The efficient market hypothesis: a critical review of the literature Mehwish Naseer and Yasir bin Tariq
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MURTHY, E N FINANCIAL RISK MANAGEMENT
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Main Library | Vol XII No. 4/ 5555292JA3 (Browse shelf(Opens below)) | Available | 5555292JA3 | |||||
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Main Library On Display | JOURNAL/FIN/Vol 12, No 4/5555292 (Browse shelf(Opens below)) | Vol 12, No 4 (01/01/2016) | Not for loan | December, 2015 | 5555292 |
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An efficient capital market is one in which security prices adjust rapidly to the arrival of new information. The Efficient Market Hypothesis (EMH) suggests that security prices that prevail at any time in market should be an unbiased reflection of all currently available information and return earned is consistent with their perceived risk. Theoretical and empirical literature on EMH offers mixed evidences. Some studies have supported the hypothesis, while others have revealed some anomalies, i.e., deviations from the rules of EMH. This review paper presents an analysis of EMH and possible causes and evidences of anomalies. It also examines stock market efficiency in Karachi Stock Exchange.
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