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Are Financial Markets Efficient?

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0001
Subject:
Economics and Finance, Financial Economics

Assesses the idea of efficient financial markets. It evaluates the theoretical and empirical foundations of the efficient markets hypothesis, emphasising the cracks that have emerged in them. Special ... More


Securities Markets and Their Efficiency

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0005
Subject:
Economics and Finance, Financial Economics

The discussion in this chapter begins with an analysis of central trading places, which looks at the economics of securities trading and the rationale for brokers and central trading places (with ... More


Scoring at Halftime

Ignacio Palacios-Huerta

in Beautiful Game Theory: How Soccer Can Help Economics

Published in print:
2014
Published Online:
October 2017
ISBN:
9780691144023
eISBN:
9781400850310
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691144023.003.0007
Subject:
Economics and Finance, History of Economic Thought

This chapter is concerned with the idea of scoring at halftime but with a more scientific perspective. It suggests that what happens at halftime in some soccer games scores big in terms of allowing ... More


Foundations of Financial Economics: The Key Role of the Gaussian Distribution

Franck Jovanovic and Christophe Schinckus

in Econophysics and Financial Economics: An Emerging Dialogue

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190205034
eISBN:
9780190205065
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190205034.003.0001
Subject:
Economics and Finance, Financial Economics

Chapter 1 analyzes how the Gaussian distribution became the cornerstone of financial economics. It roots the first origins and justifications of this distribution in the works of Jules Regnault ... More


John C. Bogle: 1929–: Saint Jack

Edward Morris

in Wall Streeters: The Creators and Corruptors of American Finance

Published in print:
2015
Published Online:
May 2016
ISBN:
9780231170543
eISBN:
9780231540506
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231170543.003.0006
Subject:
Business and Management, Business History

The chapter describes the founding of the Vanguard mutual fund company by Jack Bogle and development of index funds.


Financial Valuation

André Orléan

in The Empire of Value: A New Foundation for Economics

Published in print:
2014
Published Online:
January 2015
ISBN:
9780262026970
eISBN:
9780262323901
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262026970.003.0007
Subject:
Economics and Finance, Financial Economics

The neoclassical approach to finance rests on a series of tacit assumptions about social institutions. Financial valuation is intrinsically uncertain, since there is no way of knowing how large the ... More


Predictability of Asset Returns and the Efficient Market Hypothesis

M. Hashem Pesaran

in Time Series and Panel Data Econometrics

Published in print:
2015
Published Online:
March 2016
ISBN:
9780198736912
eISBN:
9780191800504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198736912.003.0007
Subject:
Economics and Finance, Econometrics

The efficient market hypothesis (EMH) evolved in the 1960s from the random walk theory of asset prices. There now exist many different versions of the EMH, and this chapter provides a simple ... More


Order Flow, Liquidity, and Securities Price Dynamics

Thierry Foucault, Marco Pagano, and Ailsa Röell

in Market Liquidity: Theory, Evidence, and Policy

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199936243
eISBN:
9780199333059
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199936243.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter provides a framework for understanding intraday stock price variations. The framework also helps to explain the factors that determine variables such as the order flow and the bid-ask ... More


The Most Important Thing Is … Understanding Market Efficiency (and Its Limitations)

Howard Marks

in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231162845
eISBN:
9780231530798
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231162845.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter considers an important need for successful investing: understanding market efficiency and its limitations. The 1960s saw the emergence of a new theory of finance and investing, a body of ... More


Ideology and Financial Innovation

Donal Donovan and Antoin E. Murphy

in The Fall of the Celtic Tiger: Ireland and the Euro Debt Crisis

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199663958
eISBN:
9780191749223
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663958.003.0003
Subject:
Economics and Finance, Financial Economics

The Celtic Tiger’s fall occurred against the background of significant changes in prevailing global economic ideologies that emphasized financial deregulation and the arrival of the ‘Great ... More


Macroeconomic Theory and Recent Events

Kartik B. Athreya

in Big Ideas in Macroeconomics: A Nontechnical View

Published in print:
2013
Published Online:
May 2014
ISBN:
9780262019736
eISBN:
9780262314404
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262019736.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

