The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned?
AbstractThe 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 InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 21 (2009)
Issue (Month): 4 ()
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