Efficient Market Hypothesis
American Finance Association
Efficient Capital Markets: II
Author(s): Eugene F. Fama
Source: The Journal of Finance, Vol. 46, No. 5 (Dec., 1991), pp. 1575-1617
Published by: Blackwell Publishing for the American Finance Association
Stable URL: http://www.jstor.org/stable/2328565
Accessed: 30/03/2010 21:19
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THE JOURNAL
OF FINANCE
* VOL. XLVI, NO. 5 * DECEMBER
1991
Efficient Capital Markets: II
EUGENE F. FAMA*
AS
SEQUELSARE RARELY good as the originals,
so I approach this review of the
market efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work on efficiency was rather new. The literature is now so large that a
Efficient Capital Markets: II
Author(s): Eugene F. Fama
Source: The Journal of Finance, Vol. 46, No. 5 (Dec., 1991), pp. 1575-1617
Published by: Blackwell Publishing for the American Finance Association
Stable URL: http://www.jstor.org/stable/2328565
Accessed: 30/03/2010 21:19
Your use of the JSTOR archive indicates your acceptance of JSTOR 's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR 's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=black. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.
Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance.
http://www.jstor.org
THE JOURNAL
OF FINANCE
* VOL. XLVI, NO. 5 * DECEMBER
1991
Efficient Capital Markets: II
EUGENE F. FAMA*
AS
SEQUELSARE RARELY good as the originals,
so I approach this review of the
market efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work on efficiency was rather new. The literature is now so large that a
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