The individual investor in the market: Forming a belief regarding market efficiency |
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| Affiliation: | 1. Biosensors and Bioelectronics Centre, Department of Physics, Chemistry and Biology (IFM), Linkoping University, 58183 Linkoping, Sweden;2. Eletroanalytical Chemistry Research Laboratory, Department of Analytical Chemistry, Faculty of Chemistry, University of Mazandaran, Babolsar, Iran;1. State Key Laboratory of Eco-Hydraulics in Northwest Arid Region of China, Xi’an University of Technology, Xi’an 710048, China;2. China Three Gorges Corporation, Beijing 100038, China;1. ETH Zurich, Department Health Science and Technology (D-HEST), Consumer Behavior, Switzerland;2. European Food Information Council, Brussels, Belgium;1. Department of Psychology, Yale University, New Haven, United States;2. Centre for Animal Welfare and Ethics, School of Veterinary Science, University of Queensland, Gatton, Australia;3. School of Communication and Arts, University of Queensland, Brisbane, Australia;4. UQ Business School, University of Queensland, Brisbane, Australia;1. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, 17 Science Museum Road, TST East, Kowloon, Hong Kong;2. City University of Macau, Av. Padre Tomas Pereira, Macau;3. The School of Management at University of Surrey, Guildford, Surrey, GU2 7XH, United Kingdom |
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| Abstract: | Do the actions of investors drive the market toward efficiency or do investors utilize fads and other information unrelated to the true value of the security to drive the market away from efficiency? Investors have been forced to examine a multitude of challenges to the efficient markets hypothesis in recent years. One of the most formidable of the challenges is the “excessive market price volatility” argument. We examine this argument, as presented in the “variance bounds” literature, and conclude that, although markets may be inefficient, the “variance bounds” literature has not proved the case conclusively. |
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