Quant Congress USA: Market efficiency is testable, claims Jarrow


The efficient market hypothesis is empirically testable, contrary to long held assumptions, according to Robert Jarrow, professor of finance and economics at Cornell University.

Speaking at Risk's Quant Congress USA conference in New York last week, Jarrow noted that traditional financial models implicitly assume a form of the efficient market hypothesis, and claimed his recent theoretical work provides a simple test to determine whether a given market is efficient - according to his definitions

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