Volatility Tests and Efficient Markets: A Review Essay
收藏NBER1991-01-01 更新2025-01-04 收录
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https://www.nber.org/papers/w3591
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This essay examines what volatility tests tell us about the data and what implications we should derive from them. It argues that volatility tests do not tell us that "prices are too volatile", implying that "markets are inefficient", but rather that "(discounted) returns are forecastable", implying
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美国国家经济研究局创建时间：
1991-01-01
