Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Back in the ‘60s, people developed the capital asset pricing model [CAPM] as a way to do that. And that’s what these guys [the 2013 Nobel winners] did. And the theory that was available then was CAPM. And in those early tests, it seemed like market prices mostly obeyed both CAPM and the efficient market hypothesis.
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