Discover what makes markets informationally efficient, explore Eugene Fama's efficient market hypothesis, and understand the ...

In our last article entitled, "Intrinsic Value is Subjective," we presented decisive empirical evidence that directly falsified the Efficient Market Hypothesis (EMH). We showed that even under ...

A fundamental difficulty in devising any test of general efficient market hypotheses is the specification of the relevant public and private information sets of traders. Without a consensus as to ...

The dramatic rise in passive investing has not been without controversy. Wall Street has ridiculed it for years because the price discovery efforts of active managers help ensure that prices correctly ...

In 1970, in “Efficient Capital Markets: a Review of Theory and Empirical Work,” Eugene F. Fama defined a market to be “informationally efficient” if prices at each moment incorporate all available ...

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those ...

Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, ...