Ist die Theorie effizienter Märkte empirisch widerlegt?
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Ist die Theorie effizienter Märkte empirisch widerlegt?
Credit and Capital Markets – Kredit und Kapital, Vol. 16 (1983), Iss. 1 : pp. 126–140
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Klein, Martin
Cited By
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Probleme der Theorie effizienter Märkte und ihrer empirischen Überprüfung
Neumann, Manfred J. M. | Klein, MartinCredit and Capital Markets – Kredit und Kapital, Vol. 15 (1982), Iss. 2 P.165
https://doi.org/10.3790/ccm.15.2.165 [Citations: 1] -
Kapitalmarkteffizienz und Point & Figure Analyse
Hauschild, Karsten | Winkelmann, MichaelCredit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 2 P.240
https://doi.org/10.3790/ccm.18.2.240 [Citations: 1]
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Abstract
The Theory of Efficient Markets Empirically Refuted?
This article contains critical observations on Hockmann’s study on “Forecasting Share Prices by Point and Figure Analysis”. The main criticism is levelled against the fact that the definition of “yield” used by Hockmann permits no consistent comparison between the buy-and-hold strategy and the point-and-figure strategies favoured by Hockmann. The reason is that the capital basis for the yields shown is completely different for the two investment forms. Consequently the cited point-and-figure yields may be artificially exaggerated by a leverage effect and permit no conclusion as to the superiority of this investment strategy. In the following section, a consistent definition of yield is derived on the basis of the Fama/Blume method.