Abstract
We spoke earlier about the contribution of the novel 1969 event study of Eugene Fama, Michael Jensen, and Richard Roll, and the earlier pioneering event studies by Ray Ball and Phillip Brown and by Jensen in the previous year. These were the first scholars to explore and affirm the efficient market hypothesis. Each of these event studies seemed to support the semi-strong version of market efficiency in which, upon the release of new public information, a security price is revised accordingly. Two decades later, Robert Shiller used an almost identical methodology to refute the efficient market hypothesis.
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© 2013 Colin Read
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Read, C. (2013). The Theory. In: The Efficient Market Hypothesists. Great Minds in Finance. Palgrave Macmillan, London. https://doi.org/10.1057/9781137292216_29
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DOI: https://doi.org/10.1057/9781137292216_29
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-32435-4
Online ISBN: 978-1-137-29221-6
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