TITLE

STUDY SUPPORTS EFFICIENT-MARKET HYPOTHESIS

AUTHOR(S)
Wunder, George; Mayo, Herbert
PUB. DATE
July 1995
SOURCE
Journal of Financial Planning;Jul95, Vol. 8 Issue 3, p128
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Evidence is mounting that the stock market may not necessarily be efficient even over long time spans, and that certain strategies, called "anomalies," may be able to take advantage of inefficiencies. The authors tested three variations of one well-known anomaly, the Dow Jones dividend strategy. They tested it against a longer time span than was originally presented, and they compared returns against the Standard & Poor's 500 Stock Index and the Dow Jones Industrial Average. In addition, the authors considered risk as well as return, computing standard deviation of returns. Their results indicate that over time, the Dow Jones dividend strategy consistently beats the DJIA and the S&P 500--but only by taking more risk.
ACCESSION #
5556216

 

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