|
Following the 2013 Prize in Economic Sciences in Memory of Alfred Nobel
The predictability of asset prices and therefore of returns on different types of investments has been a central question of finance for centuries. The laureates of the 2013 Prize in Economic Sciences in Memory of Alfred Nobel, Eugene F. Fama and Lars Peter Hansen of the University of Chicago and Robert J. Shiller of Yale University, have deeply advanced our understanding of this issue which is at the heart of professional investment management. So what better occasion could there be to take stock of what we have learned from the intensive research efforts on this topic over the last few decades. The discussion here will focus on the stock market but there is a large amount of related evidence for...
|