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 neoclassical economists), entrepreneurial theory (which explains share price …

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, while entrepreneurial theory explains share price movements as being …, securities markets remain competitive. This article explains the need for a new theory which incorporates behavioural aspects of …