Efficient Capital Markets
SEQUELS ARE RARELY AS good as the originals, so I approach this review of the
market efficiency literature with trepidation. The task is thornier than it
was 20 years ago, when work on efficiency was rather new. The literature is
now so large that a full review is impossible, and is not attempted here
Instead, I discuss the work that I find most interesting, and I offer my views
on what we have learned from the research on market efficiency.