What do we Know about Stock Market “Efficiency”?

The Pricing of Options and Corporate Liabilities

1973 • 29,036 citations

EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*

1970 • 15,798 citations

CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*

1964 • 15,720 citations

The Structure of Scientific Revolutions.

1964 • 9,095 citations

The American Economic Review

2012 • 8,465 citations

THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors…

1975 • 7,346 citations

Does the Stock Market Overreact?

1985 • 7,120 citations

The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets

1965 • 7,112 citations

Dividend Policy, Growth, and the Valuation of Shares

1961 • 6,581 citations

An Empirical Evaluation of Accounting Income Numbers

1968 • 6,381 citations

The relationship between return and market value of common stocks

1981 • 6,052 citations

The Structure of Scientific Revolutions

2017 • 5,532 citations

Uncertainty, Evolution, and Economic Theory

1950 • 4,028 citations

On the impossibility of informationally efficient markets

1980 • 3,972 citations

The Adjustment of Stock Prices to New Information

1969 • 3,289 citations

The Adjustment of Stock Prices to New Information

2003 • 3,268 citations

A Theory of Intraday Patterns: Volume and Price Variability

1988 • 3,251 citations

Permanent and Temporary Components of Stock Prices

1988 • 3,149 citations

A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory

1977 • 3,099 citations

The Utility Analysis of Choices Involving Risk

1948 • 3,029 citations

Essays in Positive Economics

1954 • 2,972 citations

Further Evidence On Investor Overreaction and Stock Market Seasonality

1987 • 2,330 citations

Some anomalous evidence regarding market efficiency

1978 • 1,440 citations

ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION

1976 • 1,388 citations

Agency Problems, Auditing, and the Theory of the Firm: Some Evidence

1983 • 1,235 citations

Foundations of Finance.

1977 • 1,197 citations

Investment banking and the capital acquisition process

1986 • 1,024 citations

The Behavior of Stock Prices on Fridays and Mondays

1973 • 797 citations

Anomalies in relationships between securities' yields and yield-surrogates

1978 • 779 citations

Intra-industry information transfers associated with earnings releases

1981 • 601 citations

New Findings Regarding Day‐of‐the‐Week Returns over Trading and Non‐Trading Periods: A Note

1984 • 449 citations

Evidence on the capitalized value of merger activity for acquiring firms

1983 • 411 citations

AMBIGUITY WHEN PERFORMANCE IS MEASURED BY THE SECURITIES MARKET LINE

1978 • 408 citations

Further Evidence on Investor Overreaction and Stock Market Seasonality

1987 • 384 citations

The Use of Volatility Measures in Assessing Market Efficiency*

1981 • 347 citations

STOCK‐MARKET “PATTERNS” AND FINANCIAL ANALYSIS: METHODOLOGICAL SUGGESTIONS

1959 • 289 citations

On the Efficiency of Competitive Stock Markets Where Trades Have Diverse Information

1976 • 242 citations

Changes in Accounting Techniques and Stock Prices

1972 • 222 citations

Securities Market Efficiency in an Arrow-Debreu Economy

1975 • 158 citations

Intra-industry information releases

1987 • 144 citations

New Findings Regarding Day-of-the-Week Returns over Trading and Non-Trading Periods: A Note

1984 • 132 citations

Ambiguity when Performance is Measured by the Securities Market Line

1978 • 102 citations

EFFICIENT CAPITAL MARKETS: COMMENT

1976 • 82 citations

On the Efficient Markets Hypothesis

1983 • 76 citations

Informational Efficiency and Information Subsets

1986 • 32 citations

The Limited Information Efficiency of Market Processes

1976 • 27 citations

Efficient Capital Markets: Comment

1976 • 17 citations

Informational Efficiency and Information Subsets

1986 • 9 citations

THE ALLOCATION ROLE OF THE STOCK MARKET

1981 • 5 citations

Deleted Work

1955 • 0 citations