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 …, securities prices move freely, and sometimes volatile and unpredictable. This article argues that in the absence of objective …

, securities markets remain competitive. This article explains the need for a new theory which incorporates behavioural aspects of …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 …