The Theory of Security Pricing and Market Structure (Revision of 20-91). Forward by Paul A. Samuelson

Marshall E. Blume and Jeremy J. Siegel

Rodney L. White Center for Financial Research Working Papers from Wharton School Rodney L. White Center for Financial Research

Abstract: This manuscript reviews the evolving literature on the pricing of assets and the structure of financial markets. It begins with the development of early stock valuation models and proceeds to a description of the efficient-market hypothesis. The survey then examines recent empirical data that has led to a reevaluation of the assumptions underlying an efficient market and ends with a brief survey of the recent literature on market-making and how these models relate to studies of efficient markets.

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