Actual and Warranted Relations Between Asset Prices
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Efficient markets models assert that the price of each asset is equal to the optimal forecast of its ex-post (or fundamental) value, but the models do not imply that the covariances between prices equal the corresponding covariances of ex-post values. We present bounds for covariances and
提供机构：
美国国家经济研究局创建时间：
1991-03-01
