Title
The Efficient Market Theory And Evidence: Implications For Active Investment Management (Foundations And Trends(R) In Finance),Used
Delivery time: 8-12 business days (International)
The efficient market theory asserts that the price of a security reflects all available information about its fundamental value. A consequence of the theory is that it is impossible to consistently beat the market and speculation must be a loser's game. Hence, an indexing strategy is bound to eventually beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets. The Efficient Market Theory and Evidence reviews the extensive theoretical and empirical literature on the efficient markets hypothesis (EMH). The authors base their review on the implications of the EMH for the practice of active investment management. Beginning with a brief discussion of current efficient market theory, the authors present the theoretical foundation and discuss the recent empirical evidence on efficiency as it pertains to a range of different markets not simply the large, liquid public securities markets but also the private capital markets. The Efficient Market Theory and Evidence suggests that while tests of the theory on prices have produced violations suggestive of the potential for active management to add value to a multiasset portfolio, finding consistent outperforming active managers is difficult. Since the most recent versions of the EMH emphasize the comparative advantages of specialized arbitrageurs due to better information, skill, lower trading costs, and better access to financing, the balance between indexation and active management is a choice that depends on beliefs about the existence and potential of manager skill, the pricing opportunities afforded within a given market, the time preferences and risk aversion of the investor, and the expertise and incentive contract of the specific manager.
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Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.