The Efficient Market Hypothesis and Its Critics
Bibliographic Data
| ID | 4029643 |
|---|---|
| Authors | Burton G Malkiel (0009-0003-3388-1211, Princeton University, Princeton, New Jersey., corresponding author) |
| Year | 2003 |
| Volume | 17 |
| Issue | 1 |
| Pages | 59-82 |
| Publication date | 2003-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/089533003321164958 |
| OpenAlex | W2138293190 |
| Language | EN |
| Citations received | 64 |
| References cited | 37 |
Revolutions often spawn counterrevolutions and the efficient market hypothesis in finance is no exception. The intellectual dominance of the efficient-market revolution has more been challenged by economists who stress psychological and behavorial elements of stock-price determination and by econometricians who argue that stock returns are, to a considerable extent, predictable. This survey examines the attacks on the efficient market hypothesis and the relationship between predictability and efficiency. I conclude that our stock markets are more efficient and less predictable than many recent academic papers would have us believe
Economics · Efficient-market hypothesis · Financial economics · Market efficiency · Predictability · Stock market · Complex Systems and Time Series Analysis · Financial Markets and Investment Strategies · Monetary Policy and Economic Impact
Is Socially Responsible Indices Weak Form of Efficient Market? Evidences from Developing Economies
The efficient market hypothesis and rational expectations macroeconomics. How did they meet and live (happily) ever after
Emerging capital market efficiency
Eficiencia del mercado accionario Chileno
The oracle or the crowd? Experts versus the stock market in forecasting ceasefire success in the Levant
Behavioral Economics, Financial Literacy, and Consumers’ Financial Decisions
Twitter mood predicts the stock market
Measuring Organizational Performance
Measuring the predictability of life outcomes with a scientific mass collaboration
Renegotiating the World Order
Does Civil Law Tradition and Universal Banking Crowd out Securities Markets? Pre-World War I Germany as Counter-Example
The role of stock price in the linkage within integrated reporting and firm value
Rhetorical Arbitrage
Comprendre la formation des prix des actifs financiers
Financial news and market panics in the age of high-frequency sentiment trading algorithms
The Failure of Financial Macroeconomics and What to Do About It
Public Information as a Source of Disagreement Among Shareholders
Foreign investment funds in Spain
Rumours From the Perspective of Malaysia Retail Investors
Unaccounted forms of complexity
Behavioral Finance
A Research on the Crisis Spillover Effect of Food Safety Incidents on Competitive Firms
Predicting Stock Market Returns Using Sentiment in Business News Articles
Hisse Senedi Piyasalarının Zayıf Form Piyasa Etkinliğinin Küresel Ölçekte Karşılaştırılması
Interpreting the modern history of finance theory from Henri Poincaré’s perspective
The Covid-19 pandemic and financial stability in Vietnam
How stock market reacts to environmental disasters and judicial decisions
Ekonomia finansowa jako nauka normalna
Spic
Models of shareholder democracy
Comparative politics and quasi-rational markets
The political economy of the euro area's sovereign debt crisis
Re-examining the costs of sanctions and sanctions threats using stock market data
Technology to facilitate ethical action
Darpa's Policy Analysis Market for Intelligence
Sur le statut épistémologique de l'hypothèse d'efficience des marchés
Finance as 'bizarre bazaar
Necessities Overboard
The Efficient Tail Hypothesis
Asset Pricing and Asymmetric Reasoning
Domestic and Global Causes for Exchange Rate Volatility
A new proposal for efficiency quantification of capital markets in the context of complex non-linear dynamics and chaos
The impact of regime-switching behaviour of price volatility on efficiency of the US sovereign debt market
Price volatility of agricultural land in Poland in the context of the European Union
On the origins of tourist urbanisation in Greece
Testing calendar effects on global securitized real estate markets by Shiryaev-Zhou index
How does investor sentiment predict the future real estate returns of residential property in Hong Kong
Partial knowledge is a dangerous thing – On the value of asymmetric fundamental information in asset markets
Testing the efficiency of the Norwegian housing market
Public perceptions and bond markets during the Great War
Corporate campaign contributions and abnormal stock returns after presidential elections
The Effect of Tangible Promotions on an Intangible Environment
Financial Risks and Social Justice – Three Perspectives
Making Bribery Profitable Again? The Market Effects of Suspending Accountability for Overseas Bribery
The first global emerging markets investor
US Immigration Politics, Sanctions Threats and Private Prison Corporations’ Stock Market Values
Credibility and Distributional Effects of International Banking Regulations
Explaining Institutional Change
La notion de valeur fondamentale est-elle indispensable à la théorie financière
Capital Markets Efficiency
Preferência Pela Liquidez, Financeirização E Efeitos De Propagação
Análise da eficiência do mercado futuro brasileiro de boi gordo usando co-integração
Earth Incorporated
Mercados futuro e à vista de açúcar
Do Investors Trade Too Much?
Common risk factors in the returns on stocks and bonds
Prospect Theory
On the psychology of prediction.
The Predictability of Stock Returns
Permanent and Temporary Components of Stock Prices
Financial Innovations and Market Volatility
Anomalies
Cash Distributions to Shareholders
Peaks and Valleys
| Unique citing works | 64 |
|---|---|
| Citations per year | 2,91 |
| Citation span | 2004 - 2026 (23) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 59 |