Abstract:

Every finance professional employs the concept of market efficiency. The theory, evidence and counter-evidence focus on a couple of dozen highly influential articles published during the twentieth century. We summarise the origins of and interlinkages between these contributions to the history of finance.

Keywords: market efficiency; stock market anomalies; market microstructure; history of finance; literature review

Document Type: Original article

DOI: 10.1111/1468-036X.00056

Affiliations: 1: London Business School, Sussex Place, Regents Park, London NW1 4SA, UK, edimson@lbs.ac.uk and mmussavian@lbs.ac.uk