One Simple Test of Samuelson's Dictum for the Stock Market
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Samuelson (1998) offered the dictum that the stock market is 'micro efficient' but 'macro inefficient.' That is, the efficient markets hypothesis works much better for individual stocks than it does for the aggregate stock market. In this paper, we present one simple test, based both on regressions
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美国国家经济研究局创建时间：
2002-11-01
