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The Paul Woolley Centre for the Study of Capital Market Dysfunctionality
Financial Markets Group
London School of Economics
Houghton Street
London WC2A 2AE, UK

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Dimitri Vayanos

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'Capital market theory after the efficient market hypothesis' on VOX

VOX, 5 October 2009

Capital market theory after the efficient market hypothesis
Paul Woolley and Dimitri Vayanos
Have capital market booms and crashes discredited the efficient market hypothesis? This column says yes and suggests a new model that explains asset pricing in terms of a battle between fair value and momentum driven by principal-agent issues. Investment agents' rational profit seeking gives rise to mispricing and volatility... to continue reading please click here|

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