A Note on the Testability of Fama's Efficient Capital Market Hypothesis
Access status:
Open Access
Type
Working PaperAuthor/s
Gross, Ernestine M.Abstract
Fama's (1970, 1976) theory of efficient capital markets relies on empirical tests of propositions. It is shown that the conclusion of semi-strong-form capital market efficiency, reached from empirical studies, is still unwarranted.Fama's (1970, 1976) theory of efficient capital markets relies on empirical tests of propositions. It is shown that the conclusion of semi-strong-form capital market efficiency, reached from empirical studies, is still unwarranted.
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Date
1986-02-01Issue
88Publisher
Department of EconomicsLicence
OtherFaculty/School
Faculty of Arts and Social Sciences, School of EconomicsShare