Abstract

http://ssrn.com/abstract=827388
 
 

Citations



 


 



Market Efficiency: A Theoretical Distinction and So What?


Harry Markowitz


University of California at San Diego


Financial Analysts Journal, Vol. 61, No. 5, pp. 17-30, September/October 2005

Abstract:     
With the aid of some simplifying assumptions, the capital asset pricing model comes to dramatic conclusions about practical matters, such as how to choose an investment portfolio and how to value financial assets. As illustrated in this article, when one particular, clearly unrealistic CAPM assumption is replaced by a more real-world version, some of the dramatic, practical conclusions of CAPM no longer follow. This result has implications for financial practice, research, and pedagogy.

Keywords: Investment Theory, CAPM, APT, Other Pricing Theories, Efficient Market Theory

Accepted Paper Series





Not Available For Download

Date posted: October 28, 2005  

Suggested Citation

Markowitz, Harry, Market Efficiency: A Theoretical Distinction and So What?. Financial Analysts Journal, Vol. 61, No. 5, pp. 17-30, September/October 2005. Available at SSRN: http://ssrn.com/abstract=827388

Contact Information

Harry Markowitz (Contact Author)
University of California at San Diego ( email )
9500 Gilman Drive
La Jolla, CA 92093-0508
United States
(858) 534-3383 (Phone)
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