 years after Fama
Additional contact information
Takao Kobayashi: Faculty of Economics, University of Tokyo
No CARF-J-030, CARF J-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo
In this article I provide the definition of market efficiency in its broadest spectrum. Instead of surveying the vast literature on where the actual market conforms to the prediction of the finance theory and where it does not, I explore the conceptual issues surrounding the idea of efficient markets and give corrections to some common misunderstanding of the efficient market hypothesis. I also clarify how the notion of market efficiency is related to the standard model of asset pricing and point out the weakness of the current theory in explaining the operation of actual markets.
Pages: 21 pages
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cfi:jseres:cj030
Access Statistics for this paper
More papers in CARF J-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo Contact information at EDIRC.
Bibliographic data for series maintained by ().