5 Pages Posted: 27 Mar 2013 Last revised: 2 Oct 2013
Date Written: June 30, 1983
The stock market is not likely to be efficient. This paper provides examples of why. Specifically, it shows how lack of understanding by investors and financial analysts can distort prices in relation to fair value.
Keywords: active management, security, analysis, efficient portfolio
JEL Classification: G11
Suggested Citation: Suggested Citation
Ferguson, Robert, An Efficient Stock Market? Ridiculous (June 30, 1983). Journal of Portfolio Management, Summer 1983 v9(4). Available at SSRN: https://ssrn.com/abstract=2239852