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The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned?

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  • Ray Ball
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Abstract

The sharp economic downturn and turmoil in the financial markets, commonly referred to as the "global financial crisis," has spawned an impressive outpouring of blame. The efficient market hypothesis (EMH)-the idea that competitive financial markets exploit all available information when setting security prices-has been singled out for particular attention. Like all successful theories, the EMH has major limitations, even as it continues to provide the foundation for not only past accomplishment, but future advances in the field of finance. Copyright Copyright (c) 2009 Morgan Stanley.

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Bibliographic Info

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

Volume (Year): 21 (2009)
Issue (Month): 4 ()
Pages: 8-16

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Handle: RePEc:bla:jacrfn:v:21:y:2009:i:4:p:8-16

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Cited by:
  1. Arthur, Bruno & Katchova, Ani L., 2013. "Uncertainty and Value Premium: Evidence from the U.S. Agriculture Industry," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143198, Southern Agricultural Economics Association.
  2. Akber, Ushna & Muhammad, Nabeel, 2013. "Is Pakistan Stock Market moving towards Weak-form efficiency? Evidence from the Karachi Stock Exchange and the Random Walk Nature of free-float of shares of KSE 30 Index," MPRA Paper 49128, University Library of Munich, Germany.
  3. Rico Belda, Paz, 2013. "No linealidad y asimetría en el proceso generador del Índice Ibex35/Nonlinearity and Asymmetry in the Generator Process of Ibex35 Index," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 31, pages 555-576, Septiembr.

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