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Science 10 March 1989:
Vol. 243. no. 4896, pp. 1313 - 1318
DOI: 10.1126/science.243.4896.1313
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Articles

Is the Stock Market Efficient?

Burton G. Malkiel 1

1 Chemical Bank Chairman's Professor of Economics at Princeton University, Princeton, NJ 08544

A stock market is said to be efficient if it accurately reflects all relevant information in determining security prices. Critics have asserted that share prices are far too volatile to be explained by changes in objective economic events—the October 1987 crash being a case in point. Although the evidence is not unambiguous, reports of the death of the efficient market hypothesis appear premature.


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