Ang, Andrew; Goetzmann, William N.; Schaefer, Stephen M. - In: Foundations and Trends(R) in Finance 5 (2011) 3, pp. 157-242
The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence,...