Neither efficient nor animally spirited, but eventually adjusting: the stock market according to L.A. Hahn

The Efficient Markets Hypothesis (EMH) was dealt a fatal blow by the financial crisis of 2007-2009, out of which we have witnessed a revival of Keynesian conceptions of the financial markets. Exemplifying this trend is the rising influence of behavioral finance. But if EMH exaggerates the rational s...

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Bibliographic Details
Published in:Quarterly journal of Austrian economics 2012-03, Vol.15 (1), p.89
Main Author: Bragues, George
Format: Article
Language:English
Subjects:
Banking industry
Behavioral economics
Business cycles
Cash flow statements
Dow Jones averages
Economic crisis
Economic theory
Efficient markets
Financial markets
Forecasts and trends
Hypotheses
Investment analysis
Investments
Investors
Keynesian theory
Profitability
Profits
Rationality
Securities markets
Stock exchanges
Stock markets
Stock prices
Studies
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Summary:The Efficient Markets Hypothesis (EMH) was dealt a fatal blow by the financial crisis of 2007-2009, out of which we have witnessed a revival of Keynesian conceptions of the financial markets. Exemplifying this trend is the rising influence of behavioral finance. But if EMH exaggerates the rational side of human nature, behavioral finance goes too far in reducing us to slaves of the emotions.
ISSN:1098-3708
1936-4806