I wonder why the term 'market efficiency' crops up over and over again in the discussions like this?
In 1986 Andy Lo and Craig MacKinlay performed a rigorous statistical test of Efficient Market Hypothesis and decisively rejected it, simultaneously supporting previous findings by Benoit Mandelbrot. Unlike Mandelbrot’s their work has been broadly discussed and accepted by the scientific community.
In 1986 Andy Lo and Craig MacKinlay performed a rigorous statistical test of Efficient Market Hypothesis and decisively rejected it, simultaneously supporting previous findings by Benoit Mandelbrot. Unlike Mandelbrot’s their work has been broadly discussed and accepted by the scientific community.