IDEAS home Printed from https://ideas.repec.org/p/tky/jseres/2006cj167.html
   My bibliography  Save this paper

"The Market Efficiency - 35 years after Fama"(in Japanese)

Author

Listed:
  • Takao Kobayashi

    (Faculty of Economics, University of Tokyo)

Abstract

In this article I provide the definition of market efficiency in its broadest spectrum. Instead of surveying the vast literature on where the actual market conforms to the prediction of the finance theory and where it does not, I explore the conceptual issues surrounding the idea of efficient markets and give corrections to some common misunderstanding of the efficient market hypothesis. I also clarify how the notion of market efficiency is related to the standard model of asset pricing and point out the weakness of the current theory in explaining the operation of actual markets.

Suggested Citation

  • Takao Kobayashi, 2006. ""The Market Efficiency - 35 years after Fama"(in Japanese)," CIRJE J-Series CIRJE-J-167, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:jseres:2006cj167
    as

    Download full text from publisher

    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2006/2006cj167.pdf
    Download Restriction: no
    ---><---

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tky:jseres:2006cj167. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CIRJE administrative office (email available below). General contact details of provider: https://edirc.repec.org/data/ritokjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.