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The Efficient Market Hypothesis: Theory, Anomalies, and Why Fama and Shiller Both Won the Nobel

Behavioural Economics, Financial Economics

Introduction: The Most Useful Wrong Idea in Finance In 2013, the Nobel Prize in Economic Sciences was shared by Eugene Fama and Robert Shiller. Fama had spent his career arguing that asset prices efficiently incorporate all available information. Shiller had spent his...

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