S. BASU* I. INTRODUCTION IN AN EFFICIENT CAPITAL MARKET, security prices fully
reflect available information in a rapid and unbiased fashion and thus provide unbiased
estimates of the underlying values. While there is substantial empirical evidence supporting …

… Vol. 13, pp. 609-617. 10. Basu S (1977), “Investment Performance of Common Stocks
in Relation to Their Price Earning Ratios: A Test of the Efficient Market Hypothesis”,
The Journal of Finance, Vol. 32, pp. 663-682. 11. Campbell …

Page 1. VOLUME 21 | NUMBER 4 | FALL 2009 APPLIED CORPORATE FINANCE Journal of
A MORGAN STANLEY PUBLICATION In This Issue: Market Efficiency and Risk Management
The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned …

Page 1. Review of Pacific Basin Financial Markets and Policies Vol. 11, No. 2 (2008) 305–329
c World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance
Research Efficient Market Hypothesis (EMH): Past, Present and Future ∗ …

… This allows us to ask a different question: is the efficient market hypothesis dependent
on the day-of-the-week? To answer this question, we undertake a test of the efficient
market hypothesis for each of the five trading days of the week …

S INCE THE PUBLICATION of Cootner's collection of papers on The Random Character of
Stock Market Prices and Fama's article on" Efficient Capital Markets," the fashion for persons
in the academic world has been to assume that changes in stock prices are nearly, if not …

Page 1. *Princeton University. I am indebted to Alan Blinder and to the participants in the Russell
Sage Conference on Economic Lessons From the Financial Crisis for extremely helpful comments.
October 28, 2011 The Efficient-Market Hypothesis and the Financial Crisis …

The expansion of investment strategies and capital markets is altering the significance and
empirical rationality of the Efficient Market Hypothesis. The vitality of capital markets is essential
for efficiency research. The authors explore here the development and contemporary status …

This study examined the validity of the weak and semi-strong forms of the efficient market
hypothesis (EMH) for the foreign exchange market of Sri Lanka. Monthly exchange rates for
four currencies during the floating exchange rate regime were used in the empirical tests …

… 4th AFE Samos International Conference on Advances in Applied Financial Economics, 12-14
July 2007. Law, C. (1982). A Test of the Efficient Market Hypothesis with Respect to the Recent
Behavior of Hong Kong Stock Market. The Development Economies Vol.20, No1 …