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- Title
Freshwater, saltwater and deepwater: efficient market hypothesis versus behavioural finance.
- Authors
Wójcik, Dariusz; Kreston, Nicholas; McGill, Sarah
- Abstract
The efficient market hypothesis (EMH) and behavioural finance (BF) form the blame-hope axis of the ongoing soul-searching exercise in economics, which frequently refers to the ‘Chicago School’ and the ideological division between ‘freshwater’ and ‘saltwater’ universities. Citation analysis for 1965–2010 shows that these simple geographical shorthands do not apply, as saltwater economists heavily cited the seminal EMH papers from the beginning and vice versa. BF lags behind EMH in terms of the quantity, dynamics, scope and international reach of citations. BF is far from stealing a march on the EMH and the latter is still used as the benchmark.
- Subjects
EFFICIENT market theory; ECONOMICS; CHICAGO school of economics; STOCK exchanges; CAPITAL market
- Publication
Journal of Economic Geography, 2013, Vol 13, Issue 2, p257
- ISSN
1468-2702
- Publication type
Article
- DOI
10.1093/jeg/lbs048