A Note on the Testability of Fama's Efficient Capital Market Hypothesis

Ernestine Gross

No 88, Working Papers from University of Sydney, School of Economics

Abstract: Fama's (1970, 1976) theory of efficient capital markets relies on empirical tests of propositions. It is shown that the conclusion of semi-strong-form capital market efficiency, reached from empirical studies, is still u nwarranted.

Date: 1986-02
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