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Market Efficiency versus Behavioral Finance

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  • Burton Malkiel
  • Sendhil Mullainathan
  • Bruce Stangle

Abstract

Two prominent economists-one the author of "A Random Walk Down Wall Street" and the other a leading scholar in behavioral finance-debate the current validity of the efficient markets hypothesis (EMH). For over 30 years, the idea that capital markets are efficient and that stock prices reflect all publicly available information dominated academic thinking. But the bubble of the late 1990s and recent advances in behavioral finance have forced a re-thinking. 2005 Morgan Stanley.

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Bibliographic Info

Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 17 (2005)
Issue (Month): 3 ()
Pages: 124-136

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Handle: RePEc:bla:jacrfn:v:17:y:2005:i:3:p:124-136

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Cited by:
  1. Kim, Jae H. & Shamsuddin, Abul, 2008. "Are Asian stock markets efficient? Evidence from new multiple variance ratio tests," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 518-532, June.
  2. Szafarz, Ariane & Brière, Marie, 2008. "Crisis-Robust Bond Portfolios," Economics Papers from University Paris Dauphine 123456789/7748, Paris Dauphine University.
  3. Mohammad Joarder & Monir Ahmed & Tahsina Haque & Syed Hasanuzzaman, 2014. "An empirical testing of informational efficiency in Bangladesh capital market," Economic Change and Restructuring, Springer, vol. 47(1), pages 63-87, February.

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