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Changes in the Standard and Poor's 500 List

1991; University of Chicago Press; Volume: 64; Issue: 1 Linguagem: Inglês

10.1086/296526

1537-5374

Upinder S. Dhillon, Herb Johnson,

Financial Markets and Investment Strategies

L. Harris and E. Gurel (1986) and A. Shleifer (1986) examined changes in the Standard and Poor's list. Both studies presented evidence inconsistent with efficient markets. Looking at newer data and at bond and option prices, the authors find that case against market efficiency is not compelling. Copyright 1991 by University of Chicago Press.