OLD INFORMATION AND MARKET-EFFICIENCY

Authors
GAUCI B BAUMGARTNER T
Citation
B. Gauci et T. Baumgartner, OLD INFORMATION AND MARKET-EFFICIENCY, Economics letters, 43(1), 1993, pp. 95-101
Citations number
8
Categorie Soggetti
Economics
Journal title
Economics letters → ACNP
ISSN journal
01651765
Volume
43
Issue
1
Year of publication
1993
Pages
95 - 101
Database
ISI
SICI code
0165-1765(1993)43:1<95:OIAM>2.0.ZU;2-B
Abstract
In an efficient market, agents will reuse old information in the after math of corrections in the subjective model. However, this does not cr eate exploitable profit opportunities. This paper studies the differen ce between the objective and subjective model, and the implications fo r the random walk.