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Ken Kam and Market Efficiency

Author

Listed:
  • Daniel B. Klein

Abstract

An entrepreneur named Ken Kam has transcended the conventional interpretations of how to go about picking mutual-fund stock pickers. Compared to the S&P500, his mutual fund has been delivering significantly better returns with a significantly better "beta." His discovery is not aptly described as merely new information, and thus illustrates the point that knowledge ought not be flattened down to mere information. Does Ken Kam's mutual fund falsify the so-called market efficiency hypothesis? If not, why not? And if not, what would?

Suggested Citation

  • Daniel B. Klein, 2004. "Ken Kam and Market Efficiency," Econ Journal Watch, Econ Journal Watch, vol. 1(1), pages 185-191, April.
  • Handle: RePEc:ejw:journl:v:1:y:2004:i:1:p:185-191
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    References listed on IDEAS

    as
    1. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    2. Burton G. Malkiel, 2003. "The Efficient Market Hypothesis and Its Critics," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 59-82, Winter.
    3. Burton G. Malkiel, 2003. "The Efficient Market Hypothesis and Its Critics," Working Papers 111, Princeton University, Department of Economics, Center for Economic Policy Studies..
    4. repec:pri:cepsud:91malkiel is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    asymmetric interpretation; entrepreneurship; knowledge; information; market efficiency hypothesis; mutual fund.;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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