Just what makes stock prices go up and down? People have been struggling with this question since the first stock exchange opened in Antwerp in 1531. They have come up with an abundance of answers, however only one explanation has carried any intellectual weight. It is the efficient market hypothesis, which holds that the stock market is always right. While investors never swallowed the theory hook, line and sinker, its influence on Wall Street has been massive and the efficient market theory truly shaped the market and changed the world. Yet in the late 1990s, in a remarkable shift, the hypothesis fell from favour. It is a sea change likely to affect financial markets and our understanding of them for decades to come. In this remarkable book, Justin Fox traces the rise of behavioural finance and the fall of efficient market theory, examining the factors which brought it about. In the margins of that story will be found just about everything worth knowing about what makes stock prices move up and down. In exploring this important piece of modern financial history, Fox has produced an essential business text and shows that the markets can be beaten.
- ISBN10 1861977948
- ISBN13 9781861977946
- Publish Date 1 January 2011 (first published 1 January 2010)
- Publish Status Cancelled
- Publish Country GB
- Imprint Profile Books Ltd
- Edition Main
- Format Paperback
- Language English