A brief history of market efficiency

Authors: Dimson, Elroy¹; Mussavian, Massoud

Source: European Financial Management, Volume 4, Number 1, March 1998 , pp. 91-103(13)

Publisher: Blackwell Publishing

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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

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