https://arxiv.org/pdf/1002.2284.pdf
On Thu, Jul 25, 2019 at 12:30 PM Devon McCormick <[email protected]> wrote: > I think Dan Bron sent this paper to the forum a few years ago. The author > errs in fixating on the "past prices can predict future prices" part of > refuting EMH but this is patently false: the Japanese stock market did not > tank in the wake of the Fukushima disaster because of its price history. > It was affected by external, non-price information. That's not the issue. The issue is *not* that "markets can't get thing anything right". The issue is that "markets can't get everything right". Stated this way, it should be obvious, of course. But many universities were still teaching the efficient market hypothesis (and grading papers so that you had to agree with it to get good grades in economics). -- Raul ---------------------------------------------------------------------- For information about J forums see http://www.jsoftware.com/forums.htm
