 |  Investments, 4th Canadian Edition, 4/e Zvi Bodie,
Boston University School of Management
Alex Kane,
University of California, San Diego
Alan Marcus,
Boston College
Stylianos Perrakis,
Concordia University
Peter Ryan,
University of Ottawa
Market Efficiency
Web LinksPrepared by William Lim, University of New Brunswick.
| | | Coin Flipping and Graham and Doddsville : Investor Home
(http://investorhome.com/coinflip.htm)
The fictional village of Graham-and-Doddsville was introduced by Warren Buffett in 1984. The edited transcript of a talk given by Buffett at Columbia University is included in the Appendix of a special edition of The Intelligent Investor titled "The Superinvestors of Graham-and-Doddsville." Buffett presents an analogy of a national coin-flipping contest whereby everyone in America wagers one dollar on their ability to call a coin flip. The following is only a summary based on the version presented in the book but it includes current population numbers and additional commentary. Text in quotes are directly from the Appendix of The Intelligent Investor. |
| | | SEDAR: Sedar
(http://www.sedar.com/)
A Canadian web site of stock market information. |
| | | Predictability of Stocks (NBER Report): National Bureau of Economic Research
(http://nber.org/programs/ap/ap.html)
Article by: John Y. Campbell, Program Director [The following Program Report appeared in the Spring 1997 issue of the NBER Reporter.] Asset pricing---the study of markets for financial assets including stocks, bonds, foreign currencies, and derivatives---is a field in which there is an intense and fruitful interaction between empirical and theoretical research. The work of economists associated with the NBER asset pricing program illustrates this interaction particularly well. NBER economists have been studying many different phenomena, including the high rewards that investors have received for holding stocks in general and "value stocks" in particular, the apparent predictability of stock and bond returns at long horizons, and unusual patterns in option prices. In each area, empirical puzzles have stimulated new thinking about investor behavior and the functioning of capital markets. |
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2003 McGraw-Hill Higher Education