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