Rational Markets: Yes or No? The Affirmative Case

By M. Rubinstein.. 2001

290 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/3931d4174256c72b671d17195df0ed6e9565568d

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. K. Lim
2. R. Brooks
3. Nigel Thrift
4. Katrijn Gielens
5. Mohamed Zouaoui
6. F. Beer
7. Andrew W. Lo
8. Donald MacKenzie

In Finance

1. K. Lim
2. G. Clark
3. R. Brooks
4. Nigel Thrift
5. Mohamed Zouaoui
6. F. Beer
7. Andrew W. Lo
8. Donald MacKenzie

Citations in the corpus

• The Evolution of Stock Market Efficiency Over Time: A Survey of the Empirical Literature (2011, background): “Other definitions have been proposed by Rubinstein (1975, 2001), Jensen (1978), Beaver (1981), Black (1986), Dacorogna et al. (2001), Malkiel (2003), Timmermann and Granger (2004) and Milionis (2007).”
• The Microstructure Approach to Exchange Rates (2001, background): “The quote from Rubinstein (2000) that closed section 2.”
• Performing finance: the industry, the media and its image (2004, background): “Much of the theory of finance maintains that the fundamentals of asset allocation strategy and the largely under-represented and unremarkable imperatives of market competition dominate price formation (for example, compare Rubinstein, 2001 or Campbell and Viceira, 2002 with Shiller, 2000, 2002).”
• The Market Valuation of Internet Channel Additions (2002, background): “In that case, the trading of the irrational investors would not affect market prices, which would be left in the hands of the more rational investors (Rubinstein 2001).”
• Struggling to Understand the Stock Market (2001, background): “Mark Rubinstein (2001) observes that the evidence goes Source: Equity value from Federal Reserve Board Flow of Funds Accounts, extended to the end of 2000 in proportion to the S&P 500; GDP from National Income and Product Accounts. strongly against irrational pricing by this criterion.”
• Reconciling Efficient Markets with Behavioral Finance: The Adaptive Markets Hypothesis (2005, background): “4See, for example, Rubinstein (2001) and Merton and Bodie (2005). until the odds are in line with the axioms of probability theory.5 Therefore, proponents of the EMH argue that there are limits to the degree and persistence of behavioral biases such as inconsistent probability beliefs, given the…”
• Attributes of social and human capital disclosure and information asymmetry between managers and investors (2009, background): “However, from society’s perspective, non-disclosure may be deemed inefficient as it leads many investors to simultaneously incur costs for the collection of the same information (Rubinstein 2001).”
• How Does Investor Sentiment Affect Stock Market Crises? Evidence from Panel Data (2011, background): “The events of 1987 and 2000 have led several well renowned financial economists to distance themselves from the traditional finance theory (Black, 1986; Shiller 1989; Thaler, 1999; Rubinstein, 2001; Shefrin, 2005).”