![Page 1: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/1.jpg)
American Finance Association
Efficient Capital Markets: A Review of Theory and Empirical WorkAuthor(s): Eugene F. FamaSource: The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-EighthAnnual Meeting of the American Finance Association New York, N.Y. December, 28-30, 1969(May, 1970), pp. 383-417Published by: Blackwell Publishing for the American Finance AssociationStable URL: http://www.jstor.org/stable/2325486Accessed: 30/03/2010 21:28
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available athttp://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unlessyou have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and youmay use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained athttp://www.jstor.org/action/showPublisher?publisherCode=black.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].
Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserveand extend access to The Journal of Finance.
http://www.jstor.org
![Page 2: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/2.jpg)
![Page 3: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/3.jpg)
![Page 4: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/4.jpg)
![Page 5: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/5.jpg)
![Page 6: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/6.jpg)
![Page 7: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/7.jpg)
![Page 8: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/8.jpg)
![Page 9: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/9.jpg)
![Page 10: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/10.jpg)
![Page 11: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/11.jpg)
![Page 12: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/12.jpg)
![Page 13: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/13.jpg)
![Page 14: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/14.jpg)
![Page 15: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/15.jpg)
![Page 16: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/16.jpg)
![Page 17: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/17.jpg)
![Page 18: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/18.jpg)
![Page 19: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/19.jpg)
![Page 20: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/20.jpg)
![Page 21: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/21.jpg)
![Page 22: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/22.jpg)
![Page 23: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/23.jpg)
![Page 24: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/24.jpg)
![Page 25: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/25.jpg)
![Page 26: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/26.jpg)
![Page 27: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/27.jpg)
![Page 28: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/28.jpg)
![Page 29: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/29.jpg)
![Page 30: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/30.jpg)
![Page 31: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/31.jpg)
![Page 32: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/32.jpg)
![Page 33: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/33.jpg)
![Page 34: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/34.jpg)
![Page 35: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/35.jpg)
![Page 36: American Finance Associationefinance.org.cn/cn/fm/efficient capital markets a review... · 2018-06-03 · Efficient Capital Markets: A Review of Theory and Empirical Work Author(s):](https://reader031.vdocument.in/reader031/viewer/2022022522/5b2d59ac7f8b9ad76e8bc995/html5/thumbnails/36.jpg)