The efficient market hypothesis: problems with interpretations of empirical tests
Despite many “refutations” in empirical tests, the efficient market hypothesis (EMH) remains the central concept of financial economics. The EMH’s resistance to the results of empirical testing emerges from the fact that the EMH is not a falsifiable theory. Its axiomatic definition shows how asset p...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Institute of Public Finance
2012-03-01
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| Series: | Financial Theory and Practice |
| Subjects: | |
| Online Access: | http://www.ijf.hr/upload/files/file/FTP/2012/1/alajbeg-bubas-sonje.pdf |