Efficient Capital Markets: A Review of Theory and Empirical Work

This academic work by Eugene Fama reviews the theory and empirical evidence related to efficient capital markets.

The book explores the concept that market prices fully reflect all available information.

It analyzes various forms of market efficiency and examines the implications for investment strategies.

Fama's research provides a foundation for understanding how information impacts stock prices and challenges the notion of consistently achieving above-average returns through active management.

The book is a seminal text in financial economics and remains influential in academic and professional circles.