The financial crisis of 2007–2008 and subsequent recession have been the most wrenching economic events since the Great Depression. As of this writing, these events appear global in scope, sharply ... More


Global Economic Crisis and the Crisis in Economics

George F. DeMartino

in The Economist’s Oath: On the Need for and Content of Professional Economic Ethics

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199730568
eISBN:
9780199896776
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199730568.003.0010
Subject:
Economics and Finance, Public and Welfare

This chapter explores the culpability of the economics profession in the current global economic crisis. Like the previous chapter, it demonstrates that leading economists pursued a maxi-max decision ... More


The Most Important Thing Is … Understanding Market Efficiency (and Its Limitations)

Howard Marks

in The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231153683
eISBN:
9780231527095
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231153683.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter looks at a vital prerequisite for successful investing: understanding market efficiency and its limitations. The 1960s saw the emergence of a new theory of finance and investing, a body ... More


Winners and Losers in Financial Economics, or Fama versus Black: How Markets Became Efficient and Equilibrium Was Defeated

Simone Polillo

in The Ascent of Market Efficiency: Finance That Cannot Be Proven

Published in print:
2020
Published Online:
January 2021
ISBN:
9781501750373
eISBN:
9781501750397
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501750373.003.0004
Subject:
Sociology, Economic Sociology

This chapter looks at the conflict between the exponents of two different and incompatible ways of conducting financial research by Fischer Black and Eugene Fama. It contrasts the trajectory of the ... More


Empirical econophysics and stylised facts

František Slanina

in Essentials of Econophysics Modelling

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199299683
eISBN:
9780191747038
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199299683.003.0002
Subject:
Physics, Theoretical, Computational, and Statistical Physics

Empirical findings needed for the subsequent chapters are presented. After a short historical introduction into stock-market crashes, basic empirical analysis of high-frequency economic data, namely ... More


Problem Perspectives

Wolf-Georg Ringe

in The Deconstruction of Equity: Activist Shareholders, Decoupled Risk, and Corporate Governance

Published in print:
2016
Published Online:
June 2016
ISBN:
9780198723035
eISBN:
9780191789618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198723035.003.0005
Subject:
Law, Company and Commercial Law

This chapter is the heart of the risk-decoupling problem analysis. It develops four different perspectives on the problem. The starting point is a classical principal-agent approach. Additional ... More


The Crisis: 2007 to 2008

André Orléan

in The Empire of Value: A New Foundation for Economics

Published in print:
2014
Published Online:
January 2015
ISBN:
9780262026970
eISBN:
9780262323901
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262026970.003.0010
Subject:
Economics and Finance, Financial Economics

The bear-market dynamic set in motion by the fall in prices beginning in 2007 exhibited the same destabilizing behavior as the bull-market dynamic of the euphoric phase. The panic and its aftermath ... More


Failures of Regulation and Governance

Sue Jaffer, Susana Knaudt, and Nicholas Morris

in Capital Failure: Rebuilding Trust in Financial Services

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198712220
eISBN:
9780191780752
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198712220.003.0005
Subject:
Economics and Finance, Financial Economics, Economic Systems

This chapter looks at the evolution of regulation over time and how reliance on trust and relationships has changed. It also examines the nature of the failures which occurred. In some cases these ... More


The Ascent of Market Efficiency: Finance That Cannot Be Proven

Simone Polillo

Published in print:
2020
Published Online:
January 2021
ISBN:
9781501750373
eISBN:
9781501750397
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501750373.001.0001
Subject:
Sociology, Economic Sociology

This book weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the ... More


The Road to Hell Is Paved with Good Intentions: The Age of Financialization

Dan Breznitz

in Innovation in Real Places: Strategies for Prosperity in an Unforgiving World

Published in print:
2021
Published Online:
March 2021
ISBN:
9780197508114
eISBN:
9780197508145
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197508114.003.0011
Subject:
Political Science, Political Economy

The true problem of economics is when economists fall in love with their models to such a degree that they try to force reality to comply with the models by influencing rules and regulations. The ... More


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