5 | 1970 | Malkiel and Fama [2] | Efficient Capital Markets: A Review of Theory and Empirical Work | Three forms of the Capital market’s efficiency 1) Weak 2) Semi Strong and 3) Strong. A market in which prices always “fully reflect” available information is “efficient” |
6 | 1974 | Cooper [17] | Efficient Capital Markets and the Quantity Theory of Money | The relationship between the money supply and stock prices seems to refute the other findings of the efficient capital market |
7 | 1980 | Grossman and Stiglitz [21] | On the Impossibility of Informationally Efficient Markets | It is not possible to have equilibrium always in the competitive economy |
8 | 1980 | Fama [16] | Agency Problems and the Theory of the Firm | The separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization |
9 | 1988 | Fischel [22] | Efficient Capital Markets the Crash and the Fraud on the Market Theory | The market crash on October 1987 cast doubt on the concept of the efficient market hypothesis |
10 | 1989 | Stein [23] | Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior | In efficient behavior of the myopic corporate managers mislead the market about their firm’s worth and boost their current earning but in equilibrium market is efficient |
11 | 1989 | LeRoy [24] | Efficient Capital Markets and Martingales | The theory of efficient capital market is just the theory of competitive equilibrium applied assets market |
12 | 1998 | Fama [4] | Market Efficiency, Long-Term Returns, and Behavioral Finance | Consistent with the market efficiency prediction, most long-term return anomalies tend to disappear with reasonable change in techniques |
13 | 1998 | Hellström [5] | A Random Walk through the Stock Market | The stock price changes are independent to each other, so past movement cannot be used to predict the future movement |
14 | 2004 | Timmermann and Granger [19] | Efficient Market Hypothesis and Forecasting | This gives rise to non-stationarities in the time series of financial returns and complicates the formal tests of market efficiency and the search for successful forecasting pattern |
15 | 2017 | Burton and Shah [25] | Efficient Market Hypothesis. CMT Level I: An Introduction to Technical Analysis | The EMH hypothesis has to deal with the predictability of the equity prices in the capital/financial market |