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A Note on the Testability of Fama's Efficient Capital Market Hypothesis

By Ernestine M. Gross

Abstract

Fama's (1970, 1976) theory of efficient capital markets relies on empirical tests of propositions. It is shown that the conclusion of semi-strong-form capital market efficiency, reached from empirical studies, is still unwarranted

Publisher: Department of Economics
Year: 1986
OAI identifier: oai:ses.library.usyd.edu.au:2123/7450
Provided by: Sydney eScholarship
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