When Can Price be Arbitraged Efficiently? A Limit to the Validity of the Random Walk and Martingale Models

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

1970 • 15,798 citations

Stochastic processes

1953 • 9,312 citations

The Behavior of Stock-Market Prices

1965 • 8,575 citations

Théorie de la spéculation

1900 • 2,440 citations

Noah, Joseph, and Operational Hydrology

1968 • 1,066 citations

Some long‐run properties of geophysical records

1969 • 972 citations

The Variation of Some Other Speculative Prices

1967 • 519 citations

Forecasts of Future Prices, Unbiased Markets, and "Martingale" Models

1966 • 449 citations

Deleted Work

1955 • 0 citations