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On the impossibility of informationally efficient markets

Sanford J. Grossman, +1 more
- 01 Dec 1980 - 
- Vol. 70, Iss: 3, pp 393-408
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This article is published in The American Economic Review.The article was published on 1980-12-01 and is currently open access. It has received 3964 citations till now. The article focuses on the topics: Impossibility.

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Financial development and economic growth : views and agenda

Ross Levine, +1 more
- 30 Nov 1999 - 
TL;DR: The authors argued that the preponderance of theoretical reasoning and empirical evidence suggests a positive first-order relationship between financial development and economic growth, and that financial development level is a good predictor of future rates of economic growth.
Journal ArticleDOI

Noise Trader Risk in Financial Markets

J. Bradford De Long, +3 more
- 01 Aug 1990 - 
TL;DR: In this article, the authors present a simple overlapping generations model of an asset market in which irrational noise traders with erroneous stochastic beliefs both affect prices and earn higher expected returns.
Journal ArticleDOI

Efficient Capital Markets: II

Eugene F. Fama
- 01 Dec 1991 - 
TL;DR: A review of the market efficiency literature can be found in this article, where the authors discuss the work that they find most interesting, and offer their views on what we have learned from the research on market efficiency.
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Investor Psychology and Security Market Under- and Overreactions

Kent Daniel, +2 more
- 01 Dec 1998 - 
TL;DR: The authors proposed a theory of securities market under- and overreactions based on two well-known psychological biases: investor overconfidence about the precision of private information; and biased self-attribution, which causes asymmetric shifts in investors' confidence as a function of their investment outcomes.
Journal ArticleDOI

Boys will be Boys: Gender, Overconfidence, and Common Stock Investment

Brad M. Barber, +1 more
- 01 Feb 2001 - 
TL;DR: Theoretical models predict that overconedent investors trade excessively as mentioned in this paper, and they test this prediction by partitioning investors on gender by analyzing the common stock investments of men and women from February 1991 through January 1997.