Market efficiency
The core debate over whether prices already reflect everything you know, and why that question decides which edges can exist.
| Citation | Paper | Access | Difficulty | Score |
|---|---|---|---|---|
| Lo (2004) | The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective Journal of Portfolio Management | Free | Moderate | 0 |
| Malkiel (2003) | The Efficient Market Hypothesis and Its Critics Journal of Economic Perspectives | Free | Easy read | 0 |
| Fama (1991) | Efficient Capital Markets: II Journal of Finance | Paywalled | Moderate | 0 |
| Shiller (1981) | Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? American Economic Review | Free | Technical | 0 |
| Grossman & Stiglitz (1980) | On the Impossibility of Informationally Efficient Markets American Economic Review | Paywalled | Technical | 0 |
| Fama (1970) | Efficient Capital Markets: A Review of Theory and Empirical Work Journal of Finance | Paywalled | Moderate | 0 |