A random walk to nowhere: how the professors caused a real "fraud-on-the-market"
"This book is about an intellectual fraud, one that has become part of legal doctrine that has greatly influenced decisions all the way up to the United States Supreme Court. The "efficient market hypothesis" (EMH), born from the Random Walk theory, started out as an honest attempt to...
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| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
New Jersey
World Scientific
[2020]
|
| Subjects: | |
| Online Access: | UBR01 Volltext |
| Summary: | "This book is about an intellectual fraud, one that has become part of legal doctrine that has greatly influenced decisions all the way up to the United States Supreme Court. The "efficient market hypothesis" (EMH), born from the Random Walk theory, started out as an honest attempt to improve insights into how financial markets work, but eventually became almost a religion that every financial economist had to buy into, or risk professional crucifixion. The EMH began over a half century ago. It posits that share prices reflect all available market information, and that it is impossible to consistently outperform the market. This theory dominated research in the academic financial community from the outset, and has continued to do so for decades. Meanwhile, the evidence for above-average profit-making opportunities in the markets has been unfairly suppressed. Written for practitioners in the business, finance and legal industries, this book outlines the major issues that gave rise to the fraud, focusing on the role of statistics in the rise of what the authors call the "New Finance." It details the developments and results of the exclusion of other theories from efficient markets research and highlights the problems arising from a dogmatic adherence to EMH." |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | 1 Online-Ressource (xviii, 178 Seiten) |
| ISBN: | 9789811207792 |
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| id | DE-604.BV047120451 |
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| isbn | 9789811207792 |
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| spelling | Williams, Edward E. 1945-2018 Verfasser (DE-588)170142159 aut A random walk to nowhere how the professors caused a real "fraud-on-the-market" Edward E. Williams, John A. Dobelman (Rice University, USA) New Jersey World Scientific [2020] © 2020 1 Online-Ressource (xviii, 178 Seiten) txt rdacontent c rdamedia cr rdacarrier Includes bibliographical references and index "This book is about an intellectual fraud, one that has become part of legal doctrine that has greatly influenced decisions all the way up to the United States Supreme Court. The "efficient market hypothesis" (EMH), born from the Random Walk theory, started out as an honest attempt to improve insights into how financial markets work, but eventually became almost a religion that every financial economist had to buy into, or risk professional crucifixion. The EMH began over a half century ago. It posits that share prices reflect all available market information, and that it is impossible to consistently outperform the market. This theory dominated research in the academic financial community from the outset, and has continued to do so for decades. Meanwhile, the evidence for above-average profit-making opportunities in the markets has been unfairly suppressed. Written for practitioners in the business, finance and legal industries, this book outlines the major issues that gave rise to the fraud, focusing on the role of statistics in the rise of what the authors call the "New Finance." It details the developments and results of the exclusion of other theories from efficient markets research and highlights the problems arising from a dogmatic adherence to EMH." Effizienzmarkthypothese CAPM Random Walk Wissenschaftliche Methode Statistische Methode Kritik Efficient market theory / Statistical methods Efficient market theory / Mathematical models Random walks (Mathematics) Dobelman, John A. Verfasser (DE-588)1163353264 aut Erscheint auch als Druck-Ausgabe, Hardcover 978-981-120-778-5 Erscheint auch als Druck-Ausgabe, Paperback 978-981-120-835-5 https://www.worldscientific.com/worldscibooks/10.1142/11484#t=toc Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Williams, Edward E. 1945-2018 Dobelman, John A. A random walk to nowhere how the professors caused a real "fraud-on-the-market" |
| title | A random walk to nowhere how the professors caused a real "fraud-on-the-market" |
| title_auth | A random walk to nowhere how the professors caused a real "fraud-on-the-market" |
| title_exact_search | A random walk to nowhere how the professors caused a real "fraud-on-the-market" |
| title_exact_search_txtP | A random walk to nowhere how the professors caused a real "fraud-on-the-market" |
| title_full | A random walk to nowhere how the professors caused a real "fraud-on-the-market" Edward E. Williams, John A. Dobelman (Rice University, USA) |
| title_fullStr | A random walk to nowhere how the professors caused a real "fraud-on-the-market" Edward E. Williams, John A. Dobelman (Rice University, USA) |
| title_full_unstemmed | A random walk to nowhere how the professors caused a real "fraud-on-the-market" Edward E. Williams, John A. Dobelman (Rice University, USA) |
| title_short | A random walk to nowhere |
| title_sort | a random walk to nowhere how the professors caused a real fraud on the market |
| title_sub | how the professors caused a real "fraud-on-the-market" |
| url | https://www.worldscientific.com/worldscibooks/10.1142/11484#t=toc |
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