This article examines the current status of the efficient markets hypothesis (EMH), which Fama proclaimed to be a well substantiated truth in 1978. The claims of EMH have been challenged by behavioural theory (which shows that individuals do not act to maximise their utility as asserted by...

This article examines the claim of securities markets efficiency based on the efficient markets hypothesis (EMH), which Fama proclaimed to be a well substantiated truth in 1978. Behavioural theory shows that individuals do not act to maximise their utility as asserted by neoclassical economists,...