A 1973 research paper showed ... As many examples as there are of return dynamics that ostensibly shouldn't exist if the efficient market hypothesis is true, taking advantage of these as an ...

Physicists call it Brownian Motion and use it to describe the movement of molecules in a warm liquid, for example. When applied to the stock market, this hypothesis states that the past movement ...

Merton, Robert C. "On the Current State of the Stock Market Rationality Hypothesis." In Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by R. Dornbusch, S. Fischer, and J.