Efficient Market Hypothesis - EMH - Investopedia
Efficient Market Hypothesis: Is The Stock Market Efficient?
Tragically, however, both investment strategies fail in the event of a major financial collapse, which drives many businesses into bankruptcy and many workers into unemployment. Minor departures from informational efficiency can’t explain the experience of the United States economy in the 21st century.
That time Buffett smashed the Efficient Market Hypothesis
Empirical studies of technical analysis do not generally support the hypothesis that such analysis can generate superior trading profits. One notable exception to this conclusion is the apparent success of momentum-based strategies over intermediate-term horizons.
Death of the Efficient Market Hypothesis by Min Deng :: …
"I believe there is no other proposition in economics which has more solid empirical evidence supporting it than the Efficient Market Hypothesis."
"If the efficient markets hypothesis was a publicly traded security, its price would be enormously volatile."
Shleifer and Summers (1990)
"It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof or refutation."
Lo in Lo (1997)
"Market efficiency survives the challenge from the literature on long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre-event abnormal returns is about as frequent as post-event reversal. Most important, consistent with the market efficiency prediction that apparent anomalies can be due to methodology, most long-term return anomalies tend to disappear with reasonable changes in technique."
"What, then, can we conclude about market efficiency? Amazingly, there is still no consensus among financial economists. Despite the many advances in the statistical analysis, databases and theoretical models surrounding the efficient markets hypothesis, the main effect has been to harden the resolve of the proponents on each side of the debate."
Lo (2000) in Cootner (1964)