The Stock Market and Economic Efficiency

The Stock Market and Economic Efficiency

The Stock Market and Economic Efficiency

The Stock Market and Economic Efficiency

Excerpt

The material constituting this volume was delivered at Fordham University as the Millar Lectures for 1964-65. A casual perusal of the book should reveal that they could not have been delivered just as written because of their great variation in length. As a matter of fact, though the manuscript was largely completed before its oral presentation I cannot vouch for the degree of correspondence between the two versions since, in accord with my custom, the talks were delivered extemporaneously.

It must be confessed at the outset that I am primarily an economic theorist and as such have never attained the status of specialist in the institutional arrangements of the stock exchange and the set of lectures therefore adds up largely to a compendium of questions on the workings of the market, questions that would naturally grow out of the theorist's interests and preconceptions.

In writing these essays I was very fortunate to have the knowledgeable assistance of my friend and colleague, Burton Malkiel. Under . . .

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