Sharemarket Efficiency and the Experts: Some Australian Findings

Philip Brown; Terry Walter

doi:10.1177/031289628200700103

Sharemarket Efficiency and the Experts: Some Australian Findings

Philip Brown, Terry Walter

Macquarie Business School

Research output: Contribution to journal › Article › peer-review

3 Citations (Scopus)

Abstract

This paper analyses the investment performance of 625 investment recommendations made by practitioners attending five Australian courses on portfolio management held between 1973 and 1979. It was found that course participants consistently out-performed the market, on a risk-adjusted basis. Their success was not due to picking winners to buy, but to nominating losers to sell.

Original language	English
Pages (from-to)	19-31
Number of pages	13
Journal	Australian Journal of Management
Volume	7
Issue number	1
DOIs	https://doi.org/10.1177/031289628200700103
Publication status	Published - 1982

Keywords

EFFICIENT MARKET HYPOTHESIS
INVESTMENT PERFORMANCE
SHARE GAME
STRONG FORM EFFICIENCY

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10.1177/031289628200700103

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Sharemarket Efficiency and the Experts: Some Australian Findings

Abstract

Keywords

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