Archive for June 17th, 2006

Efficient Market Hypothesis: Current State of Belief

The Efficient Market Hypothesis continues to impede understanding of how capital markets work. The front-page article in the WSJ of June 12, 2020, announcing record levels of stock buybacks, continued to promote a common misperception that stock repurchases enhance equity prices by the following mechanism: By reducing the number of shares outstanding through buybacks, earnings per share […]

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