Welcome, friend and future deep-dweller!
This is the very first monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.
In this short premiere, we explore one of mainstream finance’s most foundational theories—the Efficient Market Hypothesis (EMH)—and dig into its core assumptions and key shortcomings.
References:
Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance, 25(2), pp.383–417.
Grossman, S.J. and Stiglitz, J.E. (1980). On the Impossibility of Informationally Efficient Markets. American Economic Review, 70(3), pp.393–408.
Jeng, L.A., Metrick, A., and Zeckhauser, R. (2003). Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective. Review of Economics and Statistics, 85(2), pp.453–471.
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