Title: Efficient Markets Hypothesis:A Brief History
Abstract: Efficient Market Hypothesis(EMH) is one of the central research paradigms in financial economics.It is also one of the focuses to the debate between neoclassical finance and behavioral finance.This survey reviews the major literature from 1900 to now.After introducing the historical background of EMH,this survey discusses the empirical school,the information economics school and the market microstructure school whose theories contributed to the evolution of the EMH,and analyzes the empirical work.After examining the anomalous empirical observations and behavioral finance,the author argues that the stock markets are more efficient than what the behaviorist school believes.
Publication Year: 2007
Publication Date: 2007-01-01
Language: en
Type: article
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