In defense of fundamental analysis: A critique of the efficient market hypothesis

In defense of fundamental analysis: A critique of the efficient market hypothesis The main shortcomings of the EMH are similar to those of the long-run competitive theories that focus exclusively on equilibrium outcomes while ignoring the entrepreneurial activity that generates those outcomes. The EMH gives the impression that there is a difference between investing in the stock market and investing in a business. However, the stock market doesn't have alife of its own. The success or failure of investment in stocks depends ultimately on the same factors that determine success or failure of any business. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

In defense of fundamental analysis: A critique of the efficient market hypothesis

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1997 by The Ludwig von Mises Institute
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/BF02538483
Publisher site
See Article on Publisher Site

Abstract

The main shortcomings of the EMH are similar to those of the long-run competitive theories that focus exclusively on equilibrium outcomes while ignoring the entrepreneurial activity that generates those outcomes. The EMH gives the impression that there is a difference between investing in the stock market and investing in a business. However, the stock market doesn't have alife of its own. The success or failure of investment in stocks depends ultimately on the same factors that determine success or failure of any business.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Nov 27, 2006

References

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