Reflections on the Efficient Market Hypothesis: 30 Years Later

• Published in: The Financial review (Buffalo, N.Y.) Vol. 40; no. 1; pp. 1 - 9
• Main Author: Malkiel, Burton G.
• Format: Journal Article
• Language: English
• Published: Oxford, UK and Boston, USA Blackwell Publishing, Inc 01.02.2005; Blackwell Publishing Ltd
• Subjects: Efficient markets; G12; G14; Hypotheses; Market prices; Rates of return; Securities markets; Statistical analysis; stock market predictability; Stock prices; Studies; Theory

In recent years financial economists have increasingly questioned the efficient market hypothesis. But surely if market prices were often irrational and if market returns were as predictable as some critics have claimed, then professionally managed investment funds should easily be able to outdistan...