The following articles analyze market efficiency and present different views on the issue. Write a report that contains:
a) An explanation of each article
b) Give your opinion on which view of market efficiency you think is more appropriate. You must explain the reasons for your answer ( in addition to the readings, you are free to use outside sources to support your opinion)
My recommendation is to read the articles in the following order:
1) The efficient market Hypothesis and its critics (Burton Malkiel)
2) From Efficient Markets Theory to Behavioral Finance (Robert Shiller)
3) The Adaptative Markets Hypothesis (Andrew Lo)
For part b), all opinions can be correct if properly supported. As we discussed in class, there has been ongoing debate for more than 50 years on whether markets are efficient or not.
As a reference, I expect a report with a minimum of 5 pages of content (excluding front page, index, …)
Email from Professor: You can use any format (within reason) you prefer.
As for the content, the idea is to summarize each paper and then write your opinion (backed by arguments) on which view do you think makes more sense. An example for format would be a front page, table of contents, one section for each paper, conclusion/discussion in which you write your opinion, and references.
