Sharemarket Efficiency and the Experts

Some Australian Findings

Philip Brown, Terry Walter

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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 languageEnglish
Pages (from-to)19-31
Number of pages13
JournalAustralian Journal of Management
Volume7
Issue number1
DOIs
Publication statusPublished - 1982

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Keywords

  • EFFICIENT MARKET HYPOTHESIS
  • INVESTMENT PERFORMANCE
  • SHARE GAME
  • STRONG FORM EFFICIENCY

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