An Efficient Stock Market? Ridiculous
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