Requiem for Efficient Market Theory

Jahnke, William W.

doi:10.3905/joi.3.2.5

Cited by 3 publications

(2 citation statements)

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“…Serious questions about the cornerstone of the financial economic research program arose in the 1980s (McGoun , 1990) and even its originator , Eugene Fama , has admitted challenges to the weak form of the ef ficient capital markets hypothesis (Fama , 1991) . Investment managers , many of whom never subscribed to the theory , have declared it fallen (Jahnke , 1994) . After ''(a)lmost three decades of tests .…”

Section: Finance Envymentioning

confidence: 99%

Economic Imperialism and the Crisis in Financial Accounting Research

Reiter

1998

Critical Perspectives on Accounting

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Section: Finance Envymentioning

confidence: 99%

Economic Imperialism and the Crisis in Financial Accounting Research

Reiter

1998

Critical Perspectives on Accounting

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“…Other literature focuses on the trading behavior of investors (See Barber and Odean (2001), Chuang and Susmel (2011)) Literature that links the market efficiency with trading (or investor turnover) is very scarce and insufficient. Jahnke (1994) indicates that if a market is efficient, portfolio turnover decreases in order to meet liquidity needs. In an efficient market, Damodaran (2002) remarks the strategy of trade minimization.…”

Section: Introductionmentioning

confidence: 99%

Evaluation of Market Efficiency and Trading Behavior of Investors: Evidence From Borsa Istanbul

Varlı¹

2018

Finansal Araştırmalar Ve Çalışmalar Dergisi

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After the financial crisis of 2007-08, debates on structures and characteristics of financial markets have become the subject of much concern in both industry and academia. One of the most debated issues related to financial markets is whether they are efficient or not. With an intent to enter into discussions, this paper evaluates the market efficiency by using individual and institutional trade data from a specific stock exchange, namely Borsa Istanbul. To do so, we first form several measures of market efficiency through daily investor data covering five years. By using these measures, we show that there is a negative relationship between market efficiency and turnover. That is, the more efficient the market, the lower the turnover. This result contributes to the debate of irrationality of investor behavior. The data also suggests that the efficiency in Borsa Istanbul has been increasing after the crisis, showing that the effect of the crisis has been vanishing as time passes.

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The nature of man: II

Frankfurter

1994

International Review of Financial Analysis

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Requiem for Efficient Market Theory

Cited by 3 publications

References 0 publications

Economic Imperialism and the Crisis in Financial Accounting Research

Economic Imperialism and the Crisis in Financial Accounting Research

Evaluation of Market Efficiency and Trading Behavior of Investors: Evidence From Borsa Istanbul

The nature of man: II

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