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Chapter 6 Are Financial Markets Efficient?
Chapter Preview ,[object Object],[object Object],[object Object],[object Object]
Chapter Preview ,[object Object],[object Object],[object Object]
Chapter Preview ,[object Object],[object Object],[object Object],[object Object]
Efficient Market Hypothesis ,[object Object],(7) Market equilibrium (8) Put (8) and (9) together:  efficient market hypothesis (9) (10)
Efficient Market Hypothesis ,[object Object],[object Object]
Efficient Market Hypothesis ,[object Object],All unexploited profit opportunities eliminated Efficient market condition holds even if there are uninformed, irrational participants in market
Rationale Behind the Hypothesis ,[object Object]
Rationale Behind  the Hypothesis (cont.) ,[object Object],[object Object]
Stronger Version of the Efficient  Market Hypothesis ,[object Object]
Stronger Version of the Efficient Market Hypothesis (2) ,[object Object],[object Object],[object Object]
Stronger Version of the Efficient Market Hypothesis (2) ,[object Object]
Evidence on Efficient  Market Hypothesis ,[object Object],[object Object],[object Object],[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object],[object Object]
Evidence in Favor  of Market Efficiency ,[object Object],[object Object],[object Object],[object Object]
Case: Foreign Exchange Rates ,[object Object],[object Object],[object Object]
Evidence on Efficient  Market Hypothesis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object],[object Object]
Evidence Against Market Efficiency ,[object Object],[object Object],[object Object]
Mini-Case: Ivan Boesky ,[object Object]
Mini-Case: Ivan Boesky ,[object Object]
THE PRACTICING MANAGER: Implications for Investing ,[object Object],[object Object],[object Object],[object Object]
Implications for Investing ,[object Object]
Implications for Investing ,[object Object],[object Object],[object Object]
Implications for Investing ,[object Object],[object Object],[object Object]
Implications for Investing ,[object Object],[object Object],[object Object],[object Object]
Implications for Investing ,[object Object],[object Object]
Implications for Investing ,[object Object],[object Object]
Implications for Investing ,[object Object],[object Object]
Case: Any Efficient Markets Lessons from Black Monday of 1987 and the Tech Crash of 2000? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Behavioral Finance ,[object Object],[object Object],[object Object]
Chapter Summary ,[object Object],[object Object]
Chapter Summary ,[object Object]

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Chapter 06_ Are Financial Markets Efficient?

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