Intro -- 1. Introduction -- 2. The Efficiency of Financial Markets With Special Reference to Commodity Futures Markets - A Review -- 2.1 The Efficient Market Hypothesis vs. Behavioural Finance Theories: Insights into the Efficiency of Financial Markets -- 2.1.1 The Efficient Market Hypothesis:...

This paper applies the Campbell-Shiller (1988) methodology to estimate a price dividend model with volatility and inflation risk, extending existing models in this field. The model fits the data well over the period 1979-2002 for the Euro Area, but less so for the U.S. The latter is interpreted...