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Introduction

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  • Archer, Stephen H.

Abstract

Security markets in major industrial countries have frequently been referred to as close to perfect markets. Probably the highest quality market for a class of securities is the United States government bill market; however, it is also frequently inferred that the United States listed equity market is also a near perfect market. In a perfect market, no opportunities for profit based upon past price movements or any other past data should exist; stocks in a perfect market are always at their proper price except for purely random fluctuations.

Suggested Citation

  • Archer, Stephen H., 1968. "Introduction," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 3(3), pages 231-233, September.
    • Handle: RePEc:cup:jfinqa:v:3:y:1968:i:03:p:231-233_01
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