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| Author: | Ball, R. |
| Title: | The development, accomplishments and limitations of the theory of stock market efficiency |
| Journal: | Managerial Finance
1994 : VOL.2:2/3, p.3-48 |
| Index terms: | DEVELOPMENT STOCK MARKETS EFFICIENCY |
| Language: | eng |
| Abstract: | The nature and extent of our knowledge of stock market efficiency are examined. Section 1 of this survey sketches the development of the efficient market theory, reviewing the principal contributions in terms of their usefulness in guiding and evaluating empirical research. Section 2 addresses the limitations inherent in what is knowable about stock market efficiency, given the present state of theory about how security prices might behave in an "efficient" market. It argues that there are binding limitations in the theory of asset pricing. |
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