大葉大學圖書館 |

A random walk to nowhere[electronic resource] :how the professors caused a real "fraud-on-the-market" /

紀錄類型:	書目-電子資源 : Monograph/item
杜威分類號:	332.01/5195
書名/作者:	A random walk to nowhere : how the professors caused a real "fraud-on-the-market" // Edward E. Williams, John A. Dobelman.
作者:	Williams, Edward E.
其他作者:	Dobelman, John A.
出版者:	Singapore ; : World Scientific,, c2020.
面頁冊數:	1 online resource (196 p.)
標題:	Efficient market theory - Statistical methods.
標題:	Efficient market theory - Mathematical models.
標題:	Random walks (Mathematics)
ISBN:	9789811207792
ISBN:	9811207798
書目註:	Includes bibliographical references and index.
內容註:	Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.
摘要、提要註:	"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"--Publisher's website.
電子資源:	https://www.worldscientific.com/worldscibooks/10.1142/11484#t=toc

A random walk to nowhere[electronic resource] :how the professors caused a real "fraud-on-the-market" /
Williams, Edward E.

A random walk to nowherehow the professors caused a real "fraud-on-the-market" /[electronic resource] :Edward E. Williams, John A. Dobelman. - 1st ed. - Singapore ;World Scientific,c2020. - 1 online resource (196 p.)

Includes bibliographical references and index.

Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.

"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"--Publisher's website.

Mode of access: World Wide Web.

ISBN: 9789811207792Subjects--Topical Terms:

751567
Efficient market theory
--Statistical methods.

LC Class. No.: HG4915 / .W55 2020

Dewey Class. No.: 332.01/5195

A random walk to nowhere[electronic resource] :how the professors caused a real "fraud-on-the-market" /
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520 $a "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"--Publisher's website.
538 $a Mode of access: World Wide Web.
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650 0 $a Efficient market theory $x Mathematical models. $3 644888
650 0 $a Random walks (Mathematics) $3 404365
700 1 $a Dobelman, John A. $3 751566
856 4 0 $u https://www.worldscientific.com/worldscibooks/10.1142/11484#t=toc